美银：台积电(TSM.US)资本开支转向“向前端倾斜”，为2026年2纳米量产与AI芯片需求备战

Group 1 - The core point of the article is that TSMC's board has approved a capital budget of up to $45 billion, focusing on advanced front-end manufacturing processes and large-scale wafer fabrication infrastructure [1][2] - TSMC's board announced two major decisions: a quarterly dividend of NT$6.0 per share and a budget allocation of $45 billion for wafer fabrication, capacity installation, and technology upgrades across the entire technology chain [1][2] - The budget structure shift aligns with TSMC's aggressive capital expenditure plan for 2026, with total capital expenditures expected to rise to between $52 billion and $56 billion, representing a significant increase of approximately 27% to 37% compared to 2025 [1][2] Group 2 - The report emphasizes that the resource allocation towards advanced front-end manufacturing is preparing for the upcoming mass production of 2nm and A16 angstrom-level processes, ensuring sufficient cleanroom space and capacity supply at critical technological junctures [2] - The expansion of capital expenditure is primarily driven by the "endless" demand for high-performance chips in the artificial intelligence sector, prompting TSMC to accelerate the construction of large-scale fabs globally, including in Arizona [2] - TSMC aims to create high capital and technological barriers in front-end manufacturing to widen the gap with competitors like Samsung and Intel, securing long-term partnerships with core clients such as Nvidia and Apple [3] Group 3 - Bank of America maintains a "buy" rating on TSMC, noting that the clear budget structure reflects the company's strategic determination in addressing semiconductor cyclical fluctuations [3] - As the 2nm technology roadmap progresses steadily, TSMC is converting its technological advantages into absolute market share through saturated resource investment, which is expected to support profit growth beyond 2026 [3] - TSMC reported a 37% year-on-year revenue increase in January to NT$401.3 billion (approximately $12.7 billion), exceeding its annual revenue growth forecast of 30% [3]