摩根大通：台积电继续保持人工智能增长和 GM 上升势头，并有可能进一步将业务外包给英特尔；将 PT 提高至 1500 新台币

TSMC Continued AI growth and GM uptick with potential for further Intel outsourcing; Raise PT to NT$1500 We raise our FY26 EPS estimates by 7% led by continued strong growth in N3 and initial contribution from N2,helped by AI momentum and rising adoption of Edge AI. As N3 margin dilution diminishes and cyclical semis show some recovery, we believe that GMs could approach 59-60% in 2026, despite the headwinds from overseas Fabs ramp. In addition, we believe that there is a high likelihood that Intel may need ...