都在抢3nm，台积电大扩产

Core Viewpoint - Morgan Stanley's report highlights the increasing demand for 3nm capacity from major AI companies and Tesla, leading to a shortage and urgent capacity expansion by TSMC [2][3]. Group 1: Capacity Expansion - TSMC is expected to increase its 3nm capacity by an additional 20,000 wafers per month by the end of this year, raising the total to 110,000-120,000 wafers per month, exceeding previous expectations [2]. - By 2026, TSMC's 3nm capacity is projected to further expand to 140,000-150,000 wafers per month, primarily from the second phase of the Arizona plant and the conversion of existing 4/5nm lines in Taiwan [3]. Group 2: Capital Expenditure - TSMC's capital expenditure for next year is anticipated to rise from the original plan of $43 billion to a range of $48-50 billion due to the increased capacity expansion [2][3]. - The capital expenditure for 2026 is expected to reach $48-50 billion, with a significant portion allocated to advanced process technologies [3]. Group 3: Industry Impact - The expansion of TSMC's 3nm capacity and increased capital expenditure is expected to have a positive catalytic effect on semiconductor equipment manufacturers [3]. - Tesla's future AI6 chip, utilizing 2nm technology, is projected to generate approximately $2 billion in foundry opportunities for TSMC annually [3].