需求太旺盛，台积电3nm，即将涨价

Core Viewpoint - TSMC is set to benefit from the booming AI applications, leading to a tight supply of advanced process capacity below 3nm, with plans to raise prices for advanced processes from 2026 to 2029 [1][2] Group 1: Price Increase and Demand - TSMC has communicated with clients about a price increase for advanced processes, expected to be in the single-digit percentage range starting January 2026, reflecting higher production costs and strong demand [1][3] - Analysts predict that TSMC's advanced process pricing could increase by 3% to 10% in 2026, with variations depending on client procurement levels [1][2] Group 2: Capacity and Client Engagement - Major clients like NVIDIA and AMD are actively expanding AI applications, contributing to the sustained demand for TSMC's advanced processes [1][2] - TSMC's clients are eager to secure advanced process capacity to maintain a competitive edge in technology [2] Group 3: Capital Expenditure - TSMC's capital expenditure for 2026 is projected to reach a historical high of between $42 billion and $45 billion, maintaining a flexible approach to ensure revenue growth outpaces capital spending [3] - The actual capital expenditure for TSMC in the first three quarters of this year reached $29.39 billion, with expectations for the fourth quarter to contribute an additional $10.61 billion to $12.61 billion [3] Group 4: Industry Context - Global semiconductor manufacturing capital expenditure is estimated to reach $160 billion this year, with a 3% year-over-year growth, primarily driven by TSMC and Micron's significant investments [4]