December 17, 2025 05:05 PM GMT We further raise our TP to NT$1,888 and recommend increasing positions in TSMC before the start of 2026. We expect TSMC to guide 2026 revenue growth in the mid-20% range and ultimately deliver 30% Y/Y: Please see our Global Semi 2026 Outlook by Joe Moore, which highlights AI as a robust growth driver for global semiconductors. Based on 2026 capex of US$49 billion and 3nm capacity expansion, we forecast 2026 revenue to grow 30% Y/Y versus Street consensus of 22%. At its January ...