Core Viewpoint - Huatai Securities maintains a "Buy" rating on TSMC (TSM.US) with a target price of $370, citing strong Q3 performance driven by robust AI demand and expansion in advanced process and packaging capacity [1] Financial Performance - TSMC's Q3 results exceeded expectations, primarily fueled by strong AI demand [1] - The company has raised its revenue and capital expenditure guidance for 2025 [1] Future Outlook - N2 mass production is imminent, with expectations for growth in High-Performance Computing (HPC) in 2026 [1] - TSMC's technological leadership and pricing power are expected to offset short-term margin dilution from overseas expansion, ensuring long-term profitability [1]