Core Insights - TSMC's 2nm wafer foundry price increase is significantly lower than market expectations, with a rise of 10% to 20% compared to the 3nm process, setting the price at approximately $30,000 per wafer, which is much lower than the previously rumored 50% increase, indicating a more stable pricing system for advanced processes [1][2] Pricing Strategy - TSMC's pricing strategy for the 2nm process features two main characteristics: the price increase is kept within a reasonable range, with a focus on a 15% to 20% rise compared to the average price of the 3nm process, alleviating cost pressure for clients adopting cutting-edge processes [1] - The company has established a two-way adjustment mechanism to balance costs and pricing, encouraging equipment and material suppliers to provide a 10% to 20% cost reduction, while also reasonably passing some cost pressure to the manufacturing side to ensure sustainable R&D investment and capacity building [1] Future Pricing Adjustments - TSMC plans to implement comprehensive price adjustments for its 3nm, 4nm, 5nm, and 7nm advanced processes next year, with increases expected to remain in the single-digit percentage range, with specific adjustments being flexibly determined based on client cooperation scale, enhancing adaptability to different client needs [1] Capacity Utilization - TSMC's advanced process capacity is currently fully utilized, reflecting strong market demand for high-end chip manufacturing, while mature process production lines are not fully utilized, allowing for future adjustments in industry demand structure [2] - The overall pricing system for the 2nm process, which includes multiple technology nodes like N3P and N3E, has matured, with major clients already signing orders for 2025, laying a solid foundation for the mass production of the 2nm process [2] Production Timeline - The mass production of TSMC's 2nm process is expected to break through in the second half of 2025, with the initial capacity focusing on serving high-performance computing and artificial intelligence chip clients [2]

Group 1 - TSMC's stock price increased by 3.57% on October 8, attracting market attention [1] - The company plans to adjust its 2nm foundry pricing, which is only 15% to 20% higher than the 3nm process, indicating flexibility and market awareness [1] - TSMC will implement comprehensive price adjustments for 3/4/5/7nm processes next year, with increases depending on customer collaboration scale [1] Group 2 - TSMC is positioned as a key player in AI chip foundry services, with positive industry expectations due to its 2nm process layout [2] - Bank of America reaffirmed its "buy" rating for TSMC and raised the target price to $330, boosting market confidence in the company's future [1] - The demand for advanced process chips is expected to grow due to the rapid development of AI and high-performance computing, enhancing TSMC's competitive advantage [2]