Core Viewpoint - Taiwan Semiconductor Manufacturing Company Limited (TSM) is highlighted as a highly profitable stock with a Buy rating and a price target of $390 from Bank of America Securities [1][2]. Group 1: Financial Performance and Projections - TSM announced a budget approval of $14.98 billion aimed at enhancing long-term capacity, including fab construction and R&D funding for 2026 [2]. - The company is expected to maintain robust gross margins around 60% through 2027, with sales projected to grow at a CAGR of 21% [3]. - Analyst Yang anticipates a 5% CAGR supply growth from 2025 to 2027, driven by TSM's technological advancements [4]. Group 2: Competitive Positioning - TSM is recognized as the world's largest dedicated semiconductor foundry, serving various global industries such as technology, communications, and automotive [5]. - The company's technological capabilities in 2nm expansion and high-end packaging are seen as significant competitive advantages over peers [4].