ab 20 November 2025 Global Research Taiwan Semiconductor Manufacturing Raising capex and growth estimates on cloud AI megatrend Lifting 2026/27E capex to US$50/52bn Based on our further evaluation of cloud AI demand and new N3 supply/demand analysis (link), we raise our 2026/27 capex estimates for TSMC to US$50/52bn, from US $46/50bn previously. We believe TSMC, as the critical foundry supplier of leading edge and advanced packaging, needs to accelerate capacity expansion to support larger cloud AI demand. ...