台积电 - 2025 年亚太峰会反馈

M Update Asia Pacific Summit 2025 Feedback Key Takeaways We reiterate OW and sector Top Pick on TSMC, as we are confident in very strong 2026 growth with margin expansion. How to address very strong AI demand? Growth outlook Gross margin We reit OW and sector Top Pick: Our recent analysis of 3nm wafer capacity add (link) and CoWoS expansion (link) echo management's comment "speed up the capacity expansion"; it also echoes NVIDIA's comment on strong AI demand (see Joe Moore's report). November 20, 2025 09:12 ...