台积电- AI 超级周期加速
2026-03-30 05:15
27 Mar 2026 10:38:33 ET │ 24 pages TSMC (2330.TW) AI megacycle accelerates CITI'S TAKE We further upgrade our earnings projections for TSMC and introduce our 2028 estimate. The strong AI demand is not limited to GPU/ASICs but extends to the broader ecosystem, including server CPUs, networking chips, and CPOs. The tightening supply environment also supports continued wafer price increases, reinforcing TSMC's pricing power and margin resilience despite rising depreciation from higher capex and also inflationa ...