Goldman Sachs raised TSMC's target price and capital expenditure forecast due to the continued expansion of AI demand in the fields of GPUs, network chips, and server CPUs. Analyst Evelyn Yu notes that “the demand for stronger CPUs driven by proxy AI is a key change over the past year.” Goldman Sachs expects TSMC's 2026/2027 revenue to increase 42.0%/36.9% year-on-year, with gross margin of 67.2%/67.5%, respectively. At the same time, it raised its 2027/2028 capital expenditure forecast from $78 billion/$82 billion to $85 billion/$98 billion to support long-term customer demand. Maintaining a “buy” rating, the target price was raised from NT$3,100 to NT$3,300.
Zhitongcaijing · 2d ago
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Goldman Sachs raised TSMC's target price and capital expenditure forecast due to the continued expansion of AI demand in the fields of GPUs, network chips, and server CPUs. Analyst Evelyn Yu notes that “the demand for stronger CPUs driven by proxy AI is a key change over the past year.” Goldman Sachs expects TSMC's 2026/2027 revenue to increase 42.0%/36.9% year-on-year, with gross margin of 67.2%/67.5%, respectively. At the same time, it raised its 2027/2028 capital expenditure forecast from $78 billion/$82 billion to $85 billion/$98 billion to support long-term customer demand. Maintaining a “buy” rating, the target price was raised from NT$3,100 to NT$3,300.
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