Goldman Sachs: TSMC $Taiwan Semiconductor(TSM.US)
> N3 (3nm) Capacity: Revised upward to 200kwpm by end-2027E (vs. 190kwpm prior) as N3 becomes the primary bottleneck for AI GPUs and ASICs following node migrations.> N2 (2nm) Capacity: Revised upward to 140kwpm by end-2027E (vs. 130kwpm prior). N2 initial-year output is expected to exceed N3's first year by 45%.> Advanced Packaging (CoWoS): 2027E CoWoS capacity has been raised to 280kwpm quarterly (vs. 250kwpm prior). Total annual CoWoS capacity for 2027E is adjusted up to 2,730k wafers (vs. 2,490k prior).> Capex Step-up: Raised 2027E capex to US$78bn (from US$70bn) and 2028E capex to US$82bn (from US$74bn) to secure the AI buildout. 2026E capex remains unchanged at US$56bn.> Gross Margin (GM) Upside: Now modeled to hit 66.9% / 66.8% / 67.3% from 2026 to 2028 (up from 64.9% / 64.7% / 66.5% prior). Better product mix and pricing power are expected to easily offset any dilution from overseas fabrication facilities.$NVIDIA(NVDA.US) $AMD(AMD.US) $Alphabet(GOOGL.US) $Amazon(AMZN.US) $Meta Platforms(META.US) $Microsoft(MSFT.US) $Intel(INTC.US) $Broadcom(AVGO.US) $Marvell Tech(MRVL.US)
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