Jeff Pu(@sssjeffpu):$TSM earnings preview: AI growth, Terafab reset & N2/A14 • Raise TP to NT$2,960, based on 20x 2027E P/E; Hold • Expect 3Q26 revenue +15.2% QoQ and 67.8% GM; forecast 4Q +12% QoQ and 67.2% GM, supported by Rubin/N2. • Forecast 2027 revenue +37% YoY, driven by AI, CPUs, networking and modest price hikes. • Expect 2026 capex guidance unchanged; estimate $83bn/$95bn in 2027/28. • Terafab expectations reset: Musk says they will build and run the fab themselves, tempering hopes for a major TSMC partnership and is inline with our view • Expect Apple to adopt A14 in 2028, accelerating its typical three-year node cadence (consumer feedback on recent 2nm mobile SoCs lukewarm) #TSM #TSMC #AI

2026.10.08 12:15

$TSM earnings preview: AI growth, Terafab reset & N2/A14 • Raise TP to NT$2,960, based on 20x 2027E P/E; Hold • Expect 3Q26 revenue +15.2% QoQ and 67.8% GM; forecast 4Q +12% QoQ and 67.2% GM, supported by Rubin/N2. • Forecast 2027 revenue +37% YoY, driven by AI, CPUs, networking and modest price hikes. • Expect 2026 capex guidance unchanged; estimate $83bn/$95bn in 2027/28. • Terafab expectations reset: Musk says they will build and run the fab themselves, tempering hopes for a major TSMC partnership and is inline with our view • Expect Apple to adopt A14 in 2028, accelerating its typical three-year node cadence (consumer feedback on recent 2nm mobile SoCs lukewarm) #TSM# #TSMC# #AI#