Goldman Sachs raised its target price and capital expenditure forecast for TSMC on continued AI demand expansion in GPUs, networking chips, and server CPUs. According to Sina Finance, analyst Evelyn Yu said stronger CPU demand driven by agentic AI has been a key change over the past year.

Goldman Sachs expects TSMC revenue to grow 42.0% in 2026 and 36.9% in 2027 in U.S. dollar terms, with gross margins of 67.2% and 67.5%, respectively. It also raised its 2027 and 2028 capital expenditure forecasts from $78 billion and $82 billion to $85 billion and $98 billion to support long-term customer demand. The firm kept a Buy rating and lifted its target price to NT$3,300 from NT$3,100.