Goldman Sachs raises TSMC price target to NT$3,300, lifts 2026/2027 revenue growth forecasts to 42%/37% on AI demand

What happened

Goldman Sachs analyst Evelyn Yu raised TSMC's price target from NT$3,100 to NT$3,300 while maintaining a Buy rating, citing continued expansion of AI demand across GPUs, networking chips, and server CPUs. The note calls out stronger CPU demand driven by Agentic AI as 'the key change over the past year.' Goldman now expects TSMC's 2026/2027 revenue to grow 42.0%/36.9% year-over-year in USD terms, with gross margins of 67.2%/67.5%, and lifted its 2027/2028 capex forecasts from $78B/$82B to $85B/$98B to support long-term customer demand.

Who’s affected

• TSMC (TSM ADR) directly — target hike and materially higher revenue/capex trajectory. Semiconductor/AI complex read-through: Nvidia, AMD, Broadcom and semiconductor-equipment names, which trade on foundry demand and capex intensity; higher TSMC capex signals sustained order books for chip-equipment makers. Hyperscalers (Microsoft, Amazon, Alphabet, Meta) indirectly — continued AI-hardware spending underpins their capex narratives.

Sources

panews.io