Foundry · Advanced packaging (CoWoS)
TSMC
The world's largest semiconductor foundry. FY2025 revenue about NT$3.78T (HPC 58%). Makes chips for fabless designers such as NVIDIA, AMD and Apple, and packages HBM with CoWoS. Buys equipment from ASML (EUV) and others.
TSM Updated Jul 12, 2026 6 AI consumers· 5 recurring
Per the valuechain.wiki graph, TSMC is directly linked to 64 companies (33 supply, 31 revenue, 1 investment relationships) and reaches 93 companies within two hops; the links are backed by 98 dated sources, 25 of them primary filings (as of 2026-07-12).
Annual return · 2026-07-10'21+12.1%'22-36.7%'23+42.3%'24+92.6%'25+55.9%YTD+43.6%
Money in ▸NVIDIA●Revenue share 19%Apple●Revenue share 17%Marvell●Astera Labs●Amazon●Alchip Technologies●NXP Semiconductors●Global Unichip●MediaTek●Qualcomm●Montage Technology●Cerebras Systems●Ambarella●샤오미 (XRING)●Will Semiconductor●Broadcom◐Intel◐Meta Platforms◐Sony Semiconductor Solutions◐Credo Technology◐Renesas Electronics◐Microsoft◐Alphabet (Google)◐Mobileye◐Analog Devices◐Microchip Technology◐Cisco◐Phison Electronics◐AMD◐Realtek (fabless customer)◐Fortinet◐
TSMC1Q26 revenue $35.90B
▸ Money outSiemens EDA●SCREEN Holdings●JSR Corporation●Lasertec●Disco Corporation●Entegris●KLA●ASM International●Resonac●HPSP●Tokyo Electron (TEL)●Shin-Etsu Chemical●SUMCO Corporation●GlobalWafers●Advantest●Linde●Fujimi Incorporated●Photronics●ASML●Qnity (CMP·레지스트·패키징 소재)●Applied Materials◐Lam Research◐Tokyo Ohka Kogyo (TOK)◐Onto Innovation◐Hitachi High-Tech◐BESI◐Synopsys◐Cadence Design Systems◐Teradyne◐Ebara◐Air Liquide◐Leeno Industrial◐EO Technics◐
Financials & Segments
- Total revenue · 1Q26 revenue $35.90B (+40.6% YoY, NT$1.1341tn +35.1%), gross margin 66.2% and operating margin 58.1% (above guidance). Platform HPC a record 61%, smartphone 26%; nodes 3nm 25%, 5nm 36% (74% at <=7nm), 2nm entered volume production. | ~NT$3.81T (FY2025, US$121.4B, +31.6%) · HPC/AI 58% of revenue (51% in 2024) · latest quarter Q1 2026 +35.1% YoY
- Customer concentration · Largest customer 19%, second 17%, top 10 78% (FY2025 20-F, unnamed; NVIDIA and Apple by market attribution)
- Segments · HPC(58%) · Smartphone(29%) · Automotive(5%) · Other(8%)
Revenue from
- NVIDIA High confidence· Revenue share 19% · 2025 · share of TSMC revenue (NT$726.9B/$23.2B)
TSMC's largest customer (2025). AI accelerator wafers plus CoWoS packaging. NT$726.9B ($23.2B), 19% of revenue, overtaking Apple. 1Q26 update: next-gen AI chips from NVIDIA, AMD and Intel ramped on 3nm and lifted ASP, driving 1Q26 HPC revenue share to a record 61%. N2 (2nm) volume production is slated for 2H26 with NVIDIA in the lineup.Confirms EN StockTitan (SEC 6-K) Published Apr 16, 2026: TSMC posts strong Q1 2026 results and bullish outlook (6-K)Confirms KO ZDNet Korea Published Apr 16, 2026: TSMC posts strong results on AI and HPC; Q2 outlook also rosyConfirms KO Bloter Published Jan 23, 2026: NVIDIA overtakes Apple to become TSMC's largest customer this year - Apple High confidence· Revenue share 17% · 2025 · share of TSMC revenue (NT$645.1B)
Long-time top customer, now second (2025). Mobile APs. NT$645.1B, 17% of revenue (down from 22%). 1Q26: Apple is cited as a lead early customer for N2 (2nm) 2H26 volume production; smartphone platform share was 26%.Confirms EN StockTitan (SEC 6-K) Published Apr 16, 2026: TSMC posts strong Q1 2026 results and bullish outlook (6-K) - Marvell High confidence
Foundry for Marvell's custom AI chips (N2) and CoWoS packaging.Mentions KO ZDNet Korea Published Jun 18, 2025: Marvell targets the custom SRAM chip market, an opening for Korea - Astera Labs High confidence
Sole foundry for all of Astera's ICs (fabless). - Amazon High confidence
Foundry fabricating Amazon’s own Trainium (2/3) AI chips on 5nm/3nm.Confirms KO Global Economic Published Dec 3, 2025: Amazon launches its own AI chip to counter Nvidia, 4.4x performance - Alchip Technologies High confidence
Supplies foundry and IP to Alchip. - NXP Semiconductors High confidence
Supplies advanced automotive processor foundry to NXP Semiconductors. - Global Unichip High confidence
Manufactures all GUC ASIC volume (owns 34.8%). - MediaTek High confidence
Supplies foundry, IP and EDA to MediaTek. - Qualcomm High confidence
Supplies leading-edge foundry to Qualcomm.Confirms KO Korea Economic Daily Published Jan 7, 2026: Samsung Foundry wins Qualcomm orders, chases TSMC - Montage Technology High confidence
Manufactures Montage DDR5 RCD and CXL chips. - Cerebras Systems High confidence
Manufactures Cerebras wafer-scale engines. - Ambarella High confidence
Manufactures Ambarella edge AI vision SoCs. - 샤오미 (XRING) High confidence
XRING O1 3nm (N3E) foundry customer. - Will Semiconductor High confidence
Primary foundry fabricating CIS wafers for Will Semiconductor (OmniVision), including high-performance BSI/stacked sensors. - Broadcom Medium confidence
Foundry for custom AI ASICs. - Intel Medium confidence
Manufactures some of Intel's chip tiles. - Meta Platforms Medium confidence
Foundry fabricating Meta’s own MTIA AI chips on 5nm.Confirms EN Tom's Hardware Accessed Jun 20, 2026: The custom AI ASIC state of play — Broadcom, Google TPUs, Meta MTIA - Sony Semiconductor Solutions Medium confidence
Supplies sensor logic foundry to Sony Semiconductor. - Credo Technology Medium confidence
Supplies DSP foundry to Credo. - Renesas Electronics Medium confidence
Supplies advanced-process foundry to Renesas. - Microsoft Medium confidence
Foundry fabricating Microsoft’s own Maia AI chips (Maia 100/200) on N5 with CoWoS-S. - Alphabet (Google) Medium confidence
Foundry fabricating Google’s own TPU AI chips (Ironwood) on N3P.Confirms EN TrendForce Published Nov 7, 2025: Google unveils 7th-gen TPU Ironwood with 9,216-chip superpod - Mobileye Medium confidence
Foundry production of Mobileye EyeQ Ultra. - Analog Devices Medium confidence
Manufactures some ADI analog/advanced nodes. - Microchip Technology Medium confidence
Manufactures some Microchip products.Confirms KO Stockplus Published Jan 1, 2026: Microchip: the semiconductor supermarket (MCU 53%, analog 29%) - Cisco Medium confidence
Manufactures Cisco Silicon One switch chips.Confirms EN Cisco Published Jan 1, 2025: Cisco Silicon One (self-designed networking silicon, fabbed at external foundry) - Phison Electronics Medium confidence
Manufactures Phison NAND controllers. - AMD Medium confidence
Foundry for HPC and AI accelerators (MI series). 1Q26: AMD's next-gen AI/HPC parts drive leading-edge demand from 3nm into 2nm and are in the 2nm 2H26 ramp lineup.Confirms EN StockTitan (SEC 6-K) Published Apr 16, 2026: TSMC posts strong Q1 2026 results and bullish outlook (6-K) - Realtek (fabless customer) Medium confidence
Fabricates the higher-integration, newer Ethernet/networking chips of Realtek, the #7 global fabless — one of many customers, but a slice of the Taiwan fabless-ecosystem demand.Mentions EN CT Semiconductor Published Sep 1, 2025: UMC, Taiwan's #2 foundry (customers include Realtek) - Fortinet Medium confidence
Fabricates Fortinet's proprietary FortiASIC (SPU) security-processing chips at its Taiwan foundry (via Toshiba America and Renesas).Confirms EN U.S. Securities and Exchange Commission Published Feb 25, 2026: Fortinet Annual Report (Form 10-K, FY2025)
Pays to
- Siemens EDA High confidence
Pays for Siemens EDA (Calibre etc.) licenses. - SCREEN Holdings High confidence
Buys cleaning and track equipment from SCREEN Holdings. - JSR Corporation High confidence
Buys photoresist from JSR. - Lasertec High confidence
Buys EUV mask inspection equipment from Lasertec. - Disco Corporation High confidence
Purchases dicing and grinding equipment from Disco. - Entegris High confidence
Buys high-purity materials and CMP slurry from Entegris. - KLA High confidence
Buys KLA defect-inspection and metrology tools.Confirms KO Blockmedia Accessed Jun 20, 2026: KLA poised to grow on high share of chip inspection equipment - ASM International High confidence
Buys ALD deposition equipment from ASM International. - Resonac High confidence
Buys packaging materials from Resonac. - HPSP High confidence
Buys high-pressure hydrogen annealing tools from HPSP (sole supplier).Confirms KO Korea Economic Daily Published Jul 13, 2025: HPSP holds a monopoly in high-pressure hydrogen annealing - Tokyo Electron (TEL) High confidence
Buys coater, etch, deposition and clean tools from Tokyo Electron.Confirms KO Sisa Journal e Accessed Jun 21, 2026: Foreign toolmakers including TEL ramp investment to court Samsung and SK - Shin-Etsu Chemical High confidence
Buys 300mm silicon wafers from Shin-Etsu Chemical under LTA. - SUMCO Corporation High confidence
Buys 300mm silicon wafers from SUMCO Corporation under LTA. - GlobalWafers High confidence
Uses/buys 300mm silicon wafers from GlobalWafers. - Advantest High confidence
Buys test equipment (ATE) from Advantest. - Linde High confidence
Sources industrial/specialty gases from Linde. - Fujimi Incorporated High confidence
Sources CMP slurry from Fujimi. - Photronics High confidence
Supplies photomasks to TSMC.Confirms EN TrendForce Published Nov 7, 2025: Google unveils 7th-gen TPU Ironwood with 9,216-chip superpod - ASML High confidence
Key supplier of EUV lithography tools. TSMC is the biggest EUV buyer; ASML is the sole EUV source. 1Q26: leading-edge capacity and capex keep expanding on AI demand (2026 capex raised). The 2nm ramp is flagged as a 2-3pp FY2026 gross-margin dilution (EUV equipment and depreciation).Confirms EN StockTitan (SEC 6-K) Published Apr 16, 2026: TSMC posts strong Q1 2026 results and bullish outlook (6-K) - Qnity (CMP·레지스트·패키징 소재) High confidence
CMP/resist/packaging-material source (8% of Qnity revenue).Confirms EN SEC EDGAR Published Oct 1, 2025: Qnity Electronics Form 10 (spinoff, customer concentration) - Applied Materials Medium confidence
Deposition, etch and other front-end tools.Confirms EN PatentPC Accessed Jun 20, 2026: Top chip-making equipment companies: ASML, Applied Materials, Lam Research - Lam Research Medium confidence
Etch and deposition tools. - Tokyo Ohka Kogyo (TOK) Medium confidence
Buys EUV photoresist from Tokyo Ohka Kogyo. - Onto Innovation Medium confidence
Buys metrology and inspection tools from Onto Innovation. - Hitachi High-Tech Medium confidence
Purchases etch and metrology equipment from Hitachi High-Tech. - BESI Medium confidence
Buys hybrid-bonding and die-attach tools from BESI (advanced packaging).Confirms EN Yole Group Published Aug 1, 2025: Advanced packaging back-end equipment: TCB and hybrid bonding lead - Synopsys Medium confidence
Uses/buys EDA tools and IP from Synopsys.Confirms KO Seoul Economic Daily Published Jul 1, 2025: China conditionally approves Synopsys-Ansys merger - Cadence Design Systems Medium confidence
Uses/buys EDA tools and IP from Cadence Design Systems.Confirms KO Seoul Economic Daily Published Mar 1, 2025: Cadence, an AI chip-design leader, reignites growth - Teradyne Medium confidence
Buys test equipment (ATE) from Teradyne.Confirms KO Korea Economic Daily Published Feb 24, 2026: Teradyne surges on the chip upturn and robotics boom - Ebara Medium confidence
Sources CMP/vacuum pumps from Ebara. - Air Liquide Medium confidence
Sources UHP/specialty gases from Air Liquide.Confirms KO e4ds news Published Jan 1, 2024: Air Liquide invests $80M in Sejong semiconductor specialty gases - Leeno Industrial Medium confidence
Purchases test sockets and pins from Leeno Industrial. - EO Technics Medium confidence
TSMC adopts EO Technics picosecond grooving for 3/4/5nm back-end, replacing Disco.Confirms KO Alphabiz Published Sep 1, 2024: TSMC picks EO Technics picosecond grooving over Disco for advanced back-end
Investors
- Taiwan National Development Fund (NDF) High confidence
Taiwan’s National Development Fund is the largest single holder (6.38%).
Investments
- Global Unichip High confidence
TSMC owns 34.8% of GUC (largest shareholder).
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Dell Technologies | lead2 | +51.2 | -26.6 | +95.9 | +53 | +11.2 | +248.1 |
| Seagate Technology | lead2 | +87.5 | -51.4 | +69.1 | +4.1 | +225.3 | +231.4 |
| Lenovo | lead2 | -4.6 | -20.9 | +36.2 | +18.2 | -0.6 | +175.7 |
| SK hynix | lead2 | -0.4 | -25.6 | +53.9 | +48.6 | +361.1 | +140.3 |
| Samsung Electronics | lead2 | -9 | -14.2 | +20.9 | -26.4 | +212.9 | +77.9 |
| Eoptolink | lead2 | -10.1 | -27.7 | +136.6 | +197 | +368.8 | +74.9 |
| Mercury Systems | lead2 | -37.5 | -18.7 | -18.3 | +14.8 | +73.8 | +47.9 |
| ASUSTeK Computer | lead2 | +35.5 | -12.9 | +72 | +41.1 | -14.1 | +46.7 |
| Arista Networks | lead2 | +97.9 | -15.6 | +94.1 | +87.7 | +18.5 | +42.7 |
| Geely Auto | lead2 | -40.8 | -22.9 | -40.3 | +98.5 | +14.5 | +18.9 |
| Nikon | lead2 | +46.2 | +10.9 | +23.1 | +13.7 | +19.7 | +15.9 |
| Alphabet (Google) | lead2 | +65.3 | -39.1 | +58.3 | +36 | +66 | +14.3 |
| Meta Platforms | lead2 | +23.1 | -64.2 | +194.1 | +66 | +13.1 | +1.6 |
| Toyota Motor Corporation | lead2 | +58.1 | -13.4 | +63 | +1.8 | +21.8 | -18.2 |
| AeroVironment | lead2 | -28.6 | +38.1 | +47.1 | +22.1 | +57.2 | -40.2 |
| Intel | lead1 | +6.1 | -46.6 | +94.6 | -59.6 | +84 | +197.7 |
| Marvell | lead1 | +84.6 | -57.5 | +63.7 | +83.8 | -22.8 | +177.8 |
| Astera Labs | lead1 | · | · | · | · | +25.6 | +148.2 |
| MediaTek | lead1 | +27.8 | -26.6 | +52.9 | +58.3 | +24.9 | +124.3 |
| Fortinet | lead1 | +142 | -32 | +19.7 | +61.4 | -16 | +98.4 |
| Renesas Electronics | lead1 | +8.2 | +2.4 | +88 | -13.6 | +23.8 | +84.9 |
| Credo Technology | lead1 | · | · | +46.3 | +245.2 | +114.1 | +79.2 |
| Realtek | lead1 | +19.6 | -33.8 | +56.2 | +19.1 | -6.4 | +73.7 |
| Global Unichip | lead1 | +21.4 | +67.6 | +99.4 | -13.7 | +101.4 | +66.4 |
| Cisco | lead1 | +45.8 | -22.5 | +9.3 | +21 | +33.5 | +59.8 |
| Montage Technology | lead1 | -18.2 | -21.8 | -18 | +51.4 | +169 | +47.4 |
| Analog Devices | lead1 | +21 | -4.9 | +23.4 | +8.8 | +29.8 | +46.7 |
| Microchip Technology | lead1 | +27.5 | -18 | +30.9 | -35 | +14.6 | +40.6 |
| NXP Semiconductors | lead1 | +44.8 | -29.2 | +48.4 | -8 | +6.4 | +35.8 |
| Alchip Technologies | lead1 | +14.3 | -8.7 | +365.1 | -18.9 | +0.8 | +34.7 |
| Apple | lead1 | +34.6 | -26.4 | +49 | +30.7 | +9.1 | +16.2 |
| Broadcom | lead1 | +56.5 | -13.3 | +104.2 | +110.5 | +50.6 | +16 |
| Ambarella | lead1 | +121 | -59.5 | -25.5 | +18.7 | -2.6 | +9.1 |
| Sony Semiconductor Solutions | lead1 | +27.2 | -8.4 | +27.8 | +17.9 | +1 | -2.4 |
| Phison Electronics | lead1 | +26.8 | -10.7 | +45.1 | -6.7 | +418.3 | -6 |
| Mobileye | lead1 | · | · | +23.6 | -54 | -47.6 | -8.5 |
| Will Semiconductor | lead1 | -12.1 | -49.7 | -8.3 | +22.8 | +15.5 | -14.8 |
| Xiaomi | lead1 | -43.9 | -21.1 | -4.6 | +209.7 | -6.9 | -27.2 |
| TSMC | node | +12.1 | -36.7 | +42.3 | +92.6 | +55.9 | +43.6 |
| SUMCO Corporation | benef1 | -4.3 | -3.9 | +21.3 | -48.1 | +41.7 | +225.8 |
| GlobalWafers | benef1 | +26.9 | -29.9 | +14.3 | -39 | +48.9 | +171.6 |
| Applied Materials | benef1 | +83.6 | -37.5 | +68 | +1.1 | +59.6 | +135 |
| Lam Research | benef1 | +53.7 | -40.7 | +88.6 | -6.8 | +139.2 | +105 |
| Onto Innovation | benef1 | +112.9 | -32.7 | +124.6 | +9 | -5.3 | +103.6 |
| KLA | benef1 | +68 | -11.2 | +56 | +9.4 | +94.5 | +91 |
| SCREEN Holdings | benef1 | +40.7 | -13.2 | +220.1 | -24.1 | +84.9 | +86.3 |
| Teradyne | benef1 | +36.8 | -46.3 | +24.8 | +16.5 | +54.4 | +85.9 |
| Resonac | benef1 | -2.6 | -4 | +37.5 | +30.3 | +137.9 | +80.4 |
| Tokyo Electron (TEL) | benef1 | +40.4 | -14.5 | +89.8 | -4.4 | +61.6 | +78.2 |
| Qnity Electronics | benef1 | · | · | · | · | · | +76.3 |
| Entegris | benef1 | +44.6 | -52.5 | +83.5 | -17.1 | -14.6 | +72.8 |
| ASML | benef1 | +64.1 | -30.5 | +39.9 | -7.7 | +55.8 | +68.6 |
| Global Unichip | benef1 | +21.4 | +67.6 | +99.4 | -13.7 | +101.4 | +66.4 |
| BESI | benef1 | +33.7 | -6.1 | +121.8 | -9.3 | +35 | +56.2 |
| Fujimi Incorporated | benef1 | +64.7 | -1.6 | +40.4 | -24.2 | +28.4 | +54.6 |
| Shin-Etsu Chemical | benef1 | +6.3 | +3.1 | +57.8 | -15.6 | +7.6 | +44 |
| Tokyo Ohka Kogyo (TOK) | benef1 | -2.7 | -3 | +63.8 | +4.3 | +111.5 | +42.9 |
| Ebara | benef1 | +58.1 | +2.3 | +76.1 | +41 | +84 | +32.3 |
| ASM International | benef1 | +44.2 | +2.9 | +68.7 | +10.3 | +25.9 | +28.8 |
| Linde | benef1 | +33.4 | -4.4 | +27.7 | +3.2 | +3.2 | +25.1 |
| Cadence Design Systems | benef1 | +36.6 | -13.8 | +69.6 | +10.3 | +4 | +22.9 |
| Lasertec | benef1 | +78.9 | +2.4 | +57 | -60.6 | +138.9 | +22.4 |
| Advantest | benef1 | +17 | -2.3 | +155.7 | +49.5 | +196 | +17.1 |
| Air Liquide | benef1 | +14.1 | +7.9 | +20.9 | +8.5 | -4.8 | +12.5 |
| Disco Corporation | benef1 | -6.6 | +27.7 | +218.5 | +11.6 | +49.6 | +10.2 |
| EO Technics | benef1 | +7.6 | -28.2 | +130.5 | -16.2 | +163.2 | +0.7 |
| HPSP | benef1 | · | · | +216.5 | -30.4 | +54.7 | -4.5 |
| Synopsys | benef1 | +42.1 | -13.4 | +61.3 | -5.7 | -3.2 | -5.2 |
| Photronics | benef1 | +68.9 | -10.7 | +86.4 | -24.9 | +35.8 | -6.6 |
| Leeno Industrial | benef1 | +21 | -5.3 | +18.3 | +9.5 | +150.1 | -30.3 |
| Ichor Holdings | benef2 | +52.7 | -41.7 | +25.4 | -4.2 | -42.8 | +444.2 |
| MKS Instruments | benef2 | +16.4 | -51 | +22.6 | +2.2 | +54.4 | +131 |
| Advanced Energy Industries | benef2 | -5.7 | -5.4 | +27.5 | +6.6 | +81.6 | +47.2 |
| SMC Corporation | benef2 | +0.9 | +4.5 | +28.6 | -28 | +4.2 | +26.6 |
| DuPont | benef2 | +15.4 | -13.4 | +14.4 | +1 | +28.7 | +12.6 |
| Yokogawa Electric | benef2 | -15.9 | +23.6 | +30.6 | +18.8 | +52.3 | +9.4 |
| Wonik QnC | benef2 | +26.2 | +2 | +11.9 | -33.7 | +53.4 | +9.3 |
| Siemens AG | benef2 | +12.2 | +5.1 | +20.1 | +28 | +26.4 | +8.7 |
| TCK (Tokai Carbon Korea) | benef2 | -10.1 | -16.9 | +2.8 | -28.7 | +225.7 | -2.5 |
| Hoya Corporation | benef2 | +10.8 | -3 | +34.4 | +11.3 | +24.9 | -2.9 |
| Hitachi | benef2 | +40.6 | +16.7 | +75.4 | +71.1 | +37.5 | -11.8 |
| Hana Materials | benef2 | +106 | -30.5 | +26.1 | -47.4 | +173.9 | -15.7 |
YTD as of 2026-07-10 · source: Yahoo Finance
The thesis is a foundry that effectively monopolizes the physical bottleneck of AI compute. Holding both leading-edge nodes (3nm 25%, 5nm 36%, 74% at ≤7nm) and CoWoS advanced packaging, it is the unavoidable path for fabless designers — NVIDIA, AMD, Apple, Broadcom, Marvell — to make cutting-edge AI chips, with HPC/AI now 58% of revenue (51% in 2024) as the mix tilts to AI. That monopoly shows in foundry-unusual margins — 66.2% gross and 58.1% operating (1Q26) — and 2nm volume production extends node leadership another generation. But with the top customer at 19%, second at 17% and top 10 at 78%, results are heavily tied to the hyperscaler AI-capex cycle, and geopolitics (Taiwan risk) and higher-cost overseas fabs (US, Japan) are structural risks.
Analysis generated from returns as of 2026-07-09Analyst ratings
Consensus: Buy 5 · Hold 0 · Sell 0 · Avg. target $544 · Price $435.8 (07-11) · Upside +25%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| Barclays · Simon Coles | Overweight | $625 | Jul 1, 2026 | Report ↗ |
| Bank of America · Haas Liu | Buy | $590 | Jun 24, 2026 | Report ↗ |
| Susquehanna · Mehdi Hosseini | Positive | $575 | Jun 22, 2026 | Report ↗ |
| D.A. Davidson · Gil Luria | Buy | $450 | Apr 17, 2026 | Report ↗ |
| Needham & Company · Charles Shi | Buy | $480 | Apr 16, 2026 | Report ↗ |
Raised TSM ADR target to $625, Overweight kept, citing strong AI leading-edge foundry demand.
Analyses covering this node
- The propagation was real and it had an order: the lag itself draws the chain Jun 23, 2026
- The money enters through one door: AI demand converges on hyperscaler capex Jun 23, 2026
- The chain splits along borders: where policy makes new slots Jun 23, 2026
- Perez's clock: the frenzy of installation leaves the infrastructure of deployment Jun 23, 2026