Taiwan Semiconductor Manufacturing Co (TSMC) will host a press conference on July 18. As the demand for generative AI continues to grow, UBS has given TSMC a “Buy” rating with a target price of 1,070 yuan. In anticipation of the semiconductor cycle benefiting from solid cloud AI and high-performance computing applications, UBS posed four questions regarding the outlook for the semiconductor cycle, gross profit margin trends, capital expenditure updates, and order visibility for 2025, as well as the potential advancement of 2nm processes.
UBS analyst Lin Lijun highlighted TSMC’s 2025 outlook and forecasted increased revenue and a higher demand for 2nm technology. UBS revised TSMC’s capital expenditure from $35 billion to $37 billion, with capital intensity reaching 34%. Lin Lijun is confident in TSMC’s position as the primary CoWoS supplier in 2025 with a market share of over 80%.
TSMC’s wafer production capacity is expected to reach 40,000 per month by 2024 and 55,000 by the end of
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