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On October 8, Citi analysts noted in a research report that due to strong demand for AI computing power, potential growth in AI agents, and the rise of co-packaged optics (CPO) network cycles, TSMC's revenue growth rate is expected to remain above 40% until 2027. Analysts stated that given that most AI chip customers, such as NVIDIA, AMD, and Broadcom, are expected to accelerate growth, TSMC's AI-related revenue growth rate may nearly double next year. As a result, Citi expects the market to continue raising earnings expectations for TSMC. Citi also mentioned that supported by a strong revenue outlook, TSMC's capital expenditures may rise to $81 billion by 2027 and reach $90 billion in 2028. Citi maintains a "Buy" rating for TSMC, with the target price raised from NT$3,800 to NT$4,000.
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