TSMC's 5M25 revenue increased by 43% YoY in TWD terms, compared to the guidance of a 20-30% YoY increase in USD terms, according to a research report issued by Citi Research. Although TSMC's 2H25 outlook is expected to be relatively stable, the broker believed that TSMC is likely to beat its full-year guidance, benefiting from the migration of smartphones to 2nm technology and AI chips' migration to 3nm technology in 2026. Related NewsAPI Crude Oil Stock Change for Jun/20 in United States is -4.277M, higher than the previous value of -10.133M. The forecast was -0.6M.It is anticipated that these two processes will contribute more than 40% to TSMC's 2026 revenue. Therefore, Citi Research reiterated rating at Buy for TSMC, and elevated its target price from TWD1,100 to TWD1,280.