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<Research> JPM Expects Strong 1H26 Gross Margin Growth for TSMC (TSM.US), Raises FY26-27 Earnings Forecasts
JPMorgan said in a research report that it expects TSMC (TSM.US) to deliver strong gross margin growth in 1Q26 and 2Q26, supported by continued tight capacity for 3-nanometer produ...
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<Research> JPM Expects Strong 1H26 Gross Margin Growth for TSMC (TSM.US), Raises FY26-27 Earnings Forecasts
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JPMorgan said in a research report that it expects TSMC (TSM.US)      to deliver strong gross margin growth in 1Q26 and 2Q26, supported by continued tight capacity for 3-nanometer production, high utilization rates and increased rush orders. The broker expects the company to guide for 2Q26 revenue to grow 6% to 8% QoQ, mainly constrained by 3-nanometer capacity limitations. It now forecasts USD-denominated revenue to grow 35% in 2026 and a further 30% in 2027.

Given the strong growth in AI computing demand over the past two to three months, the broker believes capital expenditure in 2027 and 2028 could become more aggressive, with cumulative capital expenditure for 2026 to 2028 reaching USD190 billion. Although the company may only raise its 2026 revenue guidance at the 2Q earnings meeting, JPM expects data on AI and iPhone demand trends to be sufficiently strong to offset weakness in customer demand for PCs and Android smartphones.

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The broker raised its 2026 and 2027 earnings forecasts for TSMC by 4% and 6%, respectively, to reflect stronger growth and improved gross margins. It also lifted its TP for TSMC's Taiwan-listed shares to TWD2400 and maintained an Overweight rating. (ss/w)(Real-time Streaming US Stocks Quote; Except All OTC quotes are at least 15 minutes delayed.)



This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation.

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