According to a research report from Bernstein, Taiwan Semiconductor Manufacturing's revenue growth is likely to be supported by ongoing momentum in artificial intelligence and resilient non-AI demand. The analysts project that AI-related revenue will account for over 20% of TSMC’s total revenue by 2026, up from 18% in 2025. They noted that beyond manufacturing logic processors, high-bandwidth memory (HBM) base dies, which form the foundational layer for HBM stacking, are also beginning to contribute to TSMC's AI revenue stream. At the same time, the analysts indicated that non-AI related demand for TSMC remains robust, driven particularly by high-end smartphones. They added, "Any capacity freed up by non-AI customers is expected to be absorbed by AI customers who are currently struggling to secure sufficient production capacity." Bernstein raised its price target for TSMC from NT$1,800.00 to NT$2,200.00.