According to a CMBI research report, TSM delivered strong financial results for 2025, with revenue reaching $122 billion, a year-on-year increase of 35.9%, and a gross profit margin of 59.9%. Looking ahead, the company's management expects revenue for the first quarter of this year to be between $34.6 billion and $35.8 billion, with a gross profit margin of 63% to 65%. Furthermore, TSM has raised its 2026 revenue growth forecast to approximately 30%, surpassing its growth outlook of 14% for the "Foundry 2.0" industry.

Importantly, CMBI notes that TSM has also increased its capital expenditure for this year to a range of $52 billion to $56 billion. The institution views this as a strategic move aimed at addressing customer AI demand by proactively deploying leading-edge process technologies and advanced packaging capacity, thereby positioning itself to capitalize on this multi-year expansion cycle.

CMBI also believes that the aforementioned measures send a positive signal to beneficiaries of the AI supply chain, particularly semiconductor equipment manufacturers. Consequently, it maintains an "Outperform" rating on the stock.