Gelonghui, Feb. 15 | Foreign investors issued a report today, stating that TSM.US (TSM.US) has a leading position in AI semiconductors. It is significantly superior to its peers in terms of technology, cost structure and pricing capabilities, and judging from the number of EUV equipment orders under TSMC next year, it shows that demand for 3 nm is quite strong, which will also drive operations to a new high. Therefore, the target price was raised from NT$698 to NT$758. Foreign investors pointed out that as the computational demand for large-scale language models (LLM) increases, TSMC's advanced process production capacity has become scarce and strategic. Recently, OpenAI CEO Sam Altman indicated that he plans to invest trillions of dollars to build multiple fabs and entrust TSMC's operation and management to reshape the global semiconductor industry, and TSMC's technology leadership and cost structure are more advantageous than rival Intel. Furthermore, foreign investors believe that the market is focusing on the growth trend of cloud and AI semiconductors, and TSMC's key role in the global supply chain also highlights its strategic value. In addition to foreign investment, according to supply chain surveys, TSMC may once again increase the cost of wafer foundry for advanced manufacturing processes by 10% to pass on the cost to US factories, and TSMC will order 14 to 16 EUV devices from ASML in 2025, about double this year, showing strong demand of 3 nm in 2025 and 2025. Foreign investors estimate that TSMC's revenue in 2024 and 2025 will grow by more than 20% for two consecutive years, and will increase by another 15% in 2026. Growth momentum is strong, while also increasing the medium-term growth rate from 7% to 7.5%.