Guolonghui October 9th | morgan stanley analyst said in a research report that driven by the demand for artificial intelligence chips and the outsourcing of integrated device manufacturers, taiwan semiconductor's compound annual growth rate of revenue in the next five years may continue to be maintained at 15%-20%. Driven by strong demand for artificial intelligence chips and the further increase in apple's 3nm chip output, taiwan semiconductor's gross margin in the fourth quarter may slightly increase from 55% in the third quarter to 55.5%. After the successful wafer price increase (which will take effect next year), taiwan semiconductor's gross margin in 2025 and beyond may stay around 55%. They added that given the expected price increase of at least 10% for artificial intelligence chips, 6% for other high-performance computing chips, and 3% for smart phone chips, the average price increase in 2025 may be 4%-5%, which will increase the company's gross margin by 2-3 percentage points.