TSMC Rises Over 2% Pre-Market; Citi Expects Revenue Guidance Increase for 2026

07/06 09:01

On July 6, TSMC (TSM.US) rose 2.58% in pre-market trading, reaching $445.36. TSMC is set to announce its second-quarter earnings in mid-July. A report from Citi indicates that TSMC may further raise its revenue growth expectations for 2026 during the upcoming earnings call, primarily due to sustained demand for advanced chips and improved long-term visibility. Compared to its peers, TSMC's most notable advantage lies in its production capacity. 'Despite increasing competition in the foundry sector, this scale advantage will continue to support wafer pricing, customer stickiness, and the sustainability of profit margins,' Citi stated. Furthermore, regardless of changes in customer structure, TSMC is expected to be a major beneficiary of the ongoing growth in AI semiconductor demand. Additionally, Goldman Sachs has raised TSMC's ADR target price from $550 to $600 ahead of the second-quarter earnings announcement, reaffirming its 'Buy' rating. Goldman Sachs believes that demand for AI and high-performance computing (HPC) has become a structural growth engine for TSMC over the years. Last quarter, the firm observed that momentum for 2027 is particularly strong, especially due to demand from AI accelerators and server CPUs, with demand in advanced process nodes and advanced packaging continuing to far exceed supply. Goldman Sachs anticipates that TSMC will further accelerate its capacity expansion and capital expenditures, while ongoing productivity improvements and strategic pricing will drive profit margins toward a structurally higher trajectory in 2027 and beyond.

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