Institution: TSMC's revenue is expected to be supported by both AI and non-AI demand

格隆汇 March 16｜Bernstein analysts stated in a research report that TSMC's revenue growth may be supported by the sustained momentum of AI and resilient non-AI demand. They expect that by 2026, AI revenue will account for more than 20% of TSMC's total revenue, up from 18% in 2025. They pointed out that, in addition to manufacturing logic processors, the high-bandwidth memory (HBM) base dies, which serve as the foundational layer for HBM stacking, have also begun to contribute to TSMC's AI revenue. Meanwhile, they noted that TSMC's non-AI related demand remains resilient, as this demand is skewed toward high-end smartphones. The analysts added: "Any capacity released by non-AI customers will be filled by AI customers who currently cannot find enough capacity." Bernstein raised TSMC's target price from NT$1,800.00 to NT$2,200.00.