Morgan Stanley raised its price target for TSM from TWD 1,688 to TWD 1,888, recommending increased holdings ahead of 2026 guidance. The firm projects 2026 revenue growth in the mid-20% range, with Q4 2025 gross margin expected to exceed 60%. TSM is also reportedly planning to ship process equipment to its second Arizona fab by summer 2026, aiming for 3-nanometer volume production in 2027, aligning with expectations for sustained AI chip demand.