Taiwan Semiconductor Manufacturing Co.: AGM update: solid AI-centered demand and tech execution sustain sales/GM outlook

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Taiwan Semiconductor Manufacturing Co.: AGM update: solid AI-centered demand and tech execution sustain sales/GM outlook

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Taiwan Semiconductor Manufacturing Co.

AGM update: solid AI-centered demand and

tech execution sustain sales/GM outlook

Maintain Rating: BUY | PO: 2,560 TWD | Price: 2,385 TWD

Shareholder meeting updates on market & business views 04 June 2026

TSMC hosted its annual general meeting on June 4th, with key highlights: 1) technology Equity

leadership, manufacturing excellence and customer trust remain the key of its success;

2) high confidence in growth visibility through ’30 on its customers’ feedback driven by HaasResearchLiu Analyst>>

expanding applications across AI, EV and robotics; 3) AI-led bottleneck is across power, Merrill Lynch (Taiwan)

chipset, equipment and the upstream supply chain while TSMC is trying its best to fulfill +886haas.liu@bofa.com2 2376 3727

demand; 4) continued capex hike in the next few years, with Taiwan staying the major Mike Yang >>

production base along with overseas expansion; 5) reflecting higher value it provides but Research Analyst

Merrill Lynch (Taiwan)

also keeping sustainable relationships with customers rather than being opportunistic; 6) +886 2 2376 3729

56%+ long term GM guide intact; 7) structural profitability for N2 could be better than mike.c.yang@bofa.com

N3 while N3 margins are still improving; 8) committed to share profits with employees. Robert Cheng >>

Research Analyst

+886 2 2376 3731R&D commitment keeps competitive landscape benign robert.cheng@bofa.com

TSMC also addressed the topics of competition, its R&D progress and corporate actions

Cathy Hsu >>

including: 1) advancing front-end technology roadmap to keep its advantage amid Research Analyst