Institution: TSMC's Revenue Expected to Be Supported by Both AI and Non-AI Demand

K-LinePoet · 2026-03-18T08:41:36+00:00

Bernstein analysts predict that TSMC's revenue will benefit from strong support from both AI and non-AI demand, with AI revenue expected to account for more than 20% by 2026. They raised TSMC's price target to NT$2,200, believing that capacity from non-AI customers will be filled by AI customers.

K-LinePoet

2026-03-18 08:41:36

Abstract generation in progress

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 AI revenue to account for more than 20% of TSMC’s total revenue by 2026, up from 18% in 2025. They pointed out that, in addition to manufacturing logic processors, high-bandwidth memory (HBM) stacked base layers and bare dies are also beginning to contribute to TSMC’s AI revenue. Meanwhile, they noted that TSMC’s non-AI related demand remains resilient, as it is focused on high-end smartphones. The analysts added, “Any capacity released by non-AI customers will be filled by AI customers currently unable to find enough capacity.” Bernstein raised TSMC’s target price from NT$1,800 to NT$2,200.

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