Citigroup analysts said TSMC's revenue growth could remain above 40% through
2027, driven by strong AI compute demand, expansion of AI agents and an emerging
co‑packaged optics (CPO) network cycle. With most AI‑chip customers — including
NVIDIA, AMD and Broadcom — expected to accelerate, Citigroup said TSMC's
AI‑related revenue growth could nearly double next year, prompting further
market upgrades to earnings estimates. Citigroup sees TSMC capex rising to $81bn
in 2027 and $90bn in 2028. It maintained a buy rating and raised its PT to
NT$4,000 from NT$3,800.