According to a Bank of America Securities report released on November 11, TSMC's capital expenditure in 2027 is expected to reach $800-900 billion, with advanced process capacity utilization projected to exceed 100% despite ongoing production ramp-up. The bank's model shows that even if AI demand growth slows in 2028, the company's advanced process capacity utilization is likely to remain healthy.

Bank of America forecasts TSMC's earnings per share (EPS) will achieve a compound annual growth rate of approximately 34% from 2026 to 2028, with free cash flow rising from $53 billion to $109 billion. The bank also noted that TSMC's board approved raising quarterly dividends per share from NT$7 to NT$9, applicable to 2026 Q3 earnings distribution with a payout ratio of approximately 30%. The bank maintained its "buy" rating and target prices of NT$3,260 per share and $620 per ADR.

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