Taiwan Semiconductor Manufacturing Company (TSM, Financial) saw its stock fall by 1.41% to $155.58. Goldman Sachs issued a report indicating that impending tariffs and macroeconomic uncertainties could dampen end-user demand. While TSMC's management remains optimistic about AI demand, Goldman noted a slight softening in their outlook for CoWoS ARVR packaging, hinting at potential weakness in AI-driven demand.
Goldman Sachs has adjusted its shipment forecasts for CoWoS ARVR packages, lowering the 2023 and 2024 estimates to 585,000 and 923,000 wafers, respectively. Correspondingly, capacity projections were reduced to 660,000 and 1,000,000 wafers. The firm's earnings forecasts for 2026 and 2027 have been revised down by 0.9%. The target price for TSMC's Taiwanese stock was slightly reduced from 1,200 TWD to 1,190 TWD, though the "buy" rating was reiterated.
Additionally, Goldman has adjusted its 2027 gross margin forecast for TSMC from 57.8% to 57.1%.
