Economic Observation Network TSM announced price increases across all processes, capital expenditures raised, and Moody's upgraded its rating outlook to positive.

Recent events:
Following Samsung's initial price increase of 10-15% for the 4/5 nanometer process in July (with a nearly 10% increase for the 8 nanometer process) TSMC has firmly followed up - negotiations have been completed by the middle of this year, and the N3 process will see a maximum increase of 15% in the second half of the year, with an additional 5-10% increase for advanced processes such as N2, N3, and N5 by early 2027 at the latest; Mature processes such as N12, N16, N28, which have not seen an increase for three consecutive years, need to be supplemented with an increase of up to 10% This is essentially due to AI demand squeezing out advanced production capacity (N2 and N3 have already been fully booked by Apple and Nvidia), and TSMC has fully utilized its pricing power The starting price for each wafer of N2 has reached as high as 30000 US dollars, with a 10-20% premium compared to N3 Capital expenditures have been raised to a historic high of $52-56 billion this year, and Lyon Securities expects to reach $80 billion in 2027 and $90 billion in 2028 Moody's raised its rating outlook from "stable" to "positive" on August 28th, confirming its Aa3 rating, citing technological leadership and strong market position benefiting from AI structural growth On August 26th, it was reported that TSMC plans to spend over NT $30 billion to acquire two old panel factories from AU, in preparation for CoWoS and panel level packaging expansion 。

Recent stock trends:
On August 28th, it closed at $417.52, with a weekly range increase of 1.8%. But please note that on August 28th, it fell 2.29% in a single day, falling below the 5-day, 10 day, and 20 day moving averages (all around $418) Currently in a short-term moving average entanglement zone, the MACD histogram is weakening, and KDJ is sideways around 50.

Institutional perspective:
AI driven price increase → profit margin expansion → institutions collectively raise target prices (Citigroup, Bank of America, Macquarie see NT $3700-4200) 。

The above content is based on publicly available information and does not constitute investment advice.