Institution: TSMC's revenue is expected to be supported by both AI and non-AI demand.

Analysts at Bernstein stated in a research report that TSMC's revenue growth may be supported by the continued momentum of AI and resilient non-AI demand. They expect that by 2026, AI revenue will account for over 20% of TSMC's total revenue, higher than 18% in 2025. They noted that in addition to manufacturing logic processors, high-bandwidth storage base wafers serving as the foundation for HBM stacking are also beginning to contribute to TSMC's AI revenue. At the same time, they mentioned that TSMC's non-AI related demand remains resilient, as this demand tends to come from high-end smartphones. The analysts added, "Any capacity released by non-AI customers will be filled by AI customers who currently cannot find enough capacity." Bernstein raised TSMC's target price from NT$1,800.00 to NT$2,200.00.