El impulso de ganancias de TSMC y el aumento en los precios estimados gracias al uso de la IA

The global semiconductor industry is undergoing a transformative shift, driven by the exponential growth of artificial intelligence (AI) and its integration into critical infrastructure. At the heart of this evolution lies TSMC, the world's largest contract chipmaker, whose financial performance and strategic positioning have become central to the AI revolution. Recent earnings reports, coupled with upgraded Wall Street forecasts, underscore why a $400 price target for TSMC shares is not only plausible but increasingly compelling in the near term.

Earnings Momentum and AI-Driven Demand

TSMC's fourth-quarter 2025 results exemplify the company's ability to capitalize on AI-driven demand. The firm reported revenue of NT$1.046 trillion ($33.05 billion), a 20.45% year-over-year increase, surpassing market expectations. This growth was fueled by surging demand for AI applications, particularly in data centers and high-performance computing, where TSMC serves as a critical supplier to industry leaders like Nvidia and Apple according to Q4 results. December 2025 revenue alone rose 20.4% year-over-year, though it dipped slightly from November, reflecting seasonal trends.

The broader context is equally robust. TSMC's full-year 2025 revenue is projected to grow by nearly 30% in USD terms, driven by sustained AI infrastructure spending. Analysts anticipate this momentum to carry into 2026, with revenue growth estimates of 30% for the year. Such performance is underpinned by TSMC's dominance in advanced process technologies, including its cutting-edge 3-nanometer (N3) and 2-nanometer (N2) nodes, which are essential for next-generation AI chips.

Capital Expenditure and Capacity Expansion

To meet escalating demand, TSMC has signaled aggressive capital expenditure (CapEx) plans. In 2025, the company allocated $40–$42 billion in CapEx, with 70% directed toward advanced process technologies. For 2026, industry observers project CapEx to exceed $48 billion, a 20% increase, reflecting the company's commitment to scaling production for AI-driven applications. This expansion includes ramping up CoWoS (Chip on Wafer on Substrate) packaging capacity, a technology critical for multi-die AI chips, and preparing for volume production of N2P and A16 nodes.

Such investments are not merely defensive but strategic. By addressing industry-wide bottlenecks in AI chip manufacturing, TSMC is reinforcing its role as the "gatekeeper" of the AI boom. This positioning is further strengthened by its high gross margins, which are expected to remain above 60% due to pricing power and limited capacity constraints.

Wall Street's Price Target Upgrades

The financial community has taken notice. Goldman Sachs recently upgraded its TSMC price target by 35%, citing "strong AI-driven demand and industry bottlenecks" as key drivers. Similarly, Susquehanna analyst Mehdi Hosseini raised his target from $300 to $400, emphasizing TSMC's pivotal role in enabling AI compute through advanced manufacturing scale. These upgrades are not isolated; JPMorgan and Nomura Securities also project 30% revenue growth for 2026, reflecting a consensus that TSMC's growth model is transitioning from cyclical to structural.

The $400 target is mathematically grounded. At current valuations, TSMC trades at a price-to-earnings (P/E) ratio of approximately 25x. If the company achieves its projected 2026 revenue growth of 30% and maintains operating margins above 30%, earnings per share (EPS) could reach $10.50–$11.00 by year-end. A 35x P/E multiple, reasonable for a high-growth semiconductor leader, would then justify a price range of $367.50–$385. However, given TSMC's unique market position and the compounding effects of AI demand, a $400 target accounts for both near-term execution risks and long-term upside potential.

Risks and Mitigants

Critics may argue that AI demand could face headwinds from macroeconomic volatility or regulatory scrutiny. However, TSMC's diversified client base, including Apple, AMD, and Qualcomm, mitigates sector-specific risks. Additionally, its leadership in process innovation-such as the upcoming N2P node-ensures a multi-year technological edge. The company's ability to navigate geopolitical tensions, particularly in the U.S.-China tech rivalry, further insulates it from short-term disruptions.

Conclusion

TSMC's earnings trajectory, fueled by AI demand and strategic CapEx, positions it as a linchpin of the global tech ecosystem. With Wall Street analysts upgrading price targets to $400 and beyond, the stock's valuation reflects not just current performance but the anticipation of a future where AI is ubiquitous. For investors, the combination of robust financials, technological leadership, and structural growth makes TSMC a compelling case for capital allocation in 2026.