2330 TSMC: Nomura raises the stock price target to 2135 TWD, forecasting a significant increase in revenue

Nomura has published an analytical report on stock 2330 TSMC, forecasting significant growth in the value of the Taiwanese chip manufacturer’s shares. According to Nomura analysts, supply chain weaknesses combined with increasing demand from the artificial intelligence industry will drive profit growth for Asian semiconductor companies throughout the second half of the decade. As a result, the investment bank raised its target price for 2330 shares from the previous 1855 TWD to a new 2135 TWD, while maintaining a “buy” recommendation.

Revenue Forecasts for 2330 TSMC Driven by the AI Boom

Nomura estimates that TSMC’s revenue will increase by 25% to 30% this year in US dollars. The growth will be primarily driven by strong orders from the artificial intelligence sector, where leading companies like Nvidia and Broadcom continue to increase their orders. Due to cautious expansion plans for production capacity, TSMC will be able to fully capitalize on the growth potential brought by the dominance of the AI industry in the semiconductor market. Many indicators suggest that 2330 TSMC will benefit from this structural market shift for years to come.

Increased Investment Spending: Accelerating After 2027

The bank maintains its investment expenditure forecast for TSMC at $45-50 billion USD for 2026. However, considering the limited availability of clean rooms over the next two years, Nomura predicts that capital expenditures will significantly accelerate in 2027, reaching a range of $55-60 billion USD. This increase in capital spending will be necessary to meet the growing demand for new production capacities, especially for HPC and AI applications.

Gross Margin of 2330 Shares at Unprecedented Levels

Nomura forecasts that TSMC’s gross margin will reach 61.5% in 2026-2027, a level previously unseen for the chip manufacturer. Such an increase in profitability will be possible due to several factors: higher utilization of production capacity, a shift in the portfolio structure toward more profitable HPC products, and significantly higher revenues from limited supply amid extremely strong customer demand. Nomura incorporated these factors when raising its earnings per share forecasts for this year by 15% and for the next year by 19%.

“Buy” Recommendation with a Higher Target Price

Considering the overall forecasts for revenue growth, CapEx expansion, and margin improvement, Nomura maintains its bullish recommendation for 2330 shares. The new target price of 2135 TWD indicates substantial growth potential compared to current trading levels, which, in the bank’s analysts’ view, should attract investors seeking exposure to the AI and chip boom. TSMC appears to be best positioned to benefit from this structural market change in the coming years.