Morgan Stanley predicts TSMC's capital expenditure to reach $200 billion

According to a report by Morgan Stanley analysts, TSMC's capital expenditures from 2026 to 2028 may reach $200 billion, and factory utilization rates may exceed 100%. Morgan Stanley has raised its forecast for TSMC's revenue growth in US dollars in 2026 to 36%, and expects its second quarter gross profit margin to remain around 66%. The target stock price has been raised from TWD 2288 to TWD 2588, and the rating remains' increase '.