[Goldman Sachs Optimistic About AI-Driven Strong Growth, Raises TSMC Target Price] Goldman Sachs has raised TSMC's target price and capital expenditure forecast due to the continued expansion of AI demand in the GPU, network chip, and server CPU sectors. Analyst Evelyn Yu pointed out, 'Stronger CPU demand driven by Agentic AI has been a key change over the past year.' Goldman Sachs expects TSMC's revenue in 2026/2027 to grow year-on-year by 42.0%/36.9% (in USD terms), with gross margins of 67.2%/67.5%, respectively. Additionally, the 2027/2028 capital expenditure forecast has been raised from $78 billion/$82 billion to $85 billion/$98 billion to support long-term customer demand. The 'Buy' rating is maintained, and the target price has been raised from NT$3,100 to NT$3,300.