Taiwan Tech Focused Senior Analyst

Patrick Liao

Being invited, I joined Sellside, i.e. JPMorgan, Nomura and Macquarie, totally around 9-10 years. Before that, I joined International Data Corp (https://www.idc.com/) to be the Asia Semiconductor analyst for nearly 2 years, and being invited to do personal lectures in TSMC, UMC, Samsung and etc. In my working experiences, I also had the chance to join Taiwanese panel company, AUO (2409.TT) and the buyside, Chinalife (2823.TT), totally for over 1 year.
I obtained MS degree from the Tsing-Hua University. Then I worked in the Taiwan Semiconductor companies for around 11 years. I had several US patents during my stay in the Semiconductor industry.

Being worked in the sellside and buyside, I deeply dived in the Greater China Semiconductor industry and directly covered some companies, like TSMC (2330.TT, TSM.US), UMC (2303.TT, UMC.US), Vanguard (5347.TT), ASE (3711.TT, ASX.US), SPIL (merged with ASE and delisted), KYEC ( 2449.TT), JCET (600584.CH), ASMPT (522.HK), GWC (6488.TT), WinSemi (3105.TT), Mediatek (2454.TT), Silergy (6415.TT), Novatek (3034.TT), Guoxin Micro (002049.CH) etc.

TSMC (2330 TT) Tactical Outlook Post-NVDA Earnings

TSMC 3Q26 Preview: 2027 Price Increases Should Hold Margins; Further Share Upside from Here

The Blade Weekly: AI Chip Financings Pass US$150bn as OpenAI's Revenue Lands US$20bn Below Reports

The Blade Weekly: Micron Customers Post US$32bn of Deposits, Broadcom Lends Anthropic up to US$42bn

Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) (TSM US)

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>We estimate that TSMC’s revenue could grow by approximately 40%–43% YoY in 2026.</li>
<li>2027 growth remains dominated by AI and its the only Key Growth Driver  </li>
<li>The Key Question: What Will Happen in 2028? Investment Slightly Exceeds Near-Term Demand — Our Preferred Scenario</li>
</ul>


We estimate that TSMC’s revenue could grow by approximately 40%–43% YoY in 2026.
2027 growth remains dominated by AI and its the only Key Growth Driver  
The Key Question: What Will Happen in 2028? Investment Slightly Exceeds Near-Term Demand — Our Preferred Scenario


TSMC (2330.TT;TSM.US): Preferred Scenario Is: Investment Slightly Exceeds Near-Term Demand by 2028