Taiwan Semiconductor Manufacturing stock trades at $404.54 with a 24/7 Wall St. price target of $473.33, implying 17% upside over the next 12 months.

TSMC delivered Q1 2026 earnings on April 16 with EPS of $3.49 against a $3.362 estimate, revenue of $35.9 billion growing 35.1% year over year, and gross margin of 66.2%, above the guided 63% to 65% band.

CEO C.C. Wei stated that AI-related demand continues to be extremely robust, with the shift from generative to agentic AI (AI systems that independently judge and perform tasks) driving a step-up in token consumption. Management raised full-year 2026 revenue guidance to above 30% growth in U.S. dollar terms and expects 2026 capex toward the high end of the $52 billion to $56 billion range.

The bull case price target is $552.11, representing 36.48% total return, with eighteen of nineteen covering analysts rating TSMC Buy or Strong Buy and zero sell ratings. Risks include HPC concentration at 61% of total revenue and geopolitical tensions around Taiwan.