Taiwan Semiconductor (TSM.US) will hold its second-quarter 2026 analyst meeting on July 16. GF Securities issued a research report forecasting that the company may raise its full-year guidance and increase its 2027 capital expenditure plan. Analyst Jeff Pu noted that AI accelerators and CPUs drive high utilization rates for advanced process nodes, and the trend of increasing on-chip memory capacity provides further support. GF Securities reaffirmed a 'Buy' rating and raised its target price from NT$2,808 to NT$2,900, increasing EPS forecasts for 2026 and 2027 by 3% and 12%, respectively. Pu forecasts second-quarter revenue to increase by approximately 11% quarter-over-quarter and a gross margin of around 68%. Third-quarter revenue is projected to grow 13% quarter-over-quarter, with gross margin expected to dip to 67.1%. Full-year guidance may be revised upward from the current 'growth exceeding 30% year-over-year.' On capital expenditure, GF Securities forecasts total capex to reach USD 56 billion in 2026 and USD 73 billion in 2027, though supply bottlenecks for EUV lithography equipment may constrain implementation. Market consensus estimates project adjusted EPS for the second quarter at USD 3.83, with revenue of USD 39.32 billion.