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Morgan Stanley analysts stated in a report that capital expenditure for TSMC from 2026 to 2028 could reach $200 billion. They mentioned that TSMC has been aggressively expanding capacity globally, with factory utilization rates expected to exceed 100% in the coming years. At the same time, Morgan Stanley raised its US dollar revenue growth forecast for TSMC in 2026 to 36%. They noted that due to higher production efficiency, cost savings, and a better product mix, the gross margin of this chip manufacturer has improved. They added that TSMC's gross margin in the second quarter may remain around 66%. Despite maintaining a "hold" rating on TSMC, Morgan Stanley raised the target stock price from 2288 New Taiwan Dollars to 2588 New Taiwan Dollars.