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Citi analysts said in a research report that TSMC's revenue growth rate is expected to remain above 40% through 2027, driven by strong AI computing demand, the potential growth space for AI agents, and the emergence of the co-packaged optics (CPO) networking cycle. The analysts said that given that most AI chip customers, including Nvidia, AMD, and Broadcom, are expected to see accelerating growth, TSMC's AI-related revenue growth next year could nearly double. Therefore, Citi expects the market to continue raising its earnings forecasts for TSMC. Citi noted that supported by the strong revenue outlook, TSMC's capital expenditure could rise further to $81 billion in 2027 and $90 billion in 2028. Citi maintained its "Buy" rating on TSMC and raised its target price from NT$3,800 to NT$4,000.