1. TSMC remains a strong buy with a 32% upside potential to a $387 price target; 2. Growth is driven by AI-driven chip demand, technological leadership, and upcoming 2nm chips addressing power efficiency bottlenecks; 3. Despite forex and margin challenges from overseas fabs, TSMC continues strong earnings and revenue growth, with upward revisions in free cash flow and EBITDA supporting a bullish long-term outlook.