TSMC is getting a bullish long-term call, good news for chip investors betting the AI buildout has years left to run.

• The AI data center boom is expected to keep driving demand for advanced chips into 2029 and 2030.
• A $678 target for TSMC's US-listed shares by late 2027 implies more than 55% upside from current levels.
• TSMC itself calls demand for the end of the decade very strong, and is putting more money into its Arizona plants.
• Broadcom, a major TSMC customer, is already talking publicly about demand in 2029.
• The target assumes earnings hit forecasts and the stock keeps its current valuation — the economy, chip cycles, and geopolitics could all change that.

Outlook: If AI spending holds up and robots and self-driving cars pick up the slack later, TSMC has room to run, but the payoff depends on the boom lasting years longer.