TSMC should see promising surging demand from cloud and edge AI, which will likely drive revenue growth through 2026, Citi research analyst Laura Chen writes in a note. TSMC should be able to reflect its value to customers and it may adjust prices for products given rising demand, Chen says. Given stronger revenue growth, capex intensity should also continue trending downwards, though TSMC will likely lift the range of capex expected in 2024 to US$30 billion-US$32 billion from US$28 billion-US$32 billion, given escalating advanced node demand, Chen adds. Citi raises its target price on the stock to NT$1,150 from NT$1,030 while reiterating its buy rating. Shares closed 0.1% lower at NT$921.00.