[Bank of America: TSMC’s capital expenditures are expected to reach US$90 billion in 2027 as advanced process expansion accelerates] On November 12, a Bank of America Securities research report pointed out that TSMC’s board of directors recently approved a capital budget of US$41 billion, driving a 116% year-on-year increase in the approved budget for 2026. 56% of this is used for the expansion and upgrading of advanced front-end processes, accounting for a new high since 2022, reflecting the accelerated expansion of 3nm and 2nm production capacity. TSMC's cumulative approved capital budget growth rate has risen to 50% year-on-year, higher than the long-term trend of 40% to 45%. Bank of America predicts that capital expenditures may reach US$80 billion to US$90 billion in 2027, higher than the US$62 billion forecast in 2026; the bank currently predicts US$83 billion in 2027, and the market consensus is about US$80 billion.