TSMC (2330.TW/TSM) Risk/reward now skewed to the upside June 2025 Bruce Lu Goldman Sachs (Asia) L.L.C., Taiwan 886-2-2730-4185 bruce.lu@gs.com For Reg AC certification and other important disclosures, go to https://research.gs.com and https://www.gs.com/research/hedge.html. c45a43530f604d12bcb9a82b5aa6b9f6 Improving sentiment with limited earnings downside Supply chain mismatch mitigated; AI order cut now seems less likely Limited earnings downside from here 70 118 322 585 923 1,287 69% 173% 82% 58% 200% 18 ...