Yipin Cai, CFA +852 2123 2669 yipin.cai@bernsteinsg.com In this preview, we revise our model for TSMC, UMC, Vanguard and Novatek to reflect the FX pressure. Otherwise, the projection for TSMC is now higher on better near-term momentum, improved AI outlook and possible price hike. Rapid FX moves to bring down TSMC"s Taiwan-dollar revenue & margins. Based on the latest FX moves, we assume 32.5 NT$ = 1 USD in 2Q25 and 29 for 3Q25 & onward. This means TSMC's NT$ revenue will have ~5% headwind vs. its guidance a ...