{ "input_instrument": "TSM", "company_of_interest": "TSM", "instrument_profile": { "input_symbol": "TSM", "normalized_symbol": "TSM", "primary_symbol": "TSM", "display_name": "TSM", "display_name_kr": null, "display_name_en": "TSM", "exchange": "US", "country": "US", "timezone": "US/Eastern", "currency": "USD", "yahoo_symbol": "TSM", "krx_code": null, "dart_corp_code": null, "aliases": [ "TSM" ] }, "trade_date": "2026-04-14", "analysis_date": "2026-04-15", "market_report": "## \uc2dc\uc7a5 \uad6d\uba74 \ubd84\ub958\n\nTSM\uc758 \ud604\uc7ac \uad6d\uba74\uc740 **\uc0c1\uc2b9 \ucd94\uc138 \uc7ac\uac1c\ud615 \uace0\ubcc0\ub3d9\uc131 \uad6d\uba74**\uc73c\ub85c \ud310\ub2e8\ud569\ub2c8\ub2e4. 2026-04-14 \uae30\uc900 \uc885\uac00\ub294 \uc9c0\ud45c \uc0b0\ucd9c\uac12\uc0c1 10\uc77c EMA 359.54, 50\uc77c SMA 351.56, 200\uc77c SMA 294.12 \uc704\uc5d0 \uc704\uce58\ud574 \uc788\uc73c\uba70, 50\uc77c\uc120\uacfc 200\uc77c\uc120 \ubaa8\ub450 \uc6b0\uc0c1\ud5a5\ud558\uace0 \uc788\uc2b5\ub2c8\ub2e4. \uc774\ub294 \uc911\uc7a5\uae30 \ucd94\uc138\uac00 \uc5ec\uc804\ud788 \uc0c1\uc2b9 \ubc29\ud5a5\uc784\uc744 \ub73b\ud569\ub2c8\ub2e4.\n\n\ub2e4\ub9cc 2026-02-24 \uace0\uc810\uad8c 384.67 \uc774\ud6c4 2026-03-30 \uc800\uc810 316.50\uae4c\uc9c0 \ud070 \uc870\uc815\uc774 \uc788\uc5c8\uace0, 2026-04-08\uc5d0\ub294 345.32\uc5d0\uc11c 365.90\uc73c\ub85c \uae09\ub4f1\ud558\uba70 \uac70\ub798\ub7c9\ub3c4 16,356,900\uc8fc\ub85c \uc804\uc77c 6,823,500\uc8fc \ub300\ube44 \ud06c\uac8c \uc99d\uac00\ud588\uc2b5\ub2c8\ub2e4. \uc774\ud6c4 2026-04-10 370.60, 2026-04-13 369.57\ub85c \uace0\uc810\uad8c\uc744 \uc720\uc9c0\ud588\uace0, 2026-04-14 \uc9c0\ud45c\ub294 \ucd94\uac00 \uc0c1\uc2b9 \uc555\ub825\uc774 \ub0a8\uc544 \uc788\uc74c\uc744 \ubcf4\uc5ec\uc90d\ub2c8\ub2e4. \ub530\ub77c\uc11c \ub2e8\uc21c\ud55c \ubc15\uc2a4\uad8c\ubcf4\ub2e4\ub294 \uc870\uc815 \ud6c4 \ucd94\uc138 \ubcf5\uadc0\uc5d0 \uac00\uae5d\uc9c0\ub9cc, ATR\uc774 12.64\ub85c \ub192\uc544 \uc9c4\uc785 \uac00\uaca9\uacfc \uc190\uc808 \ud3ed \uad00\ub9ac\uac00 \uc911\uc694\ud569\ub2c8\ub2e4.\n\n\ucc38\uace0\ub85c \ub2f9\uc77c \uc7a5\uc911 \uc2a4\ub0c5\uc0f7 \ud638\ucd9c\uc740 \ud638\uc2a4\ud2b8 \uc560\ud50c\ub9ac\ucf00\uc774\uc158\uc5d0\uc11c \uc720\ud6a8 \ub3c4\uad6c\ub85c \ucc98\ub9ac\ub418\uc9c0 \uc54a\uc544 \uc7a5\uc911 \uac00\uaca9\u00b7\uac70\ub798\ub7c9 \ud655\uc778\uc740 \uc644\ub8cc\ud558\uc9c0 \ubabb\ud588\uc2b5\ub2c8\ub2e4. \ub530\ub77c\uc11c \uc9c4\uc785 \ud0c0\uc774\ubc0d\uc740 \uc77c\ubd09 \uae30\uc900\uc73c\ub85c\ub9cc \uc81c\uc2dc\ud569\ub2c8\ub2e4.\n\n## \uc120\ud0dd \uc9c0\ud45c\uc640 \uc801\ud569\uc131\n\n\uc774\ubc88 \uad6d\uba74\uc5d0\uc11c\ub294 \ucd94\uc138 \ud655\uc778, \ub2e8\uae30 \ubaa8\uba58\ud140, \ubcc0\ub3d9\uc131 \uad00\ub9ac, \uac70\ub798\ub7c9 \ud655\uc778\uc774 \ubaa8\ub450 \ud544\uc694\ud569\ub2c8\ub2e4. \uc911\ubcf5\uc744 \ud53c\ud558\uae30 \uc704\ud574 8\uac1c \uc774\ud558\ub85c \ub2e4\uc74c \uc9c0\ud45c\ub97c \uc0ac\uc6a9\ud588\uc2b5\ub2c8\ub2e4.\n\n1. **close_50_sma**: \uc911\uae30 \ucd94\uc138\uc640 \ub3d9\uc801 \uc9c0\uc9c0\uc120 \ud655\uc778\uc5d0 \uc801\ud569\ud569\ub2c8\ub2e4. 2026-04-14 \uac12\uc740 351.56\uc73c\ub85c, \ucd5c\uadfc \uac00\uaca9\uc774 \uc774\ub97c \uc0c1\ud68c\ud574 \uc870\uc815 \ud6c4 \ud68c\ubcf5\uc774 \ud655\uc778\ub429\ub2c8\ub2e4.\n2. **close_200_sma**: \uc7a5\uae30 \uc0c1\uc2b9 \uad6c\uc870 \ud655\uc778\uc6a9\uc785\ub2c8\ub2e4. 2026-04-14 \uac12\uc740 294.12\ub85c \ud604\uc7ac \uac00\uaca9\ub300\uc640 \ud070 \uad34\ub9ac\uac00 \uc788\uc5b4 \uc7a5\uae30 \uc0c1\uc2b9 \ucd94\uc138\ub294 \ud6fc\uc190\ub418\uc9c0 \uc54a\uc558\uc2b5\ub2c8\ub2e4.\n3. **close_10_ema**: \ub2e8\uae30 \ucd94\uc138 \uc804\ud658 \uac10\uc9c0\uc6a9\uc785\ub2c8\ub2e4. 2026-04-14 \uac12 359.54\ub294 2026-04-13\uc758 355.02\uc5d0\uc11c \uc0c1\uc2b9\ud574 \ub2e8\uae30 \ub9e4\uc218\uc138\uac00 \uac15\ud654\ub418\uace0 \uc788\uc2b5\ub2c8\ub2e4.\n4. **macd**: \ubaa8\uba58\ud140 \uc804\ud658 \ud655\uc778\uc6a9\uc785\ub2c8\ub2e4. 2026-04-08\uc5d0\ub294 -0.28\ub85c \uac70\uc758 \uc911\ub9bd\uc774\uc5c8\uc73c\ub098 2026-04-14\uc5d0\ub294 6.44\uae4c\uc9c0 \uc0c1\uc2b9\ud574 \uc591\uc758 \ubaa8\uba58\ud140\uc774 \ub69c\ub837\ud569\ub2c8\ub2e4.\n5. **rsi**: \uacfc\uc5f4 \uc5ec\ubd80\uc640 \ucd94\uc138 \uc9c0\uc18d \uac00\ub2a5\uc131 \ud310\ub2e8\uc5d0 \uc0ac\uc6a9\ud588\uc2b5\ub2c8\ub2e4. 2026-04-14 \uac12\uc740 66.01\ub85c \uac15\ud558\uc9c0\ub9cc 70\uc744 \ub118\uc9c0 \uc54a\uc544 \uadf9\ub2e8\uc801 \uacfc\uc5f4\uc740 \uc544\ub2d9\ub2c8\ub2e4.\n6. **atr**: \ubcc0\ub3d9\uc131 \ubc0f \uc190\uc808 \ud3ed \uc0b0\uc815\uc5d0 \ud575\uc2ec\uc785\ub2c8\ub2e4. 2026-04-14 ATR\uc740 12.64\ub85c, TSM\uc740 \ud558\ub8e8 \ubcc0\ub3d9 \ud3ed\uc774 \ud070 \uc0c1\ud0dc\uc785\ub2c8\ub2e4.\n7. **boll_ub**: \uc0c1\ub2e8 \ub3cc\ud30c \uc5ec\ub825\uacfc \uacfc\uc5f4 \uad6c\uac04 \ud310\ub2e8\uc5d0 \uc0ac\uc6a9\ud588\uc2b5\ub2c8\ub2e4. 2026-04-14 \uc0c1\ub2e8 \ubc34\ub4dc\ub294 378.90\uc73c\ub85c, \ucd5c\uadfc \uac00\uaca9\uc740 \uc0c1\ub2e8\uc5d0 \uadfc\uc811\ud588\uc9c0\ub9cc \uc544\uc9c1 \uba85\ud655\ud55c \uacfc\uc5f4 \ub3cc\ud30c\ub294 \uc544\ub2d9\ub2c8\ub2e4.\n8. **vwma**: \uac70\ub798\ub7c9\uc774 \ubc18\uc601\ub41c \ud3c9\uade0 \uac00\uaca9\uc785\ub2c8\ub2e4. 2026-04-14 \uac12\uc740 346.93\uc73c\ub85c, \uac00\uaca9\uc774 VWMA\ub97c \ud06c\uac8c \uc0c1\ud68c\ud574 \ucd5c\uadfc \uc0c1\uc2b9\uc774 \uac70\ub798\ub7c9 \uae30\ubc18 \ud3c9\uade0\ubcf4\ub2e4 \uac15\ud558\ub2e4\ub294 \uc810\uc744 \ud655\uc778\ud569\ub2c8\ub2e4.\n\n## \uac00\uaca9 \uad6c\uc870\n\nTSM\uc740 2026-03-30\uc5d0 316.50\uc73c\ub85c \ub2e8\uae30 \uc800\uc810\uc744 \ud615\uc131\ud55c \ub4a4 2026-04-13\uc5d0\ub294 369.57\uae4c\uc9c0 \ud68c\ubcf5\ud588\uc2b5\ub2c8\ub2e4. \uc774 \uae30\uac04 \uc57d 16.8% \uc0c1\uc2b9\ud588\uc73c\uba70, \ud2b9\ud788 2026-04-08\uc758 \uae09\ub4f1\uc774 \uad6c\uc870\ub97c \ubc14\uafbc \ud575\uc2ec \uac70\ub798\uc77c\uc785\ub2c8\ub2e4. 2026-04-08 \uc885\uac00 365.90\uc740 \uc9c1\uc804 50\uc77c SMA 348.79\uc640 VWMA 337.32\ub97c \ubaa8\ub450 \uac15\ud558\uac8c \ub3cc\ud30c\ud588\uace0, 2026-04-10\uc5d0\ub294 370.60\uae4c\uc9c0 \ucd94\uac00 \uc0c1\uc2b9\ud588\uc2b5\ub2c8\ub2e4.\n\n\ud604\uc7ac \ud575\uc2ec \uc9c0\uc9c0 \uad6c\uac04\uc740 359.54 \ubd80\uadfc\uc758 10\uc77c EMA, \uadf8 \uc544\ub798 351.56 \ubd80\uadfc\uc758 50\uc77c SMA\uc785\ub2c8\ub2e4. \uac00\uaca9\uc774 10\uc77c EMA \uc704\uc5d0\uc11c \uc720\uc9c0\ub418\uba74 \ub2e8\uae30 \uc0c1\uc2b9 \ucd94\uc138\ub294 \uc0b4\uc544 \uc788\ub2e4\uace0 \ubcfc \uc218 \uc788\uc2b5\ub2c8\ub2e4. 50\uc77c SMA \uc544\ub798\ub85c \uc885\uac00\uac00 \ubc00\ub9ac\uba74 \ucd5c\uadfc \ub3cc\ud30c\uc758 \uc2e0\ub8b0\ub3c4\uac00 \uc57d\ud574\uc9d1\ub2c8\ub2e4.\n\n\uc0c1\ub2e8 \uc800\ud56d\uc740 378.90 \ubd80\uadfc\uc758 \ubcfc\ub9b0\uc800 \uc0c1\ub2e8\uacfc 2026-02-24~2026-02-25 \uace0\uc810\uad8c\uc778 384.67~386.64\uc785\ub2c8\ub2e4. \uc774 \uad6c\uac04\uc740 \ub2e8\uae30 \ucc28\uc775 \uc2e4\ud604\uc774 \ub098\uc62c \uac00\ub2a5\uc131\uc774 \ud070 \uc601\uc5ed\uc785\ub2c8\ub2e4.\n\n## \ubaa8\uba58\ud140\uacfc \uacfc\uc5f4\ub3c4\n\nMACD\ub294 2026-03-30 -6.38\uc5d0\uc11c 2026-04-14 6.44\ub85c \ube60\ub974\uac8c \ubc18\uc804\ud588\uc2b5\ub2c8\ub2e4. \uc774\ub294 \ub2e8\uae30 \ubc18\ub4f1\uc774 \ub2e8\uc21c\ud55c \uae30\uc220\uc801 \ub418\ub3cc\ub9bc\uc744 \ub118\uc5b4 \ubaa8\uba58\ud140 \ud68c\ubcf5\uc73c\ub85c \ud655\uc7a5\ub418\uace0 \uc788\uc74c\uc744 \uc758\ubbf8\ud569\ub2c8\ub2e4. RSI\ub3c4 2026-03-30 36.73\uc5d0\uc11c 2026-04-14 66.01\uae4c\uc9c0 \uc0c1\uc2b9\ud588\uc2b5\ub2c8\ub2e4. \uacfc\ub9e4\ub3c4\uad8c\uc5d0\uc11c \ube60\ub974\uac8c \ud68c\ubcf5\ud55c \uc810\uc740 \uae0d\uc815\uc801\uc774\uc9c0\ub9cc, 70\uc5d0 \uac00\uae4c\uc6cc\uc9c0\uace0 \uc788\uc5b4 \ucd94\uaca9 \ub9e4\uc218\uc5d0\ub294 \uac00\uaca9 \ud655\uc778\uc774 \ud544\uc694\ud569\ub2c8\ub2e4.\n\n\ub530\ub77c\uc11c \ud604 \uc704\uce58\uc5d0\uc11c\uc758 \ub9e4\uc218\ub294 \uc0c1\uc2b9 \ucd94\uc138\ub97c \ub530\ub77c\uac00\ub294 \uac70\ub798\uc774\uc9c0\ub9cc, \uc774\ubbf8 \ub2e8\uae30 \ubc18\ub4f1 \ud3ed\uc774 \ud06c\uae30 \ub54c\ubb38\uc5d0 \ub20c\ub9bc\ubaa9 \ub610\ub294 \uc800\ud56d \ub3cc\ud30c \ud655\uc778\uc774 \ub354 \uc720\ub9ac\ud569\ub2c8\ub2e4.\n\n## \ubcc0\ub3d9\uc131, \uc720\ub3d9\uc131, \uc774\ubca4\ud2b8 \uc704\ud5d8\n\nATR 12.64\ub294 \ud604\uc7ac TSM\uc758 \uc190\uc808\uacfc \ud3ec\uc9c0\uc158 \ud06c\uae30\ub97c \ub113\uac8c \uc7a1\uc544\uc57c \ud568\uc744 \uc758\ubbf8\ud569\ub2c8\ub2e4. \ub2e8\uae30 \ub9e4\ub9e4\uc5d0\uc11c 2~3\ub2ec\ub7ec \uc218\uc900\uc758 \ucd18\ucd18\ud55c \uc190\uc808\uc740 \uc77c\uc0c1 \ubcc0\ub3d9\uc131\uc5d0 \uc27d\uac8c \ud754\ub4e4\ub9b4 \uc218 \uc788\uc2b5\ub2c8\ub2e4. \ubcf4\uc218\uc801\uc778 \ud2b8\ub808\uc774\ub354\ub294 ATR\uc758 \uc808\ubc18\uc5d0\uc11c 1\ubc30 \uc218\uc900\uc744 \uae30\uc900\uc73c\ub85c \uc704\ud5d8 \ud55c\ub3c4\ub97c \uc7a1\ub294 \uac83\uc774 \uc801\uc808\ud569\ub2c8\ub2e4.\n\n\uac70\ub798\ub7c9 \uce21\uba74\uc5d0\uc11c\ub294 2026-04-08 \uae09\ub4f1\uc77c \uac70\ub798\ub7c9\uc774 16,356,900\uc8fc\ub85c \uc720\uc758\ubbf8\ud588\uc2b5\ub2c8\ub2e4. \uc774\ub294 \uac00\uaca9 \uc0c1\uc2b9\uc774 \uc587\uc740 \uc720\ub3d9\uc131 \uc18d\uc5d0\uc11c \ubc1c\uc0dd\ud55c \uac83\uc774 \uc544\ub2c8\ub77c \uc2e4\uc81c \ub9e4\uc218 \uc218\uc694\uac00 \ub3d9\ubc18\ub418\uc5c8\uc744 \uac00\ub2a5\uc131\uc744 \ub192\uc785\ub2c8\ub2e4. \ub2e4\ub9cc \uc774\ud6c4 2026-04-09 \uac70\ub798\ub7c9 9,246,000\uc8fc, 2026-04-13 \uac70\ub798\ub7c9 9,596,300\uc8fc\ub85c \uc904\uc5b4\ub4e4\uc5b4, \ucd94\uac00 \ub3cc\ud30c\uc5d0\ub294 \ub2e4\uc2dc \uac70\ub798\ub7c9 \ud655\ub300\uac00 \ud544\uc694\ud569\ub2c8\ub2e4.\n\n\uc774\ubca4\ud2b8 \uc704\ud5d8\uc740 \ubc18\ub3c4\uccb4 \uc5c5\uc885 \ud2b9\uc131\uc0c1 \uc2e4\uc801, \uc124\ube44\ud22c\uc790, AI \uc218\uc694 \uc804\ub9dd, \ub300\ub9cc \uc9c0\uc815\ud559 \ub9ac\uc2a4\ud06c, \ud658\uc728 \ubc0f \ubbf8\uad6d \uae30\uc220\uc8fc \uc2ec\ub9ac\uc5d0 \ubbfc\uac10\ud569\ub2c8\ub2e4. \ucd5c\uadfc \uac00\uaca9\uc774 \ub2e8\uae30 \uc800\uc810\uc5d0\uc11c \ube60\ub974\uac8c \ud68c\ubcf5\ud55c \ub9cc\ud07c, \uc5c5\uc885 \ub274\uc2a4\ub098 \ub9e4\ud06c\ub85c \ucda9\uaca9\uc774 \ubc1c\uc0dd\ud558\uba74 ATR \uc774\uc0c1\uc758 \uac2d \ubcc0\ub3d9\ub3c4 \uac00\ub2a5\ud558\ub2e4\ub294 \uc810\uc744 \ubc18\uc601\ud574\uc57c \ud569\ub2c8\ub2e4.\n\n## \ub9e4\ub9e4 \uc804\ub7b5\n\n\uacf5\uaca9\uc801 \uc804\ub7b5\uc740 369~371 \ubd80\uadfc\uc5d0\uc11c \uac00\uaca9\uc774 \uc720\uc9c0\ub418\uace0 378.90 \ub3cc\ud30c\ub97c \uc2dc\ub3c4\ud560 \ub54c \ucd94\uc138 \ucd94\uc885\uc73c\ub85c \uc811\uadfc\ud558\ub294 \ubc29\uc2dd\uc785\ub2c8\ub2e4. \uc774 \uacbd\uc6b0 384.67~386.64 \uad6c\uac04\uc744 1\ucc28 \ubaa9\ud45c\ub85c \ubcf4\uace0, \uc885\uac00\uac00 359.54 \uc544\ub798\ub85c \ub0b4\ub824\uac00\uba74 \ub2e8\uae30 \ubaa8\uba58\ud140 \ud6fc\uc190\uc73c\ub85c \ud310\ub2e8\ud569\ub2c8\ub2e4.\n\n\ubcf4\uc218\uc801 \uc804\ub7b5\uc740 359.54 \ubd80\uadfc\uc758 10\uc77c EMA \ub610\ub294 351.56 \ubd80\uadfc\uc758 50\uc77c SMA \uadfc\ucc98 \ub20c\ub9bc\uc744 \uae30\ub2e4\ub9ac\ub294 \ubc29\uc2dd\uc785\ub2c8\ub2e4. 10\uc77c EMA \ubd80\uadfc\uc5d0\uc11c \ubc18\ub4f1\ud558\uba74 \ucd94\uc138 \uc9c0\uc18d \ub9e4\uc218\ub85c \ubcfc \uc218 \uc788\uace0, 50\uc77c SMA \ubd80\uadfc\uae4c\uc9c0 \ub0b4\ub824\uc654\ub2e4\uac00 \uc9c0\uc9c0\ub418\uba74 \uc704\ud5d8 \ub300\ube44 \ubcf4\uc0c1\uc774 \ub354 \uc88b\uc544\uc9d1\ub2c8\ub2e4.\n\n\uc190\uc808 \uae30\uc900\uc740 \uac70\ub798 \uc131\uaca9\uc5d0 \ub530\ub77c \ub2e4\ub985\ub2c8\ub2e4. \ub2e8\uae30 \ucd94\uc138 \ub9e4\ub9e4\ub294 359.54 \uc544\ub798 \uc885\uac00 \uc774\ud0c8\uc744 \uacbd\uacc4\ud574\uc57c \ud558\uba70, \uc911\uae30 \ud3ec\uc9c0\uc158\uc740 351.56 \uc544\ub798\uc5d0\uc11c 2\uac70\ub798\uc77c \uc774\uc0c1 \uba38\ubb34\ub294 \uacbd\uc6b0 \ube44\uc911 \ucd95\uc18c\ub97c \uace0\ub824\ud560 \uc218 \uc788\uc2b5\ub2c8\ub2e4. ATR\uc774 12.64\uc778 \ub9cc\ud07c, \ud3ec\uc9c0\uc158 \ud06c\uae30\ub294 \ud3c9\uc18c\ubcf4\ub2e4 \uc904\uc774\ub294 \ud3b8\uc774 \ud569\ub9ac\uc801\uc785\ub2c8\ub2e4.\n\n## \uc885\ud569 \ud310\ub2e8\n\nTSM\uc740 \uc7a5\uae30 \uc0c1\uc2b9 \ucd94\uc138 \uc548\uc5d0\uc11c 3\uc6d4 \uc870\uc815\uc744 \ub9c8\uce58\uace0 4\uc6d4 \ub4e4\uc5b4 \uac15\ud558\uac8c \ud68c\ubcf5\ud558\ub294 \uad6c\uc870\uc785\ub2c8\ub2e4. \uac00\uaca9\uc740 \uc8fc\uc694 \uc774\ub3d9\ud3c9\uade0 \uc704\uc5d0 \uc788\uace0, MACD\uc640 RSI \ubaa8\ub450 \uc0c1\uc2b9 \ubaa8\uba58\ud140\uc744 \uc9c0\uc9c0\ud569\ub2c8\ub2e4. \ub2e4\ub9cc \ubcfc\ub9b0\uc800 \uc0c1\ub2e8 378.90\uacfc \uc774\uc804 \uace0\uc810\uad8c 384.67~386.64\uac00 \uac00\uae4c\uc6cc \ub2e8\uae30 \ucd94\uaca9 \ub9e4\uc218\uc758 \uae30\ub300\uc218\uc775\uc740 \uc81c\ud55c\ub420 \uc218 \uc788\uc2b5\ub2c8\ub2e4.\n\n\uacb0\ub860\uc801\uc73c\ub85c \ud604\uc7ac \ud3c9\uac00\ub294 **\uc0c1\uc2b9 \uc6b0\uc704 \uc720\uc9c0, \ub2e8\uae30 \uacfc\uc5f4 \uc811\uadfc, \ub20c\ub9bc \ub610\ub294 \ub3cc\ud30c \ud655\uc778 \ud6c4 \ub9e4\uc218 \uc120\ud638**\uc785\ub2c8\ub2e4. 359.54~351.56 \uc9c0\uc9c0 \uc720\uc9c0 \uc5ec\ubd80\uac00 \uc0c1\uc2b9 \uc2dc\ub098\ub9ac\uc624\uc758 \ud575\uc2ec\uc774\uba70, 378.90 \ub3cc\ud30c \ud6c4 \uac70\ub798\ub7c9\uc774 \ub3d9\ubc18\ub418\uba74 384.67~386.64 \uc7ac\uc2dc\ud5d8 \uac00\ub2a5\uc131\uc774 \ub192\uc544\uc9d1\ub2c8\ub2e4.\n\n| \uad6c\ubd84 | \ud575\uc2ec \uc218\uce58 | \ud574\uc11d | \ub300\uc751 |\n|---|---:|---|---|\n| \uc2dc\uc7a5 \uad6d\uba74 | \uc0c1\uc2b9 \ucd94\uc138 \uc7ac\uac1c\ud615 \uace0\ubcc0\ub3d9\uc131 | \uc870\uc815 \ud6c4 \uc8fc\uc694 \ud3c9\uade0\uc120 \uc704\ub85c \ud68c\ubcf5 | \ucd94\uc138 \ucd94\uc885 \uac00\ub2a5\ud558\ub098 \uc9c4\uc785 \uac00\uaca9 \uad00\ub9ac \ud544\uc694 |\n| \ub2e8\uae30 \ucd94\uc138 | 10\uc77c EMA 359.54 | \uac00\uaca9\uc774 \uc774 \uc704\uc5d0 \uc788\uc73c\uba74 \ub2e8\uae30 \ub9e4\uc218\uc138 \uc6b0\uc704 | \uc885\uac00 \uc774\ud0c8 \uc2dc \ub2e8\uae30 \ube44\uc911 \ucd95\uc18c \uac80\ud1a0 |\n| \uc911\uae30 \ucd94\uc138 | 50\uc77c SMA 351.56 | \uc911\uae30 \uc9c0\uc9c0\uc120 \uc5ed\ud560 | \ub20c\ub9bc \ub9e4\uc218 \ud6c4\ubcf4 \uad6c\uac04 |\n| \uc7a5\uae30 \ucd94\uc138 | 200\uc77c SMA 294.12 | \uc7a5\uae30 \uc0c1\uc2b9 \uad6c\uc870 \uc720\uc9c0 | \uc7a5\uae30 \ucd94\uc138 \ud6fc\uc190 \uc2e0\ud638\ub294 \uc544\ub2d8 |\n| \ubaa8\uba58\ud140 | MACD 6.44 | \uc74c\uc218\uad8c\uc5d0\uc11c \uc591\uc218\uad8c\uc73c\ub85c \uac15\ud55c \ubc18\uc804 | \uc0c1\uc2b9 \uc9c0\uc18d \uc2e0\ud638\uc774\ub098 \ucd94\uaca9\uc740 \uc2e0\uc911 |\n| \uacfc\uc5f4\ub3c4 | RSI 66.01 | \uac15\uc138\uc9c0\ub9cc 70 \uc774\uc0c1 \uacfc\uc5f4\uc740 \uc544\ub2d8 | 70 \uc811\uadfc \uc2dc \ucc28\uc775 \uc2e4\ud604 \uc555\ub825 \uacbd\uacc4 |\n| \ubcc0\ub3d9\uc131 | ATR 12.64 | \uc77c\uac04 \ubcc0\ub3d9 \ud3ed\uc774 \ud07c | \uc190\uc808 \ud3ed \ud655\ub300, \ud3ec\uc9c0\uc158 \ud06c\uae30 \ucd95\uc18c |\n| \uc0c1\ub2e8 \uc800\ud56d | \ubcfc\ub9b0\uc800 \uc0c1\ub2e8 378.90 | \ub2e8\uae30 \ub3cc\ud30c\u00b7\uacfc\uc5f4 \ud310\ub2e8\uc120 | \uac70\ub798\ub7c9 \ub3d9\ubc18 \ub3cc\ud30c \uc2dc \uace0\uc810\uad8c \uc7ac\uc2dc\ud5d8 |\n| \uc8fc\uc694 \ubaa9\ud45c | 384.67~386.64 | 2\uc6d4 \uace0\uc810\uad8c \uc800\ud56d | 1\ucc28 \ucc28\uc775 \uc2e4\ud604 \ud6c4\ubcf4 |\n| \uac70\ub798\ub7c9 \ud655\uc778 | 2026-04-08 \uac70\ub798\ub7c9 16,356,900 | \uae09\ub4f1\uc77c \uc218\uae09 \ub3d9\ubc18 | \ucd94\uac00 \ub3cc\ud30c\uc5d0\ub294 \uac70\ub798\ub7c9 \uc7ac\ud655\ub300 \ud544\uc694 |", "sentiment_report": "Source type: news-derived sentiment\n\n\uc804\uc6a9 \uc0ac\ud68c\uad00\uacc4\ub9dd \uc81c\uacf5\uc790\ub294 \uc0ac\uc6a9\ud560 \uc218 \uc5c6\uc5c8\uae30 \ub54c\ubb38\uc5d0, \uc774\ubc88 \ud3c9\uac00\ub294 2026-03-16\ubd80\ud130 2026-04-15\uae4c\uc9c0\uc758 \ub274\uc2a4 \uae30\ubc18 \uc815\uc11c\uc640 \ud68c\uc0ac \uad00\ub828 \ubcf4\ub3c4 \ud750\ub984\uc744 \ubc14\ud0d5\uc73c\ub85c \ud55c \uacf5\uacf5 \ub0b4\ub7ec\ud2f0\ube0c \ubd84\uc11d\uc785\ub2c8\ub2e4. TSM\uc5d0 \ub300\ud55c \uc9c1\uc811\uc801\uc778 \uc0ac\ud68c\uad00\uacc4\ub9dd \uac8c\uc2dc\ubb3c \ud750\ub984\uc744 \ud655\uc778\ud55c \uac83\uc740 \uc544\ub2c8\uba70, \uc2dc\uc7a5 \uae30\uc0ac\uc640 \ub274\uc2a4\uc5d0 \ubc18\uc601\ub41c \ud22c\uc790\uc790 \uad00\uc2ec, \uae30\ub300, \uc6b0\ub824\ub97c \ud574\uc11d\ud55c \uac83\uc785\ub2c8\ub2e4.\n\n**\uc804\ubc18 \uc815\uc11c**\n\nTSM\uc744 \ub458\ub7ec\uc2fc \ucd5c\uadfc \uacf5\uacf5 \ub0b4\ub7ec\ud2f0\ube0c\ub294 \ub300\uccb4\ub85c \uae0d\uc815\uc801\uc785\ub2c8\ub2e4. \ud575\uc2ec \ub3d9\uc778\uc740 AI \ubc18\ub3c4\uccb4 \uc218\uc694, 1\ubd84\uae30 \ub9e4\ucd9c \ud638\uc870, \ud30c\uc6b4\ub4dc\ub9ac \uacf5\uae09 \ubd80\uc871, \uadf8\ub9ac\uace0 \ub300\ud615 \uace0\uac1d\ub4e4\uc758 \uc7a5\uae30 \ud22c\uc790 \ud655\ub300\uc785\ub2c8\ub2e4. 2026-04-10 \ubcf4\ub3c4\uc5d0\uc11c TSMC\ub294 1\ubd84\uae30 \ub9e4\ucd9c\uc774 \uc804\ub144 \ub300\ube44 35% \uc99d\uac00\ud574 \uc57d 356\uc5b5\ub2ec\ub7ec\ub97c \uae30\ub85d\ud588\uace0, \uc2dc\uc7a5 \uc804\ub9dd\uc744 \uc6c3\ub3cc\uc558\ub2e4\ub294 \uc810\uc774 \ubd80\uac01\ub410\uc2b5\ub2c8\ub2e4. 2026-04-15 Reuters Videos\uc5d0\uc11c\ub3c4 TSMC\uc758 1\ubd84\uae30 \ub9e4\ucd9c \uae09\uc99d\uacfc AI \uc560\ud50c\ub9ac\ucf00\uc774\uc158 \uc218\uc694\uac00 \uc9c1\uc811\uc801\uc778 \uc2e4\uc801 \ub3d9\ub825\uc73c\ub85c \uc81c\uc2dc\ub410\uc2b5\ub2c8\ub2e4.\n\n\uc815\uc11c\uc758 \uc911\uc2ec\uc740 \u201cAI \uc778\ud504\ub77c \ud655\uc7a5\uc758 \ucd5c\ub300 \uc218\ud61c\uc790\u201d\ub77c\ub294 \uc778\uc2dd\uc785\ub2c8\ub2e4. 2026-04-14 Motley Fool\uc740 TSMC\ub97c \uc2e4\uc801 \uc2dc\uc98c \uc804 \ub9e4\uc218\ud560 \ub9cc\ud55c \ud575\uc2ec \ubc18\ub3c4\uccb4 \uc885\ubaa9\uc73c\ub85c \uc5b8\uae09\ud588\uace0, 2026-04-14 Barchart\ub294 GF Securities\uac00 April 16 \uc2e4\uc801 \ubc1c\ud45c\ub97c \uc55e\ub450\uace0 \uac15\ud55c AI \uc218\uc694\uc640 \ucd94\uac00 \uc2e4\uc801 \uc0c1\ud68c \uac00\ub2a5\uc131\uc744 \uadfc\uac70\ub85c \uae0d\uc815\uc801 \uc2dc\uac01\uc744 \uc720\uc9c0\ud55c\ub2e4\uace0 \uc804\ud588\uc2b5\ub2c8\ub2e4. \uc774\ub294 \ub2e8\uae30 \uc774\ubca4\ud2b8 \uae30\ub300\uac10\uacfc \uc911\uc7a5\uae30 \uad6c\uc870\uc801 \uc131\uc7a5 \uae30\ub300\uac00 \ub3d9\uc2dc\uc5d0 \uc791\ub3d9\ud558\uace0 \uc788\uc74c\uc744 \uc2dc\uc0ac\ud569\ub2c8\ub2e4.\n\n**\uc815\uc11c \ubcc0\ud654**\n\n3\uc6d4 \ub9d0\uc5d0\ub294 \ubc18\ub3c4\uccb4 \uc5c5\uc885 \uc804\ubc18\uc758 \uae09\ub77d\uacfc \uae30\uc220\uc8fc \ubcc0\ub3d9\uc131\uc774 TSM\uc5d0\ub3c4 \ubd80\ub2f4\uc73c\ub85c \uc791\uc6a9\ud588\uc2b5\ub2c8\ub2e4. 2026-03-27 \ubcf4\ub3c4\uc5d0\uc11c\ub294 \ud544\ub77c\ub378\ud53c\uc544 \ubc18\ub3c4\uccb4 \uc9c0\uc218\uc640 \uc8fc\uc694 \ubc18\ub3c4\uccb4\uc8fc \uc57d\uc138 \uc18d\uc5d0\uc11c TSM\uc774 3.86% \ud558\ub77d\ud55c \uac83\uc73c\ub85c \ub098\ud0c0\ub0ac\uc2b5\ub2c8\ub2e4. \ub2f9\uc2dc \ub0b4\ub7ec\ud2f0\ube0c\ub294 AI \uc218\uc694 \uc790\uccb4\ubcf4\ub2e4\ub294 \uc5c5\uc885 \uc870\uc815, \uad6c\uae00 \uad00\ub828 \uae30\uc220 \ucda9\uaca9, \uace0\ud3c9\uac00 \ubd80\ub2f4\uc5d0 \ubbfc\uac10\ud558\uac8c \ubc18\uc751\ud558\ub294 \ubd84\uc704\uae30\uc600\uc2b5\ub2c8\ub2e4.\n\n\uadf8\ub7ec\ub098 4\uc6d4 \ub4e4\uc5b4 \ubd84\uc704\uae30\ub294 \ub69c\ub837\ud558\uac8c \uac1c\uc120\ub410\uc2b5\ub2c8\ub2e4. 1\ubd84\uae30 \ub9e4\ucd9c \ubc1c\ud45c \uc774\ud6c4 \ubcf4\ub3c4 \ud1a4\uc740 \u201c\uc218\uc694 \ud655\uc778\u201d, \u201c\uc608\uc0c1 \uc0c1\ud68c\u201d, \u201cAI \uc218\uc694 \uacac\uc778\u201d\uc73c\ub85c \ubc14\ub00c\uc5c8\uc2b5\ub2c8\ub2e4. ASML\uc758 2026-04-15 \uac00\uc774\ub358\uc2a4 \uc0c1\ud5a5\uacfc \u201c\uce69 \uc218\uc694\uac00 \uacf5\uae09\uc744 \uc55e\uc9c0\ub974\uace0 \uc788\ub2e4\u201d\ub294 \uba54\uc2dc\uc9c0\ub3c4 TSM\uc758 \uae0d\uc815\uc801 \uc815\uc11c\ub97c \uac15\ud654\ud588\uc2b5\ub2c8\ub2e4. \uc7a5\ube44\uc5c5\uccb4\uc640 \ud30c\uc6b4\ub4dc\ub9ac \uace0\uac1d\uc758 \ud655\uc7a5 \ub0b4\ub7ec\ud2f0\ube0c\uac00 \ub9de\ubb3c\ub9ac\uba74\uc11c, \uc2dc\uc7a5\uc740 TSM\uc758 \uc2e4\uc801 \ud638\uc870\ub97c \uc77c\ud68c\uc131\uc774 \uc544\ub2c8\ub77c \uacf5\uae09\ub9dd \uc804\uccb4\uc758 \uad6c\uc870\uc801 \uc218\uc694 \uc2e0\ud638\ub85c \ubc1b\uc544\ub4e4\uc774\uace0 \uc788\uc2b5\ub2c8\ub2e4.\n\n**\ub0b4\ub7ec\ud2f0\ube0c \uc9d1\uc911\ub3c4**\n\n\ub0b4\ub7ec\ud2f0\ube0c\ub294 \ub9e4\uc6b0 \uc9d1\uc911\ub3fc \uc788\uc2b5\ub2c8\ub2e4. \ub300\ubd80\ubd84\uc758 \uae0d\uc815\uc801 \ubcf4\ub3c4\ub294 AI \ubc18\ub3c4\uccb4 \uc218\uc694, \uace0\uc131\ub2a5 \ud30c\uc6b4\ub4dc\ub9ac \ubcd1\ubaa9, TSMC\uc758 \uc120\ub3c4\uc801 \uc0dd\uc0b0 \uc9c0\uc704\uc5d0 \ucd08\uc810\uc744 \ub9de\ucda5\ub2c8\ub2e4. \uc774\ub294 \uac15\uc810\uc774\uc9c0\ub9cc \ub3d9\uc2dc\uc5d0 \ub9ac\uc2a4\ud06c\uc774\uae30\ub3c4 \ud569\ub2c8\ub2e4. \ud22c\uc790\uc790 \uad00\uc2ec\uc774 AI \uc218\uc694 \ud558\ub098\uc5d0 \uac15\ud558\uac8c \ubb36\uc5ec \uc788\uae30 \ub54c\ubb38\uc5d0, \uc218\uc694 \ub454\ud654 \uc2e0\ud638, \uace0\uac1d \uc8fc\ubb38 \uc870\uc815, \ucca8\ub2e8 \uacf5\uc815 \uac00\uaca9 \uc555\ubc15, \uc124\ube44 \ud22c\uc790 \uc9c0\uc5f0\uc774 \ub098\uc624\uba74 \uc815\uc11c\uac00 \ube60\ub974\uac8c \uc545\ud654\ub420 \uc218 \uc788\uc2b5\ub2c8\ub2e4.\n\n\ub450 \ubc88\uc9f8 \ucd95\uc740 \uacf5\uae09\ub9dd \uc9d1\uc911 \ub9ac\uc2a4\ud06c\uc785\ub2c8\ub2e4. 2026-04-13 \uc2a4\ud0e0\ud37c\ub4dc AI \ubcf4\uace0\uc11c \uad00\ub828 \ubcf4\ub3c4\ub294 \uae00\ub85c\ubc8c AI \uc0b0\uc5c5\uc774 \uc0ac\uc2e4\uc0c1 TSMC \ub2e8\uc77c \ud30c\uc6b4\ub4dc\ub9ac\uc5d0 \ud06c\uac8c \uc758\uc874\ud558\uace0 \uc788\ub2e4\uace0 \uc9c0\uc801\ud588\uc2b5\ub2c8\ub2e4. \uc774 \ud45c\ud604\uc740 TSM\uc758 \ud611\uc0c1\ub825\uacfc \uc804\ub7b5\uc801 \uc911\uc694\uc131\uc744 \ub192\uc774\ub294 \uae0d\uc815 \uc694\uc778\uc774\uc9c0\ub9cc, \ub3d9\uc2dc\uc5d0 \uc9c0\uc815\ud559\uc801 \uc704\ud5d8\uacfc \uacf5\uae09 \ucc28\uc9c8 \uc6b0\ub824\ub97c \ud0a4\uc6b0\ub294 \ubd80\uc815 \uc694\uc778\uc774\uae30\ub3c4 \ud569\ub2c8\ub2e4.\n\n\uc138 \ubc88\uc9f8 \ucd95\uc740 \uacbd\uc7c1 \ub0b4\ub7ec\ud2f0\ube0c\uc785\ub2c8\ub2e4. Intel\uc758 Terafab, Musk \uad00\ub828 \ubc18\ub3c4\uccb4 \uc81c\uc870 \uad6c\uc0c1, \ubbf8\uad6d \ub0b4 \ud30c\uc6b4\ub4dc\ub9ac \uac15\ud654 \uc774\uc57c\uae30\uac00 4\uc6d4 \uc911\uc21c \uac15\ud558\uac8c \ubd80\uac01\ub410\uc2b5\ub2c8\ub2e4. \ud604 \uc2dc\uc810\uc5d0\uc11c\ub294 Intel \uad00\ub828 \ub274\uc2a4\uac00 TSM\uc758 \uc9c1\uc811\uc801\uc778 \uc57d\uc138 \uc694\uc778\uc774\ub77c\uae30\ubcf4\ub2e4\ub294 \u201cTSM\uc744 \ub530\ub77c\uc7a1\uc73c\ub824\ub294 \uacbd\uc7c1 \uad6c\ub3c4\u201d\ub97c \uc124\uba85\ud558\ub294 \ube44\uad50 \ud504\ub808\uc784\uc73c\ub85c \uc791\ub3d9\ud558\uace0 \uc788\uc2b5\ub2c8\ub2e4. \ub2e8\uae30\uc801\uc73c\ub85c\ub294 TSM\uc758 \uc120\ub3c4\uc801 \uc704\uce58\ub97c \uc7ac\ud655\uc778\ud558\ub294 \ud6a8\uacfc\uac00 \ub354 \ud06c\uc9c0\ub9cc, \uc7a5\uae30\uc801\uc73c\ub85c\ub294 \ubbf8\uad6d \ub0b4 \ub300\uccb4 \ud30c\uc6b4\ub4dc\ub9ac \uad6c\ucd95 \uac00\ub2a5\uc131\uc774 \ubc38\ub958\uc5d0\uc774\uc158 \ud504\ub9ac\ubbf8\uc5c4\uc744 \uc81c\ud55c\ud560 \uc218 \uc788\uc2b5\ub2c8\ub2e4.\n\n**\uac1c\uc120\ub418\ub294 \ubd80\ubd84**\n\n\uac00\uc7a5 \uac1c\uc120\ub418\ub294 \ubd80\ubd84\uc740 \uc2e4\uc801 \uc2e0\ub8b0\ub3c4\uc785\ub2c8\ub2e4. 1\ubd84\uae30 \ub9e4\ucd9c 35% \uc99d\uac00, \uc57d 356\uc5b5\ub2ec\ub7ec \uc218\uc900\uc758 \ub9e4\ucd9c, \uc2dc\uc7a5 \uc804\ub9dd \uc0c1\ud68c\ub294 AI \uc218\uc694\uac00 \uc2e4\uc81c \ub9e4\ucd9c\ub85c \uc5f0\uacb0\ub418\uace0 \uc788\uc74c\uc744 \ubcf4\uc5ec\uc90d\ub2c8\ub2e4. \ub2e8\uc21c\ud55c \uae30\ub300\uac10\uc774 \uc544\ub2c8\ub77c \uc22b\uc790\ub85c \ud655\uc778\ub41c \uc218\uc694\ub77c\ub294 \uc810\uc5d0\uc11c \uc815\uc11c\uc758 \uc9c8\uc774 \uc88b\uc2b5\ub2c8\ub2e4.\n\n\ub450 \ubc88\uc9f8 \uac1c\uc120\uc810\uc740 \uacf5\uae09\uc790 \uc6b0\uc704 \ub0b4\ub7ec\ud2f0\ube0c\uc785\ub2c8\ub2e4. ASML \ubcf4\ub3c4\uc5d0\uc11c \ub098\ud0c0\ub09c \uace0\uac1d\uc0ac \uc124\ube44 \ud655\uc7a5 \uac00\uc18d, \uce69 \uc218\uc694 \ucd08\uacfc \uacf5\uae09 \uc0c1\ud669\uc740 TSM\uc758 \uac00\uaca9 \uacb0\uc815\ub825\uacfc \uac00\ub3d9\ub960\uc5d0 \uc6b0\ud638\uc801\uc785\ub2c8\ub2e4. TSM\uc774 \uace0\uae09 \uacf5\uc815\uacfc \ucca8\ub2e8 \ud328\ud0a4\uc9d5\uc5d0\uc11c \ubcd1\ubaa9 \uc9c0\uc704\ub97c \uc720\uc9c0\ud55c\ub2e4\uba74, \uc2dc\uc7a5\uc740 \ub192\uc740 \ub9c8\uc9c4\uacfc \uc7a5\uae30 \uc8fc\ubb38 \uac00\uc2dc\uc131\uc744 \ub354 \ub192\uac8c \ud3c9\uac00\ud560 \uac00\ub2a5\uc131\uc774 \ud07d\ub2c8\ub2e4.\n\n\uc138 \ubc88\uc9f8\ub294 \uae30\uad00 \ubc0f \ubd84\uc11d\uac00 \ud1a4\uc785\ub2c8\ub2e4. GF Securities\uc758 \uae0d\uc815\uc801 \uc758\uacac, \uc2e4\uc801 \ubc1c\ud45c \uc804 \ub9e4\uc218 \ub17c\ub9ac, AI \uc218\uc694 \uae30\ubc18\uc758 \uc2e4\uc801 \uc0c1\ud68c \uae30\ub300\ub294 TSM\uc5d0 \ub300\ud55c \ub2e8\uae30 \uae30\ub300\ub97c \ub192\uc774\uace0 \uc788\uc2b5\ub2c8\ub2e4. \ud2b9\ud788 \uc2e4\uc801 \ubc1c\ud45c \uc9c1\uc804 \uae0d\uc815\uc801 \ubcf4\ub3c4\uac00 \ubab0\ub9ac\ub294 \uac83\uc740 \uc774\ubca4\ud2b8 \ubaa8\uba58\ud140\uc774 \uac15\ud558\ub2e4\ub294 \ub73b\uc785\ub2c8\ub2e4.\n\n**\uc545\ud654\ub418\ub294 \ubd80\ubd84**\n\n\uac00\uc7a5 \ud070 \uc545\ud654 \uc694\uc778\uc740 \uae30\ub300\uce58 \uc0c1\uc2b9\uc785\ub2c8\ub2e4. \uc815\uc11c\uac00 \uae0d\uc815\uc801\uc73c\ub85c \uc9d1\uc911\ub420\uc218\ub85d \uc2e4\uc801 \ubc1c\ud45c\ub098 \uac00\uc774\ub358\uc2a4\uc5d0\uc11c \uc791\uc740 \uc2e4\ub9dd\ub3c4 \uc8fc\uac00 \ubc18\uc751\uc744 \ud06c\uac8c \ub9cc\ub4e4 \uc218 \uc788\uc2b5\ub2c8\ub2e4. \u201cAI \uc218\uc694 \uac15\uc138\u201d\ub294 \uc774\ubbf8 \uc2dc\uc7a5 \ub0b4\ub7ec\ud2f0\ube0c\uc758 \uc911\uc2ec\uc5d0 \ub4e4\uc5b4\uc640 \uc788\uc73c\ubbc0\ub85c, \ucd94\uac00 \uc0c1\uc2b9\uc744 \uc704\ud574\uc11c\ub294 \ub2e8\uc21c\ud55c \ud638\uc2e4\uc801\ubcf4\ub2e4 \ub354 \uac15\ud55c \uac00\uc774\ub358\uc2a4, \uc124\ube44 \ubcd1\ubaa9 \ud574\uc18c, \ub9c8\uc9c4 \ubc29\uc5b4 \ud655\uc778\uc774 \ud544\uc694\ud569\ub2c8\ub2e4.\n\n\ub450 \ubc88\uc9f8 \uc545\ud654 \uc694\uc778\uc740 \uc9c0\uc815\ud559 \ubc0f \uacf5\uae09\ub9dd \ub9ac\uc2a4\ud06c\uc785\ub2c8\ub2e4. Reuters Videos\ub294 \uc911\ub3d9 \uac08\ub4f1\uc5d0 \ub530\ub978 \uacf5\uae09 \ucc28\uc9c8 \uc6b0\ub824\ub3c4 \ud568\uaed8 \uc5b8\uae09\ud588\uc2b5\ub2c8\ub2e4. TSM\uc758 \ub300\ub9cc \uc9d1\uc911 \uc0dd\uc0b0 \uad6c\uc870\ub294 \ub298 \uc9c0\uc815\ud559\uc801 \ub9ac\uc2a4\ud06c \ud504\ub9ac\ubbf8\uc5c4\uc744 \ub3d9\ubc18\ud558\uba70, AI \uacf5\uae09\ub9dd\uc774 TSM\uc5d0 \ub354 \uc758\uc874\ud560\uc218\ub85d \uc774 \ub9ac\uc2a4\ud06c\ub294 \ub354 \ubd80\uac01\ub420 \uc218 \uc788\uc2b5\ub2c8\ub2e4.\n\n\uc138 \ubc88\uc9f8\ub294 \uacbd\uc7c1 \ub0b4\ub7ec\ud2f0\ube0c\uc758 \uc7ac\ubd80\uc0c1\uc785\ub2c8\ub2e4. Intel\uc758 Terafab \uad00\ub828 \ubcf4\ub3c4\ub294 \uc544\uc9c1 \uc2e4\uc81c TSM\uc758 \uc810\uc720\uc728\uc744 \uc704\ud611\ud558\ub294 \ub2e8\uacc4\ub85c \ubcf4\uae30 \uc5b4\ub835\uc9c0\ub9cc, \uc2dc\uc7a5\uc758 \uad00\uc2ec\uc774 \u201c\ubbf8\uad6d \ub0b4 \ub300\ud615 \ud30c\uc6b4\ub4dc\ub9ac \ub300\uc548\u201d\uc73c\ub85c \uc774\ub3d9\ud560 \uacbd\uc6b0 TSM\uc758 \ub3c5\uc810\uc801 \ud504\ub9ac\ubbf8\uc5c4\uc5d0 \uc77c\ubd80 \uc555\ubc15\uc744 \uc904 \uc218 \uc788\uc2b5\ub2c8\ub2e4. \ub2e8\uae30 \uc545\uc7ac\ub77c\uae30\ubcf4\ub2e4\ub294 \uc7a5\uae30 \ud560\uc778 \uc694\uc778\uc5d0 \uac00\uae5d\uc2b5\ub2c8\ub2e4.\n\n**\uac70\ub798\uc0c1 \ud568\uc758**\n\nTSM\uc758 \ub274\uc2a4 \uae30\ubc18 \uc815\uc11c\ub294 \uae0d\uc815 \uc6b0\uc704\uc774\uba70, \ub2e8\uae30\uc801\uc73c\ub85c\ub294 \uc2e4\uc801 \ubc1c\ud45c\uc640 AI \uc218\uc694 \ud655\uc778\uc774 \uc8fc\uac00 \uc9c0\uc9c0 \uc694\uc778\uc785\ub2c8\ub2e4. \ub2e4\ub9cc \ud604\uc7ac \ub0b4\ub7ec\ud2f0\ube0c\uac00 \uac15\ud558\uac8c \uc88b\uc544\uc9c4 \uc0c1\ud0dc\uc774\ubbc0\ub85c, \ucd94\uaca9 \ub9e4\uc218\ubcf4\ub2e4\ub294 \uc2e4\uc801 \ubc1c\ud45c \uc804\ud6c4 \ubcc0\ub3d9\uc131 \uad00\ub9ac\uac00 \uc911\uc694\ud569\ub2c8\ub2e4. \ud638\uc2e4\uc801\uacfc \uac15\ud55c \uac00\uc774\ub358\uc2a4\uac00 \ub3d9\uc2dc\uc5d0 \ud655\uc778\ub418\uba74 \uc0c1\uc2b9 \ucd94\uc138\uac00 \uc5f0\uc7a5\ub420 \uac00\ub2a5\uc131\uc774 \uc788\uc9c0\ub9cc, \uc774\ubbf8 \ub192\uc544\uc9c4 \uae30\ub300\uce58 \ub54c\ubb38\uc5d0 \u201c\uc88b\uc9c0\ub9cc \ucda9\ubd84\ud788 \uc88b\uc9c0 \uc54a\uc740\u201d \uacb0\uacfc\uc5d0\ub294 \ucc28\uc775\uc2e4\ud604\uc774 \ub098\uc62c \uc218 \uc788\uc2b5\ub2c8\ub2e4.\n\n\uc911\uae30 \uad00\uc810\uc5d0\uc11c\ub294 TSM\uc758 \uacf5\uacf5 \ub0b4\ub7ec\ud2f0\ube0c\uac00 \uc5ec\uc804\ud788 \uc6b0\ud638\uc801\uc785\ub2c8\ub2e4. AI \uc11c\ubc84, \ub9de\ucda4\ud615 AI \uce69, \ucca8\ub2e8 \uacf5\uc815 \uc218\uc694\uac00 \uc774\uc5b4\uc9c0\ub294 \ud55c TSM\uc740 \ubc18\ub3c4\uccb4 \uacf5\uae09\ub9dd\uc5d0\uc11c \uac00\uc7a5 \uba85\ud655\ud55c \ud575\uc2ec \uc218\ud61c\uc790\ub85c \uc778\uc2dd\ub420 \uac00\ub2a5\uc131\uc774 \ud07d\ub2c8\ub2e4. \uadf8\ub7ec\ub098 \ud3ec\uc9c0\uc158 \uad00\uc810\uc5d0\uc11c\ub294 \uc9c0\uc815\ud559, \uacf5\uae09 \ucc28\uc9c8, \uc5c5\uc885 \uc870\uc815, Intel \ub4f1 \uacbd\uc7c1 \ud22c\uc790 \ud655\ub300 \ub274\uc2a4\uac00 \uc815\uc11c \ubc18\uc804\uc744 \ucd09\ubc1c\ud560 \uc218 \uc788\uc73c\ubbc0\ub85c, \uae0d\uc815 \ub0b4\ub7ec\ud2f0\ube0c\uc5d0 \ub300\ud55c \ud655\uc2e0\uacfc \ub9ac\uc2a4\ud06c \uad00\ub9ac\uac00 \ud568\uaed8 \ud544\uc694\ud569\ub2c8\ub2e4.\n\n| \uc2e0\ud638 | \uc99d\uac70 | \ud574\uc11d | \uc2e0\ub8b0\ub3c4 |\n|---|---|---|---|\n| \uc815\uc11c \ubc29\ud5a5 | 2026-04-10 1\ubd84\uae30 \ub9e4\ucd9c \uc804\ub144 \ub300\ube44 35% \uc99d\uac00, \uc57d 356\uc5b5\ub2ec\ub7ec | AI \uc218\uc694\uac00 \uc2e4\uc81c \uc2e4\uc801\uc73c\ub85c \ud655\uc778\ub418\uba70 \uae0d\uc815 \uc815\uc11c \uac15\ud654 | \ub192\uc74c |\n| \ud575\uc2ec \ub3d9\uc778 | 2026-04-15 Reuters Videos, ASML \uac00\uc774\ub358\uc2a4 \uc0c1\ud5a5\uacfc \uce69 \uc218\uc694 \ucd08\uacfc \uacf5\uae09 \uc5b8\uae09 | TSM\uc758 \ucca8\ub2e8 \ud30c\uc6b4\ub4dc\ub9ac \ubcd1\ubaa9 \uac00\uce58\uac00 \ubd80\uac01 | \ub192\uc74c |\n| \uc774\ubca4\ud2b8 \uae30\ub300 | 2026-04-14 GF Securities \uae0d\uc815 \uc758\uacac, April 16 \uc2e4\uc801 \uc0c1\ud68c \uae30\ub300 | \uc2e4\uc801 \ubc1c\ud45c \uc804 \ub2e8\uae30 \ubaa8\uba58\ud140 \uac15\ud568 | \uc911\uac04-\ub192\uc74c |\n| \ub0b4\ub7ec\ud2f0\ube0c \uc9d1\uc911 | AI \ubc18\ub3c4\uccb4 \uc218\uc694\uc640 TSMC \uc758\uc874\ub3c4 \ubcf4\ub3c4\uac00 \ubc18\ubcf5 | \uac15\ud55c \uc218\uae09 \ub17c\ub9ac\uc774\ub098 AI \uae30\ub300 \ub454\ud654 \uc2dc \ucde8\uc57d | \uc911\uac04-\ub192\uc74c |\n| \ubd80\uc815 \ub9ac\uc2a4\ud06c | 2026-03-27 \ubc18\ub3c4\uccb4\uc8fc \uae09\ub77d \uc18d TSM 3.86% \ud558\ub77d | \uc5c5\uc885 \uc870\uc815\uae30\uc5d0\ub294 \uace0\ud488\uc9c8 \uc885\ubaa9\ub3c4 \ub3d9\ubc18 \ub9e4\ub3c4 \uac00\ub2a5 | \uc911\uac04 |\n| \uacf5\uae09\ub9dd \ub9ac\uc2a4\ud06c | 2026-04-13 \uae00\ub85c\ubc8c AI \uc0b0\uc5c5\uc758 TSMC \uc758\uc874\ub3c4 \uc9c0\uc801 | \uc804\ub7b5\uc801 \uc911\uc694\uc131\uc740 \ub192\uc9c0\ub9cc \uc9c0\uc815\ud559 \ub9ac\uc2a4\ud06c\ub3c4 \ud655\ub300 | \uc911\uac04-\ub192\uc74c |\n| \uacbd\uc7c1 \uad6c\ub3c4 | Intel Terafab \ubc0f \ubbf8\uad6d \ud30c\uc6b4\ub4dc\ub9ac \uc7ac\uac74 \ub0b4\ub7ec\ud2f0\ube0c | \ub2e8\uae30 \uc704\ud611\uc740 \uc81c\ud55c\uc801\uc774\ub098 \uc7a5\uae30 \ud504\ub9ac\ubbf8\uc5c4\uc5d0\ub294 \ubd80\ub2f4 | \uc911\uac04 |\n| \uac70\ub798 \ud568\uc758 | \uae0d\uc815 \ub274\uc2a4 \uc9d1\uc911, \uae30\ub300\uce58 \uc0c1\uc2b9, \uc2e4\uc801 \uc774\ubca4\ud2b8 \uc784\ubc15 | \uc0c1\uc2b9 \ucd94\uc138 \uc6b0\uc704\uc774\ub098 \ubc1c\ud45c \uc804\ud6c4 \ubcc0\ub3d9\uc131 \ud655\ub300 \uac00\ub2a5 | \uc911\uac04-\ub192\uc74c |", "news_report": "**\ud575\uc2ec \ud310\ub2e8**\n\nTSM\uc740 2026-04-01\ubd80\ud130 2026-04-15\uae4c\uc9c0 \ud68c\uc0ac \ub274\uc2a4 \uae30\uc900\uc73c\ub85c AI \ubc18\ub3c4\uccb4 \uc218\uc694\uc640 1\ubd84\uae30 \uc0ac\uc0c1 \ucd5c\ub300 \ub9e4\ucd9c\uc774 \uac00\uc7a5 \uc911\uc694\ud55c \uae0d\uc815 \uc694\uc778\uc73c\ub85c \ud655\uc778\ub429\ub2c8\ub2e4. \ub2e4\ub9cc \uac70\uc2dc \ub274\uc2a4\uc5d0\uc11c\ub294 \uc774\ub780 \uc804\uc7c1\uc5d0 \ub530\ub978 \uc720\uac00 \uc0c1\uc2b9, \ub2ec\ub7ec \uac15\uc138, \uae08\ub9ac \uc778\ud558 \uae30\ub300 \uc57d\ud654\uac00 \uae30\uc220\uc8fc \ubc38\ub958\uc5d0\uc774\uc158\uacfc \uacf5\uae09\ub9dd \ube44\uc6a9\uc5d0 \ubd80\ub2f4\uc744 \uc904 \uc218 \uc788\ub294 \ud658\uacbd\uc785\ub2c8\ub2e4. \uacf5\uc2dc \uc774\ubca4\ud2b8\ub294 \ud574\ub2f9 \uae30\uac04 \ud655\uc778\ub418\uc9c0 \uc54a\uc558\uc2b5\ub2c8\ub2e4.\n\n**\uc8fc\uc694 \uc0ac\uac74**\n\n1. **\uc0ac\uac74 \uc720\ud615: \uc2e4\uc801\u00b7\ub9e4\ucd9c \ubc1c\ud45c**\n - **\ucd9c\ucc98:** Naver News, 2026-04-10\n - **\ub0b4\uc6a9:** TSMC(TSM)\uac00 1\ubd84\uae30 \uc0ac\uc0c1 \ucd5c\ub300 \ub9e4\ucd9c\uc744 \ubc1c\ud45c\ud588\uace0, \ub9e4\ucd9c\uc740 \uc804\ub144 \ub300\ube44 35% \uc99d\uac00\ud55c 1\uc8701300\uc5b5 \ub300\ub9cc\ub2ec\ub7ec, \uc57d 356\uc5b5\ub2ec\ub7ec\ub85c \ubcf4\ub3c4\ub418\uc5c8\uc2b5\ub2c8\ub2e4.\n - **\uc65c \uc911\uc694\ud55c\uac00:** AI \ubc18\ub3c4\uccb4 \uc218\uc694\uac00 \uc2e4\uc81c \ub9e4\ucd9c \uc131\uc7a5\uc73c\ub85c \uc5f0\uacb0\ub418\uace0 \uc788\uc74c\uc744 \ubcf4\uc5ec\uc8fc\ub294 \uc9c1\uc811\uc801\uc778 \uadfc\uac70\uc785\ub2c8\ub2e4.\n - **\uc0c1\uc2b9 \uc2dc\uc0ac\uc810:** AI \uac00\uc18d\uae30, \uace0\uc131\ub2a5 \ucef4\ud4e8\ud305, \uc120\ub2e8 \uacf5\uc815 \uc218\uc694\uac00 \uc774\uc5b4\uc9c8 \uacbd\uc6b0 \ub9e4\ucd9c \uc131\uc7a5 \uae30\ub300\uac00 \uc720\uc9c0\ub420 \uc218 \uc788\uc2b5\ub2c8\ub2e4.\n - **\ud558\ub77d \uc2dc\uc0ac\uc810:** \uc774\ubbf8 \ub192\uc740 \uc131\uc7a5 \uae30\ub300\uac00 \uc8fc\uac00\uc5d0 \ubc18\uc601\ub418\uc5b4 \uc788\ub2e4\uba74, \uc774\ud6c4 \uc131\uc7a5\ub960 \ub454\ud654\ub098 \uace0\uac1d \uc8fc\ubb38 \uc870\uc815\uc5d0 \ubbfc\uac10\ud560 \uc218 \uc788\uc2b5\ub2c8\ub2e4.\n - **\uc2e0\ub8b0\ub3c4:** \ub192\uc74c\n\n2. **\uc0ac\uac74 \uc720\ud615: \uc0b0\uc5c5 \uad6c\uc870\u00b7\uacf5\uae09\ub9dd \uc9d1\uc911**\n - **\ucd9c\ucc98:** Naver News, 2026-04-13\n - **\ub0b4\uc6a9:** \uae00\ub85c\ubc8c AI \uc0b0\uc5c5\uc774 \ub300\ub9cc\uc758 TSMC(TSM)\uc5d0 \ud06c\uac8c \uc758\uc874\ud558\uace0 \uc788\uc73c\uba70, AI \ud655\uc0b0\uc774 \ube68\ub77c\uc9c8\uc218\ub85d \ubc18\ub3c4\uccb4 \uacf5\uae09\ub9dd \uc9d1\uc911 \ub9ac\uc2a4\ud06c\uac00 \ub354 \ubbfc\uac10\ud55c \ubcc0\uc218\uac00 \ub420 \uc218 \uc788\ub2e4\ub294 \ub0b4\uc6a9\uc774 \ubcf4\ub3c4\ub418\uc5c8\uc2b5\ub2c8\ub2e4.\n - **\uc65c \uc911\uc694\ud55c\uac00:** TSM\uc758 \uc804\ub7b5\uc801 \uc911\uc694\uc131\uacfc \uac00\uaca9 \ud611\uc0c1\ub825, \uace0\uac1d \uc758\uc874\ub3c4\ub97c \ub3d9\uc2dc\uc5d0 \ubcf4\uc5ec\uc90d\ub2c8\ub2e4.\n - **\uc0c1\uc2b9 \uc2dc\uc0ac\uc810:** \ud575\uc2ec \ud30c\uc6b4\ub4dc\ub9ac \uc9c0\uc704\uac00 \uac15\ud654\ub418\uba74 \uc7a5\uae30 \uc218\uc694\uc640 \ud22c\uc790 \ub9e4\ub825\uc774 \ub192\uc544\uc9c8 \uc218 \uc788\uc2b5\ub2c8\ub2e4.\n - **\ud558\ub77d \uc2dc\uc0ac\uc810:** \uc9c0\uc815\ud559\uc801 \ub9ac\uc2a4\ud06c, \ub300\uccb4 \uacf5\uae09\ub9dd \uad6c\ucd95, \uace0\uac1d\uc0ac\uc758 \uc790\uccb4 \uc0dd\uc0b0 \ub610\ub294 \ub2e4\ubcc0\ud654 \uc555\ub825\uc774 \ucee4\uc9c8 \uc218 \uc788\uc2b5\ub2c8\ub2e4.\n - **\uc2e0\ub8b0\ub3c4:** \uc911\uac04\n\n3. **\uc0ac\uac74 \uc720\ud615: \uacbd\uc7c1 \uad6c\ub3c4 \ubcc0\ud654**\n - **\ucd9c\ucc98:** Naver News, 2026-04-08\n - **\ub0b4\uc6a9:** \uc77c\ub860 \uba38\uc2a4\ud06c\uc758 \u2018\ud14c\ub77c\ud339\u2019 \uad6c\uc0c1\uacfc \uc778\ud154\uc758 \ucc38\uc5ec \uac00\ub2a5\uc131\uc774 \ubcf4\ub3c4\ub418\uba70, \uc7a5\uae30\uc801\uc73c\ub85c TSMC(2330, TSM)\uc5d0 \ub9de\uc124 \uc218\uc900\uc758 \uc81c\uc870 \uc5ed\ub7c9\uc744 \ubaa9\ud45c\ub85c \ud55c\ub2e4\ub294 \ub0b4\uc6a9\uc774 \uc5b8\uae09\ub418\uc5c8\uc2b5\ub2c8\ub2e4.\n - **\uc65c \uc911\uc694\ud55c\uac00:** \ub2e8\uae30 \uc2e4\uc801\ubcf4\ub2e4\ub294 \uc7a5\uae30 \ud30c\uc6b4\ub4dc\ub9ac \uacbd\uc7c1 \uad6c\ub3c4\uc640 \uace0\uac1d\uc0ac \ud611\uc0c1\ub825 \ubcc0\ud654 \uac00\ub2a5\uc131\uc5d0 \uc601\ud5a5\uc744 \uc90d\ub2c8\ub2e4.\n - **\uc0c1\uc2b9 \uc2dc\uc0ac\uc810:** \uacbd\uc7c1 \uacc4\ud68d\uc774 \uc544\uc9c1 \ucd08\uae30 \ub2e8\uacc4\ub77c\uba74 TSM\uc758 \uae30\uc220\u00b7\uaddc\ubaa8 \uc6b0\uc704\uac00 \uc7ac\ud655\uc778\ub420 \uc218 \uc788\uc2b5\ub2c8\ub2e4.\n - **\ud558\ub77d \uc2dc\uc0ac\uc810:** \ubbf8\uad6d \ub0b4 \ub300\ud615 \uace0\uac1d\uacfc \uc778\ud154 \uc911\uc2ec\uc758 \ub300\uccb4 \uc0dd\uc0b0\ub9dd\uc774 \ud604\uc2e4\ud654\ub418\uba74 \uc7a5\uae30 \uc810\uc720\uc728\uacfc \ub9c8\uc9c4\uc5d0 \ubd80\ub2f4\uc774 \ub420 \uc218 \uc788\uc2b5\ub2c8\ub2e4.\n - **\uc2e0\ub8b0\ub3c4:** \uc911\uac04\n\n4. **\uc0ac\uac74 \uc720\ud615: \uc2dc\uc7a5 \uc2ec\ub9ac\u00b7\uac70\ub798 \uad00\uc2ec**\n - **\ucd9c\ucc98:** Naver News, 2026-04-06 \ubc0f 2026-04-13\n - **\ub0b4\uc6a9:** TSMC ADR(TSM)\uc774 \ubbf8\uad6d \uc8fc\uc2dd \uac70\ub798\ub300\uae08 \uc0c1\uc704\uad8c \uc885\ubaa9\uad70\uc5d0 \ud3ec\ud568\ub41c \uac83\uc73c\ub85c \ubcf4\ub3c4\ub418\uc5c8\uc2b5\ub2c8\ub2e4.\n - **\uc65c \uc911\uc694\ud55c\uac00:** \ud22c\uc790\uc790 \uad00\uc2ec\uacfc \uc720\ub3d9\uc131\uc774 \ub192\ub2e4\ub294 \uc758\ubbf8\uc774\uba70, AI \ubc0f \ubc18\ub3c4\uccb4 \ud14c\ub9c8 \ub0b4\uc5d0\uc11c TSM\uc774 \uacc4\uc18d \uc8fc\ubaa9\ubc1b\uace0 \uc788\uc74c\uc744 \uc2dc\uc0ac\ud569\ub2c8\ub2e4.\n - **\uc0c1\uc2b9 \uc2dc\uc0ac\uc810:** \ub192\uc740 \uc720\ub3d9\uc131\uc740 \uae0d\uc815 \ub274\uc2a4\uac00 \ub098\uc62c \ub54c \uc790\uae08 \uc720\uc785\uc744 \ube60\ub974\uac8c \ub9cc\ub4e4 \uc218 \uc788\uc2b5\ub2c8\ub2e4.\n - **\ud558\ub77d \uc2dc\uc0ac\uc810:** \ud14c\ub9c8\uc131 \uc790\uae08\uc774 \ube60\uc9c8 \uacbd\uc6b0 \ubcc0\ub3d9\uc131\ub3c4 \ucee4\uc9c8 \uc218 \uc788\uc2b5\ub2c8\ub2e4.\n - **\uc2e0\ub8b0\ub3c4:** \uc911\uac04\n\n5. **\uc0ac\uac74 \uc720\ud615: \uac70\uc2dc \ud658\uacbd\u00b7\uae08\ub9ac \ubc0f \uc6d0\uc790\uc7ac \ub9ac\uc2a4\ud06c**\n - **\ucd9c\ucc98:** Morningstar, 2026-04-14\n - **\ub0b4\uc6a9:** \uc774\ub780 \uc804\uc7c1 \uc774\ud6c4 \uc720\uac00 \uae09\ub4f1, \ub2ec\ub7ec \uac15\uc138, \uc778\ud50c\ub808\uc774\uc158 \uc6b0\ub824 \uc7ac\ubd80\uc0c1\uc73c\ub85c \uae08\ub9ac \uc778\ud558 \uae30\ub300\uac00 \uc57d\ud654\ub418\uba70 \ucc44\uad8c \ud380\ub4dc \uc131\uacfc\uac00 \ub4a4\ubc14\ub00c\uc5c8\ub2e4\ub294 \ubcf4\ub3c4\uac00 \uc788\uc5c8\uc2b5\ub2c8\ub2e4.\n - **\uc65c \uc911\uc694\ud55c\uac00:** \uace0\uc131\uc7a5 \uae30\uc220\uc8fc\uc640 \ubc18\ub3c4\uccb4\uc8fc\ub294 \uae08\ub9ac, \ub2ec\ub7ec, \uc5d0\ub108\uc9c0 \ube44\uc6a9 \ubcc0\ud654\uc5d0 \ubbfc\uac10\ud569\ub2c8\ub2e4.\n - **\uc0c1\uc2b9 \uc2dc\uc0ac\uc810:** \ub2e8\uae30 \ubbf8\uad6d \uad6d\ucc44 \uc120\ud638\uac00 \ucee4\uc9c0\ub294 \uac00\uc6b4\ub370\uc11c\ub3c4 AI \uc2e4\uc801 \uac00\uc2dc\uc131\uc774 \ub192\uc740 \uc885\ubaa9\uc740 \ucc28\ubcc4\ud654\ub420 \uc218 \uc788\uc2b5\ub2c8\ub2e4.\n - **\ud558\ub77d \uc2dc\uc0ac\uc810:** \ud560\uc778\uc728 \uc0c1\uc2b9, \ub2ec\ub7ec \uac15\uc138, \uc81c\uc870 \ube44\uc6a9 \uc555\ubc15\uc740 TSM \ubc38\ub958\uc5d0\uc774\uc158\uacfc \uc218\uc775\uc131\uc5d0 \ubd80\ub2f4\uc774 \ub420 \uc218 \uc788\uc2b5\ub2c8\ub2e4.\n - **\uc2e0\ub8b0\ub3c4:** \uc911\uac04\n\n**\uacf5\uc2dc \ud655\uc778**\n\n2026-04-01\ubd80\ud130 2026-04-15\uae4c\uc9c0 TSM\uc5d0 \ub300\ud574 \ud655\uc778\ub41c \uacf5\uc2dc\ub294 \uc5c6\uc2b5\ub2c8\ub2e4. \ub530\ub77c\uc11c \uc774\ubc88 \ud310\ub2e8\uc740 \ud68c\uc0ac \ub274\uc2a4\uc640 \uac70\uc2dc \ub274\uc2a4 \uc911\uc2ec\uc785\ub2c8\ub2e4.\n\n| \uad6c\ubd84 | \ub0a0\uc9dc | \ucd9c\ucc98 | \ud575\uc2ec \ub0b4\uc6a9 | TSM \uc601\ud5a5 | \uc2e0\ub8b0\ub3c4 |\n|---|---:|---|---|---|---|\n| \ud68c\uc0ac \ub274\uc2a4 | 2026-04-10 | Naver News | 1\ubd84\uae30 \ub9e4\ucd9c \uc804\ub144 \ub300\ube44 35% \uc99d\uac00, 1\uc8701300\uc5b5 \ub300\ub9cc\ub2ec\ub7ec | \uae0d\uc815\uc801 | \ub192\uc74c |\n| \ud68c\uc0ac \ub274\uc2a4 | 2026-04-13 | Naver News | AI \uc0b0\uc5c5\uc758 TSMC \uc758\uc874\ub3c4\uc640 \uacf5\uae09\ub9dd \uc9d1\uc911 \ub9ac\uc2a4\ud06c \ubd80\uac01 | \uc591\uba74\uc801 | \uc911\uac04 |\n| \ud68c\uc0ac \ub274\uc2a4 | 2026-04-08 | Naver News | \uc778\ud154\u00b7\ud14c\ub77c\ud339 \uad00\ub828 \uc7a5\uae30 \uacbd\uc7c1 \uac00\ub2a5\uc131 | \ubd80\uc815\uc801 \uac00\ub2a5\uc131 | \uc911\uac04 |\n| \ud68c\uc0ac \ub274\uc2a4 | 2026-04-06, 2026-04-13 | Naver News | TSMC ADR(TSM) \uac70\ub798 \uad00\uc2ec \uc9c0\uc18d | \uae0d\uc815\uc801\uc774\ub098 \ubcc0\ub3d9\uc131 \ub3d9\ubc18 | \uc911\uac04 |\n| \uac70\uc2dc \ub274\uc2a4 | 2026-04-14 | Morningstar | \uc774\ub780 \uc804\uc7c1, \uc720\uac00 \uc0c1\uc2b9, \ub2ec\ub7ec \uac15\uc138, \uae08\ub9ac \uc778\ud558 \uae30\ub300 \uc57d\ud654 | \ubd80\ub2f4 \uc694\uc778 | \uc911\uac04 |\n| \uacf5\uc2dc | 2026-04-01~2026-04-15 | \uacf5\uc2dc \uc870\ud68c | \ud655\uc778\ub41c \uacf5\uc2dc \uc5c6\uc74c | \uc911\ub9bd | \ub192\uc74c |", "fundamentals_report": "**TSM \ud380\ub354\uba58\ud138 \ubcf4\uace0\uc11c**\n\nTSM\uc758 \ucd5c\uc2e0 \ud380\ub354\uba58\ud138\uc740 \uc5ec\uc804\ud788 \ub9e4\uc6b0 \uac15\ud569\ub2c8\ub2e4. 2025-12-31 \ubd84\uae30 \uae30\uc900 \ub9e4\ucd9c\uc740 1,046,090,421,000\uc73c\ub85c \uc804\ubd84\uae30 989,918,318,000\uc5d0\uc11c \uc99d\uac00\ud588\uace0, \uc21c\uc774\uc775\uc740 505,743,990,000\uc73c\ub85c \uc804\ubd84\uae30 452,301,407,000 \ub300\ube44 \uac1c\uc120\ub418\uc5c8\uc2b5\ub2c8\ub2e4. \ucd1d\uc774\uc775\uc740 651,986,836,000, \uc601\uc5c5\uc774\uc775\uc740 564,889,222,000\uc73c\ub85c \uace0\uc131\ub2a5 \ucef4\ud4e8\ud305\uacfc \uc120\ub2e8 \uacf5\uc815 \uc218\uc694\uac00 \uc190\uc775 \uc804\ubc18\uc744 \uacac\uc778\ud558\ub294 \uad6c\uc870\uac00 \uc774\uc5b4\uc9c0\uace0 \uc788\uc2b5\ub2c8\ub2e4.\n\n\uc218\uc775\uc131\uc740 \ud575\uc2ec \uac15\uc810\uc785\ub2c8\ub2e4. TTM \uae30\uc900 \uc774\uc775\ub960\uc740 0.45099998, \uc601\uc5c5\uc774\uc775\ub960\uc740 0.53916, \uc790\uae30\uc790\ubcf8\uc774\uc775\ub960\uc740 0.35064\ub85c \ub9e4\uc6b0 \ub192\uc740 \uc218\uc900\uc785\ub2c8\ub2e4. 2025-12-31 \ubd84\uae30 \ub9e4\ucd9c\ucd1d\uc774\uc775\ub960\uc740 \uc57d 62.3%, \uc601\uc5c5\uc774\uc775\ub960\uc740 \uc57d 54.0%\ub85c \uacc4\uc0b0\ub418\uba70, \uc804\ubd84\uae30 \ub300\ube44 \ub9e4\ucd9c \uc99d\uac00\uc640 \ud568\uaed8 \uc601\uc5c5 \ub808\ubc84\ub9ac\uc9c0\uac00 \uc720\uc9c0\ub410\uc2b5\ub2c8\ub2e4. \ube44\uacbd\uc0c1 \ud56d\ubaa9\uc740 2025-12-31 \ubd84\uae30 -871,085,000\uc73c\ub85c \uc804\uccb4 \uc774\uc775 \uaddc\ubaa8 \ub300\ube44 \uc791\uc544, \ucd5c\uadfc \uc774\uc775\uc758 \uc9c8\uc740 \ub300\uccb4\ub85c \uc591\ud638\ud569\ub2c8\ub2e4.\n\n\ud604\uae08\ud750\ub984\ub3c4 \uac15\ud558\uc9c0\ub9cc \uc124\ube44\ud22c\uc790 \ubd80\ub2f4\uc740 \uacc4\uc18d \ud575\uc2ec \ubcc0\uc218\uc785\ub2c8\ub2e4. 2025-12-31 \ubd84\uae30 \uc601\uc5c5\ud604\uae08\ud750\ub984\uc740 725,508,787,000, \uc790\ubcf8\uc801\uc9c0\ucd9c\uc740 -361,467,809,000, \uc790\uc720\ud604\uae08\ud750\ub984\uc740 364,040,978,000\uc785\ub2c8\ub2e4. \uc804\ubd84\uae30 \uc790\uc720\ud604\uae08\ud750\ub984 138,385,742,000\uc5d0\uc11c \ud06c\uac8c \ud68c\ubcf5\ub410\uace0, 2025\ub144 \uac01 \ubd84\uae30 \ubaa8\ub450 \uc591\uc758 \uc790\uc720\ud604\uae08\ud750\ub984\uc744 \uae30\ub85d\ud588\uc2b5\ub2c8\ub2e4. \ub2e4\ub9cc \uc120\ub2e8 \uacf5\uc815\uacfc \uae00\ub85c\ubc8c \uc0dd\uc0b0\ub2a5\ub825 \ud655\uc7a5\uc5d0 \ub530\ub978 \ub300\uaddc\ubaa8 \uc124\ube44\ud22c\uc790\ub294 \uacc4\uc18d \ud604\uae08\ud750\ub984 \ubcc0\ub3d9\uc131\uc744 \ub9cc\ub4e4 \uc218 \uc788\uc2b5\ub2c8\ub2e4.\n\n\uc7ac\ubb34\uc0c1\ud0dc\ub294 \ubcf4\uc218\uc801\uc73c\ub85c \ud3c9\uac00\ub429\ub2c8\ub2e4. 2025-12-31 \uae30\uc900 \ud604\uae08 \ubc0f \ud604\uae08\uc131\uc790\uc0b0\uc740 2,767,856,402,000, \ud604\uae08\uacfc \ub2e8\uae30\ud22c\uc790\ub294 3,128,197,533,000\uc785\ub2c8\ub2e4. \ucd1d\ubd80\ucc44\ub294 1,064,582,701,000\uc774\uace0, \uc720\ub3d9\ube44\uc728\uc740 2.618\ub85c \ub2e8\uae30 \uc720\ub3d9\uc131\uc740 \ucda9\ubd84\ud569\ub2c8\ub2e4. \ucd1d\uc790\uc0b0\uc740 7,933,023,878,000, \uc8fc\uc8fc\uc790\ubcf8\uc740 5,419,595,994,000\uc73c\ub85c \uc804\ubd84\uae30 \ub300\ube44 \uc790\ubcf8 \uae30\ubc18\uc774 \ud655\ub300\ub410\uc2b5\ub2c8\ub2e4. \ub2e4\ub9cc \ucd1d\ubd80\ucc44\uac00 \uc804\ubd84\uae30 949,207,252,000\uc5d0\uc11c \uc99d\uac00\ud588\uace0, \uac74\uc124\uc911\uc778\uc790\uc0b0\uc774 1,518,996,210,000\uae4c\uc9c0 \ub298\uc5b4\ub09c \uc810\uc740 \ud5a5\ud6c4 \uac10\uac00\uc0c1\uac01\ube44\uc640 \ud22c\uc790 \ud68c\uc218 \uc18d\ub3c4\ub97c \ud655\uc778\ud574\uc57c \ud558\ub294 \ubd80\ubd84\uc785\ub2c8\ub2e4.\n\n\ubc38\ub958\uc5d0\uc774\uc158\uc740 \ud488\uc9c8\uc744 \ubc18\uc601\ud574 \ub192\uc2b5\ub2c8\ub2e4. TTM \uc8fc\uac00\uc218\uc775\ube44\uc728\uc740 36.492798, \uc120\ud589 \uc8fc\uac00\uc218\uc775\ube44\uc728\uc740 20.60835\uc774\uba70, TTM EPS\ub294 10.41, \uc120\ud589 EPS\ub294 18.43379\uc785\ub2c8\ub2e4. \uc2dc\uac00\ucd1d\uc561\uc740 1,970,301,304,832, \uc8fc\uac00\uc21c\uc790\uc0b0\ube44\uc728\uc740 58.110672\ub85c \ud45c\uc2dc\ub418\uc5b4 \uc788\uc5b4, \uc2dc\uc7a5\uc740 \uc774\ubbf8 \uac15\ud55c \uc131\uc7a5\uc131\uacfc \ub3c5\uc810\uc801 \uc81c\uc870 \uc5ed\ub7c9\uc744 \uc0c1\ub2f9 \ubd80\ubd84 \uac00\uaca9\uc5d0 \ubc18\uc601\ud558\uace0 \uc788\uc2b5\ub2c8\ub2e4. 52\uc8fc \uace0\uc810 390.21, 52\uc8fc \uc800\uc810 145.84, 50\uc77c \ud3c9\uade0 352.1604, 200\uc77c \ud3c9\uade0 295.4742\ub97c \ubcf4\uba74 \uc8fc\uac00\ub3c4 \uc911\uae30 \uc0c1\uc2b9 \ucd94\uc138 \uc704\uc5d0 \uc788\uc2b5\ub2c8\ub2e4.\n\n\uc8fc\uc8fc\ud658\uc6d0\uc740 \ubc30\ub2f9 \uc911\uc2ec\uc785\ub2c8\ub2e4. \ubc30\ub2f9\uc218\uc775\ub960\uc740 0.92\ub85c \ub192\uc9c0\ub294 \uc54a\uc9c0\ub9cc, \ud604\uae08\ucc3d\ucd9c\ub825\uacfc \uc774\uc775 \uaddc\ubaa8\ub97c \uace0\ub824\ud558\uba74 \uc9c0\uc18d\uc131\uc740 \uc591\ud638\ud574 \ubcf4\uc785\ub2c8\ub2e4. 2025-12-31 \ubd84\uae30 \ud604\uae08\ubc30\ub2f9 \uc9c0\uae09\uc561\uc740 -129,663,077,000\uc73c\ub85c \uc804\ubd84\uae30 -116,697,301,000\ubcf4\ub2e4 \uc99d\uac00\ud588\uc2b5\ub2c8\ub2e4. \uc790\uc0ac\uc8fc \ub9e4\uc785\uc740 \uc758\ubbf8 \uc788\ub294 \uaddc\ubaa8\ub85c \ud655\uc778\ub418\uc9c0 \uc54a\uc2b5\ub2c8\ub2e4.\n\n\ub0b4\ubd80\uc790 \uac70\ub798\ub294 \uae0d\uc815\uc801 \uc2e0\ud638\uac00 \ud558\ub098 \ud655\uc778\ub429\ub2c8\ub2e4. 2026-03-31\uc5d0 Director\uc778 BURNS URSULA M\uc774 1,000\uc8fc\ub97c \uc8fc\ub2f9 322.05\uc5d0 \ub9e4\uc218\ud588\uace0, \uac70\ub798\uac00\uce58\ub294 322,050\uc785\ub2c8\ub2e4. \ub2e8\uc77c \uac70\ub798 \uaddc\ubaa8\uac00 \ud68c\uc0ac \uaddc\ubaa8 \ub300\ube44 \uc791\uc544 \uac15\ud55c \ud22c\uc790 \uc2e0\ud638\ub85c \uacfc\ub300\ud574\uc11d\ud558\uae30\ub294 \uc5b4\ub835\uc9c0\ub9cc, \ucd5c\uadfc \uac00\uaca9\ub300\uc5d0\uc11c \uc774\uc0ac\ud68c \uad6c\uc131\uc6d0\uc758 \uacf5\uac1c \ub9e4\uc218\uac00 \uc788\uc5c8\ub2e4\ub294 \uc810\uc740 \uc2ec\ub9ac\uc801\uc73c\ub85c \uae0d\uc815\uc801\uc785\ub2c8\ub2e4.\n\n\uc911\uae30 \ud2b8\ub808\uc774\ub354 \uad00\uc810\uc5d0\uc11c TSM\uc758 \ud575\uc2ec\uc740 \u201c\uac15\ud55c \ud380\ub354\uba58\ud138\uacfc \ub192\uc740 \uae30\ub300\uce58\uc758 \uacf5\uc874\u201d\uc785\ub2c8\ub2e4. \ub9e4\ucd9c, \uc774\uc775, \ud604\uae08\ud750\ub984, \uc720\ub3d9\uc131 \ubaa8\ub450 \uc6b0\uc218\ud558\uc9c0\ub9cc, \ubc38\ub958\uc5d0\uc774\uc158\uc774 \uc774\ubbf8 \uace0\uc131\uc7a5 \uc9c0\uc18d\uc744 \uc804\uc81c\ub85c \ud558\uace0 \uc788\uc5b4 \ud5a5\ud6c4 \uc2e4\uc801 \ubc1c\ud45c\uc5d0\uc11c \ub9e4\ucd9c \uc131\uc7a5\ub960, \uc120\ub2e8 \uacf5\uc815 \uc218\uc694, \uc124\ube44\ud22c\uc790 \uaddc\ubaa8, \uac10\uac00\uc0c1\uac01 \ubd80\ub2f4, \ucd1d\ub9c8\uc9c4 \uac00\uc774\ub358\uc2a4 \ubcc0\ud654\uac00 \uc8fc\uac00 \ubc18\uc751\uc744 \uc88c\uc6b0\ud560 \uac00\ub2a5\uc131\uc774 \ud07d\ub2c8\ub2e4.\n\n| \uad6c\ubd84 | \ud575\uc2ec \ub0b4\uc6a9 | \ud2b8\ub808\uc774\ub529 \uad00\uc810 |\n|---|---|---|\n| \uac15\uc810 | 2025-12-31 \ubd84\uae30 \ub9e4\ucd9c 1,046,090,421,000, \uc21c\uc774\uc775 505,743,990,000\uc73c\ub85c \uc131\uc7a5 \uc9c0\uc18d | \uc2e4\uc801 \ubaa8\uba58\ud140\uc740 \uc6b0\ud638\uc801 |\n| \uac15\uc810 | TTM \uc774\uc775\ub960 0.45099998, \uc601\uc5c5\uc774\uc775\ub960 0.53916, \uc790\uae30\uc790\ubcf8\uc774\uc775\ub960 0.35064 | \uace0\ud488\uc9c8 \uc218\uc775\uc131 \ud504\ub9ac\ubbf8\uc5c4 \uc815\ub2f9\ud654 |\n| \uac15\uc810 | 2025-12-31 \ubd84\uae30 \uc790\uc720\ud604\uae08\ud750\ub984 364,040,978,000 | \ub300\uaddc\ubaa8 \ud22c\uc790\uc5d0\ub3c4 \ud604\uae08\ucc3d\ucd9c\ub825 \uacac\uc870 |\n| \uac15\uc810 | \ud604\uae08 \ubc0f \ud604\uae08\uc131\uc790\uc0b0 2,767,856,402,000, \uc720\ub3d9\ube44\uc728 2.618 | \uc7ac\ubb34 \uc720\uc5f0\uc131 \ub192\uc74c |\n| \uc57d\uc810 | \uc8fc\uac00\uc218\uc775\ube44\uc728 36.492798, \uc8fc\uac00\uc21c\uc790\uc0b0\ube44\uc728 58.110672 | \uae30\ub300\uce58\uac00 \ub192\uc544 \uc2e4\uc801 \uc2e4\ub9dd\uc5d0 \ubbfc\uac10 |\n| \uc57d\uc810 | \uc790\ubcf8\uc801\uc9c0\ucd9c -361,467,809,000, \uac74\uc124\uc911\uc778\uc790\uc0b0 1,518,996,210,000 | \uc124\ube44\ud22c\uc790\uc640 \uac10\uac00\uc0c1\uac01 \ubd80\ub2f4 \uc9c0\uc18d |\n| \uc57d\uc810 | \ucd1d\ubd80\ucc44 1,064,582,701,000\uc73c\ub85c \uc804\ubd84\uae30 \ub300\ube44 \uc99d\uac00 | \ub808\ubc84\ub9ac\uc9c0 \ud655\ub300 \uc18d\ub3c4 \uc810\uac80 \ud544\uc694 |\n| \uad00\ucc30 \ud56d\ubaa9 | \ucd1d\ub9c8\uc9c4, \uc120\ub2e8 \uacf5\uc815 \uc218\uc694, AI \uad00\ub828 \uc8fc\ubb38 \uc9c0\uc18d\uc131 | \ub2e4\uc74c \uc2e4\uc801\uacfc \uac00\uc774\ub358\uc2a4\uc758 \ud575\uc2ec \ubcc0\uc218 |\n| \uad00\ucc30 \ud56d\ubaa9 | 2026-03-31 Director 1,000\uc8fc \ub9e4\uc218 | \uc18c\ud3ed \uae0d\uc815\uc801\uc774\ub098 \uaddc\ubaa8\ub294 \uc81c\ud55c\uc801 |\n| \uad00\ucc30 \ud56d\ubaa9 | \ubc30\ub2f9 \uc9c0\uae09 \uc99d\uac00\uc640 \uc790\uc720\ud604\uae08\ud750\ub984 \uade0\ud615 | \uc8fc\uc8fc\ud658\uc6d0 \uc5ec\ub825 \uc720\uc9c0 \uc5ec\ubd80 \ud655\uc778 |", "investment_debate_state": { "bull_history": "\nBull Analyst: TSM\uc5d0 \ub300\ud574 \uc800\ub294 \uc5ec\uc804\ud788 \uac15\ud55c \ub9e4\uc218 \ub17c\ub9ac\ub97c \uc720\uc9c0\ud569\ub2c8\ub2e4. \ud575\uc2ec\uc740 \ub2e8\uc21c\ud569\ub2c8\ub2e4. \uc774 \ud68c\uc0ac\ub294 AI \ubc18\ub3c4\uccb4 \uc0ac\uc774\ud074\uc758 \u201c\uae30\ub300 \uc218\ud61c\uc8fc\u201d\uac00 \uc544\ub2c8\ub77c, \uc774\ubbf8 \ub9e4\ucd9c\uacfc \uc774\uc775\uc73c\ub85c \uc218\ud61c\ub97c \uc99d\uba85\ud558\uace0 \uc788\ub294 \ud575\uc2ec \ubcd1\ubaa9 \uae30\uc5c5\uc785\ub2c8\ub2e4.\n\n\uba3c\uc800 \uc131\uc7a5\uc131\ubd80\ud130 \ubcf4\uc8e0. 2026\ub144 1\ubd84\uae30 \ub9e4\ucd9c\uc740 \uc804\ub144 \ub300\ube44 35% \uc99d\uac00\ud574 \uc57d 356\uc5b5 \ub2ec\ub7ec, 1\uc8701300\uc5b5 \ub300\ub9cc\ub2ec\ub7ec\ub85c \ubcf4\ub3c4\ub410\uc2b5\ub2c8\ub2e4. \uc774\uac74 AI \uc218\uc694\uac00 \ub9d0\ubfd0\uc778 \ud14c\ub9c8\uac00 \uc544\ub2c8\ub77c \uc2e4\uc81c \uc6e8\uc774\ud37c \uc8fc\ubb38, \uc120\ub2e8 \uacf5\uc815 \uac00\ub3d9\ub960, \uace0\uc131\ub2a5 \ucef4\ud4e8\ud305 \ub9e4\ucd9c\ub85c \uc804\ud658\ub418\uace0 \uc788\ub2e4\ub294 \uac00\uc7a5 \uc9c1\uc811\uc801\uc778 \uc99d\uac70\uc785\ub2c8\ub2e4. \ubc18\ub3c4\uccb4 \uc5c5\uc885\uc5d0\uc11c\ub294 \u201c\uc218\uc694\uac00 \uc788\ub2e4\u201d\ub294 \uc774\uc57c\uae30\ubcf4\ub2e4 \u201c\ub9e4\ucd9c\uc774 \uc774\ubbf8 \ucc0d\ud614\ub2e4\u201d\ub294 \uc0ac\uc2e4\uc774 \ud6e8\uc52c \uc911\uc694\ud569\ub2c8\ub2e4. TSM\uc740 \uc9c0\uae08 \uadf8 \ub2e8\uacc4\ub97c \ud1b5\uacfc\ud588\uc2b5\ub2c8\ub2e4.\n\n\uacf0 \ucabd\uc5d0\uc11c\ub294 \ub192\uc740 \ubc38\ub958\uc5d0\uc774\uc158\uc744 \uac00\uc7a5 \uba3c\uc800 \uc9c0\uc801\ud560 \uac81\ub2c8\ub2e4. TTM PER 36.5\ubc30\ub294 \uc2f8\uc9c0 \uc54a\uc2b5\ub2c8\ub2e4. \ud558\uc9c0\ub9cc \uc5ec\uae30\uc11c \uc911\uc694\ud55c \uac74 forward PER\uc774 20.6\ubc30\uae4c\uc9c0 \ub0b4\ub824\uc628\ub2e4\ub294 \uc810\uc785\ub2c8\ub2e4. TTM EPS 10.41\uc5d0\uc11c \uc120\ud589 EPS 18.43\uc73c\ub85c \uae30\ub300\ub418\ub294 \uc774\uc775 \uc99d\uac00 \ud3ed\uc744 \uac10\uc548\ud558\uba74, \uc2dc\uc7a5\uc774 \ub2e8\uc21c\ud788 \ud76c\ub9dd\uc744 \uc0ac\ub294 \uac83\uc774 \uc544\ub2c8\ub77c \uc774\uc775 \ub808\ubca8\uc5c5\uc744 \uac00\uaca9\uc5d0 \ubc18\uc601\ud558\uace0 \uc788\ub294 \uac81\ub2c8\ub2e4. \uace0\ud3c9\uac00 \ub17c\ub9ac\ub294 \uc774\uc775 \uc131\uc7a5\ub960\uc774 \ub454\ud654\ub420 \ub54c \uac15\ud574\uc9c0\uc9c0\ub9cc, \ud604\uc7ac \uc790\ub8cc\ub294 \ubc18\ub300\ub85c \ub9e4\ucd9c, \uc21c\uc774\uc775, \ud604\uae08\ud750\ub984, \uc218\uc775\uc131\uc774 \ud568\uaed8 \uac1c\uc120\ub418\uace0 \uc788\uc74c\uc744 \ubcf4\uc5ec\uc90d\ub2c8\ub2e4.\n\n\ud380\ub354\uba58\ud138\uc740 \ub9e4\uc6b0 \ud0c4\ud0c4\ud569\ub2c8\ub2e4. 2025\ub144 12\uc6d4 31\uc77c \ubd84\uae30 \ub9e4\ucd9c\uc740 1\uc870460\uc5b5 \ub300\ub9cc\ub2ec\ub7ec, \uc21c\uc774\uc775\uc740 5,057\uc5b5 \ub300\ub9cc\ub2ec\ub7ec\ub85c \uc804\ubd84\uae30 \ub300\ube44 \ubaa8\ub450 \uc99d\uac00\ud588\uc2b5\ub2c8\ub2e4. \ubd84\uae30 \ub9e4\ucd9c\ucd1d\uc774\uc775\ub960\uc740 \uc57d 62.3%, \uc601\uc5c5\uc774\uc775\ub960\uc740 \uc57d 54.0% \uc218\uc900\uc785\ub2c8\ub2e4. TTM \uc601\uc5c5\uc774\uc775\ub960 53.9%, \uc21c\uc774\uc775\ub960 45.1%, ROE 35.1%\ub294 \uc81c\uc870\uc5c5\uccb4\ub77c\uae30\ubcf4\ub2e4 \ub3c5\uc810\uc801 \ud50c\ub7ab\ud3fc \uae30\uc5c5\uc5d0 \uac00\uae4c\uc6b4 \uc218\uc775\uc131\uc785\ub2c8\ub2e4. \uc774 \uc815\ub3c4 \ub9c8\uc9c4 \uad6c\uc870\ub294 \ub2e8\uc21c\ud55c \uaddc\ubaa8\uc758 \uacbd\uc81c\ub9cc\uc73c\ub85c \uc124\uba85\ub418\uc9c0 \uc54a\uc2b5\ub2c8\ub2e4. \uc120\ub2e8 \uacf5\uc815 \uae30\uc220, \uace0\uac1d \uc2e0\ub8b0, \uc218\uc728, \ud328\ud0a4\uc9d5 \uc5ed\ub7c9, \ub300\uccb4 \ubd88\uac00\ub2a5\ud55c \uc0dd\uc0b0\ub2a5\ub825\uc774 \uacb0\ud569\ub41c \uacb0\uacfc\uc785\ub2c8\ub2e4.\n\n\uacbd\uc7c1 \uc6b0\uc704\ub3c4 \ub69c\ub837\ud569\ub2c8\ub2e4. Intel\uc758 Terafab, \ubbf8\uad6d \ub0b4 \ub300\uccb4 \ud30c\uc6b4\ub4dc\ub9ac, \uba38\uc2a4\ud06c \uad00\ub828 \uc81c\uc870 \uad6c\uc0c1\uc740 \uc7a5\uae30\uc801\uc73c\ub85c \uad00\ucc30\ud560 \ud544\uc694\uac00 \uc788\uc9c0\ub9cc, \uc9c0\uae08 \ub2f9\uc7a5 TSM\uc758 \uc810\uc720\uc728\uc774\ub098 \uc218\uc775\uc131\uc744 \ud6fc\uc190\ud558\ub294 \uadfc\uac70\ub85c \ubcf4\uae30\uc5d0\ub294 \ub108\ubb34 \uc774\ub985\ub2c8\ub2e4. \uc624\ud788\ub824 \uc774\ub7f0 \ub274\uc2a4\uac00 \ubc18\ubcf5\ub41c\ub2e4\ub294 \uc0ac\uc2e4 \uc790\uccb4\uac00 \uc2dc\uc7a5\uc774 TSM\uc758 \uc704\uce58\ub97c \uc5bc\ub9c8\ub098 \ub530\ub77c\uc7a1\uae30 \uc5b4\ub824\uc6b4 \uae30\uc900\uc810\uc73c\ub85c \ubcf4\uace0 \uc788\ub294\uc9c0\ub97c \ubcf4\uc5ec\uc90d\ub2c8\ub2e4. \uacbd\uc7c1\uc790\uac00 \u201cTSM\uc744 \ub530\ub77c\uc7a1\uaca0\ub2e4\u201d\uace0 \ub9d0\ud558\ub294 \ub3d9\uc548, TSM\uc740 \uc774\ubbf8 AI \uace0\uac1d\ub4e4\uc758 \uac00\uc7a5 \uc911\uc694\ud55c \uc0dd\uc0b0 \ud30c\ud2b8\ub108\ub85c \ub9e4\ucd9c\uc744 \ub9cc\ub4e4\uace0 \uc788\uc2b5\ub2c8\ub2e4.\n\n\uae30\uc220\uc801 \ud750\ub984\ub3c4 bull case\ub97c \ub4b7\ubc1b\uce68\ud569\ub2c8\ub2e4. 2026\ub144 4\uc6d4 14\uc77c \uae30\uc900 \uac00\uaca9\uc740 10\uc77c EMA 359.54, 50\uc77c SMA 351.56, 200\uc77c SMA 294.12\ub97c \ubaa8\ub450 \uc0c1\ud68c\ud558\uace0 \uc788\uc2b5\ub2c8\ub2e4. 50\uc77c\uc120\uacfc 200\uc77c\uc120\uc774 \ubaa8\ub450 \uc6b0\uc0c1\ud5a5\uc774\ub77c\ub294 \uc810\uc740 \uc911\uc7a5\uae30 \uc0c1\uc2b9 \uad6c\uc870\uac00 \uc544\uc9c1 \uc0b4\uc544 \uc788\ub2e4\ub294 \uc758\ubbf8\uc785\ub2c8\ub2e4. 3\uc6d4 30\uc77c 316.50 \uc800\uc810 \uc774\ud6c4 4\uc6d4 13\uc77c 369.57\uae4c\uc9c0 \uc57d 16.8% \ud68c\ubcf5\ud588\uace0, 4\uc6d4 8\uc77c\uc5d0\ub294 \uac70\ub798\ub7c9 1,635\ub9cc \uc8fc\ub97c \ub3d9\ubc18\ud558\uba70 365.90\uae4c\uc9c0 \uae09\ub4f1\ud588\uc2b5\ub2c8\ub2e4. \uc587\uc740 \ubc18\ub4f1\uc774 \uc544\ub2c8\ub77c \uc2e4\uc81c \uc218\uae09\uc774 \ubd99\uc740 \ud68c\ubcf5\uc785\ub2c8\ub2e4.\n\n\ubaa8\uba58\ud140\ub3c4 \uc88b\uc2b5\ub2c8\ub2e4. MACD\ub294 3\uc6d4 30\uc77c -6.38\uc5d0\uc11c 4\uc6d4 14\uc77c 6.44\ub85c \uac15\ud558\uac8c \ubc18\uc804\ud588\uc2b5\ub2c8\ub2e4. RSI\ub294 66.01\ub85c \uac15\uc138\uad8c\uc774\uc9c0\ub9cc \uc544\uc9c1 70\uc744 \ub118\ub294 \uadf9\ub2e8\uc801 \uacfc\uc5f4\uc740 \uc544\ub2d9\ub2c8\ub2e4. \uc989 \u201c\uc774\ubbf8 \ub108\ubb34 \ub2a6\uc5c8\ub2e4\u201d\uae30\ubcf4\ub2e4\ub294 \u201c\uac15\ud55c \ucd94\uc138\uac00 \uc7ac\uac1c\ub410\uace0, \ub2e8\uae30 \uc9c4\uc785 \uac00\uaca9\ub9cc \uad00\ub9ac\ud558\uba74 \ub41c\ub2e4\u201d\ub294 \ucabd\uc5d0 \uac00\uae5d\uc2b5\ub2c8\ub2e4. \ubcfc\ub9b0\uc800 \uc0c1\ub2e8 378.90\uacfc 2\uc6d4 \uace0\uc810\uad8c 384.67~386.64\uac00 \uc800\ud56d\uc774\uae34 \ud558\uc9c0\ub9cc, \uac70\ub798\ub7c9\uc744 \ub3d9\ubc18\ud574 \ub3cc\ud30c\ud558\uba74 \uc774\uc804 \uace0\uc810 \uc7ac\uc2dc\ud5d8 \uac00\ub2a5\uc131\uc774 \ucda9\ubd84\ud569\ub2c8\ub2e4.\n\n\uac70\uc2dc \ub9ac\uc2a4\ud06c\ub3c4 \ubb34\uc2dc\ud558\uc9c0 \uc54a\uc2b5\ub2c8\ub2e4. \uc774\ub780 \uc804\uc7c1, \uc720\uac00 \uc0c1\uc2b9, \ub2ec\ub7ec \uac15\uc138, \uae08\ub9ac \uc778\ud558 \uae30\ub300 \uc57d\ud654\ub294 \uae30\uc220\uc8fc \ubc38\ub958\uc5d0\uc774\uc158\uc5d0 \ubd80\ub2f4\uc785\ub2c8\ub2e4. \ud558\uc9c0\ub9cc \uc5ec\uae30\uc11c TSM\uc740 \uc57d\ud55c \uc131\uc7a5\uc8fc\uc640 \ub2e4\ub985\ub2c8\ub2e4. \ud604\uae08 \ubc0f \ud604\uae08\uc131\uc790\uc0b0 2\uc8707,678\uc5b5 \ub300\ub9cc\ub2ec\ub7ec, \ud604\uae08\uacfc \ub2e8\uae30\ud22c\uc790 3\uc8701,282\uc5b5 \ub300\ub9cc\ub2ec\ub7ec, \uc720\ub3d9\ube44\uc728 2.618\uc744 \uac00\uc9c4 \uae30\uc5c5\uc785\ub2c8\ub2e4. \uace0\uae08\ub9ac \ud658\uacbd\uc5d0\uc11c \ubc84\ud2f0\ub294 \uc815\ub3c4\uac00 \uc544\ub2c8\ub77c, \uc124\ube44\ud22c\uc790\ub97c \uc9c0\uc18d\ud558\uba70 \uacbd\uc7c1 \uaca9\ucc28\ub97c \ub113\ud790 \uc218 \uc788\ub294 \uc7ac\ubb34 \uccb4\ub825\uc744 \uac16\ucdc4\uc2b5\ub2c8\ub2e4.\n\n\uc124\ube44\ud22c\uc790 \ubd80\ub2f4\uc5d0 \ub300\ud55c bear argument\ub3c4 \uc77c\ub9ac\uac00 \uc788\uc2b5\ub2c8\ub2e4. 2025\ub144 12\uc6d4 \ubd84\uae30 \uc790\ubcf8\uc801\uc9c0\ucd9c\uc740 3,614\uc5b5 \ub300\ub9cc\ub2ec\ub7ec, \uac74\uc124\uc911\uc778\uc790\uc0b0\ub3c4 1\uc8705,190\uc5b5 \ub300\ub9cc\ub2ec\ub7ec\uae4c\uc9c0 \ub298\uc5c8\uc2b5\ub2c8\ub2e4. \ud558\uc9c0\ub9cc \uc774\uac74 \ub2e8\uc21c \ube44\uc6a9\uc774 \uc544\ub2c8\ub77c \uc218\uc694\uac00 \ud655\uc778\ub41c \ubcd1\ubaa9 \uc0b0\uc5c5\uc5d0\uc11c\uc758 \uc0dd\uc0b0\ub2a5\ub825 \ud655\ubcf4\uc785\ub2c8\ub2e4. \ub354 \uc911\uc694\ud55c \uac74 \uac19\uc740 \ubd84\uae30\uc5d0 \uc601\uc5c5\ud604\uae08\ud750\ub984 7,255\uc5b5 \ub300\ub9cc\ub2ec\ub7ec, \uc790\uc720\ud604\uae08\ud750\ub984 3,640\uc5b5 \ub300\ub9cc\ub2ec\ub7ec\ub97c \ucc3d\ucd9c\ud588\ub2e4\ub294 \uc810\uc785\ub2c8\ub2e4. \ub300\uaddc\ubaa8 \ud22c\uc790\uc5d0\ub3c4 FCF\uac00 \uc591\ud638\ud558\ub2e4\ub294 \uac74 \ud22c\uc790 \uc0ac\uc774\ud074\uc774 \uc7ac\ubb34\uad6c\uc870\ub97c \ud6fc\uc190\ud558\uace0 \uc788\uc9c0 \uc54a\ub2e4\ub294 \ub73b\uc785\ub2c8\ub2e4.\n\n\uc9c0\uc815\ud559 \ub9ac\uc2a4\ud06c\ub3c4 \ubd84\uba85\ud55c \ud560\uc778 \uc694\uc778\uc785\ub2c8\ub2e4. \uadf8\ub7ec\ub098 \uc774 \ub9ac\uc2a4\ud06c\ub294 \ub3d9\uc2dc\uc5d0 TSM\uc758 \uc804\ub7b5\uc801 \uac00\uce58\ub97c \ub192\uc774\ub294 \uc591\uba74\uc131\uc744 \uac16\uc2b5\ub2c8\ub2e4. \uae00\ub85c\ubc8c AI \uc0b0\uc5c5\uc774 TSMC\uc5d0 \ud06c\uac8c \uc758\uc874\ud55c\ub2e4\ub294 \ubcf4\ub3c4\ub294 \uacf5\uae09\ub9dd \uc9d1\uc911 \ub9ac\uc2a4\ud06c\ub97c \uc758\ubbf8\ud558\uc9c0\ub9cc, \ud22c\uc790 \uad00\uc810\uc5d0\uc11c\ub294 \uadf8\ub9cc\ud07c \uace0\uac1d\ub4e4\uc774 TSM \uc5c6\uc774 AI \uc778\ud504\ub77c \ud655\uc7a5\uc744 \ud558\uae30 \uc5b4\ub835\ub2e4\ub294 \ub73b\uc774\uae30\ub3c4 \ud569\ub2c8\ub2e4. \ub9ac\uc2a4\ud06c \ub54c\ubb38\uc5d0 \ud504\ub9ac\ubbf8\uc5c4\uc774 \uc0ac\ub77c\uc9c0\ub294 \uac8c \uc544\ub2c8\ub77c, \ud575\uc2ec \uacf5\uae09\uc790\ub85c\uc11c\uc758 \ud611\uc0c1\ub825\uacfc \uc7a5\uae30 \uc218\uc694 \uac00\uc2dc\uc131\uc774 \uac15\ud654\ub418\ub294 \uce21\uba74\ub3c4 \ubd10\uc57c \ud569\ub2c8\ub2e4.\n\n\ucd5c\uadfc \ub274\uc2a4 \ud750\ub984\ub3c4 \uae0d\uc815\uc801\uc785\ub2c8\ub2e4. 4\uc6d4 \ub4e4\uc5b4 \ub0b4\ub7ec\ud2f0\ube0c\ub294 3\uc6d4 \ub9d0\uc758 \uc5c5\uc885 \uc870\uc815 \uc6b0\ub824\uc5d0\uc11c \u201cAI \uc218\uc694 \ud655\uc778\u201d, \u201c\uc608\uc0c1 \uc0c1\ud68c\u201d, \u201c\uacf5\uae09 \ubd80\uc871\u201d, \u201c\uc120\ub2e8 \uacf5\uc815 \ubcd1\ubaa9\u201d\uc73c\ub85c \ubc14\ub00c\uc5c8\uc2b5\ub2c8\ub2e4. ASML\uc758 \uac00\uc774\ub358\uc2a4 \uc0c1\ud5a5\uacfc \uce69 \uc218\uc694\uac00 \uacf5\uae09\uc744 \uc55e\uc9c0\ub978\ub2e4\ub294 \uba54\uc2dc\uc9c0\ub294 TSM\uc758 \uc2e4\uc801 \ud638\uc870\uac00 \uc77c\ud68c\uc131\uc774\ub77c\uae30\ubcf4\ub2e4 \uacf5\uae09\ub9dd \uc804\uccb4\uc758 \uad6c\uc870\uc801 \uc218\uc694 \uc2e0\ud638\ub77c\ub294 \uc810\uc744 \ubcf4\uac15\ud569\ub2c8\ub2e4.\n\n\uacfc\uac70 \uc720\uc0ac \uc0c1\ud669\uc5d0\uc11c \ubc30\uc6cc\uc57c \ud560 \uc810\uc740 \ub450 \uac00\uc9c0\uc785\ub2c8\ub2e4. \uccab\uc9f8, AI\ub77c\ub294 \ub2e8\uc5b4\ub9cc \ubcf4\uace0 \ucd94\uaca9 \ub9e4\uc218\ud558\uba74 \uc548 \ub429\ub2c8\ub2e4. \uc22b\uc790\ub85c \ud655\uc778\ub41c \ub9e4\ucd9c, \ub9c8\uc9c4, \ud604\uae08\ud750\ub984\uc774 \ud544\uc694\ud569\ub2c8\ub2e4. TSM\uc740 \uc774 \uc870\uac74\uc744 \ucda9\uc871\ud569\ub2c8\ub2e4. \ub458\uc9f8, \uc88b\uc740 \ud68c\uc0ac\ub3c4 \uc774\ubca4\ud2b8 \uc804\ud6c4\ub85c \uae30\ub300\uce58\uac00 \ub108\ubb34 \ub192\uc73c\uba74 \ud754\ub4e4\ub9b4 \uc218 \uc788\uc2b5\ub2c8\ub2e4. \uadf8\ub798\uc11c bull case\ub294 \u201c\ubb34\uc870\uac74 \uc9c0\uae08 \uc804\ub7c9 \ub9e4\uc218\u201d\uac00 \uc544\ub2c8\ub77c, 359.54~351.56 \uc9c0\uc9c0 \uad6c\uac04\uc744 \ud65c\uc6a9\ud558\uac70\ub098 378.90 \ub3cc\ud30c\uc640 \uac70\ub798\ub7c9 \uc7ac\ud655\ub300\ub97c \ud655\uc778\ud558\ub294 \ubc29\uc2dd\uc774 \ub354 \ud569\ub9ac\uc801\uc785\ub2c8\ub2e4.\n\n\uacb0\ub860\uc801\uc73c\ub85c bear case\uc758 \ud575\uc2ec\uc740 \uace0\ud3c9\uac00, CAPEX \ubd80\ub2f4, \uc9c0\uc815\ud559, \uacbd\uc7c1 \uc2ec\ud654\uc785\ub2c8\ub2e4. \ud558\uc9c0\ub9cc \ud604\uc7ac \ub370\uc774\ud130\ub85c \ubcf4\uba74 \uc774 \uc6b0\ub824\ub4e4\uc740 TSM\uc758 \ud22c\uc790 \ub9e4\ub825\uc744 \ubb34\ub108\ub728\ub9ac\uae30\ubcf4\ub2e4 \uc9c4\uc785 \uac00\uaca9\uacfc \ud3ec\uc9c0\uc158 \ud06c\uae30\ub97c \uad00\ub9ac\ud574\uc57c \ud55c\ub2e4\ub294 \uc8fc\uc7a5\uc5d0 \uac00\uae5d\uc2b5\ub2c8\ub2e4. \ubc18\ub300\ub85c bull case\ub294 \ud6e8\uc52c \uc9c1\uc811\uc801\uc785\ub2c8\ub2e4. \ub9e4\ucd9c 35% \uc131\uc7a5, \ucd08\uace0\uc218\uc775\uc131, \uac15\ud55c \ud604\uae08\ucc3d\ucd9c\ub825, \uc120\ub2e8 \uacf5\uc815 \ubcd1\ubaa9 \uc9c0\uc704, AI \uc218\uc694\uc758 \uc2e4\uc801\ud654, \uae30\uc220\uc801 \uc0c1\uc2b9 \ucd94\uc138 \uc7ac\uac1c\uac00 \ubaa8\ub450 \uac19\uc740 \ubc29\ud5a5\uc744 \uac00\ub9ac\ud0a4\uace0 \uc788\uc2b5\ub2c8\ub2e4.\n\nTSM\uc740 \uc644\ubcbd\ud558\uac8c \ubb34\uc704\ud5d8\ud55c \uc8fc\uc2dd\uc740 \uc544\ub2d9\ub2c8\ub2e4. \ud558\uc9c0\ub9cc AI \ubc18\ub3c4\uccb4 \uacf5\uae09\ub9dd\uc5d0\uc11c \uac00\uc7a5 \ud655\uc2e4\ud55c \uc2e4\uc801 \uac00\uc2dc\uc131\uacfc \uacbd\uc7c1 \uc6b0\uc704\ub97c \uac00\uc9c4 \uae30\uc5c5 \uc911 \ud558\ub098\uc774\uba70, \ud604\uc7ac \uc870\uc815 \uc774\ud6c4 \uc0c1\uc2b9 \ucd94\uc138\ub97c \uc7ac\uac1c\ud558\ub294 \uad6c\uac04\uc5d0 \uc788\uc2b5\ub2c8\ub2e4. \ubcc0\ub3d9\uc131\uc740 \uad00\ub9ac\ud574\uc57c \ud558\uc9c0\ub9cc, \uc911\uae30 \uad00\uc810\uc5d0\uc11c bull \ucabd\uc758 \uc99d\uac70\uac00 bear \ucabd\uc758 \uc6b0\ub824\ubcf4\ub2e4 \ub354 \uac15\ud569\ub2c8\ub2e4.", "bear_history": "\nBear Analyst: \uc88b\uc2b5\ub2c8\ub2e4. Bull \ucabd \ub17c\ub9ac\ub294 \ubd84\uba85 \uc124\ub4dd\ub825 \uc788\uc5b4 \ubcf4\uc785\ub2c8\ub2e4. TSM\uc740 \uc88b\uc740 \ud68c\uc0ac\uc774\uace0, AI \uc218\uc694\uac00 \uc2e4\uc81c \ub9e4\ucd9c\ub85c \ucc0d\ud788\uace0 \uc788\uc73c\uba70, \uc218\uc775\uc131\ub3c4 \uc555\ub3c4\uc801\uc785\ub2c8\ub2e4. \ud558\uc9c0\ub9cc \ubc14\ub85c \uadf8 \uc810 \ub54c\ubb38\uc5d0 \uc800\ub294 \uc9c0\uae08 \uc774 \uc8fc\uc2dd\uc744 \uc870\uc2ec\ud574\uc57c \ud55c\ub2e4\uace0 \ubd05\ub2c8\ub2e4. Bear case\uc758 \ud575\uc2ec\uc740 \u201cTSM\uc774 \ub098\uc05c \ud68c\uc0ac\ub2e4\u201d\uac00 \uc544\ub2d9\ub2c8\ub2e4. \ud575\uc2ec\uc740 \u201c\ub108\ubb34 \uc88b\uc740 \uc774\uc57c\uae30\uac00 \uc774\ubbf8 \uac00\uaca9\uacfc \uae30\ub300\uce58\uc5d0 \ub9ce\uc774 \ubc18\uc601\ub410\uace0, \uc5ec\uae30\uc11c\ubd80\ud130\ub294 \uc791\uc740 \uade0\uc5f4\ub3c4 \ud070 \uc8fc\uac00 \ucda9\uaca9\uc73c\ub85c \uc774\uc5b4\uc9c8 \uc218 \uc788\ub2e4\u201d\ub294 \uac81\ub2c8\ub2e4.\n\nBull\uc740 2026\ub144 1\ubd84\uae30 \ub9e4\ucd9c\uc774 \uc804\ub144 \ub300\ube44 35% \uc99d\uac00\ud574 \uc57d 356\uc5b5 \ub2ec\ub7ec, 1\uc8701300\uc5b5 \ub300\ub9cc\ub2ec\ub7ec\ub97c \uae30\ub85d\ud588\ub2e4\ub294 \uc810\uc744 \uac00\uc7a5 \uac15\ud558\uac8c \ub0b4\uc138\uc6c1\ub2c8\ub2e4. \ub9de\uc2b5\ub2c8\ub2e4. \ud558\uc9c0\ub9cc \uc2dc\uc7a5\uc774 \ubaa8\ub974\ub294 \uc22b\uc790\uac00 \uc544\ub2d9\ub2c8\ub2e4. \uc774\ubbf8 \ub274\uc2a4 \uae30\ubc18 \uc815\uc11c\ub294 \u201cAI \uc218\uc694 \ud655\uc778\u201d, \u201c\uc608\uc0c1 \uc0c1\ud68c\u201d, \u201c\uacf5\uae09 \ubd80\uc871\u201d, \u201cTSMC \ubcd1\ubaa9\u201d\uc73c\ub85c \ub9e4\uc6b0 \uae0d\uc815\uc801\uc73c\ub85c \uc3e0\ub824 \uc788\uc2b5\ub2c8\ub2e4. \uc774\ub7f0 \uc0c1\ud669\uc5d0\uc11c\ub294 \uc88b\uc740 \uc2e4\uc801\ub9cc\uc73c\ub85c \ubd80\uc871\ud569\ub2c8\ub2e4. \uc55e\uc73c\ub85c \uc8fc\uac00\uac00 \ub354 \uc624\ub974\ub824\uba74 \uc88b\uc740 \uc2e4\uc801\uc774 \uc544\ub2c8\ub77c \u201c\uae30\ub300\ubcf4\ub2e4 \ud6e8\uc52c \ub354 \uc88b\uc740\u201d \uc2e4\uc801\uacfc \uac00\uc774\ub358\uc2a4\uac00 \ud544\uc694\ud569\ub2c8\ub2e4. \uc989, \ud22c\uc790\uc790\ub294 \uc88b\uc740 \ud68c\uc0ac\uc5d0 \ud22c\uc790\ud558\ub294 \uac8c \uc544\ub2c8\ub77c \ub192\uc544\uc9c4 \uae30\ub300\uce58\ub97c \uacc4\uc18d \uc774\uaca8\uc57c \ud558\ub294 \uc8fc\uc2dd\uc5d0 \ub4e4\uc5b4\uac00\ub294 \uac81\ub2c8\ub2e4.\n\n\ubc38\ub958\uc5d0\uc774\uc158\ubd80\ud130 \ubcf4\uc8e0. TTM PER 36.5\ubc30\ub294 \uc774\ubbf8 \ubd80\ub2f4\uc2a4\ub7fd\uc2b5\ub2c8\ub2e4. Bull\uc740 forward PER 20.6\ubc30\ub97c \uadfc\uac70\ub85c \uc2f8\ub2e4\uace0 \ub9d0\ud558\uc9c0\ub9cc, \uadf8 forward PER \uc790\uccb4\uac00 \uc120\ud589 EPS 18.43\uc774\ub77c\ub294 \ub9e4\uc6b0 \uac15\ud55c \uc774\uc775 \uc99d\uac00\ub97c \uc804\uc81c\ub85c \ud569\ub2c8\ub2e4. \uc774 \uc22b\uc790\uac00 \uc870\uae08\ub9cc \ub0ae\uc544\uc838\ub3c4 \uc800\ud3c9\uac00 \ub17c\ub9ac\ub294 \ube60\ub974\uac8c \ubb34\ub108\uc9d1\ub2c8\ub2e4. \ud2b9\ud788 \ud604\uc7ac \ub0b4\ub7ec\ud2f0\ube0c\uac00 AI \uc218\uc694 \ud558\ub098\uc5d0 \uac15\ud558\uac8c \uc9d1\uc911\ub3fc \uc788\ub2e4\ub294 \uc810\uc774 \ubb38\uc81c\uc785\ub2c8\ub2e4. AI \uc8fc\ubb38 \uc99d\uac00, \uc120\ub2e8 \uacf5\uc815 \uac00\uaca9, \uace0\uac1d\uc0ac CAPEX, \uc7ac\uace0 \uc870\uc815 \uc911 \ud558\ub098\ub77c\ub3c4 \ub454\ud654 \uc2e0\ud638\ub97c \ubcf4\uc774\uba74 \uc2dc\uc7a5\uc740 \u201c20\ubc30 \ucd08\ubc18\uc758 \uc2f8 \ubcf4\uc774\ub294 forward PER\u201d\uc774 \uc544\ub2c8\ub77c \u201c36\ubc30 trailing PER\uc758 \uace0\ud3c9\uac00 \ubc18\ub3c4\uccb4 \uc0ac\uc774\ud074 \uc8fc\uc2dd\u201d\uc73c\ub85c \ub2e4\uc2dc \ubcf4\uae30 \uc2dc\uc791\ud560 \uc218 \uc788\uc2b5\ub2c8\ub2e4.\n\n\uae30\uc220\uc801 \ud750\ub984\ub3c4 Bull\uc774 \ub9d0\ud558\ub294 \uac83\ub9cc\ud07c \ud3b8\ud558\uc9c0 \uc54a\uc2b5\ub2c8\ub2e4. 2026\ub144 3\uc6d4 30\uc77c 316.50\uc5d0\uc11c 4\uc6d4 13\uc77c 369.57\uae4c\uc9c0 \uc774\ubbf8 \uc57d 16.8% \uae09\ubc18\ub4f1\ud588\uc2b5\ub2c8\ub2e4. 4\uc6d4 14\uc77c \uae30\uc900 RSI\ub294 66.01\ub85c 70\uc744 \ub118\uc9c0\ub294 \uc54a\uc558\uc9c0\ub9cc, \uacfc\ub9e4\uc218\uc5d0 \uac00\uae4c\uc6cc\uc9c0\uace0 \uc788\uc2b5\ub2c8\ub2e4. \ubcfc\ub9b0\uc800 \uc0c1\ub2e8 378.90\uacfc 2\uc6d4 \uace0\uc810\uad8c 384.67~386.64\uac00 \ubc14\ub85c \uc704\uc5d0 \uc788\uc2b5\ub2c8\ub2e4. \ub2e4\uc2dc \ub9d0\ud574 upside\ub294 \ub2e8\uae30 \uc800\ud56d\uae4c\uc9c0 \uc81c\ud55c\uc801\uc774\uace0, downside\ub294 10\uc77c EMA 359.54, 50\uc77c SMA 351.56 \uc774\ud0c8 \uc2dc \ube60\ub974\uac8c \uc5f4\ub9b4 \uc218 \uc788\uc2b5\ub2c8\ub2e4. ATR\ub3c4 12.64\uc785\ub2c8\ub2e4. \uc774\uac74 \u201c\ucd94\uc138\uac00 \uac15\ud558\ub2e4\u201d\ub294 \ub9d0\ub3c4 \ub418\uc9c0\ub9cc, \ubc18\ub300\ub85c \uc2e4\uc801 \uc774\ubca4\ud2b8\ub098 \ub9e4\ud06c\ub85c \ucda9\uaca9 \ub54c \ud558\ub8e8 \ubcc0\ub3d9\uc73c\ub85c \uc190\uc808\uc120\uc774 \uc27d\uac8c \ud754\ub4e4\ub9b4 \uc218 \uc788\ub2e4\ub294 \ub73b\uc785\ub2c8\ub2e4.\n\nBull\uc740 4\uc6d4 8\uc77c \uac70\ub798\ub7c9 1,635\ub9cc \uc8fc\ub97c \ub3d9\ubc18\ud55c \uae09\ub4f1\uc744 \uac15\ud55c \uc218\uae09 \uc99d\uac70\ub85c \ubd05\ub2c8\ub2e4. \uc800\ub294 \uc870\uae08 \ub2e4\ub974\uac8c \ubd05\ub2c8\ub2e4. \uadf8\ub0a0\uc758 \uac15\ud55c \uac70\ub798\ub7c9\uc740 \ubd84\uba85 \uc758\ubbf8 \uc788\uc9c0\ub9cc, \uc774\ud6c4 4\uc6d4 9\uc77c 924\ub9cc \uc8fc, 4\uc6d4 13\uc77c 960\ub9cc \uc8fc\ub85c \uac70\ub798\ub7c9\uc774 \uc904\uc5c8\uc2b5\ub2c8\ub2e4. \uc774\ubbf8 \ud070 \ub9e4\uc218\uc138\uac00 \ud55c \ubc88 \ub4e4\uc5b4\uc628 \ub4a4 \ud6c4\uc18d \ub3cc\ud30c \uc5d0\ub108\uc9c0\uac00 \uc57d\ud574\uc84c\uc744 \uac00\ub2a5\uc131\ub3c4 \ubd10\uc57c \ud569\ub2c8\ub2e4. \ud2b9\ud788 378.90\uacfc 384~386\ub2ec\ub7ec \uc800\ud56d\uc744 \ub3cc\ud30c\ud558\ub824\uba74 \uac70\ub798\ub7c9 \uc7ac\ud655\ub300\uac00 \ud544\uc694\ud558\ub2e4\ub294 \uc810\uc740 \uc2dc\uc7a5 \ub9ac\uc11c\uce58\ub3c4 \uc778\uc815\ud558\uace0 \uc788\uc2b5\ub2c8\ub2e4. \uc9c0\uae08\uc740 \u201c\ub3cc\ud30c\uac00 \ud655\uc778\ub41c \uc790\ub9ac\u201d\ub77c\uae30\ubcf4\ub2e4 \u201c\ub3cc\ud30c \uae30\ub300\uac00 \uc120\ubc18\uc601\ub41c \uc790\ub9ac\u201d\uc5d0 \uac00\uae5d\uc2b5\ub2c8\ub2e4.\n\nCAPEX \ubb38\uc81c\ub3c4 Bull\uc774 \ub108\ubb34 \ub099\uad00\uc801\uc73c\ub85c \ud574\uc11d\ud558\uace0 \uc788\uc2b5\ub2c8\ub2e4. 2025\ub144 12\uc6d4 \ubd84\uae30 \uc790\ubcf8\uc801\uc9c0\ucd9c\uc740 3,614\uc5b5 \ub300\ub9cc\ub2ec\ub7ec, \uac74\uc124\uc911\uc778\uc790\uc0b0\uc740 1\uc8705,190\uc5b5 \ub300\ub9cc\ub2ec\ub7ec\uae4c\uc9c0 \ub298\uc5c8\uc2b5\ub2c8\ub2e4. \ubb3c\ub860 \uc218\uc694\uac00 \uc788\ub294 \uc0b0\uc5c5\uc5d0\uc11c CAPEX\ub294 \ubbf8\ub798 \uc131\uc7a5 \ud22c\uc790\uc77c \uc218 \uc788\uc2b5\ub2c8\ub2e4. \ud558\uc9c0\ub9cc \ubc18\ub3c4\uccb4 \uc0b0\uc5c5\uc5d0\uc11c \ub300\uaddc\ubaa8 CAPEX\ub294 \ub298 \uc591\ub0a0\uc758 \uac80\uc785\ub2c8\ub2e4. \uc218\uc694\uac00 \uc608\uc0c1\ubcf4\ub2e4 \uc624\ub798 \uc9c0\uc18d\ub418\uba74 \uc88b\uc9c0\ub9cc, \uace0\uac1d \uc8fc\ubb38\uc774 \uc870\uc815\ub418\uac70\ub098 AI \uc778\ud504\ub77c \ud22c\uc790\uac00 \uc77c\uc2dc\uc801\uc73c\ub85c \ub454\ud654\ub418\uba74 \uac10\uac00\uc0c1\uac01 \ubd80\ub2f4\uacfc \uac00\ub3d9\ub960 \ub9ac\uc2a4\ud06c\uac00 \ub9c8\uc9c4\uc744 \uc555\ubc15\ud569\ub2c8\ub2e4. \ud604\uc7ac 62.3% \ub9e4\ucd9c\ucd1d\uc774\uc775\ub960, 54.0% \uc601\uc5c5\uc774\uc775\ub960\uc740 \ud6cc\ub96d\ud558\uc9c0\ub9cc, \ubc14\ub85c \uadf8\ub807\uae30 \ub54c\ubb38\uc5d0 \ud558\ub77d \uc5ec\uc9c0\ub3c4 \ud07d\ub2c8\ub2e4. \uc644\ubcbd\ud55c \ub9c8\uc9c4 \uad6c\uc870\ub294 \ubc29\uc5b4\ub9c9\uc774 \uc544\ub2c8\ub77c \uae30\ub300\uce58\uc758 \uae30\uc900\uc120\uc774 \ub420 \uc218 \uc788\uc2b5\ub2c8\ub2e4.\n\n\uc7ac\ubb34\uac00 \uac15\ud558\ub2e4\ub294 Bull\uc758 \uc8fc\uc7a5\ub3c4 \ub9de\uc9c0\ub9cc, \uac15\ud55c \uc7ac\ubb34\uac00 \uc8fc\uac00 \ud558\ub77d\uc744 \ub9c9\uc544\uc8fc\uc9c0\ub294 \uc54a\uc2b5\ub2c8\ub2e4. \ud604\uae08 \ubc0f \ud604\uae08\uc131\uc790\uc0b0 2\uc8707,678\uc5b5 \ub300\ub9cc\ub2ec\ub7ec, \uc720\ub3d9\ube44\uc728 2.618\uc740 \ud6cc\ub96d\ud569\ub2c8\ub2e4. \uadf8\ub7ec\ub098 \uc2dc\uc7a5\uc774 \uc9c0\uae08 TSM\uc744 \ud604\uae08 \ubcf4\uc720 \uae30\uc5c5\uc73c\ub85c \ud3c9\uac00\ud558\ub294 \uac83\uc774 \uc544\ub2c8\ub77c AI \uc131\uc7a5, \uc120\ub2e8 \uacf5\uc815 \ub3c5\uc810\ub825, \uace0\ub9c8\uc9c4 \uc9c0\uc18d\uc131\uc73c\ub85c \ud3c9\uac00\ud558\uace0 \uc788\ub2e4\ub294 \uc810\uc774 \uc911\uc694\ud569\ub2c8\ub2e4. \uace0\uae08\ub9ac, \ub2ec\ub7ec \uac15\uc138, \uc720\uac00 \uc0c1\uc2b9, \uc774\ub780 \uc804\uc7c1 \uc774\ud6c4 \uc778\ud50c\ub808\uc774\uc158 \uc6b0\ub824\uc640 \uae08\ub9ac \uc778\ud558 \uae30\ub300 \uc57d\ud654\uac00 \ub3d9\uc2dc\uc5d0 \ub098\ud0c0\ub098\ub294 \ud658\uacbd\uc5d0\uc11c\ub294 \uace0\ud488\uc9c8 \uc131\uc7a5\uc8fc\ub3c4 \uba40\ud2f0\ud50c \uc555\ubc15\uc744 \ubc1b\uc744 \uc218 \uc788\uc2b5\ub2c8\ub2e4. \uc88b\uc740 \ud68c\uc0ac\ub77c\ub3c4 \ud560\uc778\uc728\uc774 \uc62c\ub77c\uac00\uba74 \ubc38\ub958\uc5d0\uc774\uc158\uc740 \ub0ae\uc544\uc9c8 \uc218\ubc16\uc5d0 \uc5c6\uc2b5\ub2c8\ub2e4.\n\n\uc9c0\uc815\ud559 \ub9ac\uc2a4\ud06c\uc5d0 \ub300\ud574\uc11c\ub3c4 Bull\uc740 \u201c\uc591\uba74\uc131\u201d\uc744 \uac15\uc870\ud569\ub2c8\ub2e4. \uae00\ub85c\ubc8c AI \uc0b0\uc5c5\uc774 TSMC\uc5d0 \uc758\uc874\ud558\ub2c8 \ud611\uc0c1\ub825\uc774 \ub192\uc544\uc9c4\ub2e4\ub294 \ub17c\ub9ac\uc8e0. \ud558\uc9c0\ub9cc \ud22c\uc790\uc790 \uad00\uc810\uc5d0\uc11c\ub294 \uadf8 \uc758\uc874\ub3c4 \uc790\uccb4\uac00 \ub9ac\uc2a4\ud06c \ud504\ub9ac\ubbf8\uc5c4\uc744 \ud0a4\uc6c1\ub2c8\ub2e4. \ub300\ub9cc \uc0dd\uc0b0 \uc9d1\uc911, \uacf5\uae09\ub9dd \ucc28\uc9c8 \uac00\ub2a5\uc131, \ubbf8\uc911 \uae34\uc7a5, \uace0\uac1d\uc0ac\uc758 \uacf5\uae09\ub9dd \ub2e4\ubcc0\ud654 \uc555\ub825\uc740 \ub2e8\uc21c\ud55c \uc774\ub860\uc801 \uc704\ud5d8\uc774 \uc544\ub2d9\ub2c8\ub2e4. \uc624\ud788\ub824 AI \uc0b0\uc5c5\uc774 TSMC\uc5d0 \ub354 \uc758\uc874\ud560\uc218\ub85d, \uac01\uad6d \uc815\ubd80\uc640 \ub300\ud615 \uace0\uac1d\uc740 \uc7a5\uae30\uc801\uc73c\ub85c \ub300\uccb4 \uc0dd\uc0b0\ub9dd\uc744 \ub9cc\ub4e4 \uc720\uc778\uc774 \ucee4\uc9d1\ub2c8\ub2e4. \uc774\uac74 \ub2e8\uae30 \ub9e4\ucd9c\uc5d0\ub294 \uc88b\uc744 \uc218 \uc788\uc9c0\ub9cc, \uc7a5\uae30 \ubc38\ub958\uc5d0\uc774\uc158 \ud504\ub9ac\ubbf8\uc5c4\uc5d0\ub294 \ubd80\ub2f4\uc785\ub2c8\ub2e4.\n\n\uacbd\uc7c1 \ub9ac\uc2a4\ud06c\ub3c4 \u201c\uc544\uc9c1 \uba40\uc5c8\ub2e4\u201d\ub294 \uc774\uc720\ub85c \ubb34\uc2dc\ud558\uba74 \uc548 \ub429\ub2c8\ub2e4. Intel Terafab, \ubbf8\uad6d \ub0b4 \ud30c\uc6b4\ub4dc\ub9ac \uc7ac\uac74, \uba38\uc2a4\ud06c \uad00\ub828 \uc81c\uc870 \uad6c\uc0c1\uc740 \ub2f9\uc7a5 TSM\uc758 2026\ub144 \ub9e4\ucd9c\uc744 \ube7c\uc557\uc9c0\ub294 \ubabb\ud560 \uac81\ub2c8\ub2e4. \ud558\uc9c0\ub9cc \uc8fc\uc2dd\uc2dc\uc7a5\uc740 \ub2f9\uc7a5 \uc190\uc775\uacc4\uc0b0\uc11c\ub9cc \ubcf4\ub294 \uacf3\uc774 \uc544\ub2d9\ub2c8\ub2e4. TSM\uc774 \ub3c5\uc810\uc801 \ubcd1\ubaa9 \uae30\uc5c5\uc774\ub77c\ub294 \ud504\ub9ac\ubbf8\uc5c4\uc744 \ubc1b\ub294\ub2e4\uba74, \uadf8 \ubcd1\ubaa9\uc774 \uc7a5\uae30\uc801\uc73c\ub85c \uc644\ud654\ub420 \uac00\ub2a5\uc131\ub9cc\uc73c\ub85c\ub3c4 \uba40\ud2f0\ud50c\uc740 \ub0ae\uc544\uc9c8 \uc218 \uc788\uc2b5\ub2c8\ub2e4. \ud2b9\ud788 \ubbf8\uad6d \ub0b4 \ud575\uc2ec \uace0\uac1d\ub4e4\uc774 \uc804\ub7b5\uc801\uc73c\ub85c \ube44\ub300\ub9cc \uc0dd\uc0b0\ub2a5\ub825\uc744 \uc6d0\ud55c\ub2e4\uba74, TSM\uc758 \ud611\uc0c1\ub825\uc740 \uc9c0\uae08\uc774 \uc815\uc810\uc77c \uc218 \uc788\uc2b5\ub2c8\ub2e4.\n\n\uc81c\uac00 \uacfc\uac70 \uc720\uc0ac\ud55c \uc0c1\ud669\uc5d0\uc11c \ubc30\uc6cc\uc57c \ud560 \uc810\ub3c4 \uc5ec\uae30\uc5d0 \uc788\uc2b5\ub2c8\ub2e4. \uc88b\uc740 \ud68c\uc0ac\uc758 \uc88b\uc740 \uc2e4\uc801\uc744 \ubcf4\uace0 bear case\ub97c \ub108\ubb34 \ub2e8\uc21c\ud788 \u201c\uc131\uc7a5 \ub454\ud654\u201d\ub85c\ub9cc \uc7a1\uc73c\uba74 \ud2c0\ub9ac\uae30 \uc27d\uc2b5\ub2c8\ub2e4. TSM \uac19\uc740 \uae30\uc5c5\uc740 \uc2e4\uc81c\ub85c \uacc4\uc18d \uc131\uc7a5\ud560 \uc218 \uc788\uc2b5\ub2c8\ub2e4. \ud558\uc9c0\ub9cc \uc8fc\uac00\ub294 \uc2e4\uc801\uc758 \uc808\ub300 \uc218\uc900\uc774 \uc544\ub2c8\ub77c \uae30\ub300 \ub300\ube44 \ubcc0\ud654\uc5d0 \ubc18\uc751\ud569\ub2c8\ub2e4. \ub610 AI \uac19\uc740 \uac15\ud55c \ud14c\ub9c8\uc5d0\uc11c\ub294 \uc22b\uc790\uac00 \uc88b\uc544\uc9c8\uc218\ub85d \uc624\ud788\ub824 \uae30\ub300\uce58\uac00 \ub354 \ube68\ub9ac \uc62c\ub77c\uac00\uc11c, \ud22c\uc790\uc790\uac00 \uac10\ub2f9\ud574\uc57c \ud560 \uc2e4\ub9dd \ub9ac\uc2a4\ud06c\uac00 \ucee4\uc9d1\ub2c8\ub2e4. \uc774\ubc88\uc5d0\ub294 \uadf8 \uad50\ud6c8\uc744 \uc801\uc6a9\ud574\uc57c \ud569\ub2c8\ub2e4. TSM\uc744 \uc57d\ud55c \ud68c\uc0ac\ub85c \ubab0\uc544\ubd99\uc774\ub294 \uac8c \uc544\ub2c8\ub77c, \uc88b\uc740 \ud68c\uc0ac\uc784\uc5d0\ub3c4 \ud604\uc7ac \uac00\uaca9\uc5d0\uc11c\ub294 \ub9ac\uc2a4\ud06c-\ubcf4\uc0c1\uc774 \ub9e4\ub825\uc801\uc774\uc9c0 \uc54a\ub2e4\uace0 \ubd10\uc57c \ud569\ub2c8\ub2e4.\n\n\uacb0\ub860\uc801\uc73c\ub85c Bull\uc758 \uc8fc\uc7a5\uc740 \u201cTSM\uc740 \ud6cc\ub96d\ud55c \uae30\uc5c5\u201d\uc774\ub77c\ub294 \uc810\uc5d0\uc11c\ub294 \ub9de\uc2b5\ub2c8\ub2e4. \ud558\uc9c0\ub9cc \ud22c\uc790 \ud310\ub2e8\uc740 \uac70\uae30\uc11c \ub05d\ub098\uc9c0 \uc54a\uc2b5\ub2c8\ub2e4. \ud604\uc7ac \uc8fc\uac00\ub294 3\uc6d4 \uc800\uc810 \uc774\ud6c4 \ube60\ub974\uac8c \ubc18\ub4f1\ud588\uace0, \uc8fc\uc694 \uc800\ud56d\ub300\uc5d0 \uadfc\uc811\ud588\uc73c\uba70, RSI\ub294 \uac15\uc138\uad8c \uc0c1\ub2e8\uc5d0 \uc788\uace0, ATR\uc740 \ub192\uace0, \uc2e4\uc801 \uc774\ubca4\ud2b8 \uae30\ub300\uce58\ub294 \uc774\ubbf8 \ud06c\uac8c \uc62c\ub77c\uc640 \uc788\uc2b5\ub2c8\ub2e4. \ubc38\ub958\uc5d0\uc774\uc158\uc740 \uc120\ud589 \uc774\uc775 \uae09\uc99d\uc744 \uc804\uc81c\ub85c \uc815\ub2f9\ud654\ub418\uace0, CAPEX\uc640 \uac10\uac00\uc0c1\uac01 \ubd80\ub2f4\uc740 \uacc4\uc18d \ucee4\uc9c0\uace0 \uc788\uc73c\uba70, \uc9c0\uc815\ud559\u00b7\uae08\ub9ac\u00b7\ub2ec\ub7ec\u00b7\uc5d0\ub108\uc9c0 \ube44\uc6a9\u00b7\uacbd\uc7c1 \ud22c\uc790\ub77c\ub294 \uc678\ubd80 \ub9ac\uc2a4\ud06c\ub3c4 \ub3d9\uc2dc\uc5d0 \uc874\uc7ac\ud569\ub2c8\ub2e4.\n\n\ub530\ub77c\uc11c \uc81c bear case\ub294 \uba85\ud655\ud569\ub2c8\ub2e4. TSM\uc740 \ub9e4\ub3c4\ud560 \ub9cc\ud07c \ub098\uc05c \uae30\uc5c5\uc774\ub77c\uae30\ubcf4\ub2e4, \uc9c0\uae08 \ucd94\uaca9 \ub9e4\uc218\ud558\uae30\uc5d0\ub294 \ub108\ubb34 \ub9ce\uc740 \uc644\ubcbd\ud568\uc774 \uac00\uaca9\uc5d0 \ub4e4\uc5b4\uac04 \uc8fc\uc2dd\uc785\ub2c8\ub2e4. 359.54\uc758 10\uc77c EMA\uc640 351.56\uc758 50\uc77c SMA\uac00 \ubb34\ub108\uc9c0\uba74 \ucd5c\uadfc \ub3cc\ud30c \uc2e0\ub8b0\ub3c4\ub294 \ube60\ub974\uac8c \uc57d\ud574\uc9c8 \uc218 \uc788\uace0, 378.90~386.64 \uc800\ud56d\uc744 \uac70\ub798\ub7c9 \uc5c6\uc774 \ub118\uc9c0 \ubabb\ud558\uba74 \ucc28\uc775\uc2e4\ud604 \uc555\ub825\uc774 \ucee4\uc9c8 \uac00\ub2a5\uc131\uc774 \ub192\uc2b5\ub2c8\ub2e4. Bull\uc774 \ub9d0\ud55c \uac15\uc810\ub4e4\uc740 \uc0ac\uc2e4\uc774\uc9c0\ub9cc, \ubc14\ub85c \uadf8 \uac15\uc810\ub4e4\uc774 \uc774\ubbf8 consensus\uac00 \ub41c \uc9c0\uae08\uc740 upside surprise\ubcf4\ub2e4 downside disappointment\uac00 \ub354 \uc704\ud5d8\ud55c \uad6c\uac04\uc785\ub2c8\ub2e4.", "history": "\nBull Analyst: TSM\uc5d0 \ub300\ud574 \uc800\ub294 \uc5ec\uc804\ud788 \uac15\ud55c \ub9e4\uc218 \ub17c\ub9ac\ub97c \uc720\uc9c0\ud569\ub2c8\ub2e4. \ud575\uc2ec\uc740 \ub2e8\uc21c\ud569\ub2c8\ub2e4. \uc774 \ud68c\uc0ac\ub294 AI \ubc18\ub3c4\uccb4 \uc0ac\uc774\ud074\uc758 \u201c\uae30\ub300 \uc218\ud61c\uc8fc\u201d\uac00 \uc544\ub2c8\ub77c, \uc774\ubbf8 \ub9e4\ucd9c\uacfc \uc774\uc775\uc73c\ub85c \uc218\ud61c\ub97c \uc99d\uba85\ud558\uace0 \uc788\ub294 \ud575\uc2ec \ubcd1\ubaa9 \uae30\uc5c5\uc785\ub2c8\ub2e4.\n\n\uba3c\uc800 \uc131\uc7a5\uc131\ubd80\ud130 \ubcf4\uc8e0. 2026\ub144 1\ubd84\uae30 \ub9e4\ucd9c\uc740 \uc804\ub144 \ub300\ube44 35% \uc99d\uac00\ud574 \uc57d 356\uc5b5 \ub2ec\ub7ec, 1\uc8701300\uc5b5 \ub300\ub9cc\ub2ec\ub7ec\ub85c \ubcf4\ub3c4\ub410\uc2b5\ub2c8\ub2e4. \uc774\uac74 AI \uc218\uc694\uac00 \ub9d0\ubfd0\uc778 \ud14c\ub9c8\uac00 \uc544\ub2c8\ub77c \uc2e4\uc81c \uc6e8\uc774\ud37c \uc8fc\ubb38, \uc120\ub2e8 \uacf5\uc815 \uac00\ub3d9\ub960, \uace0\uc131\ub2a5 \ucef4\ud4e8\ud305 \ub9e4\ucd9c\ub85c \uc804\ud658\ub418\uace0 \uc788\ub2e4\ub294 \uac00\uc7a5 \uc9c1\uc811\uc801\uc778 \uc99d\uac70\uc785\ub2c8\ub2e4. \ubc18\ub3c4\uccb4 \uc5c5\uc885\uc5d0\uc11c\ub294 \u201c\uc218\uc694\uac00 \uc788\ub2e4\u201d\ub294 \uc774\uc57c\uae30\ubcf4\ub2e4 \u201c\ub9e4\ucd9c\uc774 \uc774\ubbf8 \ucc0d\ud614\ub2e4\u201d\ub294 \uc0ac\uc2e4\uc774 \ud6e8\uc52c \uc911\uc694\ud569\ub2c8\ub2e4. TSM\uc740 \uc9c0\uae08 \uadf8 \ub2e8\uacc4\ub97c \ud1b5\uacfc\ud588\uc2b5\ub2c8\ub2e4.\n\n\uacf0 \ucabd\uc5d0\uc11c\ub294 \ub192\uc740 \ubc38\ub958\uc5d0\uc774\uc158\uc744 \uac00\uc7a5 \uba3c\uc800 \uc9c0\uc801\ud560 \uac81\ub2c8\ub2e4. TTM PER 36.5\ubc30\ub294 \uc2f8\uc9c0 \uc54a\uc2b5\ub2c8\ub2e4. \ud558\uc9c0\ub9cc \uc5ec\uae30\uc11c \uc911\uc694\ud55c \uac74 forward PER\uc774 20.6\ubc30\uae4c\uc9c0 \ub0b4\ub824\uc628\ub2e4\ub294 \uc810\uc785\ub2c8\ub2e4. TTM EPS 10.41\uc5d0\uc11c \uc120\ud589 EPS 18.43\uc73c\ub85c \uae30\ub300\ub418\ub294 \uc774\uc775 \uc99d\uac00 \ud3ed\uc744 \uac10\uc548\ud558\uba74, \uc2dc\uc7a5\uc774 \ub2e8\uc21c\ud788 \ud76c\ub9dd\uc744 \uc0ac\ub294 \uac83\uc774 \uc544\ub2c8\ub77c \uc774\uc775 \ub808\ubca8\uc5c5\uc744 \uac00\uaca9\uc5d0 \ubc18\uc601\ud558\uace0 \uc788\ub294 \uac81\ub2c8\ub2e4. \uace0\ud3c9\uac00 \ub17c\ub9ac\ub294 \uc774\uc775 \uc131\uc7a5\ub960\uc774 \ub454\ud654\ub420 \ub54c \uac15\ud574\uc9c0\uc9c0\ub9cc, \ud604\uc7ac \uc790\ub8cc\ub294 \ubc18\ub300\ub85c \ub9e4\ucd9c, \uc21c\uc774\uc775, \ud604\uae08\ud750\ub984, \uc218\uc775\uc131\uc774 \ud568\uaed8 \uac1c\uc120\ub418\uace0 \uc788\uc74c\uc744 \ubcf4\uc5ec\uc90d\ub2c8\ub2e4.\n\n\ud380\ub354\uba58\ud138\uc740 \ub9e4\uc6b0 \ud0c4\ud0c4\ud569\ub2c8\ub2e4. 2025\ub144 12\uc6d4 31\uc77c \ubd84\uae30 \ub9e4\ucd9c\uc740 1\uc870460\uc5b5 \ub300\ub9cc\ub2ec\ub7ec, \uc21c\uc774\uc775\uc740 5,057\uc5b5 \ub300\ub9cc\ub2ec\ub7ec\ub85c \uc804\ubd84\uae30 \ub300\ube44 \ubaa8\ub450 \uc99d\uac00\ud588\uc2b5\ub2c8\ub2e4. \ubd84\uae30 \ub9e4\ucd9c\ucd1d\uc774\uc775\ub960\uc740 \uc57d 62.3%, \uc601\uc5c5\uc774\uc775\ub960\uc740 \uc57d 54.0% \uc218\uc900\uc785\ub2c8\ub2e4. TTM \uc601\uc5c5\uc774\uc775\ub960 53.9%, \uc21c\uc774\uc775\ub960 45.1%, ROE 35.1%\ub294 \uc81c\uc870\uc5c5\uccb4\ub77c\uae30\ubcf4\ub2e4 \ub3c5\uc810\uc801 \ud50c\ub7ab\ud3fc \uae30\uc5c5\uc5d0 \uac00\uae4c\uc6b4 \uc218\uc775\uc131\uc785\ub2c8\ub2e4. \uc774 \uc815\ub3c4 \ub9c8\uc9c4 \uad6c\uc870\ub294 \ub2e8\uc21c\ud55c \uaddc\ubaa8\uc758 \uacbd\uc81c\ub9cc\uc73c\ub85c \uc124\uba85\ub418\uc9c0 \uc54a\uc2b5\ub2c8\ub2e4. \uc120\ub2e8 \uacf5\uc815 \uae30\uc220, \uace0\uac1d \uc2e0\ub8b0, \uc218\uc728, \ud328\ud0a4\uc9d5 \uc5ed\ub7c9, \ub300\uccb4 \ubd88\uac00\ub2a5\ud55c \uc0dd\uc0b0\ub2a5\ub825\uc774 \uacb0\ud569\ub41c \uacb0\uacfc\uc785\ub2c8\ub2e4.\n\n\uacbd\uc7c1 \uc6b0\uc704\ub3c4 \ub69c\ub837\ud569\ub2c8\ub2e4. Intel\uc758 Terafab, \ubbf8\uad6d \ub0b4 \ub300\uccb4 \ud30c\uc6b4\ub4dc\ub9ac, \uba38\uc2a4\ud06c \uad00\ub828 \uc81c\uc870 \uad6c\uc0c1\uc740 \uc7a5\uae30\uc801\uc73c\ub85c \uad00\ucc30\ud560 \ud544\uc694\uac00 \uc788\uc9c0\ub9cc, \uc9c0\uae08 \ub2f9\uc7a5 TSM\uc758 \uc810\uc720\uc728\uc774\ub098 \uc218\uc775\uc131\uc744 \ud6fc\uc190\ud558\ub294 \uadfc\uac70\ub85c \ubcf4\uae30\uc5d0\ub294 \ub108\ubb34 \uc774\ub985\ub2c8\ub2e4. \uc624\ud788\ub824 \uc774\ub7f0 \ub274\uc2a4\uac00 \ubc18\ubcf5\ub41c\ub2e4\ub294 \uc0ac\uc2e4 \uc790\uccb4\uac00 \uc2dc\uc7a5\uc774 TSM\uc758 \uc704\uce58\ub97c \uc5bc\ub9c8\ub098 \ub530\ub77c\uc7a1\uae30 \uc5b4\ub824\uc6b4 \uae30\uc900\uc810\uc73c\ub85c \ubcf4\uace0 \uc788\ub294\uc9c0\ub97c \ubcf4\uc5ec\uc90d\ub2c8\ub2e4. \uacbd\uc7c1\uc790\uac00 \u201cTSM\uc744 \ub530\ub77c\uc7a1\uaca0\ub2e4\u201d\uace0 \ub9d0\ud558\ub294 \ub3d9\uc548, TSM\uc740 \uc774\ubbf8 AI \uace0\uac1d\ub4e4\uc758 \uac00\uc7a5 \uc911\uc694\ud55c \uc0dd\uc0b0 \ud30c\ud2b8\ub108\ub85c \ub9e4\ucd9c\uc744 \ub9cc\ub4e4\uace0 \uc788\uc2b5\ub2c8\ub2e4.\n\n\uae30\uc220\uc801 \ud750\ub984\ub3c4 bull case\ub97c \ub4b7\ubc1b\uce68\ud569\ub2c8\ub2e4. 2026\ub144 4\uc6d4 14\uc77c \uae30\uc900 \uac00\uaca9\uc740 10\uc77c EMA 359.54, 50\uc77c SMA 351.56, 200\uc77c SMA 294.12\ub97c \ubaa8\ub450 \uc0c1\ud68c\ud558\uace0 \uc788\uc2b5\ub2c8\ub2e4. 50\uc77c\uc120\uacfc 200\uc77c\uc120\uc774 \ubaa8\ub450 \uc6b0\uc0c1\ud5a5\uc774\ub77c\ub294 \uc810\uc740 \uc911\uc7a5\uae30 \uc0c1\uc2b9 \uad6c\uc870\uac00 \uc544\uc9c1 \uc0b4\uc544 \uc788\ub2e4\ub294 \uc758\ubbf8\uc785\ub2c8\ub2e4. 3\uc6d4 30\uc77c 316.50 \uc800\uc810 \uc774\ud6c4 4\uc6d4 13\uc77c 369.57\uae4c\uc9c0 \uc57d 16.8% \ud68c\ubcf5\ud588\uace0, 4\uc6d4 8\uc77c\uc5d0\ub294 \uac70\ub798\ub7c9 1,635\ub9cc \uc8fc\ub97c \ub3d9\ubc18\ud558\uba70 365.90\uae4c\uc9c0 \uae09\ub4f1\ud588\uc2b5\ub2c8\ub2e4. \uc587\uc740 \ubc18\ub4f1\uc774 \uc544\ub2c8\ub77c \uc2e4\uc81c \uc218\uae09\uc774 \ubd99\uc740 \ud68c\ubcf5\uc785\ub2c8\ub2e4.\n\n\ubaa8\uba58\ud140\ub3c4 \uc88b\uc2b5\ub2c8\ub2e4. MACD\ub294 3\uc6d4 30\uc77c -6.38\uc5d0\uc11c 4\uc6d4 14\uc77c 6.44\ub85c \uac15\ud558\uac8c \ubc18\uc804\ud588\uc2b5\ub2c8\ub2e4. RSI\ub294 66.01\ub85c \uac15\uc138\uad8c\uc774\uc9c0\ub9cc \uc544\uc9c1 70\uc744 \ub118\ub294 \uadf9\ub2e8\uc801 \uacfc\uc5f4\uc740 \uc544\ub2d9\ub2c8\ub2e4. \uc989 \u201c\uc774\ubbf8 \ub108\ubb34 \ub2a6\uc5c8\ub2e4\u201d\uae30\ubcf4\ub2e4\ub294 \u201c\uac15\ud55c \ucd94\uc138\uac00 \uc7ac\uac1c\ub410\uace0, \ub2e8\uae30 \uc9c4\uc785 \uac00\uaca9\ub9cc \uad00\ub9ac\ud558\uba74 \ub41c\ub2e4\u201d\ub294 \ucabd\uc5d0 \uac00\uae5d\uc2b5\ub2c8\ub2e4. \ubcfc\ub9b0\uc800 \uc0c1\ub2e8 378.90\uacfc 2\uc6d4 \uace0\uc810\uad8c 384.67~386.64\uac00 \uc800\ud56d\uc774\uae34 \ud558\uc9c0\ub9cc, \uac70\ub798\ub7c9\uc744 \ub3d9\ubc18\ud574 \ub3cc\ud30c\ud558\uba74 \uc774\uc804 \uace0\uc810 \uc7ac\uc2dc\ud5d8 \uac00\ub2a5\uc131\uc774 \ucda9\ubd84\ud569\ub2c8\ub2e4.\n\n\uac70\uc2dc \ub9ac\uc2a4\ud06c\ub3c4 \ubb34\uc2dc\ud558\uc9c0 \uc54a\uc2b5\ub2c8\ub2e4. \uc774\ub780 \uc804\uc7c1, \uc720\uac00 \uc0c1\uc2b9, \ub2ec\ub7ec \uac15\uc138, \uae08\ub9ac \uc778\ud558 \uae30\ub300 \uc57d\ud654\ub294 \uae30\uc220\uc8fc \ubc38\ub958\uc5d0\uc774\uc158\uc5d0 \ubd80\ub2f4\uc785\ub2c8\ub2e4. \ud558\uc9c0\ub9cc \uc5ec\uae30\uc11c TSM\uc740 \uc57d\ud55c \uc131\uc7a5\uc8fc\uc640 \ub2e4\ub985\ub2c8\ub2e4. \ud604\uae08 \ubc0f \ud604\uae08\uc131\uc790\uc0b0 2\uc8707,678\uc5b5 \ub300\ub9cc\ub2ec\ub7ec, \ud604\uae08\uacfc \ub2e8\uae30\ud22c\uc790 3\uc8701,282\uc5b5 \ub300\ub9cc\ub2ec\ub7ec, \uc720\ub3d9\ube44\uc728 2.618\uc744 \uac00\uc9c4 \uae30\uc5c5\uc785\ub2c8\ub2e4. \uace0\uae08\ub9ac \ud658\uacbd\uc5d0\uc11c \ubc84\ud2f0\ub294 \uc815\ub3c4\uac00 \uc544\ub2c8\ub77c, \uc124\ube44\ud22c\uc790\ub97c \uc9c0\uc18d\ud558\uba70 \uacbd\uc7c1 \uaca9\ucc28\ub97c \ub113\ud790 \uc218 \uc788\ub294 \uc7ac\ubb34 \uccb4\ub825\uc744 \uac16\ucdc4\uc2b5\ub2c8\ub2e4.\n\n\uc124\ube44\ud22c\uc790 \ubd80\ub2f4\uc5d0 \ub300\ud55c bear argument\ub3c4 \uc77c\ub9ac\uac00 \uc788\uc2b5\ub2c8\ub2e4. 2025\ub144 12\uc6d4 \ubd84\uae30 \uc790\ubcf8\uc801\uc9c0\ucd9c\uc740 3,614\uc5b5 \ub300\ub9cc\ub2ec\ub7ec, \uac74\uc124\uc911\uc778\uc790\uc0b0\ub3c4 1\uc8705,190\uc5b5 \ub300\ub9cc\ub2ec\ub7ec\uae4c\uc9c0 \ub298\uc5c8\uc2b5\ub2c8\ub2e4. \ud558\uc9c0\ub9cc \uc774\uac74 \ub2e8\uc21c \ube44\uc6a9\uc774 \uc544\ub2c8\ub77c \uc218\uc694\uac00 \ud655\uc778\ub41c \ubcd1\ubaa9 \uc0b0\uc5c5\uc5d0\uc11c\uc758 \uc0dd\uc0b0\ub2a5\ub825 \ud655\ubcf4\uc785\ub2c8\ub2e4. \ub354 \uc911\uc694\ud55c \uac74 \uac19\uc740 \ubd84\uae30\uc5d0 \uc601\uc5c5\ud604\uae08\ud750\ub984 7,255\uc5b5 \ub300\ub9cc\ub2ec\ub7ec, \uc790\uc720\ud604\uae08\ud750\ub984 3,640\uc5b5 \ub300\ub9cc\ub2ec\ub7ec\ub97c \ucc3d\ucd9c\ud588\ub2e4\ub294 \uc810\uc785\ub2c8\ub2e4. \ub300\uaddc\ubaa8 \ud22c\uc790\uc5d0\ub3c4 FCF\uac00 \uc591\ud638\ud558\ub2e4\ub294 \uac74 \ud22c\uc790 \uc0ac\uc774\ud074\uc774 \uc7ac\ubb34\uad6c\uc870\ub97c \ud6fc\uc190\ud558\uace0 \uc788\uc9c0 \uc54a\ub2e4\ub294 \ub73b\uc785\ub2c8\ub2e4.\n\n\uc9c0\uc815\ud559 \ub9ac\uc2a4\ud06c\ub3c4 \ubd84\uba85\ud55c \ud560\uc778 \uc694\uc778\uc785\ub2c8\ub2e4. \uadf8\ub7ec\ub098 \uc774 \ub9ac\uc2a4\ud06c\ub294 \ub3d9\uc2dc\uc5d0 TSM\uc758 \uc804\ub7b5\uc801 \uac00\uce58\ub97c \ub192\uc774\ub294 \uc591\uba74\uc131\uc744 \uac16\uc2b5\ub2c8\ub2e4. \uae00\ub85c\ubc8c AI \uc0b0\uc5c5\uc774 TSMC\uc5d0 \ud06c\uac8c \uc758\uc874\ud55c\ub2e4\ub294 \ubcf4\ub3c4\ub294 \uacf5\uae09\ub9dd \uc9d1\uc911 \ub9ac\uc2a4\ud06c\ub97c \uc758\ubbf8\ud558\uc9c0\ub9cc, \ud22c\uc790 \uad00\uc810\uc5d0\uc11c\ub294 \uadf8\ub9cc\ud07c \uace0\uac1d\ub4e4\uc774 TSM \uc5c6\uc774 AI \uc778\ud504\ub77c \ud655\uc7a5\uc744 \ud558\uae30 \uc5b4\ub835\ub2e4\ub294 \ub73b\uc774\uae30\ub3c4 \ud569\ub2c8\ub2e4. \ub9ac\uc2a4\ud06c \ub54c\ubb38\uc5d0 \ud504\ub9ac\ubbf8\uc5c4\uc774 \uc0ac\ub77c\uc9c0\ub294 \uac8c \uc544\ub2c8\ub77c, \ud575\uc2ec \uacf5\uae09\uc790\ub85c\uc11c\uc758 \ud611\uc0c1\ub825\uacfc \uc7a5\uae30 \uc218\uc694 \uac00\uc2dc\uc131\uc774 \uac15\ud654\ub418\ub294 \uce21\uba74\ub3c4 \ubd10\uc57c \ud569\ub2c8\ub2e4.\n\n\ucd5c\uadfc \ub274\uc2a4 \ud750\ub984\ub3c4 \uae0d\uc815\uc801\uc785\ub2c8\ub2e4. 4\uc6d4 \ub4e4\uc5b4 \ub0b4\ub7ec\ud2f0\ube0c\ub294 3\uc6d4 \ub9d0\uc758 \uc5c5\uc885 \uc870\uc815 \uc6b0\ub824\uc5d0\uc11c \u201cAI \uc218\uc694 \ud655\uc778\u201d, \u201c\uc608\uc0c1 \uc0c1\ud68c\u201d, \u201c\uacf5\uae09 \ubd80\uc871\u201d, \u201c\uc120\ub2e8 \uacf5\uc815 \ubcd1\ubaa9\u201d\uc73c\ub85c \ubc14\ub00c\uc5c8\uc2b5\ub2c8\ub2e4. ASML\uc758 \uac00\uc774\ub358\uc2a4 \uc0c1\ud5a5\uacfc \uce69 \uc218\uc694\uac00 \uacf5\uae09\uc744 \uc55e\uc9c0\ub978\ub2e4\ub294 \uba54\uc2dc\uc9c0\ub294 TSM\uc758 \uc2e4\uc801 \ud638\uc870\uac00 \uc77c\ud68c\uc131\uc774\ub77c\uae30\ubcf4\ub2e4 \uacf5\uae09\ub9dd \uc804\uccb4\uc758 \uad6c\uc870\uc801 \uc218\uc694 \uc2e0\ud638\ub77c\ub294 \uc810\uc744 \ubcf4\uac15\ud569\ub2c8\ub2e4.\n\n\uacfc\uac70 \uc720\uc0ac \uc0c1\ud669\uc5d0\uc11c \ubc30\uc6cc\uc57c \ud560 \uc810\uc740 \ub450 \uac00\uc9c0\uc785\ub2c8\ub2e4. \uccab\uc9f8, AI\ub77c\ub294 \ub2e8\uc5b4\ub9cc \ubcf4\uace0 \ucd94\uaca9 \ub9e4\uc218\ud558\uba74 \uc548 \ub429\ub2c8\ub2e4. \uc22b\uc790\ub85c \ud655\uc778\ub41c \ub9e4\ucd9c, \ub9c8\uc9c4, \ud604\uae08\ud750\ub984\uc774 \ud544\uc694\ud569\ub2c8\ub2e4. TSM\uc740 \uc774 \uc870\uac74\uc744 \ucda9\uc871\ud569\ub2c8\ub2e4. \ub458\uc9f8, \uc88b\uc740 \ud68c\uc0ac\ub3c4 \uc774\ubca4\ud2b8 \uc804\ud6c4\ub85c \uae30\ub300\uce58\uac00 \ub108\ubb34 \ub192\uc73c\uba74 \ud754\ub4e4\ub9b4 \uc218 \uc788\uc2b5\ub2c8\ub2e4. \uadf8\ub798\uc11c bull case\ub294 \u201c\ubb34\uc870\uac74 \uc9c0\uae08 \uc804\ub7c9 \ub9e4\uc218\u201d\uac00 \uc544\ub2c8\ub77c, 359.54~351.56 \uc9c0\uc9c0 \uad6c\uac04\uc744 \ud65c\uc6a9\ud558\uac70\ub098 378.90 \ub3cc\ud30c\uc640 \uac70\ub798\ub7c9 \uc7ac\ud655\ub300\ub97c \ud655\uc778\ud558\ub294 \ubc29\uc2dd\uc774 \ub354 \ud569\ub9ac\uc801\uc785\ub2c8\ub2e4.\n\n\uacb0\ub860\uc801\uc73c\ub85c bear case\uc758 \ud575\uc2ec\uc740 \uace0\ud3c9\uac00, CAPEX \ubd80\ub2f4, \uc9c0\uc815\ud559, \uacbd\uc7c1 \uc2ec\ud654\uc785\ub2c8\ub2e4. \ud558\uc9c0\ub9cc \ud604\uc7ac \ub370\uc774\ud130\ub85c \ubcf4\uba74 \uc774 \uc6b0\ub824\ub4e4\uc740 TSM\uc758 \ud22c\uc790 \ub9e4\ub825\uc744 \ubb34\ub108\ub728\ub9ac\uae30\ubcf4\ub2e4 \uc9c4\uc785 \uac00\uaca9\uacfc \ud3ec\uc9c0\uc158 \ud06c\uae30\ub97c \uad00\ub9ac\ud574\uc57c \ud55c\ub2e4\ub294 \uc8fc\uc7a5\uc5d0 \uac00\uae5d\uc2b5\ub2c8\ub2e4. \ubc18\ub300\ub85c bull case\ub294 \ud6e8\uc52c \uc9c1\uc811\uc801\uc785\ub2c8\ub2e4. \ub9e4\ucd9c 35% \uc131\uc7a5, \ucd08\uace0\uc218\uc775\uc131, \uac15\ud55c \ud604\uae08\ucc3d\ucd9c\ub825, \uc120\ub2e8 \uacf5\uc815 \ubcd1\ubaa9 \uc9c0\uc704, AI \uc218\uc694\uc758 \uc2e4\uc801\ud654, \uae30\uc220\uc801 \uc0c1\uc2b9 \ucd94\uc138 \uc7ac\uac1c\uac00 \ubaa8\ub450 \uac19\uc740 \ubc29\ud5a5\uc744 \uac00\ub9ac\ud0a4\uace0 \uc788\uc2b5\ub2c8\ub2e4.\n\nTSM\uc740 \uc644\ubcbd\ud558\uac8c \ubb34\uc704\ud5d8\ud55c \uc8fc\uc2dd\uc740 \uc544\ub2d9\ub2c8\ub2e4. \ud558\uc9c0\ub9cc AI \ubc18\ub3c4\uccb4 \uacf5\uae09\ub9dd\uc5d0\uc11c \uac00\uc7a5 \ud655\uc2e4\ud55c \uc2e4\uc801 \uac00\uc2dc\uc131\uacfc \uacbd\uc7c1 \uc6b0\uc704\ub97c \uac00\uc9c4 \uae30\uc5c5 \uc911 \ud558\ub098\uc774\uba70, \ud604\uc7ac \uc870\uc815 \uc774\ud6c4 \uc0c1\uc2b9 \ucd94\uc138\ub97c \uc7ac\uac1c\ud558\ub294 \uad6c\uac04\uc5d0 \uc788\uc2b5\ub2c8\ub2e4. \ubcc0\ub3d9\uc131\uc740 \uad00\ub9ac\ud574\uc57c \ud558\uc9c0\ub9cc, \uc911\uae30 \uad00\uc810\uc5d0\uc11c bull \ucabd\uc758 \uc99d\uac70\uac00 bear \ucabd\uc758 \uc6b0\ub824\ubcf4\ub2e4 \ub354 \uac15\ud569\ub2c8\ub2e4.\nBear Analyst: \uc88b\uc2b5\ub2c8\ub2e4. Bull \ucabd \ub17c\ub9ac\ub294 \ubd84\uba85 \uc124\ub4dd\ub825 \uc788\uc5b4 \ubcf4\uc785\ub2c8\ub2e4. TSM\uc740 \uc88b\uc740 \ud68c\uc0ac\uc774\uace0, AI \uc218\uc694\uac00 \uc2e4\uc81c \ub9e4\ucd9c\ub85c \ucc0d\ud788\uace0 \uc788\uc73c\uba70, \uc218\uc775\uc131\ub3c4 \uc555\ub3c4\uc801\uc785\ub2c8\ub2e4. \ud558\uc9c0\ub9cc \ubc14\ub85c \uadf8 \uc810 \ub54c\ubb38\uc5d0 \uc800\ub294 \uc9c0\uae08 \uc774 \uc8fc\uc2dd\uc744 \uc870\uc2ec\ud574\uc57c \ud55c\ub2e4\uace0 \ubd05\ub2c8\ub2e4. Bear case\uc758 \ud575\uc2ec\uc740 \u201cTSM\uc774 \ub098\uc05c \ud68c\uc0ac\ub2e4\u201d\uac00 \uc544\ub2d9\ub2c8\ub2e4. \ud575\uc2ec\uc740 \u201c\ub108\ubb34 \uc88b\uc740 \uc774\uc57c\uae30\uac00 \uc774\ubbf8 \uac00\uaca9\uacfc \uae30\ub300\uce58\uc5d0 \ub9ce\uc774 \ubc18\uc601\ub410\uace0, \uc5ec\uae30\uc11c\ubd80\ud130\ub294 \uc791\uc740 \uade0\uc5f4\ub3c4 \ud070 \uc8fc\uac00 \ucda9\uaca9\uc73c\ub85c \uc774\uc5b4\uc9c8 \uc218 \uc788\ub2e4\u201d\ub294 \uac81\ub2c8\ub2e4.\n\nBull\uc740 2026\ub144 1\ubd84\uae30 \ub9e4\ucd9c\uc774 \uc804\ub144 \ub300\ube44 35% \uc99d\uac00\ud574 \uc57d 356\uc5b5 \ub2ec\ub7ec, 1\uc8701300\uc5b5 \ub300\ub9cc\ub2ec\ub7ec\ub97c \uae30\ub85d\ud588\ub2e4\ub294 \uc810\uc744 \uac00\uc7a5 \uac15\ud558\uac8c \ub0b4\uc138\uc6c1\ub2c8\ub2e4. \ub9de\uc2b5\ub2c8\ub2e4. \ud558\uc9c0\ub9cc \uc2dc\uc7a5\uc774 \ubaa8\ub974\ub294 \uc22b\uc790\uac00 \uc544\ub2d9\ub2c8\ub2e4. \uc774\ubbf8 \ub274\uc2a4 \uae30\ubc18 \uc815\uc11c\ub294 \u201cAI \uc218\uc694 \ud655\uc778\u201d, \u201c\uc608\uc0c1 \uc0c1\ud68c\u201d, \u201c\uacf5\uae09 \ubd80\uc871\u201d, \u201cTSMC \ubcd1\ubaa9\u201d\uc73c\ub85c \ub9e4\uc6b0 \uae0d\uc815\uc801\uc73c\ub85c \uc3e0\ub824 \uc788\uc2b5\ub2c8\ub2e4. \uc774\ub7f0 \uc0c1\ud669\uc5d0\uc11c\ub294 \uc88b\uc740 \uc2e4\uc801\ub9cc\uc73c\ub85c \ubd80\uc871\ud569\ub2c8\ub2e4. \uc55e\uc73c\ub85c \uc8fc\uac00\uac00 \ub354 \uc624\ub974\ub824\uba74 \uc88b\uc740 \uc2e4\uc801\uc774 \uc544\ub2c8\ub77c \u201c\uae30\ub300\ubcf4\ub2e4 \ud6e8\uc52c \ub354 \uc88b\uc740\u201d \uc2e4\uc801\uacfc \uac00\uc774\ub358\uc2a4\uac00 \ud544\uc694\ud569\ub2c8\ub2e4. \uc989, \ud22c\uc790\uc790\ub294 \uc88b\uc740 \ud68c\uc0ac\uc5d0 \ud22c\uc790\ud558\ub294 \uac8c \uc544\ub2c8\ub77c \ub192\uc544\uc9c4 \uae30\ub300\uce58\ub97c \uacc4\uc18d \uc774\uaca8\uc57c \ud558\ub294 \uc8fc\uc2dd\uc5d0 \ub4e4\uc5b4\uac00\ub294 \uac81\ub2c8\ub2e4.\n\n\ubc38\ub958\uc5d0\uc774\uc158\ubd80\ud130 \ubcf4\uc8e0. TTM PER 36.5\ubc30\ub294 \uc774\ubbf8 \ubd80\ub2f4\uc2a4\ub7fd\uc2b5\ub2c8\ub2e4. Bull\uc740 forward PER 20.6\ubc30\ub97c \uadfc\uac70\ub85c \uc2f8\ub2e4\uace0 \ub9d0\ud558\uc9c0\ub9cc, \uadf8 forward PER \uc790\uccb4\uac00 \uc120\ud589 EPS 18.43\uc774\ub77c\ub294 \ub9e4\uc6b0 \uac15\ud55c \uc774\uc775 \uc99d\uac00\ub97c \uc804\uc81c\ub85c \ud569\ub2c8\ub2e4. \uc774 \uc22b\uc790\uac00 \uc870\uae08\ub9cc \ub0ae\uc544\uc838\ub3c4 \uc800\ud3c9\uac00 \ub17c\ub9ac\ub294 \ube60\ub974\uac8c \ubb34\ub108\uc9d1\ub2c8\ub2e4. \ud2b9\ud788 \ud604\uc7ac \ub0b4\ub7ec\ud2f0\ube0c\uac00 AI \uc218\uc694 \ud558\ub098\uc5d0 \uac15\ud558\uac8c \uc9d1\uc911\ub3fc \uc788\ub2e4\ub294 \uc810\uc774 \ubb38\uc81c\uc785\ub2c8\ub2e4. AI \uc8fc\ubb38 \uc99d\uac00, \uc120\ub2e8 \uacf5\uc815 \uac00\uaca9, \uace0\uac1d\uc0ac CAPEX, \uc7ac\uace0 \uc870\uc815 \uc911 \ud558\ub098\ub77c\ub3c4 \ub454\ud654 \uc2e0\ud638\ub97c \ubcf4\uc774\uba74 \uc2dc\uc7a5\uc740 \u201c20\ubc30 \ucd08\ubc18\uc758 \uc2f8 \ubcf4\uc774\ub294 forward PER\u201d\uc774 \uc544\ub2c8\ub77c \u201c36\ubc30 trailing PER\uc758 \uace0\ud3c9\uac00 \ubc18\ub3c4\uccb4 \uc0ac\uc774\ud074 \uc8fc\uc2dd\u201d\uc73c\ub85c \ub2e4\uc2dc \ubcf4\uae30 \uc2dc\uc791\ud560 \uc218 \uc788\uc2b5\ub2c8\ub2e4.\n\n\uae30\uc220\uc801 \ud750\ub984\ub3c4 Bull\uc774 \ub9d0\ud558\ub294 \uac83\ub9cc\ud07c \ud3b8\ud558\uc9c0 \uc54a\uc2b5\ub2c8\ub2e4. 2026\ub144 3\uc6d4 30\uc77c 316.50\uc5d0\uc11c 4\uc6d4 13\uc77c 369.57\uae4c\uc9c0 \uc774\ubbf8 \uc57d 16.8% \uae09\ubc18\ub4f1\ud588\uc2b5\ub2c8\ub2e4. 4\uc6d4 14\uc77c \uae30\uc900 RSI\ub294 66.01\ub85c 70\uc744 \ub118\uc9c0\ub294 \uc54a\uc558\uc9c0\ub9cc, \uacfc\ub9e4\uc218\uc5d0 \uac00\uae4c\uc6cc\uc9c0\uace0 \uc788\uc2b5\ub2c8\ub2e4. \ubcfc\ub9b0\uc800 \uc0c1\ub2e8 378.90\uacfc 2\uc6d4 \uace0\uc810\uad8c 384.67~386.64\uac00 \ubc14\ub85c \uc704\uc5d0 \uc788\uc2b5\ub2c8\ub2e4. \ub2e4\uc2dc \ub9d0\ud574 upside\ub294 \ub2e8\uae30 \uc800\ud56d\uae4c\uc9c0 \uc81c\ud55c\uc801\uc774\uace0, downside\ub294 10\uc77c EMA 359.54, 50\uc77c SMA 351.56 \uc774\ud0c8 \uc2dc \ube60\ub974\uac8c \uc5f4\ub9b4 \uc218 \uc788\uc2b5\ub2c8\ub2e4. ATR\ub3c4 12.64\uc785\ub2c8\ub2e4. \uc774\uac74 \u201c\ucd94\uc138\uac00 \uac15\ud558\ub2e4\u201d\ub294 \ub9d0\ub3c4 \ub418\uc9c0\ub9cc, \ubc18\ub300\ub85c \uc2e4\uc801 \uc774\ubca4\ud2b8\ub098 \ub9e4\ud06c\ub85c \ucda9\uaca9 \ub54c \ud558\ub8e8 \ubcc0\ub3d9\uc73c\ub85c \uc190\uc808\uc120\uc774 \uc27d\uac8c \ud754\ub4e4\ub9b4 \uc218 \uc788\ub2e4\ub294 \ub73b\uc785\ub2c8\ub2e4.\n\nBull\uc740 4\uc6d4 8\uc77c \uac70\ub798\ub7c9 1,635\ub9cc \uc8fc\ub97c \ub3d9\ubc18\ud55c \uae09\ub4f1\uc744 \uac15\ud55c \uc218\uae09 \uc99d\uac70\ub85c \ubd05\ub2c8\ub2e4. \uc800\ub294 \uc870\uae08 \ub2e4\ub974\uac8c \ubd05\ub2c8\ub2e4. \uadf8\ub0a0\uc758 \uac15\ud55c \uac70\ub798\ub7c9\uc740 \ubd84\uba85 \uc758\ubbf8 \uc788\uc9c0\ub9cc, \uc774\ud6c4 4\uc6d4 9\uc77c 924\ub9cc \uc8fc, 4\uc6d4 13\uc77c 960\ub9cc \uc8fc\ub85c \uac70\ub798\ub7c9\uc774 \uc904\uc5c8\uc2b5\ub2c8\ub2e4. \uc774\ubbf8 \ud070 \ub9e4\uc218\uc138\uac00 \ud55c \ubc88 \ub4e4\uc5b4\uc628 \ub4a4 \ud6c4\uc18d \ub3cc\ud30c \uc5d0\ub108\uc9c0\uac00 \uc57d\ud574\uc84c\uc744 \uac00\ub2a5\uc131\ub3c4 \ubd10\uc57c \ud569\ub2c8\ub2e4. \ud2b9\ud788 378.90\uacfc 384~386\ub2ec\ub7ec \uc800\ud56d\uc744 \ub3cc\ud30c\ud558\ub824\uba74 \uac70\ub798\ub7c9 \uc7ac\ud655\ub300\uac00 \ud544\uc694\ud558\ub2e4\ub294 \uc810\uc740 \uc2dc\uc7a5 \ub9ac\uc11c\uce58\ub3c4 \uc778\uc815\ud558\uace0 \uc788\uc2b5\ub2c8\ub2e4. \uc9c0\uae08\uc740 \u201c\ub3cc\ud30c\uac00 \ud655\uc778\ub41c \uc790\ub9ac\u201d\ub77c\uae30\ubcf4\ub2e4 \u201c\ub3cc\ud30c \uae30\ub300\uac00 \uc120\ubc18\uc601\ub41c \uc790\ub9ac\u201d\uc5d0 \uac00\uae5d\uc2b5\ub2c8\ub2e4.\n\nCAPEX \ubb38\uc81c\ub3c4 Bull\uc774 \ub108\ubb34 \ub099\uad00\uc801\uc73c\ub85c \ud574\uc11d\ud558\uace0 \uc788\uc2b5\ub2c8\ub2e4. 2025\ub144 12\uc6d4 \ubd84\uae30 \uc790\ubcf8\uc801\uc9c0\ucd9c\uc740 3,614\uc5b5 \ub300\ub9cc\ub2ec\ub7ec, \uac74\uc124\uc911\uc778\uc790\uc0b0\uc740 1\uc8705,190\uc5b5 \ub300\ub9cc\ub2ec\ub7ec\uae4c\uc9c0 \ub298\uc5c8\uc2b5\ub2c8\ub2e4. \ubb3c\ub860 \uc218\uc694\uac00 \uc788\ub294 \uc0b0\uc5c5\uc5d0\uc11c CAPEX\ub294 \ubbf8\ub798 \uc131\uc7a5 \ud22c\uc790\uc77c \uc218 \uc788\uc2b5\ub2c8\ub2e4. \ud558\uc9c0\ub9cc \ubc18\ub3c4\uccb4 \uc0b0\uc5c5\uc5d0\uc11c \ub300\uaddc\ubaa8 CAPEX\ub294 \ub298 \uc591\ub0a0\uc758 \uac80\uc785\ub2c8\ub2e4. \uc218\uc694\uac00 \uc608\uc0c1\ubcf4\ub2e4 \uc624\ub798 \uc9c0\uc18d\ub418\uba74 \uc88b\uc9c0\ub9cc, \uace0\uac1d \uc8fc\ubb38\uc774 \uc870\uc815\ub418\uac70\ub098 AI \uc778\ud504\ub77c \ud22c\uc790\uac00 \uc77c\uc2dc\uc801\uc73c\ub85c \ub454\ud654\ub418\uba74 \uac10\uac00\uc0c1\uac01 \ubd80\ub2f4\uacfc \uac00\ub3d9\ub960 \ub9ac\uc2a4\ud06c\uac00 \ub9c8\uc9c4\uc744 \uc555\ubc15\ud569\ub2c8\ub2e4. \ud604\uc7ac 62.3% \ub9e4\ucd9c\ucd1d\uc774\uc775\ub960, 54.0% \uc601\uc5c5\uc774\uc775\ub960\uc740 \ud6cc\ub96d\ud558\uc9c0\ub9cc, \ubc14\ub85c \uadf8\ub807\uae30 \ub54c\ubb38\uc5d0 \ud558\ub77d \uc5ec\uc9c0\ub3c4 \ud07d\ub2c8\ub2e4. \uc644\ubcbd\ud55c \ub9c8\uc9c4 \uad6c\uc870\ub294 \ubc29\uc5b4\ub9c9\uc774 \uc544\ub2c8\ub77c \uae30\ub300\uce58\uc758 \uae30\uc900\uc120\uc774 \ub420 \uc218 \uc788\uc2b5\ub2c8\ub2e4.\n\n\uc7ac\ubb34\uac00 \uac15\ud558\ub2e4\ub294 Bull\uc758 \uc8fc\uc7a5\ub3c4 \ub9de\uc9c0\ub9cc, \uac15\ud55c \uc7ac\ubb34\uac00 \uc8fc\uac00 \ud558\ub77d\uc744 \ub9c9\uc544\uc8fc\uc9c0\ub294 \uc54a\uc2b5\ub2c8\ub2e4. \ud604\uae08 \ubc0f \ud604\uae08\uc131\uc790\uc0b0 2\uc8707,678\uc5b5 \ub300\ub9cc\ub2ec\ub7ec, \uc720\ub3d9\ube44\uc728 2.618\uc740 \ud6cc\ub96d\ud569\ub2c8\ub2e4. \uadf8\ub7ec\ub098 \uc2dc\uc7a5\uc774 \uc9c0\uae08 TSM\uc744 \ud604\uae08 \ubcf4\uc720 \uae30\uc5c5\uc73c\ub85c \ud3c9\uac00\ud558\ub294 \uac83\uc774 \uc544\ub2c8\ub77c AI \uc131\uc7a5, \uc120\ub2e8 \uacf5\uc815 \ub3c5\uc810\ub825, \uace0\ub9c8\uc9c4 \uc9c0\uc18d\uc131\uc73c\ub85c \ud3c9\uac00\ud558\uace0 \uc788\ub2e4\ub294 \uc810\uc774 \uc911\uc694\ud569\ub2c8\ub2e4. \uace0\uae08\ub9ac, \ub2ec\ub7ec \uac15\uc138, \uc720\uac00 \uc0c1\uc2b9, \uc774\ub780 \uc804\uc7c1 \uc774\ud6c4 \uc778\ud50c\ub808\uc774\uc158 \uc6b0\ub824\uc640 \uae08\ub9ac \uc778\ud558 \uae30\ub300 \uc57d\ud654\uac00 \ub3d9\uc2dc\uc5d0 \ub098\ud0c0\ub098\ub294 \ud658\uacbd\uc5d0\uc11c\ub294 \uace0\ud488\uc9c8 \uc131\uc7a5\uc8fc\ub3c4 \uba40\ud2f0\ud50c \uc555\ubc15\uc744 \ubc1b\uc744 \uc218 \uc788\uc2b5\ub2c8\ub2e4. \uc88b\uc740 \ud68c\uc0ac\ub77c\ub3c4 \ud560\uc778\uc728\uc774 \uc62c\ub77c\uac00\uba74 \ubc38\ub958\uc5d0\uc774\uc158\uc740 \ub0ae\uc544\uc9c8 \uc218\ubc16\uc5d0 \uc5c6\uc2b5\ub2c8\ub2e4.\n\n\uc9c0\uc815\ud559 \ub9ac\uc2a4\ud06c\uc5d0 \ub300\ud574\uc11c\ub3c4 Bull\uc740 \u201c\uc591\uba74\uc131\u201d\uc744 \uac15\uc870\ud569\ub2c8\ub2e4. \uae00\ub85c\ubc8c AI \uc0b0\uc5c5\uc774 TSMC\uc5d0 \uc758\uc874\ud558\ub2c8 \ud611\uc0c1\ub825\uc774 \ub192\uc544\uc9c4\ub2e4\ub294 \ub17c\ub9ac\uc8e0. \ud558\uc9c0\ub9cc \ud22c\uc790\uc790 \uad00\uc810\uc5d0\uc11c\ub294 \uadf8 \uc758\uc874\ub3c4 \uc790\uccb4\uac00 \ub9ac\uc2a4\ud06c \ud504\ub9ac\ubbf8\uc5c4\uc744 \ud0a4\uc6c1\ub2c8\ub2e4. \ub300\ub9cc \uc0dd\uc0b0 \uc9d1\uc911, \uacf5\uae09\ub9dd \ucc28\uc9c8 \uac00\ub2a5\uc131, \ubbf8\uc911 \uae34\uc7a5, \uace0\uac1d\uc0ac\uc758 \uacf5\uae09\ub9dd \ub2e4\ubcc0\ud654 \uc555\ub825\uc740 \ub2e8\uc21c\ud55c \uc774\ub860\uc801 \uc704\ud5d8\uc774 \uc544\ub2d9\ub2c8\ub2e4. \uc624\ud788\ub824 AI \uc0b0\uc5c5\uc774 TSMC\uc5d0 \ub354 \uc758\uc874\ud560\uc218\ub85d, \uac01\uad6d \uc815\ubd80\uc640 \ub300\ud615 \uace0\uac1d\uc740 \uc7a5\uae30\uc801\uc73c\ub85c \ub300\uccb4 \uc0dd\uc0b0\ub9dd\uc744 \ub9cc\ub4e4 \uc720\uc778\uc774 \ucee4\uc9d1\ub2c8\ub2e4. \uc774\uac74 \ub2e8\uae30 \ub9e4\ucd9c\uc5d0\ub294 \uc88b\uc744 \uc218 \uc788\uc9c0\ub9cc, \uc7a5\uae30 \ubc38\ub958\uc5d0\uc774\uc158 \ud504\ub9ac\ubbf8\uc5c4\uc5d0\ub294 \ubd80\ub2f4\uc785\ub2c8\ub2e4.\n\n\uacbd\uc7c1 \ub9ac\uc2a4\ud06c\ub3c4 \u201c\uc544\uc9c1 \uba40\uc5c8\ub2e4\u201d\ub294 \uc774\uc720\ub85c \ubb34\uc2dc\ud558\uba74 \uc548 \ub429\ub2c8\ub2e4. Intel Terafab, \ubbf8\uad6d \ub0b4 \ud30c\uc6b4\ub4dc\ub9ac \uc7ac\uac74, \uba38\uc2a4\ud06c \uad00\ub828 \uc81c\uc870 \uad6c\uc0c1\uc740 \ub2f9\uc7a5 TSM\uc758 2026\ub144 \ub9e4\ucd9c\uc744 \ube7c\uc557\uc9c0\ub294 \ubabb\ud560 \uac81\ub2c8\ub2e4. \ud558\uc9c0\ub9cc \uc8fc\uc2dd\uc2dc\uc7a5\uc740 \ub2f9\uc7a5 \uc190\uc775\uacc4\uc0b0\uc11c\ub9cc \ubcf4\ub294 \uacf3\uc774 \uc544\ub2d9\ub2c8\ub2e4. TSM\uc774 \ub3c5\uc810\uc801 \ubcd1\ubaa9 \uae30\uc5c5\uc774\ub77c\ub294 \ud504\ub9ac\ubbf8\uc5c4\uc744 \ubc1b\ub294\ub2e4\uba74, \uadf8 \ubcd1\ubaa9\uc774 \uc7a5\uae30\uc801\uc73c\ub85c \uc644\ud654\ub420 \uac00\ub2a5\uc131\ub9cc\uc73c\ub85c\ub3c4 \uba40\ud2f0\ud50c\uc740 \ub0ae\uc544\uc9c8 \uc218 \uc788\uc2b5\ub2c8\ub2e4. \ud2b9\ud788 \ubbf8\uad6d \ub0b4 \ud575\uc2ec \uace0\uac1d\ub4e4\uc774 \uc804\ub7b5\uc801\uc73c\ub85c \ube44\ub300\ub9cc \uc0dd\uc0b0\ub2a5\ub825\uc744 \uc6d0\ud55c\ub2e4\uba74, TSM\uc758 \ud611\uc0c1\ub825\uc740 \uc9c0\uae08\uc774 \uc815\uc810\uc77c \uc218 \uc788\uc2b5\ub2c8\ub2e4.\n\n\uc81c\uac00 \uacfc\uac70 \uc720\uc0ac\ud55c \uc0c1\ud669\uc5d0\uc11c \ubc30\uc6cc\uc57c \ud560 \uc810\ub3c4 \uc5ec\uae30\uc5d0 \uc788\uc2b5\ub2c8\ub2e4. \uc88b\uc740 \ud68c\uc0ac\uc758 \uc88b\uc740 \uc2e4\uc801\uc744 \ubcf4\uace0 bear case\ub97c \ub108\ubb34 \ub2e8\uc21c\ud788 \u201c\uc131\uc7a5 \ub454\ud654\u201d\ub85c\ub9cc \uc7a1\uc73c\uba74 \ud2c0\ub9ac\uae30 \uc27d\uc2b5\ub2c8\ub2e4. TSM \uac19\uc740 \uae30\uc5c5\uc740 \uc2e4\uc81c\ub85c \uacc4\uc18d \uc131\uc7a5\ud560 \uc218 \uc788\uc2b5\ub2c8\ub2e4. \ud558\uc9c0\ub9cc \uc8fc\uac00\ub294 \uc2e4\uc801\uc758 \uc808\ub300 \uc218\uc900\uc774 \uc544\ub2c8\ub77c \uae30\ub300 \ub300\ube44 \ubcc0\ud654\uc5d0 \ubc18\uc751\ud569\ub2c8\ub2e4. \ub610 AI \uac19\uc740 \uac15\ud55c \ud14c\ub9c8\uc5d0\uc11c\ub294 \uc22b\uc790\uac00 \uc88b\uc544\uc9c8\uc218\ub85d \uc624\ud788\ub824 \uae30\ub300\uce58\uac00 \ub354 \ube68\ub9ac \uc62c\ub77c\uac00\uc11c, \ud22c\uc790\uc790\uac00 \uac10\ub2f9\ud574\uc57c \ud560 \uc2e4\ub9dd \ub9ac\uc2a4\ud06c\uac00 \ucee4\uc9d1\ub2c8\ub2e4. \uc774\ubc88\uc5d0\ub294 \uadf8 \uad50\ud6c8\uc744 \uc801\uc6a9\ud574\uc57c \ud569\ub2c8\ub2e4. TSM\uc744 \uc57d\ud55c \ud68c\uc0ac\ub85c \ubab0\uc544\ubd99\uc774\ub294 \uac8c \uc544\ub2c8\ub77c, \uc88b\uc740 \ud68c\uc0ac\uc784\uc5d0\ub3c4 \ud604\uc7ac \uac00\uaca9\uc5d0\uc11c\ub294 \ub9ac\uc2a4\ud06c-\ubcf4\uc0c1\uc774 \ub9e4\ub825\uc801\uc774\uc9c0 \uc54a\ub2e4\uace0 \ubd10\uc57c \ud569\ub2c8\ub2e4.\n\n\uacb0\ub860\uc801\uc73c\ub85c Bull\uc758 \uc8fc\uc7a5\uc740 \u201cTSM\uc740 \ud6cc\ub96d\ud55c \uae30\uc5c5\u201d\uc774\ub77c\ub294 \uc810\uc5d0\uc11c\ub294 \ub9de\uc2b5\ub2c8\ub2e4. \ud558\uc9c0\ub9cc \ud22c\uc790 \ud310\ub2e8\uc740 \uac70\uae30\uc11c \ub05d\ub098\uc9c0 \uc54a\uc2b5\ub2c8\ub2e4. \ud604\uc7ac \uc8fc\uac00\ub294 3\uc6d4 \uc800\uc810 \uc774\ud6c4 \ube60\ub974\uac8c \ubc18\ub4f1\ud588\uace0, \uc8fc\uc694 \uc800\ud56d\ub300\uc5d0 \uadfc\uc811\ud588\uc73c\uba70, RSI\ub294 \uac15\uc138\uad8c \uc0c1\ub2e8\uc5d0 \uc788\uace0, ATR\uc740 \ub192\uace0, \uc2e4\uc801 \uc774\ubca4\ud2b8 \uae30\ub300\uce58\ub294 \uc774\ubbf8 \ud06c\uac8c \uc62c\ub77c\uc640 \uc788\uc2b5\ub2c8\ub2e4. \ubc38\ub958\uc5d0\uc774\uc158\uc740 \uc120\ud589 \uc774\uc775 \uae09\uc99d\uc744 \uc804\uc81c\ub85c \uc815\ub2f9\ud654\ub418\uace0, CAPEX\uc640 \uac10\uac00\uc0c1\uac01 \ubd80\ub2f4\uc740 \uacc4\uc18d \ucee4\uc9c0\uace0 \uc788\uc73c\uba70, \uc9c0\uc815\ud559\u00b7\uae08\ub9ac\u00b7\ub2ec\ub7ec\u00b7\uc5d0\ub108\uc9c0 \ube44\uc6a9\u00b7\uacbd\uc7c1 \ud22c\uc790\ub77c\ub294 \uc678\ubd80 \ub9ac\uc2a4\ud06c\ub3c4 \ub3d9\uc2dc\uc5d0 \uc874\uc7ac\ud569\ub2c8\ub2e4.\n\n\ub530\ub77c\uc11c \uc81c bear case\ub294 \uba85\ud655\ud569\ub2c8\ub2e4. TSM\uc740 \ub9e4\ub3c4\ud560 \ub9cc\ud07c \ub098\uc05c \uae30\uc5c5\uc774\ub77c\uae30\ubcf4\ub2e4, \uc9c0\uae08 \ucd94\uaca9 \ub9e4\uc218\ud558\uae30\uc5d0\ub294 \ub108\ubb34 \ub9ce\uc740 \uc644\ubcbd\ud568\uc774 \uac00\uaca9\uc5d0 \ub4e4\uc5b4\uac04 \uc8fc\uc2dd\uc785\ub2c8\ub2e4. 359.54\uc758 10\uc77c EMA\uc640 351.56\uc758 50\uc77c SMA\uac00 \ubb34\ub108\uc9c0\uba74 \ucd5c\uadfc \ub3cc\ud30c \uc2e0\ub8b0\ub3c4\ub294 \ube60\ub974\uac8c \uc57d\ud574\uc9c8 \uc218 \uc788\uace0, 378.90~386.64 \uc800\ud56d\uc744 \uac70\ub798\ub7c9 \uc5c6\uc774 \ub118\uc9c0 \ubabb\ud558\uba74 \ucc28\uc775\uc2e4\ud604 \uc555\ub825\uc774 \ucee4\uc9c8 \uac00\ub2a5\uc131\uc774 \ub192\uc2b5\ub2c8\ub2e4. Bull\uc774 \ub9d0\ud55c \uac15\uc810\ub4e4\uc740 \uc0ac\uc2e4\uc774\uc9c0\ub9cc, \ubc14\ub85c \uadf8 \uac15\uc810\ub4e4\uc774 \uc774\ubbf8 consensus\uac00 \ub41c \uc9c0\uae08\uc740 upside surprise\ubcf4\ub2e4 downside disappointment\uac00 \ub354 \uc704\ud5d8\ud55c \uad6c\uac04\uc785\ub2c8\ub2e4.", "current_response": "{\n \"rating\": \"OVERWEIGHT\",\n \"portfolio_stance\": \"BULLISH\",\n \"entry_action\": \"WAIT\",\n \"setup_quality\": \"DEVELOPING\",\n \"confidence\": 0.74,\n \"time_horizon\": \"medium\",\n \"entry_logic\": \"TSM has investable bullish evidence from verified AI-driven revenue growth, very high margins, strong free cash flow, liquidity, and a resumed uptrend above the 10-day EMA, 50-day SMA, and 200-day SMA. Immediate entry is not favored because price has already rebounded sharply from 316.50 to the high 360s, sits near Bollinger resistance around 378.90 and the prior 384.67-386.64 high zone, ATR is elevated at 12.64, and earnings/event expectations are high. Prefer waiting for either a pullback that holds 359.54-351.56 or a volume-backed close above 378.90 before adding risk.\",\n \"exit_logic\": \"Reduce or avoid new exposure if TSM closes below the 10-day EMA near 359.54 with weak follow-through, and cut medium-term bullish exposure if it spends two sessions below the 50-day SMA near 351.56. A failed breakout below 378.90-386.64 after earnings with declining volume would argue for trimming. Full thesis review is required if AI demand, gross margin guidance, or advanced-node utilization disappoints.\",\n \"position_sizing\": \"Maintain or build only partial exposure until timing confirms. Use smaller-than-normal sizing because ATR is high and earnings/macro risks can create gap moves. For new entries, scale in rather than chase; reserve capital for either confirmed breakout continuation or a controlled pullback into support.\",\n \"risk_limits\": \"Use ATR-aware stops rather than tight dollar stops. For short-term trades, risk should be capped around a close below 359.54; for medium-term allocation, use 351.56 as the key risk line. Avoid increasing exposure into resistance without volume confirmation. Reassess if macro pressure from rates, dollar strength, oil, or geopolitical headlines worsens.\",\n \"catalysts\": [\n \"TSM 1Q revenue reportedly rose 35% year over year to about USD 35.6B, confirming AI demand in reported sales.\",\n \"Upcoming earnings and guidance can validate advanced-node demand, margins, and capex returns.\",\n \"ASML and broader supply-chain commentary point to chip demand exceeding supply, supporting TSM pricing power and utilization.\",\n \"A volume-backed breakout above 378.90 could open a retest of the 384.67-386.64 prior high zone.\"\n ],\n \"invalidators\": [\n \"Earnings or guidance that are merely good but below elevated AI expectations.\",\n \"Close below 351.56 for more than one session, weakening the post-correction trend recovery.\",\n \"Gross margin pressure from capex, depreciation, pricing, or utilization issues.\",\n \"Escalation in Taiwan/geopolitical supply-chain risk or renewed broad semiconductor de-risking.\",\n \"Evidence that Intel, US fab buildouts, or customer diversification is reducing TSM long-term pricing power faster than expected.\"\n ],\n \"watchlist_triggers\": [\n \"TSM closes above 378.90 with expanding volume versus recent sessions.\",\n \"TSM pulls back toward 359.54 and holds with constructive intraday recovery or improving volume.\",\n \"TSM tests 351.56 and stabilizes without negative company-specific news.\",\n \"Earnings guidance confirms AI/HPC demand, margin resilience, and manageable capex intensity.\",\n \"RSI moves above 70 while price stalls near 384.67-386.64, signaling chase risk and possible trim zone.\"\n ],\n \"data_coverage\": {\n \"company_news_count\": 4,\n \"disclosures_count\": 0,\n \"social_source\": \"news_derived\",\n \"macro_items_count\": 1\n }\n}", "judge_decision": "{\n \"rating\": \"OVERWEIGHT\",\n \"portfolio_stance\": \"BULLISH\",\n \"entry_action\": \"WAIT\",\n \"setup_quality\": \"DEVELOPING\",\n \"confidence\": 0.74,\n \"time_horizon\": \"medium\",\n \"entry_logic\": \"TSM\uc740 \uac80\uc99d\ub41c AI \uae30\ubc18 \ub9e4\ucd9c \uc131\uc7a5, \ub9e4\uc6b0 \ub192\uc740 \ub9c8\uc9c4, \uac15\ub825\ud55c \uc789\uc5ec\ud604\uae08\ud750\ub984, \uc720\ub3d9\uc131, \uadf8\ub9ac\uace0 10\uc77c EMA, 50\uc77c SMA, 200\uc77c SMA \uc704\uc5d0\uc11c \uc7ac\uac1c\ub41c \uc0c1\uc2b9 \ucd94\uc138\ub97c \ubc14\ud0d5\uc73c\ub85c \ud22c\uc790 \uac00\ub2a5\ud55c \uac15\uc138 \uadfc\uac70\ub97c \uac16\ucd94\uace0 \uc788\uc2b5\ub2c8\ub2e4. \ub2e4\ub9cc \uac00\uaca9\uc774 \uc774\ubbf8 316.50\uc5d0\uc11c 360\ub2ec\ub7ec\ub300 \ud6c4\ubc18\uae4c\uc9c0 \uae09\ubc18\ub4f1\ud588\uace0, \uc57d 378.90\uc758 \ubcfc\ub9b0\uc800 \ubc34\ub4dc \uc800\ud56d\uacfc \uc774\uc804 \uace0\uc810 \uad6c\uac04\uc778 384.67-386.64\uc5d0 \uadfc\uc811\ud574 \uc788\uc73c\uba70, ATR\uc774 12.64\ub85c \ub192\uace0 \uc2e4\uc801 \ubc0f \uc774\ubca4\ud2b8 \uae30\ub300\uce58\ub3c4 \ub192\uc740 \uc0c1\ud669\uc774\ubbc0\ub85c \uc989\uac01\uc801\uc778 \uc9c4\uc785\uc740 \uc120\ud638\ub418\uc9c0 \uc54a\uc2b5\ub2c8\ub2e4. \ub9ac\uc2a4\ud06c\ub97c \ucd94\uac00\ud558\uae30 \uc804\uc5d0\ub294 359.54-351.56 \uad6c\uac04\uc744 \uc9c0\uc9c0\ud558\ub294 \uc870\uc815\uc774 \ub098\uc624\uac70\ub098, \uac70\ub798\ub7c9\uc744 \ub3d9\ubc18\ud574 378.90 \uc704\uc5d0\uc11c \uc885\uac00\uac00 \ud615\uc131\ub418\ub294 \uac83\uc744 \uae30\ub2e4\ub9ac\ub294 \ud3b8\uc774 \ub354 \uc801\uc808\ud569\ub2c8\ub2e4.\",\n \"exit_logic\": \"\uc57d\ud55c \ud6c4\uc18d \ub9e4\uc218\uc138 \uc18d\uc5d0\uc11c TSM\uc774 10\uc77c EMA \ubd80\uadfc\uc778 359.54 \uc544\ub798\uc5d0\uc11c \ub9c8\uac10\ud558\uba74 \uc2e0\uaddc \ub178\ucd9c\uc740 \uc904\uc774\uac70\ub098 \ud53c\ud558\uace0, 50\uc77c SMA \ubd80\uadfc\uc778 351.56 \uc544\ub798\uc5d0\uc11c \ub450 \uac70\ub798\uc77c\uc744 \ubcf4\ub0b4\uba74 \uc911\uae30 \uac15\uc138 \ub178\ucd9c\uc744 \ucd95\uc18c\ud558\uc138\uc694. \uc2e4\uc801 \ubc1c\ud45c \uc774\ud6c4 \uac70\ub798\ub7c9\uc774 \uac10\uc18c\ud558\ub294 \uac00\uc6b4\ub370 378.90-386.64 \uc544\ub798\ub85c \ub3cc\ud30c\uc5d0 \uc2e4\ud328\ud55c\ub2e4\uba74 \ube44\uc911 \ucd95\uc18c\uac00 \ud0c0\ub2f9\ud569\ub2c8\ub2e4. AI \uc218\uc694, \ub9e4\ucd9c\ucd1d\uc774\uc775\ub960 \uac00\uc774\ub358\uc2a4, \ub610\ub294 \ucca8\ub2e8 \uacf5\uc815 \uac00\ub3d9\ub960\uc774 \uae30\ub300\uc5d0 \ubabb \ubbf8\uce60 \uacbd\uc6b0\uc5d0\ub294 \uc804\uccb4 \ud22c\uc790 \ub17c\ub9ac\uc5d0 \ub300\ud55c \uc7ac\uac80\ud1a0\uac00 \ud544\uc694\ud569\ub2c8\ub2e4.\",\n \"position_sizing\": \"\ud0c0\uc774\ubc0d\uc774 \ud655\uc778\ub420 \ub54c\uae4c\uc9c0 \ubd80\ubd84 \ub178\ucd9c\ub9cc \uc720\uc9c0\ud558\uac70\ub098 \uad6c\ucd95\ud558\uc138\uc694. ATR\uc774 \ub192\uace0 \uc2e4\uc801 \ubc0f \uac70\uc2dc\uacbd\uc81c \ub9ac\uc2a4\ud06c\uac00 \uac2d \uc6c0\uc9c1\uc784\uc744 \ub9cc\ub4e4 \uc218 \uc788\uc73c\ubbc0\ub85c \ud3c9\uc18c\ubcf4\ub2e4 \uc791\uc740 \ud3ec\uc9c0\uc158 \uaddc\ubaa8\ub97c \uc0ac\uc6a9\ud558\uc138\uc694. \uc2e0\uaddc \uc9c4\uc785\uc740 \ucd94\uaca9 \ub9e4\uc218\ud558\uae30\ubcf4\ub2e4 \ubd84\ud560 \uc9c4\uc785\ud558\uace0, \ud655\uc778\ub41c \ub3cc\ud30c \uc9c0\uc18d \ub610\ub294 \uc9c0\uc9c0\uc120\uae4c\uc9c0\uc758 \ud1b5\uc81c\ub41c \ub418\ub3cc\ub9bc\uc5d0 \ub300\uc751\ud560 \uc218 \uc788\ub3c4\ub85d \uc790\uae08\uc744 \ub0a8\uaca8\ub450\uc138\uc694.\",\n \"risk_limits\": \"ATR\ub97c \ubc18\uc601\ud55c \uc190\uc808\uc120\uc744 \uc0ac\uc6a9\ud558\uace0, \ucd18\ucd18\ud55c \ub2ec\ub7ec \uae30\uc900 \uc190\uc808\uc740 \ud53c\ud558\uc138\uc694. \ub2e8\uae30 \uac70\ub798\uc758 \uacbd\uc6b0 \uc885\uac00\uac00 359.54 \uc544\ub798\ub85c \ub0b4\ub824\uac00\uba74 \uc704\ud5d8\uc744 \ub300\ub7b5 \uadf8 \uc218\uc900\uc5d0\uc11c \uc81c\ud55c\ud574\uc57c \ud569\ub2c8\ub2e4. \uc911\uae30 \ubc30\ubd84\uc5d0\uc11c\ub294 351.56\uc744 \ud575\uc2ec \uc704\ud5d8 \uae30\uc900\uc120\uc73c\ub85c \uc0ac\uc6a9\ud558\uc138\uc694. \uac70\ub798\ub7c9 \ud655\uc778 \uc5c6\uc774 \uc800\ud56d \uad6c\uac04\uc5d0\uc11c \ub178\ucd9c\uc744 \ub298\ub9ac\ub294 \uac83\uc740 \ud53c\ud558\uc138\uc694. \uae08\ub9ac, \ub2ec\ub7ec \uac15\uc138, \uc720\uac00 \ub610\ub294 \uc9c0\uc815\ud559\uc801 \ud5e4\ub4dc\ub77c\uc778\uc73c\ub85c \uc778\ud55c \uac70\uc2dc \uc555\ub825\uc774 \uc545\ud654\ub418\uba74 \uc7ac\ud3c9\uac00\ud558\uc138\uc694.\",\n \"catalysts\": [\n \"TSM\uc758 1\ubd84\uae30 \ub9e4\ucd9c\uc740 \uc804\ub144 \ub3d9\uae30 \ub300\ube44 35% \uc99d\uac00\ud55c \uc57d 356\uc5b5 \ub2ec\ub7ec\ub85c \uc54c\ub824\uc9c0\uba70, \ubcf4\uace0\ub41c \ub9e4\ucd9c\uc5d0\uc11c AI \uc218\uc694\uac00 \ud655\uc778\ub418\uc5c8\uc2b5\ub2c8\ub2e4.\",\n \"\ub2e4\uac00\uc624\ub294 \uc2e4\uc801 \ubc1c\ud45c\uc640 \uac00\uc774\ub358\uc2a4\ub294 \ucca8\ub2e8 \ub178\ub4dc \uc218\uc694, \ub9c8\uc9c4, CAPEX \uc218\uc775\uc131\uc744 \uac80\uc99d\ud558\ub294 \uacc4\uae30\uac00 \ub420 \uc218 \uc788\uc2b5\ub2c8\ub2e4.\",\n \"ASML\uacfc \ub354 \ub113\uc740 \uacf5\uae09\ub9dd \uad00\ub828 \ub17c\ud3c9\uc740 \uce69 \uc218\uc694\uac00 \uacf5\uae09\uc744 \ucd08\uacfc\ud558\uace0 \uc788\uc74c\uc744 \uc2dc\uc0ac\ud558\uba70, \uc774\ub294 TSM\uc758 \uac00\uaca9 \uacb0\uc815\ub825\uacfc \uac00\ub3d9\ub960\uc744 \ub4b7\ubc1b\uce68\ud569\ub2c8\ub2e4.\",\n \"\uac70\ub798\ub7c9\uc774 \ub4b7\ubc1b\uce68\ub41c 378.90 \uc0c1\ud5a5 \ub3cc\ud30c\uac00 \ub098\ud0c0\ub098\uba74, \uc774\uc804 \uace0\uc810 \uad6c\uac04\uc778 384.67~386.64 \uc7ac\uc2dc\ud5d8 \uac00\ub2a5\uc131\uc774 \uc5f4\ub9b4 \uc218 \uc788\uc2b5\ub2c8\ub2e4.\"\n ],\n \"invalidators\": [\n \"\ub192\uc544\uc9c4 AI \uae30\ub300\uce58\uc5d0\ub294 \ubabb \ubbf8\uce58\ub294, \ub2e8\uc9c0 \uc591\ud638\ud55c \uc218\uc900\uc758 \uc2e4\uc801\uc774\ub098 \uac00\uc774\ub358\uc2a4\",\n \"\ud55c \ucc28\ub840 \uc774\uc0c1\uc758 \uac70\ub798\uc77c \ub3d9\uc548 351.56 \uc544\ub798\uc5d0\uc11c \uc885\uac00\ub97c \ud615\uc131\ud558\uba74, \uc870\uc815 \uc774\ud6c4\uc758 \ucd94\uc138 \ud68c\ubcf5\uc138\uac00 \uc57d\ud654\ub429\ub2c8\ub2e4.\",\n \"\uc124\ube44\ud22c\uc790, \uac10\uac00\uc0c1\uac01, \uac00\uaca9 \ucc45\uc815 \ub610\ub294 \uac00\ub3d9\ub960 \ubb38\uc81c\ub85c \uc778\ud55c \ub9e4\ucd9c\ucd1d\uc774\uc775\ub960 \uc555\ubc15.\",\n \"\ub300\ub9cc \uad00\ub828 \uc9c0\uc815\ud559\uc801 \uacf5\uae09\ub9dd \ub9ac\uc2a4\ud06c\uac00 \uace0\uc870\ub418\uac70\ub098, \ubc18\ub3c4\uccb4 \uc804\ubc18\uc5d0 \ub300\ud55c \ub514\ub9ac\uc2a4\ud0b9 \uc6c0\uc9c1\uc784\uc774 \ub2e4\uc2dc \ud655\uc0b0\ub418\ub294 \uacbd\uc6b0.\",\n \"Intel, \ubbf8\uad6d \ub0b4 \ud339 \uc99d\uc124, \ub610\ub294 \uace0\uac1d \ub2e4\ubcc0\ud654\uac00 TSM\uc758 \uc7a5\uae30 \uac00\uaca9 \uacb0\uc815\ub825\uc744 \uc608\uc0c1\ubcf4\ub2e4 \ube60\ub974\uac8c \uc57d\ud654\uc2dc\ud0a4\uace0 \uc788\ub2e4\ub294 \uc99d\uac70\"\n ],\n \"watchlist_triggers\": [\n \"TSM\uc774 \ucd5c\uadfc \uac70\ub798 \uc138\uc158 \ub300\ube44 \uc99d\uac00\ud55c \uac70\ub798\ub7c9\uc744 \ub3d9\ubc18\ud574 378.90 \uc704\uc5d0\uc11c \ub9c8\uac10\ud569\ub2c8\ub2e4.\",\n \"TSM\uc774 359.54 \ubd80\uadfc\uae4c\uc9c0 \ub418\ub3cc\ub9bc\uc744 \ubcf4\uc778 \ub4a4, \uac74\uc124\uc801\uc778 \uc7a5\uc911 \ud68c\ubcf5 \ud750\ub984 \ub610\ub294 \uac70\ub798\ub7c9 \uac1c\uc120\uacfc \ud568\uaed8 \uc9c0\uc9c0\ub825\uc744 \uc720\uc9c0\ud558\ub294 \uacbd\uc6b0.\",\n \"TSM\uc740 351.56\uc744 \uc2dc\ud5d8\ud55c \ub4a4, \ubd80\uc815\uc801\uc778 \ud68c\uc0ac \uace0\uc720 \ub274\uc2a4 \uc5c6\uc774 \uc548\uc815\ud654\ub429\ub2c8\ub2e4.\",\n \"\uc2e4\uc801 \uac00\uc774\ub358\uc2a4\ub294 AI/HPC \uc218\uc694, \ub9c8\uc9c4 \ud68c\ubcf5\ub825, \uad00\ub9ac \uac00\ub2a5\ud55c CAPEX \uc9d1\uc57d\ub3c4\ub97c \ud655\uc778\ud574 \uc90d\ub2c8\ub2e4.\",\n \"RSI\uac00 70\uc744 \uc0c1\ud68c\ud558\ub294 \uac00\uc6b4\ub370 \uc8fc\uac00\uac00 384.67~386.64 \ubd80\uadfc\uc5d0\uc11c \uc815\uccb4\ub420 \uacbd\uc6b0, \ucd94\uaca9 \ub9e4\uc218 \uc704\ud5d8\uc774 \ucee4\uc9c0\uace0 \uc77c\ubd80 \ube44\uc911 \ucd95\uc18c \uac00\ub2a5 \uad6c\uac04\uc784\uc744 \uc2dc\uc0ac\ud569\ub2c8\ub2e4.\"\n ],\n \"data_coverage\": {\n \"company_news_count\": 4,\n \"disclosures_count\": 0,\n \"social_source\": \"news_derived\",\n \"macro_items_count\": 1\n }\n}" }, "trader_investment_decision": "{\n \"rating\": \"OVERWEIGHT\",\n \"portfolio_stance\": \"BULLISH\",\n \"entry_action\": \"WAIT\",\n \"setup_quality\": \"DEVELOPING\",\n \"confidence\": 0.74,\n \"time_horizon\": \"medium\",\n \"entry_logic\": \"TSM\uc5d0 \ub300\ud55c \uac74\uc124\uc801\uc778 \ud3b8\ud5a5\uc740 \uc720\uc9c0\ud558\ub418, \uc800\ud56d \uad6c\uac04\uc73c\ub85c \uae09\ubc18\ub4f1\ud55c \ub4a4\ub97c \ubb34\ub9ac\ud558\uac8c \ucd94\uaca9 \ub9e4\uc218\ud558\uc9c0\ub294 \ub9c8\uc2ed\uc2dc\uc624. \uc9c4\uc785\uc740 359.54\uc758 10\uc77c EMA\uc5d0\uc11c 351.56\uc758 50\uc77c SMA\uae4c\uc9c0 \uc774\uc5b4\uc9c0\ub294 \uc9c0\uc9c0 \uad6c\uac04\uc744 \uc9c0\ucf1c\ub0b4\ub294 \ud1b5\uc81c\ub41c \uc870\uc815\uc774 \ub098\uc624\uac70\ub098, 378.90 \uc704\uc5d0\uc11c \uac70\ub798\ub7c9\uc744 \ub3d9\ubc18\ud55c \uc885\uac00\uac00 \ud615\uc131\ub418\uc5b4 384.67-386.64\uc758 \uc774\uc804 \uace0\uc810 \uad6c\uac04\uc744 \ud5a5\ud55c \ub3cc\ud30c \uc218\uc694\uac00 \ud655\uc778\ub420 \ub54c \uc120\ud638\ub429\ub2c8\ub2e4. \uc774 \ub450 \uac00\uc9c0 \ud2b8\ub9ac\uac70 \uc911 \ud558\ub098\uac00 \ubc1c\uc0dd\ud558\uae30 \uc804\uae4c\uc9c0\ub294 \ub178\ucd9c\uc744 \ubd80\ubd84\uc801\uc73c\ub85c\ub9cc \uc720\uc9c0\ud558\uace0, \ub354 \ub098\uc740 \uc704\ud5d8/\ubcf4\uc0c1 \uae30\ud68c\ub97c \uae30\ub2e4\ub9ac\uc2ed\uc2dc\uc624.\",\n \"exit_logic\": \"\uc57d\ud55c \ud6c4\uc18d \ub9e4\uc218\uc138\uc640 \ud568\uaed8 TSM\uc774 359.54 \uc544\ub798\uc5d0\uc11c \ub9c8\uac10\ud558\uba74 \uc2e0\uaddc \ub178\ucd9c\uc740 \uc904\uc774\uac70\ub098 \ud53c\ud558\uc138\uc694. 351.56 \uc544\ub798\uc5d0\uc11c \ub450 \uac70\ub798\uc77c\uc744 \ubcf4\ub0b4\uba74 \uc911\uae30 \uac15\uc138 \ub178\ucd9c\uc744 \ucd95\uc18c\ud558\uc138\uc694. \uc2e4\uc801 \ubc1c\ud45c \uc774\ud6c4 378.90-386.64 \ubd80\uadfc \ub3cc\ud30c\uac00 \uac70\ub798\ub7c9 \uac10\uc18c \uc18d\uc5d0 \uc2e4\ud328\ud558\uba74 \ube44\uc911 \ucd95\uc18c \uc2e0\ud638\ub85c \ubcf4\uc138\uc694. \uc2e4\uc801, AI/HPC \uc218\uc694, \ucca8\ub2e8 \uacf5\uc815 \uac00\ub3d9\ub960, \ub9e4\ucd9c\ucd1d\uc774\uc775\ub960 \uac00\uc774\ub358\uc2a4 \ub610\ub294 CAPEX \ud6a8\uc728\uc131\uc774 \uae30\ub300\uc5d0 \ubabb \ubbf8\uce58\uba74 \ud22c\uc790 \ub17c\ub9ac\ub97c \uc7ac\uac80\ud1a0\ud558\uc138\uc694.\",\n \"position_sizing\": \"\ud0c0\uc774\ubc0d\uc774 \ud655\uc778\ub420 \ub54c\uae4c\uc9c0\ub294 \ubd80\ubd84 \uc775\uc2a4\ud3ec\uc800\ub9cc \uc0ac\uc6a9\ud558\uc138\uc694. \uc2e0\uaddc \uc790\uae08\uc740 \ud655\uc778\ub41c \ud2b8\ub9ac\uac70\uc5d0\uc11c \ud3c9\uc18c\ubcf4\ub2e4 \uc791\uc740 \ube44\uc911\uc73c\ub85c \uc2dc\uc791\ud558\uace0, \ucd94\uaca9 \ub9e4\uc218\ud558\uae30\ubcf4\ub2e4 \ubd84\ud560 \uc9c4\uc785\ud558\uc138\uc694. 359.54-351.56 \ubd80\uadfc\uc5d0\uc11c \uc9c0\uc9c0\uac00 \uc720\uc9c0\ub418\ub294 \uc9c4\uc785 \uae30\ud68c\ub098, \uac70\ub798\ub7c9 \ud655\ub300\ub97c \ub3d9\ubc18\ud55c 378.90 \uc0c1\ud5a5 \ub3cc\ud30c \ud655\uc778\uc5d0 \ub300\ube44\ud574 \uc790\uae08\uc744 \ub0a8\uaca8\ub450\uc138\uc694.\",\n \"risk_limits\": \"\ub2e8\uae30 \uac70\ub798 \uc704\ud5d8\uc740 359.54 \uc544\ub798\uc5d0\uc11c \uc885\uac00\uac00 \ud615\uc131\ub418\ub294 \uacbd\uc6b0\ub97c \uae30\uc900\uc73c\ub85c \uc81c\ud55c\ud558\uace0, 351.56\uc744 \uc911\uae30 \ubc30\ubd84 \uc704\ud5d8\uc120\uc73c\ub85c \uc0ac\uc6a9\ud558\uc138\uc694. \uc0c1\uc2b9\ud55c ATR\uc744 \uace0\ub824\ud574 \ud3ec\uc9c0\uc158 \uaddc\ubaa8\ub97c \uc815\ud558\uace0, \uc815\uc0c1\uc801\uc778 \ubcc0\ub3d9\uc131\uc5d0\ub3c4 \uc27d\uac8c \ud754\ub4e4\ub824 \uccad\uc0b0\ub420 \uc218 \uc788\ub294 \uc9c0\ub098\uce58\uac8c \ud0c0\uc774\ud2b8\ud55c \uc190\uc808\uc740 \ud53c\ud558\uc138\uc694. \uac70\ub798\ub7c9 \ud655\uc778 \uc5c6\uc774 378.90-386.64 \uc800\ud56d \uad6c\uac04\uc5d0\uc11c \ucd94\uac00 \ub9e4\uc218\ud558\uc9c0 \ub9c8\uc138\uc694. \uae08\ub9ac, \ub2ec\ub7ec \uac15\uc138, \uc720\uac00, \uc9c0\uc815\ud559\uc801 \ud5e4\ub4dc\ub77c\uc778, \ub610\ub294 \ubc18\ub3c4\uccb4 \ub9ac\uc2a4\ud06c \ucd95\uc18c \uc6c0\uc9c1\uc784\uc774 \uc2ec\ud654\ub418\uba74 \uc704\ud5d8\uc744 \uc7ac\ud3c9\uac00\ud558\uc138\uc694.\",\n \"catalysts\": [\n \"\uc804\ub144 \ub300\ube44 \uc57d 35%\uc758 1\ubd84\uae30 \ub9e4\ucd9c \uc131\uc7a5\ub960\uc740 AI \uc218\uc694 \uc131\uc7a5 \ub17c\ub9ac\ub97c \ub4b7\ubc1b\uce68\ud569\ub2c8\ub2e4.\",\n \"\ud5a5\ud6c4 \uc2e4\uc801 \ubc1c\ud45c\uc640 \uac00\uc774\ub358\uc2a4\ub294 AI/HPC \uc218\uc694, \ucca8\ub2e8 \uacf5\uc815 \uac00\ub3d9\ub960, \ub9c8\uc9c4, CAPEX \ud22c\uc790\uc218\uc775\uc744 \uac80\uc99d\ud560 \uc218 \uc788\uc2b5\ub2c8\ub2e4.\",\n \"\uacf5\uae09\ub9dd \uad00\ub828 \ub17c\ud3c9\uc5d0 \ub530\ub974\uba74 \uce69 \uc218\uc694\uac00 \uacf5\uae09\uc744 \uc6c3\ub3cc\uace0 \uc788\uc5b4 \uac00\ub3d9\ub960, \uac00\uaca9 \uacb0\uc815\ub825, \ub9c8\uc9c4 \ud68c\ubcf5\ub825\uc744 \ub4b7\ubc1b\uce68\ud569\ub2c8\ub2e4.\",\n \"\uac70\ub798\ub7c9\uc744 \ub3d9\ubc18\ud574 378.90 \uc704\uc5d0\uc11c \ub9c8\uac10\ud558\uba74 \ubaa8\uba58\ud140\uc774 \ud655\uc778\ub418\uba70 384.67-386.64 \uc7ac\uc2dc\ud5d8 \uac00\ub2a5\uc131\uc774 \uc5f4\ub9b4 \uc218 \uc788\uc2b5\ub2c8\ub2e4.\"\n ],\n \"invalidators\": [\n \"\uc808\ub300\uc801\uc778 \uae30\uc900\uc73c\ub85c\ub294 \uc591\ud638\ud558\uc9c0\ub9cc \ub192\uc544\uc9c4 AI \uad00\ub828 \uae30\ub300\uce58\uc5d0\ub294 \ubbf8\uce58\uc9c0 \ubabb\ud558\ub294 \uc2e4\uc801 \ub610\ub294 \uac00\uc774\ub358\uc2a4.\",\n \"TSM\uc774 351.56 \uc544\ub798\uc5d0\uc11c \ud55c \ucc28\ub840\ub97c \ub118\uaca8 \ub9c8\uac10\ud558\uba74 \ucd94\uc138 \ud68c\ubcf5\uc774 \uc57d\ud654\ub429\ub2c8\ub2e4.\",\n \"CAPEX, \uac10\uac00\uc0c1\uac01, \uac00\uaca9 \ucc45\uc815 \ub610\ub294 \uac00\ub3d9\ub960\ub85c \uc778\ud55c \ub9e4\ucd9c\ucd1d\uc774\uc775\ub960 \uc555\ubc15\uc774 \uc608\uc0c1\ubcf4\ub2e4 \ub354 \uc2ec\ud574\uc9c0\ub294 \uacbd\uc6b0.\",\n \"\ub300\ub9cc \ub610\ub294 \ub354 \ub113\uc740 \uc9c0\uc815\ud559\uc801 \uacf5\uae09\ub9dd \ub9ac\uc2a4\ud06c\uac00 \uc911\ub300\ud558\uac8c \ud655\ub300\ub41c\ub2e4.\",\n \"Intel, \ubbf8\uad6d \ub0b4 \ud339 \ud655\uc7a5, \ub610\ub294 \uace0\uac1d \ub2e4\ubcc0\ud654\uac00 TSM\uc758 \uac00\uaca9 \uacb0\uc815\ub825\uc744 \uc608\uc0c1\ubcf4\ub2e4 \ube60\ub974\uac8c \uc57d\ud654\uc2dc\ud0a4\uace0 \uc788\ub2e4\ub294 \uc99d\uac70\"\n ],\n \"watchlist_triggers\": [\n \"TSM\uc774 \ucd5c\uadfc \uac70\ub798 \uc138\uc158 \ub300\ube44 \uc99d\uac00\ud55c \uac70\ub798\ub7c9\uc744 \ub3d9\ubc18\ud558\uba70 378.90 \uc704\uc5d0\uc11c \uc885\uac00\ub97c \ud615\uc131\ud560 \uacbd\uc6b0.\",\n \"TSM\uc774 359.54 \ubd80\uadfc\uae4c\uc9c0 \uc870\uc815\ubc1b\uc740 \ub4a4 \uc9c0\uc9c0\uc5d0 \uc131\uacf5\ud558\uba70 \uc7a5\uc911 \ud68c\ubcf5 \ud750\ub984\uc774 \uac74\uc124\uc801\uc73c\ub85c \uc804\uac1c\ub418\uace0 \uc788\uc2b5\ub2c8\ub2e4.\",\n \"TSM\uc740 351.56\uc744 \uc2dc\ud5d8\ud55c \ub4a4, \ud68c\uc0ac\ubcc4 \ubd80\uc815\uc801 \ub274\uc2a4 \uc5c6\uc774 \uc548\uc815\uc138\ub97c \ubcf4\uc774\uace0 \uc788\uc2b5\ub2c8\ub2e4.\",\n \"\uc2e4\uc801 \uac00\uc774\ub358\uc2a4\ub294 AI/HPC \uc218\uc694, \ub9c8\uc9c4 \ud68c\ubcf5\ub825, \uad00\ub9ac \uac00\ub2a5\ud55c CAPEX \uc9d1\uc57d\ub3c4\ub97c \ud655\uc778\ud574 \uc90d\ub2c8\ub2e4.\",\n \"RSI\uac00 70\uc744 \ub118\ub294 \uac00\uc6b4\ub370 \uac00\uaca9\uc774 384.67~386.64 \ubd80\uadfc\uc5d0\uc11c \uc815\uccb4\ub418\uba74, \ucd94\uaca9 \ub9e4\uc218 \uc704\ud5d8\uc774 \ucee4\uc9c0\uace0 \uc77c\ubd80 \ucc28\uc775 \uc2e4\ud604\uc744 \uac80\ud1a0\ud560 \uc218 \uc788\ub294 \uad6c\uac04\uc784\uc744 \uc2dc\uc0ac\ud569\ub2c8\ub2e4.\"\n ],\n \"data_coverage\": {\n \"company_news_count\": 4,\n \"disclosures_count\": 0,\n \"social_source\": \"news_derived\",\n \"macro_items_count\": 1\n }\n}", "risk_debate_state": { "aggressive_history": "\nAggressive Analyst: \uacf5\uaca9\uc801 \uad00\uc810\uc5d0\uc11c \ubcf4\uba74 \uc774 \uacb0\uc815\uc740 \ucda9\ubd84\ud788 \uc124\ub4dd\ub825 \uc788\uc2b5\ub2c8\ub2e4. OVERWEIGHT\uc640 BULLISH\ub97c \uc720\uc9c0\ud558\ub418 \ubb34\uc791\uc815 \ucd94\uaca9\ud558\uc9c0 \uc54a\uace0 359.54~351.56 \uc9c0\uc9c0 \ud655\uc778 \ub610\ub294 378.90 \uac70\ub798\ub7c9 \ub3cc\ud30c\ub97c \uae30\ub2e4\ub9ac\ub294 \uc804\ub7b5\uc740 \ubc29\uc5b4\uc801\uc778 \ud6c4\ud1f4\uac00 \uc544\ub2c8\ub77c, \uace0\ubcc0\ub3d9\uc131 \uc0c1\uc2b9 \uc7ac\uac1c \uad6d\uba74\uc5d0\uc11c \uac00\uc7a5 \uc88b\uc740 \ud3ed\ubc1c \uad6c\uac04\uc744 \ub178\ub9ac\ub294 \uc804\uc220\uc785\ub2c8\ub2e4.\n\n\ubcf4\uc218\uc801 \uad00\uc810\uc774 \u201c\uc774\ubbf8 \ub9ce\uc774 \uc62c\ub790\ub2e4, \uc800\ud56d\uc774 \uac00\uae5d\ub2e4, \uae30\ub300\uce58\uac00 \ub192\ub2e4\u201d\ub294 \uc2dd\uc73c\ub85c \uc811\uadfc\ud55c\ub2e4\uba74 \uc800\ub294 \uadf8 \ub17c\ub9ac\uac00 \uae30\ud68c\ub97c \uacfc\uc18c\ud3c9\uac00\ud55c\ub2e4\uace0 \ubd05\ub2c8\ub2e4. 2026-03-30 \uc800\uc810 316.50\uc5d0\uc11c 4\uc6d4 \uc911\uc21c 369\ub2ec\ub7ec\ub300\uae4c\uc9c0 \uc57d 16.8% \ud68c\ubcf5\ud55c \uac83\uc740 \ub2e8\uc21c \ubc18\ub4f1\uc774 \uc544\ub2c8\ub77c \uad6c\uc870 \ubcc0\ud654\uc785\ub2c8\ub2e4. \uac00\uaca9\uc740 10\uc77c EMA 359.54, 50\uc77c SMA 351.56, 200\uc77c SMA 294.12\ub97c \ubaa8\ub450 \uc0c1\ud68c\ud558\uace0 \uc788\uace0, MACD\ub294 -6.38\uc5d0\uc11c 6.44\ub85c \uae09\ubc18\uc804\ud588\uc2b5\ub2c8\ub2e4. \uc774\ub7f0 \ubaa8\uba58\ud140 \uc804\ud658\uc744 \ub2e8\uc9c0 \u201c\ub108\ubb34 \ube68\ub9ac \uc62c\ub790\ub2e4\u201d\ub294 \uc774\uc720\ub85c \ud53c\ud558\uba74, \ub300\ud615 \ucd94\uc138 \uc7ac\uac1c \ucd08\uc785\uc5d0\uc11c \uac00\uc7a5 \uc218\uc775\ub960\uc774 \uc88b\uc740 \uad6c\uac04\uc744 \ub193\uce60 \uc218 \uc788\uc2b5\ub2c8\ub2e4.\n\n\uc911\ub9bd \uad00\uc810\uc774 \u201c\ud655\uc778\uc740 \ud544\uc694\ud558\uc9c0\ub9cc \ubc29\ud5a5\uc131\uc740 \uc544\uc9c1 \uc560\ub9e4\ud558\ub2e4\u201d\uace0 \ub9d0\ud55c\ub2e4\uba74, \uadf8\uac74 \ud604\uc7ac \ub370\uc774\ud130\uc758 \ube44\ub300\uce6d\uc131\uc744 \ucda9\ubd84\ud788 \ubc18\uc601\ud558\uc9c0 \ubabb\ud55c \ud310\ub2e8\uc785\ub2c8\ub2e4. RSI 66.01\uc740 \uac15\ud558\uc9c0\ub9cc \uc544\uc9c1 70 \uc774\uc0c1 \uacfc\uc5f4\uad8c\uc774 \uc544\ub2d9\ub2c8\ub2e4. \ubcfc\ub9b0\uc800 \uc0c1\ub2e8 378.90\uacfc 2\uc6d4 \uace0\uc810 384.67~386.64\uac00 \uc800\ud56d\uc778 \uac83\uc740 \ub9de\uc9c0\ub9cc, \ubc14\ub85c \uadf8 \uad6c\uac04\uc774 \ub3cc\ud30c\ub418\uba74 \uc20f\ucee4\ubc84\uc640 \ubaa8\uba58\ud140 \uc790\uae08\uc774 \ubd99\uc744 \uc218 \uc788\ub294 \ud2b8\ub9ac\uac70\uc785\ub2c8\ub2e4. \ud2b9\ud788 4\uc6d4 8\uc77c \uac70\ub798\ub7c9\uc774 16,356,900\uc8fc\ub85c \uc804\uc77c 6,823,500\uc8fc \ub300\ube44 \ud06c\uac8c \uc99d\uac00\ud558\uba70 365.90\uae4c\uc9c0 \uae09\ub4f1\ud588\ub2e4\ub294 \uc810\uc740, \uc774 \ud68c\ubcf5\uc774 \uc587\uc740 \ubc18\ub4f1\uc774 \uc544\ub2c8\ub77c \uc2e4\uc81c \uc218\uc694\uac00 \ub4e4\uc5b4\uc628 \uc6c0\uc9c1\uc784\uc774\ub77c\ub294 \uc99d\uac70\uc785\ub2c8\ub2e4.\n\n\ud380\ub354\uba58\ud138 \uce21\uba74\uc5d0\uc11c\ub3c4 \ubcf4\uc218\ub860\uc740 \ubc38\ub958\uc5d0\uc774\uc158 \ubd80\ub2f4\uc744 \uc9c0\ub098\uce58\uac8c \uac15\uc870\ud560 \uac00\ub2a5\uc131\uc774 \ud07d\ub2c8\ub2e4. TTM PER 36\ubc30\ub294 \ub0ae\uc9c0 \uc54a\uc9c0\ub9cc, \uc120\ud589 PER\uc740 20.6\ubc30\ub85c \ub0b4\ub824\uac00\uace0 \uc120\ud589 EPS\ub294 18.43\uc73c\ub85c \uc81c\uc2dc\ub429\ub2c8\ub2e4. \uc2dc\uc7a5\uc774 \ube44\uc2f8\uac8c \ubcf4\ub294 \uc774\uc720\uac00 \uc788\uc2b5\ub2c8\ub2e4. TTM \uc774\uc775\ub960 45.1%, \uc601\uc5c5\uc774\uc775\ub960 53.9%, ROE 35.1% \uc218\uc900\uc758 \ud68c\uc0ac\uac00 AI \uc778\ud504\ub77c \ubcd1\ubaa9\uc758 \uc911\uc2ec\uc5d0 \uc788\uace0, 1\ubd84\uae30 \ub9e4\ucd9c\uc774 \uc804\ub144 \ub300\ube44 \uc57d 35% \uc99d\uac00\ud574 356\uc5b5 \ub2ec\ub7ec \uc218\uc900\uc744 \uae30\ub85d\ud588\uc2b5\ub2c8\ub2e4. \uace0\uc131\uc7a5\u00b7\uace0\ub9c8\uc9c4\u00b7\uacf5\uae09 \ubd80\uc871\uc774 \ub3d9\uc2dc\uc5d0 \ub098\ud0c0\ub098\ub294 \uae30\uc5c5\uc5d0 \uc77c\ubc18\uc801\uc778 \ubc38\ub958\uc5d0\uc774\uc158 \uc7a3\ub300\ub9cc \ub4e4\uc774\ub300\ub294 \uac83\uc740 \ub108\ubb34 \uc815\uc801\uc778 \uc811\uadfc\uc785\ub2c8\ub2e4.\n\n\uac70\uc2dc \ub9ac\uc2a4\ud06c\ub3c4 \uc778\uc815\ud569\ub2c8\ub2e4. \uc720\uac00 \uc0c1\uc2b9, \ub2ec\ub7ec \uac15\uc138, \uae08\ub9ac \uc778\ud558 \uae30\ub300 \uc57d\ud654\ub294 \uae30\uc220\uc8fc\uc5d0 \ubd80\ub2f4\uc785\ub2c8\ub2e4. \ud558\uc9c0\ub9cc \uacf5\uaca9\uc801 \uad00\uc810\uc5d0\uc11c\ub294 \ubc14\ub85c \uc774\ub7f0 \ud658\uacbd\uc5d0\uc11c \u201c\ucc28\ubcc4\ud654\ub418\ub294 \uc131\uc7a5\uc8fc\u201d\uac00 \ud504\ub9ac\ubbf8\uc5c4\uc744 \uac00\uc838\uac11\ub2c8\ub2e4. \uae08\ub9ac\uac00 \ubd80\ub2f4\uc77c\uc218\ub85d \uc2dc\uc7a5\uc740 \ub354 \ud655\uc2e4\ud55c \uc774\uc775 \uac00\uc2dc\uc131, \ub354 \uac15\ud55c \uac00\uaca9 \uacb0\uc815\ub825, \ub354 \uba85\ud655\ud55c AI \uc218\uc694 \ub178\ucd9c\uc744 \ucc3e\uc2b5\ub2c8\ub2e4. TSM\uc740 \uadf8 \uc870\uac74\uc744 \uac16\ucd98 \uba87 \uc548 \ub418\ub294 \ud575\uc2ec \uc885\ubaa9\uc785\ub2c8\ub2e4. \uac70\uc2dc\uac00 \ubd88\ud3b8\ud558\ub2e4\ub294 \uc774\uc720\ub85c TSM\uc744 \ud53c\ud558\ub294 \uac83\uc740 \uc2dc\uc7a5 \uc804\uccb4\ub97c \ud53c\ud558\ub294 \ub17c\ub9ac\uc774\uc9c0, \uc885\ubaa9 \uac04 \uc2b9\uc790\ub97c \uace0\ub974\ub294 \ub17c\ub9ac\ub294 \uc544\ub2d9\ub2c8\ub2e4.\n\n\uc9c0\uc815\ud559\uacfc \uacf5\uae09\ub9dd \uc9d1\uc911 \ub9ac\uc2a4\ud06c \uc5ed\uc2dc \ubcf4\uc218\uc801\uc73c\ub85c\ub9cc \ud574\uc11d\ud558\uba74 \uc808\ubc18\ub9cc \ubcf4\ub294 \uac83\uc785\ub2c8\ub2e4. \uae00\ub85c\ubc8c AI \uc0b0\uc5c5\uc774 TSMC\uc5d0 \ud06c\uac8c \uc758\uc874\ud55c\ub2e4\ub294 \uc0ac\uc2e4\uc740 \ubd84\uba85 \ub9ac\uc2a4\ud06c\uc774\uc9c0\ub9cc, \ub3d9\uc2dc\uc5d0 TSM\uc758 \uc804\ub7b5\uc801 \ud611\uc0c1\ub825\uacfc \ub300\uccb4 \ubd88\uac00\ub2a5\uc131\uc744 \ubcf4\uc5ec\uc90d\ub2c8\ub2e4. \uacf5\uae09\ub9dd \uc9d1\uc911\uc740 \ud560\uc778 \uc694\uc778\uc774\uba74\uc11c\ub3c4 \ud504\ub9ac\ubbf8\uc5c4 \uc694\uc778\uc785\ub2c8\ub2e4. \ud2b9\ud788 AI \uce69 \uc218\uc694\uac00 \uacf5\uae09\uc744 \ucd08\uacfc\ud558\uace0 ASML \ucabd\uc5d0\uc11c\ub3c4 \uc218\uc694 \uac15\uc138\uc640 \uc124\ube44 \ud655\uc7a5 \ub0b4\ub7ec\ud2f0\ube0c\uac00 \ud655\uc778\ub418\ub294 \uc0c1\ud669\uc774\ub77c\uba74, TSM\uc740 \ub2e8\uc21c \uc81c\uc870\uc5c5\uccb4\uac00 \uc544\ub2c8\ub77c AI \uc0ac\uc774\ud074\uc758 \ubcd1\ubaa9 \uc790\uc0b0\uc785\ub2c8\ub2e4.\n\nIntel, Terafab, \ubbf8\uad6d \ub0b4 \ud30c\uc6b4\ub4dc\ub9ac \ud655\ub300 \uc774\uc57c\uae30\ub97c \uc7a5\uae30 \uc704\ud611\uc73c\ub85c \ubcf4\ub294 \uc2dc\uac01\ub3c4 \uacfc\uc7a5\ub420 \uc218 \uc788\uc2b5\ub2c8\ub2e4. \uc544\uc9c1\uc740 \uc2e4\uc81c \uc810\uc720\uc728\uc744 \ube7c\uc557\ub294 \uacbd\uc7c1\uc774\ub77c\uae30\ubcf4\ub2e4, TSM\uc744 \ub530\ub77c\uc7a1\uae30 \uc704\ud574 \uc5bc\ub9c8\ub098 \ud070 \uc790\ubcf8\uacfc \uc2dc\uac04\uc774 \ud544\uc694\ud55c\uc9c0\ub97c \ubcf4\uc5ec\uc8fc\ub294 \ube44\uad50 \ud504\ub808\uc784\uc5d0 \uac00\uae5d\uc2b5\ub2c8\ub2e4. \uc2dc\uc7a5\uc774 \uacbd\uc7c1 \uac00\ub2a5\uc131\uc744 \ub9d0\ud558\ub294 \ub3d9\uc548 TSM\uc740 \uc774\ubbf8 \ub9e4\ucd9c, \ub9c8\uc9c4, \uace0\uac1d \uae30\ubc18, \uc120\ub2e8 \uacf5\uc815\uc5d0\uc11c \ud604\uae08\uc744 \ubc8c\uace0 \uc788\uc2b5\ub2c8\ub2e4. \uacf5\uaca9\uc801 \ud22c\uc790\uc790\ub294 \uac00\ub2a5\uc131\ubcf4\ub2e4 \ud604\uc7ac \uc9c0\ubc30\ub825\uc744 \ub354 \uc911\uc2dc\ud574\uc57c \ud569\ub2c8\ub2e4.\n\n\ub530\ub77c\uc11c \uc800\ub294 \uc774 \ud2b8\ub808\uc774\ub354\uc758 \uacb0\uc815\uc744 \uc9c0\uc9c0\ud569\ub2c8\ub2e4. \ub2e4\ub9cc \uacf5\uaca9\uc801 \ud574\uc11d\uc73c\ub85c\ub294 \u201cWAIT\u201d\uac00 \uc18c\uadf9\uc801 \uad00\ub9dd\uc774 \uc544\ub2c8\ub77c \ud2b8\ub9ac\uac70 \uae30\ubc18 \uacf5\uaca9 \ub300\uae30\ub77c\uace0 \ubd10\uc57c \ud569\ub2c8\ub2e4. 359.54~351.56 \uc9c0\uc9c0 \uad6c\uac04\uc5d0\uc11c \ub9e4\uc218\uc138\uac00 \ud655\uc778\ub418\uba74 \ub9ac\uc2a4\ud06c \ub300\ube44 \ubcf4\uc0c1\uc774 \uc88b\uc544\uc9c0\uace0, 378.90\uc744 \uac70\ub798\ub7c9\uc73c\ub85c \ub3cc\ud30c\ud558\uba74 384.67~386.64 \uc7ac\uc2dc\ud5d8\uc740 \ubb3c\ub860 \uc2e0\uace0\uac00 \ud655\uc7a5 \uac00\ub2a5\uc131\uae4c\uc9c0 \uc5f4\ub9bd\ub2c8\ub2e4. ATR 12.64 \ub54c\ubb38\uc5d0 \ud3ec\uc9c0\uc158 \ud06c\uae30\ub97c \uc870\uc808\ud558\ub294 \uac83\uc740 \ub9de\uc9c0\ub9cc, \ubcc0\ub3d9\uc131\uc774 \ud06c\ub2e4\ub294 \uc774\uc720\ub85c \uae30\ud68c\ub97c \uc904\uc774\ub294 \uac8c \uc544\ub2c8\ub77c \ubcc0\ub3d9\uc131\uc744 \uc218\uc775 \uc5d4\uc9c4\uc73c\ub85c \ud65c\uc6a9\ud574\uc57c \ud569\ub2c8\ub2e4.\n\n\uacb0\ub860\uc740 \uba85\ud655\ud569\ub2c8\ub2e4. \ubcf4\uc218\uc801 \uc2dc\uac01\uc740 \uc800\ud56d\uacfc \uc774\ubca4\ud2b8 \ub9ac\uc2a4\ud06c\uc5d0 \uac07\ud600 \uc788\uace0, \uc911\ub9bd \uc2dc\uac01\uc740 \ud655\uc778\uc744 \uae30\ub2e4\ub9ac\ub2e4 \uad6c\uc870\uc801 AI \uc218\uc694\uc640 \ubaa8\uba58\ud140 \ud68c\ubcf5\uc758 \uc18d\ub3c4\ub97c \ub193\uce60 \uc218 \uc788\uc2b5\ub2c8\ub2e4. TSM\uc740 \ud604\uc7ac \uac15\ud55c \ud380\ub354\uba58\ud138, \uac1c\uc120\ub418\ub294 \ub274\uc2a4 \uc815\uc11c, \uac70\ub798\ub7c9\uc744 \ub3d9\ubc18\ud55c \ucd94\uc138 \ubcf5\uadc0, AI \uacf5\uae09\ub9dd \ub0b4 \ubcd1\ubaa9 \uc9c0\uc704\uac00 \ub3d9\uc2dc\uc5d0 \ub9de\ubb3c\ub9b0 \uc885\ubaa9\uc785\ub2c8\ub2e4. \ubd80\ubd84 \ub178\ucd9c\uc744 \uc720\uc9c0\ud558\uace0, \uc9c0\uc9c0 \ud655\uc778 \ub610\ub294 \uac70\ub798\ub7c9 \ub3cc\ud30c\uc5d0\uc11c \uacfc\uac10\ud788 \ucd94\uac00\ud558\ub294 \ube44\uc911 \ud655\ub300 \uc804\ub7b5\uc774 \uc2dc\uc7a5 \ud3c9\uade0\uc744 \uc55e\uc9c0\ub97c \uac00\ub2a5\uc131\uc774 \uac00\uc7a5 \ub192\uc2b5\ub2c8\ub2e4.", "conservative_history": "\nConservative Analyst: \uacf5\uaca9\uc801 \ubd84\uc11d\uac00\uc758 \ub17c\ub9ac\ub294 TSM\uc758 \uc9c8\uacfc \ubaa8\uba58\ud140\uc744 \uacfc\uc18c\ud3c9\uac00\ud558\uc9c0 \ub9d0\uc790\ub294 \uc810\uc5d0\uc11c\ub294 \ud0c0\ub2f9\ud558\uc9c0\ub9cc, \ubcf4\uc218\uc801 \ub9ac\uc2a4\ud06c \uad00\uc810\uc5d0\uc11c\ub294 \ubc14\ub85c \uadf8 \ub099\uad00\uc758 \ubc00\ub3c4\uac00 \uc704\ud5d8 \uc2e0\ud638\uc785\ub2c8\ub2e4. \uc800\ub294 \ud2b8\ub808\uc774\ub354\uc758 \uae30\uc874 \ube44\uc911 \ud655\ub300/BULLISH \ud310\ub2e8 \uc790\uccb4\ub97c \uc804\uba74 \ubd80\uc815\ud558\uae30\ubcf4\ub2e4\ub294, \uc2e4\ud589 \uac15\ub3c4\ub97c \ub0ae\ucd94\uace0 \u201c\ud655\uc778 \uc804 \ucd94\uac00 \ub9e4\uc218 \uae08\uc9c0, \uc774\ubca4\ud2b8 \uc804 \uc775\uc2a4\ud3ec\uc800 \uc81c\ud55c, \uc2e4\ud328 \uc2dc \ube60\ub978 \ucd95\uc18c\u201d \ucabd\uc73c\ub85c \uc870\uc815\ud574\uc57c \ud55c\ub2e4\uace0 \ubd05\ub2c8\ub2e4.\n\n\uba3c\uc800 316.50 \uc800\uc810\uc5d0\uc11c 369\ub2ec\ub7ec\ub300\uae4c\uc9c0 \uc57d 16.8% \ud68c\ubcf5\ud588\ub2e4\ub294 \uc810\uc744 \uad6c\uc870 \ubcc0\ud654\ub85c\ub9cc \ubcf4\ub294 \uac83\uc740 \uc704\ud5d8\ud569\ub2c8\ub2e4. \ud68c\ubcf5\uc774 \uac15\ud588\ub2e4\ub294 \uc0ac\uc2e4\uc740 \ub9de\uc9c0\ub9cc, \ubcf4\uc218\uc801\uc73c\ub85c\ub294 \uadf8\ub9cc\ud07c \ub2e8\uae30 \uae30\ub300\uc218\uc775\uc774 \uc774\ubbf8 \uc120\ubc18\uc601\ub410\ub2e4\uace0 \ubd10\uc57c \ud569\ub2c8\ub2e4. \ud604\uc7ac \uac00\uaca9\ub300\ub294 10\uc77c EMA 359.54\uc640 50\uc77c SMA 351.56 \uc704\uc5d0 \uc788\uc9c0\ub9cc, \ub3d9\uc2dc\uc5d0 \ubcfc\ub9b0\uc800 \uc0c1\ub2e8 378.90\uacfc 2\uc6d4 \uace0\uc810 384.67~386.64\uc5d0 \ub9e4\uc6b0 \uac00\uae4c\uc6b4 \uad6c\uac04\uc785\ub2c8\ub2e4. \uc989 \uc9c0\uae08\uc740 \u201c\ucd94\uc138 \ucd08\uc785\u201d\uc774\ub77c\uae30\ubcf4\ub2e4 \u201c\uc800\ud56d\uacfc \uc774\ubca4\ud2b8 \ub9ac\uc2a4\ud06c \uc55e\uc5d0\uc11c \uc218\uc775\uc744 \ud655\uc778\ud574\uc57c \ud558\ub294 \uad6c\uac04\u201d\uc5d0 \ub354 \uac00\uae5d\uc2b5\ub2c8\ub2e4.\n\nMACD\uac00 -6.38\uc5d0\uc11c 6.44\ub85c \uae09\ubc18\uc804\ud588\uace0 RSI\uac00 66.01\uc774\ub77c\ub294 \uc810\ub3c4 \uacf5\uaca9\uc801 \ud574\uc11d\ucc98\ub7fc \uae0d\uc815\uc801\uc785\ub2c8\ub2e4. \ud558\uc9c0\ub9cc \ubcf4\uc218\uc801 \uad00\uc810\uc5d0\uc11c\ub294 \uc774 \uc870\ud569\uc774 \ucd94\uaca9 \ub9e4\uc218\uc758 \uadfc\uac70\uac00 \uc544\ub2c8\ub77c \ubcc0\ub3d9\uc131 \ud655\ub300\uc758 \uadfc\uac70\uc785\ub2c8\ub2e4. RSI\uac00 \uc544\uc9c1 70\uc744 \ub118\uc9c0 \uc54a\uc558\ub2e4\ub294 \uc0ac\uc2e4\ub9cc\uc73c\ub85c \uc548\uc804\ud558\ub2e4\uace0 \ub9d0\ud560 \uc218 \uc5c6\uc2b5\ub2c8\ub2e4. \uc774\ubbf8 \uc800\uc810 \ub300\ube44 \ubc18\ub4f1 \ud3ed\uc774 \ud06c\uace0 ATR\uc774 12.64\ub85c \ub192\uc740 \uc0c1\ud0dc\ub77c\uba74, 2~3% \ud754\ub4e4\ub9bc\uc740 \uc815\uc0c1 \ubcc0\ub3d9 \uc548\uc5d0 \ub4e4\uc5b4\uac11\ub2c8\ub2e4. \uc774\ub7f0 \ud658\uacbd\uc5d0\uc11c \ub3cc\ud30c\ub97c \ub530\ub77c\uac00\uba74 \uc190\uc808\uc120\uc740 \ub113\uc5b4\uc9c0\uace0, \ud3ec\uc9c0\uc158 \ud06c\uae30\ub97c \uc904\uc774\uc9c0 \uc54a\uc73c\uba74 \ud3ec\ud2b8\ud3f4\ub9ac\uc624 \ubcc0\ub3d9\uc131\uc774 \uae09\uaca9\ud788 \ucee4\uc9d1\ub2c8\ub2e4.\n\n\uac70\ub798\ub7c9 \ub17c\ub9ac\ub3c4 \uc2e0\uc911\ud788 \ubd10\uc57c \ud569\ub2c8\ub2e4. 4\uc6d4 8\uc77c \uac70\ub798\ub7c9 16,356,900\uc8fc\ub294 \ubd84\uba85 \uac15\ud55c \uc218\uc694\ub97c \ubcf4\uc5ec\uc92c\uc9c0\ub9cc, \uc774\ud6c4 4\uc6d4 9\uc77c 9,246,000\uc8fc, 4\uc6d4 13\uc77c 9,596,300\uc8fc\ub85c \uc904\uc5c8\uc2b5\ub2c8\ub2e4. \uacf5\uaca9\uc801 \ubd84\uc11d\uac00\ub294 \uc774\ub97c \ucd08\uae30 \uc218\uae09 \uc720\uc785\uc73c\ub85c \ubcf4\uc9c0\ub9cc, \uc800\ub294 \u201c\uccab \ubc88\uc9f8 \uc7ac\ud3c9\uac00\ub294 \uc774\ubbf8 \uc77c\uc5b4\ub0ac\uace0, \ub2e4\uc74c \uad6c\uac04\uc740 \ucd94\uac00 \uc218\uae09 \uac80\uc99d\uc774 \ud544\uc694\ud558\ub2e4\u201d\uace0 \ubd05\ub2c8\ub2e4. 378.90 \ub3cc\ud30c \uc790\uccb4\ubcf4\ub2e4 \uc911\uc694\ud55c \uac83\uc740 \ub3cc\ud30c \ud6c4 \uc885\uac00 \uc720\uc9c0\uc640 \uac70\ub798\ub7c9 \uc7ac\ud655\ub300\uc785\ub2c8\ub2e4. \ub2e8\uc21c \uc7a5\uc911 \ub3cc\ud30c\ub098 \uc587\uc740 \uac70\ub798\ub7c9\uc758 \uc885\uac00 \ub3cc\ud30c\ub294 \uc624\ud788\ub824 384.67~386.64 \ubd80\uadfc\uc5d0\uc11c \uc2e4\ud328\ud560 \uac00\ub2a5\uc131\uc774 \ud07d\ub2c8\ub2e4.\n\n\ud380\ub354\uba58\ud138\ub3c4 \uac15\ud558\uc9c0\ub9cc, \uac15\ud55c \uae30\uc5c5\uacfc \uc548\uc804\ud55c \uc9c4\uc785 \uac00\uaca9\uc740 \ub2e4\ub985\ub2c8\ub2e4. TTM \uc774\uc775\ub960 45.1%, \uc601\uc5c5\uc774\uc775\ub960 53.9%, ROE 35.1%, 1\ubd84\uae30 \ub9e4\ucd9c 35% \uc131\uc7a5 \ubaa8\ub450 \ud6cc\ub96d\ud569\ub2c8\ub2e4. \uadf8\ub7ec\ub098 \uc2dc\uc7a5\uc740 \uc774\ubbf8 \uc774\ub97c \uc0c1\ub2f9\ud788 \ubc18\uc601\ud558\uace0 \uc788\uc2b5\ub2c8\ub2e4. TTM PER 36.49\ubc30\uc640 \ub192\uc740 \uc131\uc7a5 \uae30\ub300\ub294 \u201c\uc88b\uc740 \uc2e4\uc801\u201d\ub9cc\uc73c\ub85c\ub294 \ubd80\uc871\ud558\ub2e4\ub294 \ub73b\uc785\ub2c8\ub2e4. \uc2e4\uc801\uacfc \uac00\uc774\ub358\uc2a4\uac00 \uac15\ud574\ub3c4, AI/HPC \uc218\uc694\ub098 \ub9c8\uc9c4, capex \ud6a8\uc728\uc774 \uc2dc\uc7a5\uc758 \ub192\uc544\uc9c4 \uae30\ub300\uce58\ub97c \ub118\uc9c0 \ubabb\ud558\uba74 \uc8fc\uac00\ub294 \ud558\ub77d\ud560 \uc218 \uc788\uc2b5\ub2c8\ub2e4. \ud2b9\ud788 \ub274\uc2a4 \uc815\uc11c\uac00 \uc774\ubbf8 AI \uc218\uc694\uc640 \uacf5\uae09 \ubd80\uc871\uc5d0 \uc9d1\uc911\ub418\uc5b4 \uc788\ub2e4\ub294 \uc810\uc740 \uae0d\uc815 \uc694\uc778\uc774\uba74\uc11c \ub3d9\uc2dc\uc5d0 \ucde8\uc57d\uc810\uc785\ub2c8\ub2e4. \ubaa8\ub450\uac00 \uac19\uc740 \uc774\uc720\ub85c \uc0ac\uace0 \uc788\ub2e4\uba74, \uc791\uc740 \uade0\uc5f4\uc5d0\ub3c4 \ub9e4\ub3c4 \uc555\ub825\uc774 \ucee4\uc9c8 \uc218 \uc788\uc2b5\ub2c8\ub2e4.\n\n\uac70\uc2dc \ub9ac\uc2a4\ud06c\uc5d0 \ub300\ud574\uc11c\ub3c4 \uacf5\uaca9\uc801 \ubd84\uc11d\uac00\ub294 \u201c\ucc28\ubcc4\ud654\ub418\ub294 \uc131\uc7a5\uc8fc\uac00 \ud504\ub9ac\ubbf8\uc5c4\uc744 \ubc1b\ub294\ub2e4\u201d\uace0 \ub9d0\ud558\uc9c0\ub9cc, \uc774\ub294 \uc0c1\uc2b9\uc7a5\uc5d0\uc11c\ub294 \ub9de\uc544\ub3c4 \ub9ac\uc2a4\ud06c \uc624\ud504 \uad6d\uba74\uc5d0\uc11c\ub294 \ubc29\uc5b4 \ub17c\ub9ac\uac00 \uc57d\ud569\ub2c8\ub2e4. \ucd5c\uc2e0 \uac70\uc2dc \ud658\uacbd\uc740 \uc774\ub780 \uc804\uc7c1 \uc774\ud6c4 \uc720\uac00 \uc0c1\uc2b9, \ub2ec\ub7ec \uac15\uc138, \uc778\ud50c\ub808\uc774\uc158 \uc6b0\ub824, \uae08\ub9ac \uc778\ud558 \uae30\ub300 \uc57d\ud654\uc785\ub2c8\ub2e4. \uace0\uc131\uc7a5 \ubc18\ub3c4\uccb4\uc8fc\ub294 \ud560\uc778\uc728 \uc0c1\uc2b9\uc5d0 \ubbfc\uac10\ud558\uace0, TSM\uc740 \uc81c\uc870\uc5c5\uccb4\uc774\uae30 \ub54c\ubb38\uc5d0 \uc5d0\ub108\uc9c0 \ube44\uc6a9\uacfc \uae00\ub85c\ubc8c \uacf5\uae09\ub9dd \ube44\uc6a9\uc5d0\ub3c4 \ub178\ucd9c\ub429\ub2c8\ub2e4. TSM\uc774 \uc6b0\ub7c9\ud558\ub2e4\ub294 \uc774\uc720\ub9cc\uc73c\ub85c \ub9e4\ud06c\ub85c \ucda9\uaca9\uc744 \ud53c\ud560 \uc218 \uc788\ub294 \uac83\uc740 \uc544\ub2d9\ub2c8\ub2e4. 2026-03-27\uc5d0\ub3c4 \ubc18\ub3c4\uccb4 \uc5c5\uc885 \uc57d\uc138 \uc18d TSM\uc774 3.86% \ud558\ub77d\ud588\ub2e4\ub294 \uc810\uc740, \uace0\ud488\uc9c8 \uc885\ubaa9\ub3c4 \uc5c5\uc885 \ub514\ub9ac\uc2a4\ud0b9\uc5d0\uc11c\ub294 \ud568\uaed8 \ud314\ub9b4 \uc218 \uc788\uc74c\uc744 \ubcf4\uc5ec\uc90d\ub2c8\ub2e4.\n\n\uc9c0\uc815\ud559\uacfc \uacf5\uae09\ub9dd \uc9d1\uc911 \ub9ac\uc2a4\ud06c\ub97c \ud504\ub9ac\ubbf8\uc5c4 \uc694\uc778\uc73c\ub85c \ubcf4\ub294 \uacf5\uaca9\uc801 \ud574\uc11d\ub3c4 \uc808\ubc18\ub9cc \ub9de\uc2b5\ub2c8\ub2e4. \uae00\ub85c\ubc8c AI \uc0b0\uc5c5\uc774 TSMC\uc5d0 \uc758\uc874\ud55c\ub2e4\ub294 \uac83\uc740 \uac00\uaca9 \ud611\uc0c1\ub825 \uce21\uba74\uc5d0\uc11c\ub294 \uac15\uc810\uc774\uc9c0\ub9cc, \ub9ac\uc2a4\ud06c \uad00\ub9ac \uce21\uba74\uc5d0\uc11c\ub294 \ub2e8\uc77c \uc7a5\uc560 \uc9c0\uc810\uc774\ub77c\ub294 \ub73b\uc785\ub2c8\ub2e4. \uc9c0\uc815\ud559\uc801 \uae34\uc7a5, \ub300\ub9cc \uad00\ub828 \ud5e4\ub4dc\ub77c\uc778, \uacf5\uae09 \ucc28\uc9c8 \uc6b0\ub824\uac00 \ucee4\uc9c8 \uacbd\uc6b0 \uc2dc\uc7a5\uc740 TSM\uc758 \ub3c5\uc810\uc131\uc744 \ud504\ub9ac\ubbf8\uc5c4\uc774 \uc544\ub2c8\ub77c \ud560\uc778 \uc694\uc778\uc73c\ub85c \uc7ac\ud3c9\uac00\ud560 \uc218 \uc788\uc2b5\ub2c8\ub2e4. \ubcf4\uc218\uc801 \ud3ec\ud2b8\ud3f4\ub9ac\uc624 \uc6b4\uc6a9\uc5d0\uc11c\ub294 \uc774\ub7f0 \uaf2c\ub9ac\uc704\ud5d8\uc744 \u201c\uc544\uc9c1 \ubc1c\uc0dd\ud558\uc9c0 \uc54a\uc558\ub2e4\u201d\ub294 \uc774\uc720\ub85c \ub0ae\uac8c \uc7a1\uc73c\uba74 \uc548 \ub429\ub2c8\ub2e4.\n\nIntel, Terafab, \ubbf8\uad6d \ud30c\uc6b4\ub4dc\ub9ac \ud655\ub300 \uc5ed\uc2dc \ub2e8\uae30 \uc2e4\uc801 \uc704\ud611\uc774 \uc81c\ud55c\uc801\uc774\ub77c\ub294 \uc810\uc5d0\ub294 \ub3d9\uc758\ud569\ub2c8\ub2e4. \ud558\uc9c0\ub9cc \ubcf4\uc218\uc801 \ubd84\uc11d\uc758 \ucd08\uc810\uc740 \ub2f9\uc7a5 \uc810\uc720\uc728\uc744 \ube7c\uc557\uae30\ub290\ub0d0\uac00 \uc544\ub2c8\ub77c, TSM\uc758 \uc7a5\uae30 \ubc38\ub958\uc5d0\uc774\uc158 \ud504\ub9ac\ubbf8\uc5c4\uc774 \uacc4\uc18d \ud655\uc7a5\ub420 \uc218 \uc788\ub290\ub0d0\uc785\ub2c8\ub2e4. \ubbf8\uad6d \ub0b4 \ub300\uccb4 \uacf5\uae09\ub9dd \uad6c\ucd95 \ub0b4\ub7ec\ud2f0\ube0c\uac00 \uac15\ud574\uc9c8\uc218\ub85d \uace0\uac1d \ub2e4\ubcc0\ud654 \uc555\ub825, \ubcf4\uc870\uae08 \uae30\ubc18 \uacbd\uc7c1, \uc7a5\uae30 \uac00\uaca9 \ud611\uc0c1\ub825 \uc57d\ud654 \uac00\ub2a5\uc131\uc774 \uc2dc\uc7a5 \ud560\uc778\uc728\uc5d0 \ubc18\uc601\ub420 \uc218 \uc788\uc2b5\ub2c8\ub2e4. \uc9c0\uae08\uc740 \uc791\uc740 \uc704\ud5d8\ucc98\ub7fc \ubcf4\uc5ec\ub3c4, \uace0\ud3c9\uac00 \uad6c\uac04\uc5d0\uc11c\ub294 \uc791\uc740 \uc7a5\uae30 \ud560\uc778 \uc694\uc778\ub3c4 \uc8fc\uac00\uc5d0 \ud06c\uac8c \uc791\uc6a9\ud560 \uc218 \uc788\uc2b5\ub2c8\ub2e4.\n\n\ub530\ub77c\uc11c \uc800\ub294 \ud2b8\ub808\uc774\ub354\uc758 WAIT \ud310\ub2e8\uc744 \ub354 \uc5c4\uaca9\ud558\uac8c \ud574\uc11d\ud574\uc57c \ud55c\ub2e4\uace0 \ubd05\ub2c8\ub2e4. \u201c\ud2b8\ub9ac\uac70 \uae30\ubc18 \uacf5\uaca9 \ub300\uae30\u201d\uac00 \uc544\ub2c8\ub77c \u201c\ub9ac\uc2a4\ud06c\uac00 \uac00\uaca9\uc5d0 \uc720\ub9ac\ud558\uac8c \ub3cc\uc544\uc62c \ub54c\uae4c\uc9c0 \ubc29\uc5b4\uc801 \ub300\uae30\u201d\uc5ec\uc57c \ud569\ub2c8\ub2e4. \uc2e0\uaddc \uc790\uae08\uc740 378.90 \ub3cc\ud30c \ud55c \ubc88\uc73c\ub85c \ud22c\uc785\ud558\uc9c0 \ub9d0\uace0, \uac70\ub798\ub7c9 \ud655\ub300\uc640 \ub3cc\ud30c \ud6c4 \uc720\uc9c0\uac00 \ud655\uc778\ub420 \ub54c\ub9cc \uc544\uc8fc \uc791\uc740 tranche\ub85c \uc811\uadfc\ud574\uc57c \ud569\ub2c8\ub2e4. \ub354 \uc120\ud638\ub418\ub294 \uc9c4\uc785\uc740 359.54~351.56 \uc9c0\uc9c0 \uad6c\uac04\uc5d0\uc11c \ubcc0\ub3d9\uc131\uc774 \ub0ae\uc544\uc9c0\uace0 \ub9e4\ub3c4 \uc555\ub825\uc774 \uc18c\ud654\ub418\ub294 \uacbd\uc6b0\uc785\ub2c8\ub2e4. 351.56\uc744 \uc774\ud0c8\ud558\uac70\ub098 2\uac70\ub798\uc77c \uc774\uc0c1 \ud68c\ubcf5\ud558\uc9c0 \ubabb\ud558\uba74 \uc911\uae30 \ub178\ucd9c\uc740 \uc904\uc5ec\uc57c \ud569\ub2c8\ub2e4.\n\n\uc81c \uc870\uc815 \uc81c\uc548\uc740 \uba85\ud655\ud569\ub2c8\ub2e4. \ub4f1\uae09\uc740 OVERWEIGHT\ub97c \uc720\uc9c0\ud558\ub354\ub77c\ub3c4 \uc2e4\uc81c \ud3ec\uc9c0\uc158\uc740 \uc644\uc804\ud55c overweight\uac00 \uc544\ub2c8\ub77c partial overweight\ub85c \uc81c\ud55c\ud574\uc57c \ud569\ub2c8\ub2e4. \ud3ec\ud2b8\ud3f4\ub9ac\uc624 \uc2a4\ud0e0\uc2a4\ub294 BULLISH\ubcf4\ub2e4 cautiously bullish\uac00 \ub354 \uc801\uc808\ud569\ub2c8\ub2e4. 378.90~386.64 \uad6c\uac04\uc5d0\uc11c\ub294 \ucd94\uac00 \ub9e4\uc218\uac00 \uc544\ub2c8\ub77c \uc2e4\ud328 \uc5ec\ubd80\uc640 \ucc28\uc775\uc2e4\ud604 \uc555\ub825\uc744 \uba3c\uc800 \ubd10\uc57c \ud569\ub2c8\ub2e4. \uc2e4\uc801 \ubc1c\ud45c\uc640 \uac00\uc774\ub358\uc2a4 \uc804\ud6c4\uc5d0\ub294 \ud3ec\uc9c0\uc158 \ud06c\uae30\ub97c \ud3c9\uc18c\ubcf4\ub2e4 \uc904\uc774\uace0, ATR 12.64\ub97c \ubc18\uc601\ud574 \uc190\uc808 \ud3ed\uc774 \ub113\uc5b4\uc9c0\ub294 \ub9cc\ud07c \ucd1d \uc190\uc2e4 \ud55c\ub3c4\ub294 \ub354 \ub0ae\ucdb0\uc57c \ud569\ub2c8\ub2e4.\n\n\uacf5\uaca9\uc801 \uad00\uc810\uc740 \uc218\uc775 \uae30\ud68c\ub97c \uc798 \ud3ec\ucc29\ud558\uc9c0\ub9cc, \ud604\uc7ac \uad6c\uac04\uc5d0\uc11c\ub294 \uc190\uc2e4 \ubd84\ud3ec\uc758 \uaf2c\ub9ac\ub97c \ucda9\ubd84\ud788 \ubc18\uc601\ud558\uc9c0 \ubabb\ud569\ub2c8\ub2e4. TSM\uc740 \uc88b\uc740 \ud68c\uc0ac\uc774\uace0 \ucd94\uc138\ub3c4 \uc0b4\uc544 \uc788\uc9c0\ub9cc, \uc88b\uc740 \ud68c\uc0ac\uac00 \ud56d\uc0c1 \uc88b\uc740 \ub9e4\uc218 \uac00\uaca9\uc744 \uc8fc\ub294 \uac83\uc740 \uc544\ub2d9\ub2c8\ub2e4. \ubcf4\uc218\uc801 \uacb0\ub860\uc740 \ucd94\uc138\ub97c \uc874\uc911\ud558\ub418, \uc800\ud56d \ub3cc\ud30c\ub97c \uc131\uae09\ud788 \uc0ac\uc9c0 \ub9d0\uace0, \uc2e4\uc801 \uae30\ub300\uce58\uc640 \ub9e4\ud06c\ub85c \ucda9\uaca9, \uc9c0\uc815\ud559 \ub9ac\uc2a4\ud06c\uac00 \uac00\uaca9\uc5d0 \ubc18\uc601\ub418\ub294\uc9c0\ub97c \ud655\uc778\ud55c \ub4a4 \uc81c\ud55c\uc801\uc73c\ub85c \uc99d\uc561\ud558\uc790\ub294 \uac83\uc785\ub2c8\ub2e4. firm\uc758 \uc790\uc0b0 \ubcf4\ud638\uac00 \ubaa9\ud45c\ub77c\uba74 \uc9c0\uae08 \ud544\uc694\ud55c \uac83\uc740 \uacfc\uac10\ud55c \ucd94\uac00\uac00 \uc544\ub2c8\ub77c, \uae30\ub2e4\ub9b4 \uc218 \uc788\ub294 \ud604\uae08\uacfc \uc2e4\ud328 \uc2dc \uc904\uc77c \uc218 \uc788\ub294 \uaddc\uc728\uc785\ub2c8\ub2e4.", "neutral_history": "\nNeutral Analyst: \uc911\ub9bd \ub9ac\uc2a4\ud06c \uad00\uc810\uc5d0\uc11c\ub294 \ub450 \ubd84\uc11d\uac00 \ubaa8\ub450 \uc911\uc694\ud55c \uc9c4\uc2e4\uc744 \uc7a1\uace0 \uc788\uc9c0\ub9cc, \uac01\uac01 \ud55c\ucabd\uc73c\ub85c \uae30\uc6b8\uc5b4\uc838 \uc788\uc2b5\ub2c8\ub2e4. \uacf5\uaca9\uc801 \ubd84\uc11d\uac00\ub294 TSM\uc758 \ucd94\uc138 \ud68c\ubcf5\uacfc AI \uc218\uc694\uc758 \uc9c8\uc744 \uc798 \ud3ec\ucc29\ud588\uc9c0\ub9cc, \ud604\uc7ac \uac00\uaca9\uc774 \uc774\ubbf8 316.50 \uc800\uc810\uc5d0\uc11c 369\ub2ec\ub7ec\ub300\uae4c\uc9c0 \ube60\ub974\uac8c \ud68c\ubcf5\ud588\uace0 378.90 \ubcfc\ub9b0\uc800 \uc0c1\ub2e8\uacfc 384.67~386.64 \uc774\uc804 \uace0\uc810\uad8c\uc774 \ubc14\ub85c \uc704\uc5d0 \uc788\ub2e4\ub294 \uc810\uc744 \ub108\ubb34 \uc27d\uac8c \ub118\uae41\ub2c8\ub2e4. \ubc18\ub300\ub85c \ubcf4\uc218\uc801 \ubd84\uc11d\uac00\ub294 \uc774\ubca4\ud2b8 \ub9ac\uc2a4\ud06c\uc640 \ubc38\ub958\uc5d0\uc774\uc158 \ubd80\ub2f4\uc744 \uc798 \uc9da\uc5c8\uc9c0\ub9cc, \uac00\uaca9\uc774 10\uc77c EMA 359.54, 50\uc77c SMA 351.56, 200\uc77c SMA 294.12\ub97c \ubaa8\ub450 \uc0c1\ud68c\ud558\uace0 MACD\uac00 -6.38\uc5d0\uc11c 6.44\ub85c \ubc18\uc804\ub41c \ud750\ub984\uc744 \uc9c0\ub098\uce58\uac8c \ubc29\uc5b4\uc801\uc73c\ub85c \ud574\uc11d\ud569\ub2c8\ub2e4.\n\n\uacf5\uaca9\uc801 \uad00\uc810\uc5d0 \uba3c\uc800 \ubc18\ubc15\ud558\uaca0\uc2b5\ub2c8\ub2e4. \u201cWAIT\ub294 \uacf5\uaca9 \ub300\uae30\u201d\ub77c\ub294 \ud45c\ud604\uc740 \ub9de\uc744 \uc218 \uc788\uc9c0\ub9cc, \uc774 \uad6c\uac04\uc5d0\uc11c \u2018\uacfc\uac10\ud788 \ucd94\uac00\u2019\ub294 \uc544\uc9c1 \uc774\ub985\ub2c8\ub2e4. 4\uc6d4 8\uc77c \uac70\ub798\ub7c9 16,356,900\uc8fc\ub294 \ubd84\uba85 \uc758\ubbf8 \uc788\ub294 \uc218\uae09 \uc2e0\ud638\uc600\uc9c0\ub9cc, \uc774\ud6c4 \uac70\ub798\ub7c9\uc774 9\ubc31\ub9cc \uc8fc\ub300\ub85c \uc904\uc5c8\ub2e4\ub294 \uc810\uc740 \ub2e4\uc74c \ub3cc\ud30c\uc758 \uc9c8\uc744 \ubc18\ub4dc\uc2dc \ud655\uc778\ud574\uc57c \ud55c\ub2e4\ub294 \ub73b\uc785\ub2c8\ub2e4. 378.90\uc744 \ub2e8\uc21c\ud788 \ub118\ub294 \uac83\ub9cc\uc73c\ub85c\ub294 \ubd80\uc871\ud558\uace0, \uc885\uac00 \uc720\uc9c0\uc640 \uac70\ub798\ub7c9 \uc7ac\ud655\ub300\uac00 \ud568\uaed8 \uc788\uc5b4\uc57c \ud569\ub2c8\ub2e4. \ud2b9\ud788 RSI 66.01\uc740 \uc544\uc9c1 \uacfc\uc5f4\uc740 \uc544\ub2c8\uc9c0\ub9cc, 70\uc5d0 \uac00\uae4c\uc6cc\uc9c0\uace0 \uc788\uc5b4 384.67~386.64 \uadfc\ucc98\uc5d0\uc11c \ubaa8\uba58\ud140 \ub9e4\uc218\uc640 \ucc28\uc775\uc2e4\ud604\uc774 \ucda9\ub3cc\ud560 \uac00\ub2a5\uc131\uc774 \ud07d\ub2c8\ub2e4. \ubcc0\ub3d9\uc131\uc744 \u201c\uc218\uc775 \uc5d4\uc9c4\u201d\uc73c\ub85c\ub9cc \ubcf4\ub294 \uac83\uc740 \uc704\ud5d8\ud569\ub2c8\ub2e4. ATR 12.64\ub77c\ub294 \uc22b\uc790\ub294 \uae30\ud68c\uc774\uae30\ub3c4 \ud558\uc9c0\ub9cc, \ud3ec\uc9c0\uc158 \ud06c\uae30\ub97c \uc798\ubabb \uc7a1\uc73c\uba74 \uc815\uc0c1 \ubcc0\ub3d9\ub9cc\uc73c\ub85c\ub3c4 \uc190\uc2e4 \ud55c\ub3c4\ub97c \ud6fc\uc190\ud560 \uc218 \uc788\ub2e4\ub294 \uacbd\uace0\uc785\ub2c8\ub2e4.\n\n\ub610 \uacf5\uaca9\uc801 \ubd84\uc11d\uac00\uac00 \ud380\ub354\uba58\ud138 \ud504\ub9ac\ubbf8\uc5c4\uc744 \uc815\ub2f9\ud654\ud558\ub294 \ub17c\ub9ac\ub3c4 \uc808\ubc18\ub9cc \ub9de\uc2b5\ub2c8\ub2e4. TSM\uc758 TTM \uc774\uc775\ub960 45.1%, \uc601\uc5c5\uc774\uc775\ub960 53.9%, ROE 35.1%, 1\ubd84\uae30 \ub9e4\ucd9c 35% \uc131\uc7a5, AI/HPC \uc218\uc694\ub294 \ub9e4\uc6b0 \uac15\ud569\ub2c8\ub2e4. \ud558\uc9c0\ub9cc \ub274\uc2a4 \uc815\uc11c\uac00 \uc774\ubbf8 \u201cAI \uc218\uc694, \uacf5\uae09 \ubd80\uc871, TSMC \ubcd1\ubaa9\u201d\uc5d0 \uc9d1\uc911\ub418\uc5b4 \uc788\ub2e4\ub294 \uc810\uc740 \uc0c1\uc2b9 \ub3d9\ub825\uc774\uba74\uc11c \ub3d9\uc2dc\uc5d0 \uae30\ub300\uce58 \ub9ac\uc2a4\ud06c\uc785\ub2c8\ub2e4. \uc9c0\uae08 \uc2dc\uc7a5\uc740 \ub2e8\uc21c\ud788 \uc88b\uc740 \uc2e4\uc801\uc744 \uc694\uad6c\ud558\ub294 \uac83\uc774 \uc544\ub2c8\ub77c, \uc88b\uc740 \uc2e4\uc801\uc744 \ub118\uc5b4\uc11c\ub294 \uac00\uc774\ub358\uc2a4, \ub9c8\uc9c4 \ubc29\uc5b4, capex \ud6a8\uc728\uae4c\uc9c0 \uc694\uad6c\ud560 \uac00\ub2a5\uc131\uc774 \ud07d\ub2c8\ub2e4. \ub530\ub77c\uc11c \uac15\ud55c \uae30\uc5c5\uc774\ub77c\ub294 \uc774\uc720\ub9cc\uc73c\ub85c \uc800\ud56d\ub300 \uc9c1\uc804\uc5d0\uc11c \uacf5\uaca9\uc801\uc73c\ub85c \ud655\ub300\ud558\ub294 \uac83\uc740 \ub9ac\uc2a4\ud06c \ub300\ube44 \ubcf4\uc0c1\uc774 \uade0\ud615\uc801\uc774\uc9c0 \uc54a\uc2b5\ub2c8\ub2e4.\n\n\uc774\uc81c \ubcf4\uc218\uc801 \uad00\uc810\ub3c4 \ub3c4\uc804\ud574\uc57c \ud569\ub2c8\ub2e4. \ubcf4\uc218\uc801 \ubd84\uc11d\uac00\ub294 \u201c\uc88b\uc740 \ud68c\uc0ac\uac00 \ud56d\uc0c1 \uc88b\uc740 \ub9e4\uc218 \uac00\uaca9\uc744 \uc8fc\ub294 \uac83\uc740 \uc544\ub2c8\ub2e4\u201d\ub77c\uace0 \ud588\uace0, \uadf8 \ub9d0\uc740 \ub9de\uc2b5\ub2c8\ub2e4. \uadf8\ub7ec\ub098 \uc774 \ub17c\ub9ac\ub97c \ub108\ubb34 \ubc00\uba74 \uc2e4\uc81c \ucd94\uc138 \uc7ac\uac1c \uad6c\uac04\uc744 \ub193\uce60 \uc218 \uc788\uc2b5\ub2c8\ub2e4. \ud604\uc7ac \uad6c\uc870\ub294 \ub2e8\uc21c \ubc29\uc5b4\uac00 \uc544\ub2c8\ub77c \uc0c1\uc2b9 \ucd94\uc138 \uc7ac\uac1c\ud615 \uace0\ubcc0\ub3d9\uc131 \uad6d\uba74\uc785\ub2c8\ub2e4. \uac00\uaca9\uc740 \uc8fc\uc694 \ud3c9\uade0\uc120 \uc704\uc5d0 \uc788\uace0, 50\uc77c\uc120\uacfc 200\uc77c\uc120\ub3c4 \uc6b0\uc0c1\ud5a5\uc785\ub2c8\ub2e4. 200\uc77c SMA 294.12\uc640\uc758 \uad34\ub9ac\ub97c \ubcf4\uba74 \uc7a5\uae30 \ucd94\uc138\ub294 \uc544\uc9c1 \ud6fc\uc190\ub418\uc9c0 \uc54a\uc558\uc2b5\ub2c8\ub2e4. \ubcf4\uc218\uc801\uc73c\ub85c\ub9cc \uae30\ub2e4\ub9ac\ub2e4\uac00 351.56 \uadfc\ucc98 \uc644\ubcbd\ud55c \ub20c\ub9bc\ub9cc \uc694\uad6c\ud558\uba74, \uc2dc\uc7a5\uc774 359.54 \uc704\uc5d0\uc11c \ubc84\ud2f4 \ub4a4 378.90\uc744 \uac70\ub798\ub7c9\uc73c\ub85c \ub3cc\ud30c\ud558\ub294 \uc2dc\ub098\ub9ac\uc624\ub97c \ub193\uce60 \uc218 \uc788\uc2b5\ub2c8\ub2e4.\n\n\ubcf4\uc218\uc801 \ubd84\uc11d\uac00\uac00 \ub9e4\ud06c\ub85c \ub9ac\uc2a4\ud06c\ub97c \uac15\uc870\ud55c \uc810\ub3c4 \ud0c0\ub2f9\ud558\uc9c0\ub9cc, \uc774\uac83\uc744 TSM \uc775\uc2a4\ud3ec\uc800 \ucd95\uc18c\uc758 \uc808\ub300 \ub17c\ub9ac\ub85c \uc4f0\ub294 \uac83\uc740 \uacfc\ud569\ub2c8\ub2e4. \uc774\ub780 \uc804\uc7c1 \uc774\ud6c4 \uc720\uac00 \uc0c1\uc2b9, \ub2ec\ub7ec \uac15\uc138, \uae08\ub9ac \uc778\ud558 \uae30\ub300 \uc57d\ud654\ub294 \uae30\uc220\uc8fc\uc5d0 \ubd80\ub2f4\uc785\ub2c8\ub2e4. \uadf8\ub7ec\ub098 \ubaa8\ub4e0 \uc131\uc7a5\uc8fc\uac00 \uac19\uc740 \uc218\uc900\uc73c\ub85c \ucde8\uc57d\ud55c \uac83\uc740 \uc544\ub2d9\ub2c8\ub2e4. TSM\uc740 2025\ub144 \ub9d0 \uae30\uc900 \uac15\ud55c \ud604\uae08\ud750\ub984, \ub192\uc740 \uc720\ub3d9\uc131, 2.618\uc758 \uc720\ub3d9\ube44\uc728, \ub300\uaddc\ubaa8 \ud604\uae08 \ubc0f \ub2e8\uae30\ud22c\uc790\ub97c \ubcf4\uc720\ud558\uace0 \uc788\uace0, AI \uc218\uc694\uac00 \uc2e4\uc81c \ub9e4\ucd9c\ub85c \uc5f0\uacb0\ub418\uace0 \uc788\uc2b5\ub2c8\ub2e4. \uc774\ub7f0 \uc885\ubaa9\uc740 \ub9ac\uc2a4\ud06c \uc624\ud504\uc5d0\uc11c \ud754\ub4e4\ub9b4 \uc218\ub294 \uc788\uc5b4\ub3c4, \uc911\uae30 \ud3ec\ud2b8\ud3f4\ub9ac\uc624\uc5d0\uc11c \uc644\uc804\ud788 \ubc29\uc5b4\uc801\uc73c\ub85c\ub9cc \ub2e4\ub8f0 \ub300\uc0c1\uc740 \uc544\ub2d9\ub2c8\ub2e4.\n\n\ub530\ub77c\uc11c \uc81c \uacb0\ub860\uc740 \uae30\uc874 OVERWEIGHT\uc640 WAIT\ub294 \uc720\uc9c0\ud558\ub418, \ud45c\ud604\uc744 \uc870\uae08 \ub354 \uc815\uad50\ud558\uac8c \ubc14\uafb8\ub294 \uac83\uc785\ub2c8\ub2e4. \ud3ec\ud2b8\ud3f4\ub9ac\uc624 \uc2a4\ud0e0\uc2a4\ub294 \ub2e8\uc21c BULLISH\ubcf4\ub2e4 \u201cselectively bullish\u201d \ub610\ub294 \u201ccautiously overweight\u201d\uac00 \uc801\uc808\ud569\ub2c8\ub2e4. \ubc29\ud5a5\uc131\uc740 \uc6b0\uc0c1\ud5a5\uc774\uc9c0\ub9cc \uc2e4\ud589\uc740 \uc870\uac74\ubd80\uc5ec\uc57c \ud569\ub2c8\ub2e4. \uc774\ubbf8 \ubcf4\uc720\ud55c \ud3ec\uc9c0\uc158\uc740 \uc720\uc9c0\ud558\ub418, \uc2e0\uaddc \uc790\uae08\uc740 \ub450 \uac00\uc9c0 \uacbd\uc6b0\uc5d0\ub9cc \ud22c\uc785\ud558\ub294 \ud3b8\uc774 \uac00\uc7a5 \uade0\ud615\uc801\uc785\ub2c8\ub2e4. \uccab\uc9f8, 359.54~351.56 \uc9c0\uc9c0 \uad6c\uac04\uc73c\ub85c \ub20c\ub9b0 \ub4a4 \ub9e4\ub3c4 \uc555\ub825\uc774 \uc18c\ud654\ub418\uace0 \ud68c\ubcf5 \uce94\ub4e4\uc774 \ud655\uc778\ub420 \ub54c\uc785\ub2c8\ub2e4. \ub458\uc9f8, 378.90 \uc704\ub85c \uac70\ub798\ub7c9\uc774 \ud655\uc2e4\ud788 \ub298\uc5b4\ub09c \uc885\uac00 \ub3cc\ud30c\uac00 \ub098\uc624\uace0, \uc774\ud6c4 384.67~386.64 \ubd80\uadfc\uc5d0\uc11c \uc2e4\ud328\ud558\uc9c0 \uc54a\ub294 \ud750\ub984\uc774 \ud655\uc778\ub420 \ub54c\uc785\ub2c8\ub2e4.\n\n\uc2e4\ud589 \uc804\ub7b5\uc740 \uacf5\uaca9\uc801 \ub9e4\uc218\ub3c4, \uacfc\ub3c4\ud55c \ubc29\uc5b4\ub3c4 \uc544\ub2cc \ub2e8\uacc4\uc801 \uc811\uadfc\uc774\uc5b4\uc57c \ud569\ub2c8\ub2e4. \uae30\uc874 \ub178\ucd9c\uc740 partial overweight\ub85c \uc720\uc9c0\ud558\uace0, \ud655\uc778 \uc804 \uc2e0\uaddc \ucd94\uac00\ub294 \ud3c9\uc18c\ubcf4\ub2e4 \uc791\uc740 tranche\ub85c \uc81c\ud55c\ud558\ub294 \uac83\uc774 \uc88b\uc2b5\ub2c8\ub2e4. 378.90 \ub3cc\ud30c \ub9e4\uc218\ub294 \ud5c8\uc6a9\ud558\ub418, \uadf8\uac83\uc740 \u201c\ud480 \uc0ac\uc774\uc988 \uc9c4\uc785\u201d\uc774 \uc544\ub2c8\ub77c \u201c\uac80\uc99d\uc6a9 \uccab \ucd94\uac00\u201d\uc5ec\uc57c \ud569\ub2c8\ub2e4. \ubc18\ub300\ub85c 359.54 \uc544\ub798 \uc885\uac00 \uc774\ud0c8\uc740 \ub2e8\uae30 \ubaa8\uba58\ud140 \uc57d\ud654\ub85c \ubcf4\uace0 \uc77c\ubd80 \ucd95\uc18c\ud558\uba70, 351.56 \uc544\ub798\uc5d0\uc11c 2\uac70\ub798\uc77c \uc774\uc0c1 \uba38\ubb3c\uba74 \uc911\uae30 \uc0c1\uc2b9 \ud68c\ubcf5 \uc2dc\ub098\ub9ac\uc624\uac00 \uc57d\ud574\uc84c\ub2e4\uace0 \ud310\ub2e8\ud574 \ube44\uc911\uc744 \ub354 \uc904\uc5ec\uc57c \ud569\ub2c8\ub2e4.\n\n\uc81c\uac00 \uc81c\uc548\ud558\ub294 \uc870\uc815\uc548\uc740 \uc774\ub807\uc2b5\ub2c8\ub2e4. rating\uc740 \ube44\uc911 \ud655\ub300 \uc720\uc9c0, portfolio_stance\ub294 BULLISH\uc5d0\uc11c CAUTIOUSLY BULLISH\ub85c \ub0ae\ucd94\uace0, entry_action\uc740 WAIT \uc720\uc9c0, setup_quality\ub294 DEVELOPING \uc720\uc9c0\uac00 \uc801\uc808\ud569\ub2c8\ub2e4. confidence\ub294 0.74\uc5d0\uc11c 0.68~0.70 \uc815\ub3c4\ub85c \ub0ae\ucd94\ub294 \ud3b8\uc774 \ub0ab\uc2b5\ub2c8\ub2e4. \uc774\uc720\ub294 \ucd94\uc138\uc640 \ud380\ub354\uba58\ud138\uc740 \uac15\ud558\uc9c0\ub9cc, \uc2e4\uc801 \uc774\ubca4\ud2b8\uc640 \uc800\ud56d\ub300, \ub192\uc740 ATR, \ub9e4\ud06c\ub85c \uc555\ubc15\uc774 \ub3d9\uc2dc\uc5d0 \uc874\uc7ac\ud558\uae30 \ub54c\ubb38\uc785\ub2c8\ub2e4. \ud575\uc2ec\uc740 TSM\uc744 \ud53c\ud558\ub294 \uac83\uc774 \uc544\ub2c8\ub77c, \uc88b\uc740 \uae30\uc5c5\uc744 \uc88b\uc740 \uc870\uac74\uc5d0\uc11c \ucd94\uac00\ud558\ub294 \uac83\uc785\ub2c8\ub2e4.\n\n\uacb0\ub860\uc801\uc73c\ub85c \uacf5\uaca9\uc801 \ubd84\uc11d\uac00\uc5d0\uac8c\ub294 \u201c\uac15\ud55c \uc885\ubaa9\uc774\ub77c\ub3c4 \uc800\ud56d \uc9c1\uc804\uc5d0\uc11c\ub294 \ud655\uc778 \ube44\uc6a9\uc744 \uc9c0\ubd88\ud574\uc57c \ud55c\ub2e4\u201d\uace0 \ub9d0\ud558\uace0 \uc2f6\uace0, \ubcf4\uc218\uc801 \ubd84\uc11d\uac00\uc5d0\uac8c\ub294 \u201c\ub9ac\uc2a4\ud06c\uac00 \uc788\ub2e4\uace0 \ud574\uc11c \ucd94\uc138 \ud68c\ubcf5\uc744 \ud604\uae08 \ub300\uae30\ub85c\ub9cc \ub300\uc751\ud558\uba74 \uae30\ud68c\ube44\uc6a9\uc774 \ucee4\uc9c4\ub2e4\u201d\uace0 \ub9d0\ud558\uace0 \uc2f6\uc2b5\ub2c8\ub2e4. \uac00\uc7a5 \uc9c0\uc18d \uac00\ub2a5\ud55c \uc804\ub7b5\uc740 \ubd80\ubd84 \ub178\ucd9c\uc744 \uc720\uc9c0\ud558\uba74\uc11c, 359.54~351.56 \uc9c0\uc9c0 \ud655\uc778 \ub610\ub294 378.90 \uac70\ub798\ub7c9 \ub3cc\ud30c\ub77c\ub294 \ub450 \ud2b8\ub9ac\uac70\uc5d0\ub9cc \uc81c\ud55c\uc801\uc73c\ub85c \uc99d\uc561\ud558\ub294 \uac83\uc785\ub2c8\ub2e4. \uc774\ub807\uac8c \ud558\uba74 AI \uc218\uc694\uc640 TSM\uc758 \uad6c\uc870\uc801 \uac15\uc810\uc5d0 \ucc38\uc5ec\ud558\uba74\uc11c\ub3c4, \uc774\ubca4\ud2b8 \uc2e4\ub9dd\uacfc \uace0\ubcc0\ub3d9\uc131 \ub418\ub3cc\ub9bc\uc5d0 \ub300\ud55c \ubc29\uc5b4\ub825\uc744 \uc720\uc9c0\ud560 \uc218 \uc788\uc2b5\ub2c8\ub2e4.", "history": "\nAggressive Analyst: \uacf5\uaca9\uc801 \uad00\uc810\uc5d0\uc11c \ubcf4\uba74 \uc774 \uacb0\uc815\uc740 \ucda9\ubd84\ud788 \uc124\ub4dd\ub825 \uc788\uc2b5\ub2c8\ub2e4. OVERWEIGHT\uc640 BULLISH\ub97c \uc720\uc9c0\ud558\ub418 \ubb34\uc791\uc815 \ucd94\uaca9\ud558\uc9c0 \uc54a\uace0 359.54~351.56 \uc9c0\uc9c0 \ud655\uc778 \ub610\ub294 378.90 \uac70\ub798\ub7c9 \ub3cc\ud30c\ub97c \uae30\ub2e4\ub9ac\ub294 \uc804\ub7b5\uc740 \ubc29\uc5b4\uc801\uc778 \ud6c4\ud1f4\uac00 \uc544\ub2c8\ub77c, \uace0\ubcc0\ub3d9\uc131 \uc0c1\uc2b9 \uc7ac\uac1c \uad6d\uba74\uc5d0\uc11c \uac00\uc7a5 \uc88b\uc740 \ud3ed\ubc1c \uad6c\uac04\uc744 \ub178\ub9ac\ub294 \uc804\uc220\uc785\ub2c8\ub2e4.\n\n\ubcf4\uc218\uc801 \uad00\uc810\uc774 \u201c\uc774\ubbf8 \ub9ce\uc774 \uc62c\ub790\ub2e4, \uc800\ud56d\uc774 \uac00\uae5d\ub2e4, \uae30\ub300\uce58\uac00 \ub192\ub2e4\u201d\ub294 \uc2dd\uc73c\ub85c \uc811\uadfc\ud55c\ub2e4\uba74 \uc800\ub294 \uadf8 \ub17c\ub9ac\uac00 \uae30\ud68c\ub97c \uacfc\uc18c\ud3c9\uac00\ud55c\ub2e4\uace0 \ubd05\ub2c8\ub2e4. 2026-03-30 \uc800\uc810 316.50\uc5d0\uc11c 4\uc6d4 \uc911\uc21c 369\ub2ec\ub7ec\ub300\uae4c\uc9c0 \uc57d 16.8% \ud68c\ubcf5\ud55c \uac83\uc740 \ub2e8\uc21c \ubc18\ub4f1\uc774 \uc544\ub2c8\ub77c \uad6c\uc870 \ubcc0\ud654\uc785\ub2c8\ub2e4. \uac00\uaca9\uc740 10\uc77c EMA 359.54, 50\uc77c SMA 351.56, 200\uc77c SMA 294.12\ub97c \ubaa8\ub450 \uc0c1\ud68c\ud558\uace0 \uc788\uace0, MACD\ub294 -6.38\uc5d0\uc11c 6.44\ub85c \uae09\ubc18\uc804\ud588\uc2b5\ub2c8\ub2e4. \uc774\ub7f0 \ubaa8\uba58\ud140 \uc804\ud658\uc744 \ub2e8\uc9c0 \u201c\ub108\ubb34 \ube68\ub9ac \uc62c\ub790\ub2e4\u201d\ub294 \uc774\uc720\ub85c \ud53c\ud558\uba74, \ub300\ud615 \ucd94\uc138 \uc7ac\uac1c \ucd08\uc785\uc5d0\uc11c \uac00\uc7a5 \uc218\uc775\ub960\uc774 \uc88b\uc740 \uad6c\uac04\uc744 \ub193\uce60 \uc218 \uc788\uc2b5\ub2c8\ub2e4.\n\n\uc911\ub9bd \uad00\uc810\uc774 \u201c\ud655\uc778\uc740 \ud544\uc694\ud558\uc9c0\ub9cc \ubc29\ud5a5\uc131\uc740 \uc544\uc9c1 \uc560\ub9e4\ud558\ub2e4\u201d\uace0 \ub9d0\ud55c\ub2e4\uba74, \uadf8\uac74 \ud604\uc7ac \ub370\uc774\ud130\uc758 \ube44\ub300\uce6d\uc131\uc744 \ucda9\ubd84\ud788 \ubc18\uc601\ud558\uc9c0 \ubabb\ud55c \ud310\ub2e8\uc785\ub2c8\ub2e4. RSI 66.01\uc740 \uac15\ud558\uc9c0\ub9cc \uc544\uc9c1 70 \uc774\uc0c1 \uacfc\uc5f4\uad8c\uc774 \uc544\ub2d9\ub2c8\ub2e4. \ubcfc\ub9b0\uc800 \uc0c1\ub2e8 378.90\uacfc 2\uc6d4 \uace0\uc810 384.67~386.64\uac00 \uc800\ud56d\uc778 \uac83\uc740 \ub9de\uc9c0\ub9cc, \ubc14\ub85c \uadf8 \uad6c\uac04\uc774 \ub3cc\ud30c\ub418\uba74 \uc20f\ucee4\ubc84\uc640 \ubaa8\uba58\ud140 \uc790\uae08\uc774 \ubd99\uc744 \uc218 \uc788\ub294 \ud2b8\ub9ac\uac70\uc785\ub2c8\ub2e4. \ud2b9\ud788 4\uc6d4 8\uc77c \uac70\ub798\ub7c9\uc774 16,356,900\uc8fc\ub85c \uc804\uc77c 6,823,500\uc8fc \ub300\ube44 \ud06c\uac8c \uc99d\uac00\ud558\uba70 365.90\uae4c\uc9c0 \uae09\ub4f1\ud588\ub2e4\ub294 \uc810\uc740, \uc774 \ud68c\ubcf5\uc774 \uc587\uc740 \ubc18\ub4f1\uc774 \uc544\ub2c8\ub77c \uc2e4\uc81c \uc218\uc694\uac00 \ub4e4\uc5b4\uc628 \uc6c0\uc9c1\uc784\uc774\ub77c\ub294 \uc99d\uac70\uc785\ub2c8\ub2e4.\n\n\ud380\ub354\uba58\ud138 \uce21\uba74\uc5d0\uc11c\ub3c4 \ubcf4\uc218\ub860\uc740 \ubc38\ub958\uc5d0\uc774\uc158 \ubd80\ub2f4\uc744 \uc9c0\ub098\uce58\uac8c \uac15\uc870\ud560 \uac00\ub2a5\uc131\uc774 \ud07d\ub2c8\ub2e4. TTM PER 36\ubc30\ub294 \ub0ae\uc9c0 \uc54a\uc9c0\ub9cc, \uc120\ud589 PER\uc740 20.6\ubc30\ub85c \ub0b4\ub824\uac00\uace0 \uc120\ud589 EPS\ub294 18.43\uc73c\ub85c \uc81c\uc2dc\ub429\ub2c8\ub2e4. \uc2dc\uc7a5\uc774 \ube44\uc2f8\uac8c \ubcf4\ub294 \uc774\uc720\uac00 \uc788\uc2b5\ub2c8\ub2e4. TTM \uc774\uc775\ub960 45.1%, \uc601\uc5c5\uc774\uc775\ub960 53.9%, ROE 35.1% \uc218\uc900\uc758 \ud68c\uc0ac\uac00 AI \uc778\ud504\ub77c \ubcd1\ubaa9\uc758 \uc911\uc2ec\uc5d0 \uc788\uace0, 1\ubd84\uae30 \ub9e4\ucd9c\uc774 \uc804\ub144 \ub300\ube44 \uc57d 35% \uc99d\uac00\ud574 356\uc5b5 \ub2ec\ub7ec \uc218\uc900\uc744 \uae30\ub85d\ud588\uc2b5\ub2c8\ub2e4. \uace0\uc131\uc7a5\u00b7\uace0\ub9c8\uc9c4\u00b7\uacf5\uae09 \ubd80\uc871\uc774 \ub3d9\uc2dc\uc5d0 \ub098\ud0c0\ub098\ub294 \uae30\uc5c5\uc5d0 \uc77c\ubc18\uc801\uc778 \ubc38\ub958\uc5d0\uc774\uc158 \uc7a3\ub300\ub9cc \ub4e4\uc774\ub300\ub294 \uac83\uc740 \ub108\ubb34 \uc815\uc801\uc778 \uc811\uadfc\uc785\ub2c8\ub2e4.\n\n\uac70\uc2dc \ub9ac\uc2a4\ud06c\ub3c4 \uc778\uc815\ud569\ub2c8\ub2e4. \uc720\uac00 \uc0c1\uc2b9, \ub2ec\ub7ec \uac15\uc138, \uae08\ub9ac \uc778\ud558 \uae30\ub300 \uc57d\ud654\ub294 \uae30\uc220\uc8fc\uc5d0 \ubd80\ub2f4\uc785\ub2c8\ub2e4. \ud558\uc9c0\ub9cc \uacf5\uaca9\uc801 \uad00\uc810\uc5d0\uc11c\ub294 \ubc14\ub85c \uc774\ub7f0 \ud658\uacbd\uc5d0\uc11c \u201c\ucc28\ubcc4\ud654\ub418\ub294 \uc131\uc7a5\uc8fc\u201d\uac00 \ud504\ub9ac\ubbf8\uc5c4\uc744 \uac00\uc838\uac11\ub2c8\ub2e4. \uae08\ub9ac\uac00 \ubd80\ub2f4\uc77c\uc218\ub85d \uc2dc\uc7a5\uc740 \ub354 \ud655\uc2e4\ud55c \uc774\uc775 \uac00\uc2dc\uc131, \ub354 \uac15\ud55c \uac00\uaca9 \uacb0\uc815\ub825, \ub354 \uba85\ud655\ud55c AI \uc218\uc694 \ub178\ucd9c\uc744 \ucc3e\uc2b5\ub2c8\ub2e4. TSM\uc740 \uadf8 \uc870\uac74\uc744 \uac16\ucd98 \uba87 \uc548 \ub418\ub294 \ud575\uc2ec \uc885\ubaa9\uc785\ub2c8\ub2e4. \uac70\uc2dc\uac00 \ubd88\ud3b8\ud558\ub2e4\ub294 \uc774\uc720\ub85c TSM\uc744 \ud53c\ud558\ub294 \uac83\uc740 \uc2dc\uc7a5 \uc804\uccb4\ub97c \ud53c\ud558\ub294 \ub17c\ub9ac\uc774\uc9c0, \uc885\ubaa9 \uac04 \uc2b9\uc790\ub97c \uace0\ub974\ub294 \ub17c\ub9ac\ub294 \uc544\ub2d9\ub2c8\ub2e4.\n\n\uc9c0\uc815\ud559\uacfc \uacf5\uae09\ub9dd \uc9d1\uc911 \ub9ac\uc2a4\ud06c \uc5ed\uc2dc \ubcf4\uc218\uc801\uc73c\ub85c\ub9cc \ud574\uc11d\ud558\uba74 \uc808\ubc18\ub9cc \ubcf4\ub294 \uac83\uc785\ub2c8\ub2e4. \uae00\ub85c\ubc8c AI \uc0b0\uc5c5\uc774 TSMC\uc5d0 \ud06c\uac8c \uc758\uc874\ud55c\ub2e4\ub294 \uc0ac\uc2e4\uc740 \ubd84\uba85 \ub9ac\uc2a4\ud06c\uc774\uc9c0\ub9cc, \ub3d9\uc2dc\uc5d0 TSM\uc758 \uc804\ub7b5\uc801 \ud611\uc0c1\ub825\uacfc \ub300\uccb4 \ubd88\uac00\ub2a5\uc131\uc744 \ubcf4\uc5ec\uc90d\ub2c8\ub2e4. \uacf5\uae09\ub9dd \uc9d1\uc911\uc740 \ud560\uc778 \uc694\uc778\uc774\uba74\uc11c\ub3c4 \ud504\ub9ac\ubbf8\uc5c4 \uc694\uc778\uc785\ub2c8\ub2e4. \ud2b9\ud788 AI \uce69 \uc218\uc694\uac00 \uacf5\uae09\uc744 \ucd08\uacfc\ud558\uace0 ASML \ucabd\uc5d0\uc11c\ub3c4 \uc218\uc694 \uac15\uc138\uc640 \uc124\ube44 \ud655\uc7a5 \ub0b4\ub7ec\ud2f0\ube0c\uac00 \ud655\uc778\ub418\ub294 \uc0c1\ud669\uc774\ub77c\uba74, TSM\uc740 \ub2e8\uc21c \uc81c\uc870\uc5c5\uccb4\uac00 \uc544\ub2c8\ub77c AI \uc0ac\uc774\ud074\uc758 \ubcd1\ubaa9 \uc790\uc0b0\uc785\ub2c8\ub2e4.\n\nIntel, Terafab, \ubbf8\uad6d \ub0b4 \ud30c\uc6b4\ub4dc\ub9ac \ud655\ub300 \uc774\uc57c\uae30\ub97c \uc7a5\uae30 \uc704\ud611\uc73c\ub85c \ubcf4\ub294 \uc2dc\uac01\ub3c4 \uacfc\uc7a5\ub420 \uc218 \uc788\uc2b5\ub2c8\ub2e4. \uc544\uc9c1\uc740 \uc2e4\uc81c \uc810\uc720\uc728\uc744 \ube7c\uc557\ub294 \uacbd\uc7c1\uc774\ub77c\uae30\ubcf4\ub2e4, TSM\uc744 \ub530\ub77c\uc7a1\uae30 \uc704\ud574 \uc5bc\ub9c8\ub098 \ud070 \uc790\ubcf8\uacfc \uc2dc\uac04\uc774 \ud544\uc694\ud55c\uc9c0\ub97c \ubcf4\uc5ec\uc8fc\ub294 \ube44\uad50 \ud504\ub808\uc784\uc5d0 \uac00\uae5d\uc2b5\ub2c8\ub2e4. \uc2dc\uc7a5\uc774 \uacbd\uc7c1 \uac00\ub2a5\uc131\uc744 \ub9d0\ud558\ub294 \ub3d9\uc548 TSM\uc740 \uc774\ubbf8 \ub9e4\ucd9c, \ub9c8\uc9c4, \uace0\uac1d \uae30\ubc18, \uc120\ub2e8 \uacf5\uc815\uc5d0\uc11c \ud604\uae08\uc744 \ubc8c\uace0 \uc788\uc2b5\ub2c8\ub2e4. \uacf5\uaca9\uc801 \ud22c\uc790\uc790\ub294 \uac00\ub2a5\uc131\ubcf4\ub2e4 \ud604\uc7ac \uc9c0\ubc30\ub825\uc744 \ub354 \uc911\uc2dc\ud574\uc57c \ud569\ub2c8\ub2e4.\n\n\ub530\ub77c\uc11c \uc800\ub294 \uc774 \ud2b8\ub808\uc774\ub354\uc758 \uacb0\uc815\uc744 \uc9c0\uc9c0\ud569\ub2c8\ub2e4. \ub2e4\ub9cc \uacf5\uaca9\uc801 \ud574\uc11d\uc73c\ub85c\ub294 \u201cWAIT\u201d\uac00 \uc18c\uadf9\uc801 \uad00\ub9dd\uc774 \uc544\ub2c8\ub77c \ud2b8\ub9ac\uac70 \uae30\ubc18 \uacf5\uaca9 \ub300\uae30\ub77c\uace0 \ubd10\uc57c \ud569\ub2c8\ub2e4. 359.54~351.56 \uc9c0\uc9c0 \uad6c\uac04\uc5d0\uc11c \ub9e4\uc218\uc138\uac00 \ud655\uc778\ub418\uba74 \ub9ac\uc2a4\ud06c \ub300\ube44 \ubcf4\uc0c1\uc774 \uc88b\uc544\uc9c0\uace0, 378.90\uc744 \uac70\ub798\ub7c9\uc73c\ub85c \ub3cc\ud30c\ud558\uba74 384.67~386.64 \uc7ac\uc2dc\ud5d8\uc740 \ubb3c\ub860 \uc2e0\uace0\uac00 \ud655\uc7a5 \uac00\ub2a5\uc131\uae4c\uc9c0 \uc5f4\ub9bd\ub2c8\ub2e4. ATR 12.64 \ub54c\ubb38\uc5d0 \ud3ec\uc9c0\uc158 \ud06c\uae30\ub97c \uc870\uc808\ud558\ub294 \uac83\uc740 \ub9de\uc9c0\ub9cc, \ubcc0\ub3d9\uc131\uc774 \ud06c\ub2e4\ub294 \uc774\uc720\ub85c \uae30\ud68c\ub97c \uc904\uc774\ub294 \uac8c \uc544\ub2c8\ub77c \ubcc0\ub3d9\uc131\uc744 \uc218\uc775 \uc5d4\uc9c4\uc73c\ub85c \ud65c\uc6a9\ud574\uc57c \ud569\ub2c8\ub2e4.\n\n\uacb0\ub860\uc740 \uba85\ud655\ud569\ub2c8\ub2e4. \ubcf4\uc218\uc801 \uc2dc\uac01\uc740 \uc800\ud56d\uacfc \uc774\ubca4\ud2b8 \ub9ac\uc2a4\ud06c\uc5d0 \uac07\ud600 \uc788\uace0, \uc911\ub9bd \uc2dc\uac01\uc740 \ud655\uc778\uc744 \uae30\ub2e4\ub9ac\ub2e4 \uad6c\uc870\uc801 AI \uc218\uc694\uc640 \ubaa8\uba58\ud140 \ud68c\ubcf5\uc758 \uc18d\ub3c4\ub97c \ub193\uce60 \uc218 \uc788\uc2b5\ub2c8\ub2e4. TSM\uc740 \ud604\uc7ac \uac15\ud55c \ud380\ub354\uba58\ud138, \uac1c\uc120\ub418\ub294 \ub274\uc2a4 \uc815\uc11c, \uac70\ub798\ub7c9\uc744 \ub3d9\ubc18\ud55c \ucd94\uc138 \ubcf5\uadc0, AI \uacf5\uae09\ub9dd \ub0b4 \ubcd1\ubaa9 \uc9c0\uc704\uac00 \ub3d9\uc2dc\uc5d0 \ub9de\ubb3c\ub9b0 \uc885\ubaa9\uc785\ub2c8\ub2e4. \ubd80\ubd84 \ub178\ucd9c\uc744 \uc720\uc9c0\ud558\uace0, \uc9c0\uc9c0 \ud655\uc778 \ub610\ub294 \uac70\ub798\ub7c9 \ub3cc\ud30c\uc5d0\uc11c \uacfc\uac10\ud788 \ucd94\uac00\ud558\ub294 OVERWEIGHT \uc804\ub7b5\uc774 \uc2dc\uc7a5 \ud3c9\uade0\uc744 \uc55e\uc9c0\ub97c \uac00\ub2a5\uc131\uc774 \uac00\uc7a5 \ub192\uc2b5\ub2c8\ub2e4.\nConservative Analyst: \uacf5\uaca9\uc801 \ubd84\uc11d\uac00\uc758 \ub17c\ub9ac\ub294 TSM\uc758 \uc9c8\uacfc \ubaa8\uba58\ud140\uc744 \uacfc\uc18c\ud3c9\uac00\ud558\uc9c0 \ub9d0\uc790\ub294 \uc810\uc5d0\uc11c\ub294 \ud0c0\ub2f9\ud558\uc9c0\ub9cc, \ubcf4\uc218\uc801 \ub9ac\uc2a4\ud06c \uad00\uc810\uc5d0\uc11c\ub294 \ubc14\ub85c \uadf8 \ub099\uad00\uc758 \ubc00\ub3c4\uac00 \uc704\ud5d8 \uc2e0\ud638\uc785\ub2c8\ub2e4. \uc800\ub294 \ud2b8\ub808\uc774\ub354\uc758 \uae30\uc874 OVERWEIGHT/BULLISH \ud310\ub2e8 \uc790\uccb4\ub97c \uc804\uba74 \ubd80\uc815\ud558\uae30\ubcf4\ub2e4\ub294, \uc2e4\ud589 \uac15\ub3c4\ub97c \ub0ae\ucd94\uace0 \u201c\ud655\uc778 \uc804 \ucd94\uac00 \ub9e4\uc218 \uae08\uc9c0, \uc774\ubca4\ud2b8 \uc804 \uc775\uc2a4\ud3ec\uc800 \uc81c\ud55c, \uc2e4\ud328 \uc2dc \ube60\ub978 \ucd95\uc18c\u201d \ucabd\uc73c\ub85c \uc870\uc815\ud574\uc57c \ud55c\ub2e4\uace0 \ubd05\ub2c8\ub2e4.\n\n\uba3c\uc800 316.50 \uc800\uc810\uc5d0\uc11c 369\ub2ec\ub7ec\ub300\uae4c\uc9c0 \uc57d 16.8% \ud68c\ubcf5\ud588\ub2e4\ub294 \uc810\uc744 \uad6c\uc870 \ubcc0\ud654\ub85c\ub9cc \ubcf4\ub294 \uac83\uc740 \uc704\ud5d8\ud569\ub2c8\ub2e4. \ud68c\ubcf5\uc774 \uac15\ud588\ub2e4\ub294 \uc0ac\uc2e4\uc740 \ub9de\uc9c0\ub9cc, \ubcf4\uc218\uc801\uc73c\ub85c\ub294 \uadf8\ub9cc\ud07c \ub2e8\uae30 \uae30\ub300\uc218\uc775\uc774 \uc774\ubbf8 \uc120\ubc18\uc601\ub410\ub2e4\uace0 \ubd10\uc57c \ud569\ub2c8\ub2e4. \ud604\uc7ac \uac00\uaca9\ub300\ub294 10\uc77c EMA 359.54\uc640 50\uc77c SMA 351.56 \uc704\uc5d0 \uc788\uc9c0\ub9cc, \ub3d9\uc2dc\uc5d0 \ubcfc\ub9b0\uc800 \uc0c1\ub2e8 378.90\uacfc 2\uc6d4 \uace0\uc810 384.67~386.64\uc5d0 \ub9e4\uc6b0 \uac00\uae4c\uc6b4 \uad6c\uac04\uc785\ub2c8\ub2e4. \uc989 \uc9c0\uae08\uc740 \u201c\ucd94\uc138 \ucd08\uc785\u201d\uc774\ub77c\uae30\ubcf4\ub2e4 \u201c\uc800\ud56d\uacfc \uc774\ubca4\ud2b8 \ub9ac\uc2a4\ud06c \uc55e\uc5d0\uc11c \uc218\uc775\uc744 \ud655\uc778\ud574\uc57c \ud558\ub294 \uad6c\uac04\u201d\uc5d0 \ub354 \uac00\uae5d\uc2b5\ub2c8\ub2e4.\n\nMACD\uac00 -6.38\uc5d0\uc11c 6.44\ub85c \uae09\ubc18\uc804\ud588\uace0 RSI\uac00 66.01\uc774\ub77c\ub294 \uc810\ub3c4 \uacf5\uaca9\uc801 \ud574\uc11d\ucc98\ub7fc \uae0d\uc815\uc801\uc785\ub2c8\ub2e4. \ud558\uc9c0\ub9cc \ubcf4\uc218\uc801 \uad00\uc810\uc5d0\uc11c\ub294 \uc774 \uc870\ud569\uc774 \ucd94\uaca9 \ub9e4\uc218\uc758 \uadfc\uac70\uac00 \uc544\ub2c8\ub77c \ubcc0\ub3d9\uc131 \ud655\ub300\uc758 \uadfc\uac70\uc785\ub2c8\ub2e4. RSI\uac00 \uc544\uc9c1 70\uc744 \ub118\uc9c0 \uc54a\uc558\ub2e4\ub294 \uc0ac\uc2e4\ub9cc\uc73c\ub85c \uc548\uc804\ud558\ub2e4\uace0 \ub9d0\ud560 \uc218 \uc5c6\uc2b5\ub2c8\ub2e4. \uc774\ubbf8 \uc800\uc810 \ub300\ube44 \ubc18\ub4f1 \ud3ed\uc774 \ud06c\uace0 ATR\uc774 12.64\ub85c \ub192\uc740 \uc0c1\ud0dc\ub77c\uba74, 2~3% \ud754\ub4e4\ub9bc\uc740 \uc815\uc0c1 \ubcc0\ub3d9 \uc548\uc5d0 \ub4e4\uc5b4\uac11\ub2c8\ub2e4. \uc774\ub7f0 \ud658\uacbd\uc5d0\uc11c \ub3cc\ud30c\ub97c \ub530\ub77c\uac00\uba74 \uc190\uc808\uc120\uc740 \ub113\uc5b4\uc9c0\uace0, \ud3ec\uc9c0\uc158 \ud06c\uae30\ub97c \uc904\uc774\uc9c0 \uc54a\uc73c\uba74 \ud3ec\ud2b8\ud3f4\ub9ac\uc624 \ubcc0\ub3d9\uc131\uc774 \uae09\uaca9\ud788 \ucee4\uc9d1\ub2c8\ub2e4.\n\n\uac70\ub798\ub7c9 \ub17c\ub9ac\ub3c4 \uc2e0\uc911\ud788 \ubd10\uc57c \ud569\ub2c8\ub2e4. 4\uc6d4 8\uc77c \uac70\ub798\ub7c9 16,356,900\uc8fc\ub294 \ubd84\uba85 \uac15\ud55c \uc218\uc694\ub97c \ubcf4\uc5ec\uc92c\uc9c0\ub9cc, \uc774\ud6c4 4\uc6d4 9\uc77c 9,246,000\uc8fc, 4\uc6d4 13\uc77c 9,596,300\uc8fc\ub85c \uc904\uc5c8\uc2b5\ub2c8\ub2e4. \uacf5\uaca9\uc801 \ubd84\uc11d\uac00\ub294 \uc774\ub97c \ucd08\uae30 \uc218\uae09 \uc720\uc785\uc73c\ub85c \ubcf4\uc9c0\ub9cc, \uc800\ub294 \u201c\uccab \ubc88\uc9f8 \uc7ac\ud3c9\uac00\ub294 \uc774\ubbf8 \uc77c\uc5b4\ub0ac\uace0, \ub2e4\uc74c \uad6c\uac04\uc740 \ucd94\uac00 \uc218\uae09 \uac80\uc99d\uc774 \ud544\uc694\ud558\ub2e4\u201d\uace0 \ubd05\ub2c8\ub2e4. 378.90 \ub3cc\ud30c \uc790\uccb4\ubcf4\ub2e4 \uc911\uc694\ud55c \uac83\uc740 \ub3cc\ud30c \ud6c4 \uc885\uac00 \uc720\uc9c0\uc640 \uac70\ub798\ub7c9 \uc7ac\ud655\ub300\uc785\ub2c8\ub2e4. \ub2e8\uc21c \uc7a5\uc911 \ub3cc\ud30c\ub098 \uc587\uc740 \uac70\ub798\ub7c9\uc758 \uc885\uac00 \ub3cc\ud30c\ub294 \uc624\ud788\ub824 384.67~386.64 \ubd80\uadfc\uc5d0\uc11c \uc2e4\ud328\ud560 \uac00\ub2a5\uc131\uc774 \ud07d\ub2c8\ub2e4.\n\n\ud380\ub354\uba58\ud138\ub3c4 \uac15\ud558\uc9c0\ub9cc, \uac15\ud55c \uae30\uc5c5\uacfc \uc548\uc804\ud55c \uc9c4\uc785 \uac00\uaca9\uc740 \ub2e4\ub985\ub2c8\ub2e4. TTM \uc774\uc775\ub960 45.1%, \uc601\uc5c5\uc774\uc775\ub960 53.9%, ROE 35.1%, 1\ubd84\uae30 \ub9e4\ucd9c 35% \uc131\uc7a5 \ubaa8\ub450 \ud6cc\ub96d\ud569\ub2c8\ub2e4. \uadf8\ub7ec\ub098 \uc2dc\uc7a5\uc740 \uc774\ubbf8 \uc774\ub97c \uc0c1\ub2f9\ud788 \ubc18\uc601\ud558\uace0 \uc788\uc2b5\ub2c8\ub2e4. TTM PER 36.49\ubc30\uc640 \ub192\uc740 \uc131\uc7a5 \uae30\ub300\ub294 \u201c\uc88b\uc740 \uc2e4\uc801\u201d\ub9cc\uc73c\ub85c\ub294 \ubd80\uc871\ud558\ub2e4\ub294 \ub73b\uc785\ub2c8\ub2e4. \uc2e4\uc801\uacfc \uac00\uc774\ub358\uc2a4\uac00 \uac15\ud574\ub3c4, AI/HPC \uc218\uc694\ub098 \ub9c8\uc9c4, capex \ud6a8\uc728\uc774 \uc2dc\uc7a5\uc758 \ub192\uc544\uc9c4 \uae30\ub300\uce58\ub97c \ub118\uc9c0 \ubabb\ud558\uba74 \uc8fc\uac00\ub294 \ud558\ub77d\ud560 \uc218 \uc788\uc2b5\ub2c8\ub2e4. \ud2b9\ud788 \ub274\uc2a4 \uc815\uc11c\uac00 \uc774\ubbf8 AI \uc218\uc694\uc640 \uacf5\uae09 \ubd80\uc871\uc5d0 \uc9d1\uc911\ub418\uc5b4 \uc788\ub2e4\ub294 \uc810\uc740 \uae0d\uc815 \uc694\uc778\uc774\uba74\uc11c \ub3d9\uc2dc\uc5d0 \ucde8\uc57d\uc810\uc785\ub2c8\ub2e4. \ubaa8\ub450\uac00 \uac19\uc740 \uc774\uc720\ub85c \uc0ac\uace0 \uc788\ub2e4\uba74, \uc791\uc740 \uade0\uc5f4\uc5d0\ub3c4 \ub9e4\ub3c4 \uc555\ub825\uc774 \ucee4\uc9c8 \uc218 \uc788\uc2b5\ub2c8\ub2e4.\n\n\uac70\uc2dc \ub9ac\uc2a4\ud06c\uc5d0 \ub300\ud574\uc11c\ub3c4 \uacf5\uaca9\uc801 \ubd84\uc11d\uac00\ub294 \u201c\ucc28\ubcc4\ud654\ub418\ub294 \uc131\uc7a5\uc8fc\uac00 \ud504\ub9ac\ubbf8\uc5c4\uc744 \ubc1b\ub294\ub2e4\u201d\uace0 \ub9d0\ud558\uc9c0\ub9cc, \uc774\ub294 \uc0c1\uc2b9\uc7a5\uc5d0\uc11c\ub294 \ub9de\uc544\ub3c4 \ub9ac\uc2a4\ud06c \uc624\ud504 \uad6d\uba74\uc5d0\uc11c\ub294 \ubc29\uc5b4 \ub17c\ub9ac\uac00 \uc57d\ud569\ub2c8\ub2e4. \ucd5c\uc2e0 \uac70\uc2dc \ud658\uacbd\uc740 \uc774\ub780 \uc804\uc7c1 \uc774\ud6c4 \uc720\uac00 \uc0c1\uc2b9, \ub2ec\ub7ec \uac15\uc138, \uc778\ud50c\ub808\uc774\uc158 \uc6b0\ub824, \uae08\ub9ac \uc778\ud558 \uae30\ub300 \uc57d\ud654\uc785\ub2c8\ub2e4. \uace0\uc131\uc7a5 \ubc18\ub3c4\uccb4\uc8fc\ub294 \ud560\uc778\uc728 \uc0c1\uc2b9\uc5d0 \ubbfc\uac10\ud558\uace0, TSM\uc740 \uc81c\uc870\uc5c5\uccb4\uc774\uae30 \ub54c\ubb38\uc5d0 \uc5d0\ub108\uc9c0 \ube44\uc6a9\uacfc \uae00\ub85c\ubc8c \uacf5\uae09\ub9dd \ube44\uc6a9\uc5d0\ub3c4 \ub178\ucd9c\ub429\ub2c8\ub2e4. TSM\uc774 \uc6b0\ub7c9\ud558\ub2e4\ub294 \uc774\uc720\ub9cc\uc73c\ub85c \ub9e4\ud06c\ub85c \ucda9\uaca9\uc744 \ud53c\ud560 \uc218 \uc788\ub294 \uac83\uc740 \uc544\ub2d9\ub2c8\ub2e4. 2026-03-27\uc5d0\ub3c4 \ubc18\ub3c4\uccb4 \uc5c5\uc885 \uc57d\uc138 \uc18d TSM\uc774 3.86% \ud558\ub77d\ud588\ub2e4\ub294 \uc810\uc740, \uace0\ud488\uc9c8 \uc885\ubaa9\ub3c4 \uc5c5\uc885 \ub514\ub9ac\uc2a4\ud0b9\uc5d0\uc11c\ub294 \ud568\uaed8 \ud314\ub9b4 \uc218 \uc788\uc74c\uc744 \ubcf4\uc5ec\uc90d\ub2c8\ub2e4.\n\n\uc9c0\uc815\ud559\uacfc \uacf5\uae09\ub9dd \uc9d1\uc911 \ub9ac\uc2a4\ud06c\ub97c \ud504\ub9ac\ubbf8\uc5c4 \uc694\uc778\uc73c\ub85c \ubcf4\ub294 \uacf5\uaca9\uc801 \ud574\uc11d\ub3c4 \uc808\ubc18\ub9cc \ub9de\uc2b5\ub2c8\ub2e4. \uae00\ub85c\ubc8c AI \uc0b0\uc5c5\uc774 TSMC\uc5d0 \uc758\uc874\ud55c\ub2e4\ub294 \uac83\uc740 \uac00\uaca9 \ud611\uc0c1\ub825 \uce21\uba74\uc5d0\uc11c\ub294 \uac15\uc810\uc774\uc9c0\ub9cc, \ub9ac\uc2a4\ud06c \uad00\ub9ac \uce21\uba74\uc5d0\uc11c\ub294 \ub2e8\uc77c \uc7a5\uc560 \uc9c0\uc810\uc774\ub77c\ub294 \ub73b\uc785\ub2c8\ub2e4. \uc9c0\uc815\ud559\uc801 \uae34\uc7a5, \ub300\ub9cc \uad00\ub828 \ud5e4\ub4dc\ub77c\uc778, \uacf5\uae09 \ucc28\uc9c8 \uc6b0\ub824\uac00 \ucee4\uc9c8 \uacbd\uc6b0 \uc2dc\uc7a5\uc740 TSM\uc758 \ub3c5\uc810\uc131\uc744 \ud504\ub9ac\ubbf8\uc5c4\uc774 \uc544\ub2c8\ub77c \ud560\uc778 \uc694\uc778\uc73c\ub85c \uc7ac\ud3c9\uac00\ud560 \uc218 \uc788\uc2b5\ub2c8\ub2e4. \ubcf4\uc218\uc801 \ud3ec\ud2b8\ud3f4\ub9ac\uc624 \uc6b4\uc6a9\uc5d0\uc11c\ub294 \uc774\ub7f0 \uaf2c\ub9ac\uc704\ud5d8\uc744 \u201c\uc544\uc9c1 \ubc1c\uc0dd\ud558\uc9c0 \uc54a\uc558\ub2e4\u201d\ub294 \uc774\uc720\ub85c \ub0ae\uac8c \uc7a1\uc73c\uba74 \uc548 \ub429\ub2c8\ub2e4.\n\nIntel, Terafab, \ubbf8\uad6d \ud30c\uc6b4\ub4dc\ub9ac \ud655\ub300 \uc5ed\uc2dc \ub2e8\uae30 \uc2e4\uc801 \uc704\ud611\uc774 \uc81c\ud55c\uc801\uc774\ub77c\ub294 \uc810\uc5d0\ub294 \ub3d9\uc758\ud569\ub2c8\ub2e4. \ud558\uc9c0\ub9cc \ubcf4\uc218\uc801 \ubd84\uc11d\uc758 \ucd08\uc810\uc740 \ub2f9\uc7a5 \uc810\uc720\uc728\uc744 \ube7c\uc557\uae30\ub290\ub0d0\uac00 \uc544\ub2c8\ub77c, TSM\uc758 \uc7a5\uae30 \ubc38\ub958\uc5d0\uc774\uc158 \ud504\ub9ac\ubbf8\uc5c4\uc774 \uacc4\uc18d \ud655\uc7a5\ub420 \uc218 \uc788\ub290\ub0d0\uc785\ub2c8\ub2e4. \ubbf8\uad6d \ub0b4 \ub300\uccb4 \uacf5\uae09\ub9dd \uad6c\ucd95 \ub0b4\ub7ec\ud2f0\ube0c\uac00 \uac15\ud574\uc9c8\uc218\ub85d \uace0\uac1d \ub2e4\ubcc0\ud654 \uc555\ub825, \ubcf4\uc870\uae08 \uae30\ubc18 \uacbd\uc7c1, \uc7a5\uae30 \uac00\uaca9 \ud611\uc0c1\ub825 \uc57d\ud654 \uac00\ub2a5\uc131\uc774 \uc2dc\uc7a5 \ud560\uc778\uc728\uc5d0 \ubc18\uc601\ub420 \uc218 \uc788\uc2b5\ub2c8\ub2e4. \uc9c0\uae08\uc740 \uc791\uc740 \uc704\ud5d8\ucc98\ub7fc \ubcf4\uc5ec\ub3c4, \uace0\ud3c9\uac00 \uad6c\uac04\uc5d0\uc11c\ub294 \uc791\uc740 \uc7a5\uae30 \ud560\uc778 \uc694\uc778\ub3c4 \uc8fc\uac00\uc5d0 \ud06c\uac8c \uc791\uc6a9\ud560 \uc218 \uc788\uc2b5\ub2c8\ub2e4.\n\n\ub530\ub77c\uc11c \uc800\ub294 \ud2b8\ub808\uc774\ub354\uc758 WAIT \ud310\ub2e8\uc744 \ub354 \uc5c4\uaca9\ud558\uac8c \ud574\uc11d\ud574\uc57c \ud55c\ub2e4\uace0 \ubd05\ub2c8\ub2e4. \u201c\ud2b8\ub9ac\uac70 \uae30\ubc18 \uacf5\uaca9 \ub300\uae30\u201d\uac00 \uc544\ub2c8\ub77c \u201c\ub9ac\uc2a4\ud06c\uac00 \uac00\uaca9\uc5d0 \uc720\ub9ac\ud558\uac8c \ub3cc\uc544\uc62c \ub54c\uae4c\uc9c0 \ubc29\uc5b4\uc801 \ub300\uae30\u201d\uc5ec\uc57c \ud569\ub2c8\ub2e4. \uc2e0\uaddc \uc790\uae08\uc740 378.90 \ub3cc\ud30c \ud55c \ubc88\uc73c\ub85c \ud22c\uc785\ud558\uc9c0 \ub9d0\uace0, \uac70\ub798\ub7c9 \ud655\ub300\uc640 \ub3cc\ud30c \ud6c4 \uc720\uc9c0\uac00 \ud655\uc778\ub420 \ub54c\ub9cc \uc544\uc8fc \uc791\uc740 tranche\ub85c \uc811\uadfc\ud574\uc57c \ud569\ub2c8\ub2e4. \ub354 \uc120\ud638\ub418\ub294 \uc9c4\uc785\uc740 359.54~351.56 \uc9c0\uc9c0 \uad6c\uac04\uc5d0\uc11c \ubcc0\ub3d9\uc131\uc774 \ub0ae\uc544\uc9c0\uace0 \ub9e4\ub3c4 \uc555\ub825\uc774 \uc18c\ud654\ub418\ub294 \uacbd\uc6b0\uc785\ub2c8\ub2e4. 351.56\uc744 \uc774\ud0c8\ud558\uac70\ub098 2\uac70\ub798\uc77c \uc774\uc0c1 \ud68c\ubcf5\ud558\uc9c0 \ubabb\ud558\uba74 \uc911\uae30 \ub178\ucd9c\uc740 \uc904\uc5ec\uc57c \ud569\ub2c8\ub2e4.\n\n\uc81c \uc870\uc815 \uc81c\uc548\uc740 \uba85\ud655\ud569\ub2c8\ub2e4. \ub4f1\uae09\uc740 OVERWEIGHT\ub97c \uc720\uc9c0\ud558\ub354\ub77c\ub3c4 \uc2e4\uc81c \ud3ec\uc9c0\uc158\uc740 \uc644\uc804\ud55c overweight\uac00 \uc544\ub2c8\ub77c partial overweight\ub85c \uc81c\ud55c\ud574\uc57c \ud569\ub2c8\ub2e4. \ud3ec\ud2b8\ud3f4\ub9ac\uc624 \uc2a4\ud0e0\uc2a4\ub294 BULLISH\ubcf4\ub2e4 cautiously bullish\uac00 \ub354 \uc801\uc808\ud569\ub2c8\ub2e4. 378.90~386.64 \uad6c\uac04\uc5d0\uc11c\ub294 \ucd94\uac00 \ub9e4\uc218\uac00 \uc544\ub2c8\ub77c \uc2e4\ud328 \uc5ec\ubd80\uc640 \ucc28\uc775\uc2e4\ud604 \uc555\ub825\uc744 \uba3c\uc800 \ubd10\uc57c \ud569\ub2c8\ub2e4. \uc2e4\uc801 \ubc1c\ud45c\uc640 \uac00\uc774\ub358\uc2a4 \uc804\ud6c4\uc5d0\ub294 \ud3ec\uc9c0\uc158 \ud06c\uae30\ub97c \ud3c9\uc18c\ubcf4\ub2e4 \uc904\uc774\uace0, ATR 12.64\ub97c \ubc18\uc601\ud574 \uc190\uc808 \ud3ed\uc774 \ub113\uc5b4\uc9c0\ub294 \ub9cc\ud07c \ucd1d \uc190\uc2e4 \ud55c\ub3c4\ub294 \ub354 \ub0ae\ucdb0\uc57c \ud569\ub2c8\ub2e4.\n\n\uacf5\uaca9\uc801 \uad00\uc810\uc740 \uc218\uc775 \uae30\ud68c\ub97c \uc798 \ud3ec\ucc29\ud558\uc9c0\ub9cc, \ud604\uc7ac \uad6c\uac04\uc5d0\uc11c\ub294 \uc190\uc2e4 \ubd84\ud3ec\uc758 \uaf2c\ub9ac\ub97c \ucda9\ubd84\ud788 \ubc18\uc601\ud558\uc9c0 \ubabb\ud569\ub2c8\ub2e4. TSM\uc740 \uc88b\uc740 \ud68c\uc0ac\uc774\uace0 \ucd94\uc138\ub3c4 \uc0b4\uc544 \uc788\uc9c0\ub9cc, \uc88b\uc740 \ud68c\uc0ac\uac00 \ud56d\uc0c1 \uc88b\uc740 \ub9e4\uc218 \uac00\uaca9\uc744 \uc8fc\ub294 \uac83\uc740 \uc544\ub2d9\ub2c8\ub2e4. \ubcf4\uc218\uc801 \uacb0\ub860\uc740 \ucd94\uc138\ub97c \uc874\uc911\ud558\ub418, \uc800\ud56d \ub3cc\ud30c\ub97c \uc131\uae09\ud788 \uc0ac\uc9c0 \ub9d0\uace0, \uc2e4\uc801 \uae30\ub300\uce58\uc640 \ub9e4\ud06c\ub85c \ucda9\uaca9, \uc9c0\uc815\ud559 \ub9ac\uc2a4\ud06c\uac00 \uac00\uaca9\uc5d0 \ubc18\uc601\ub418\ub294\uc9c0\ub97c \ud655\uc778\ud55c \ub4a4 \uc81c\ud55c\uc801\uc73c\ub85c \uc99d\uc561\ud558\uc790\ub294 \uac83\uc785\ub2c8\ub2e4. firm\uc758 \uc790\uc0b0 \ubcf4\ud638\uac00 \ubaa9\ud45c\ub77c\uba74 \uc9c0\uae08 \ud544\uc694\ud55c \uac83\uc740 \uacfc\uac10\ud55c \ucd94\uac00\uac00 \uc544\ub2c8\ub77c, \uae30\ub2e4\ub9b4 \uc218 \uc788\ub294 \ud604\uae08\uacfc \uc2e4\ud328 \uc2dc \uc904\uc77c \uc218 \uc788\ub294 \uaddc\uc728\uc785\ub2c8\ub2e4.\nNeutral Analyst: \uc911\ub9bd \ub9ac\uc2a4\ud06c \uad00\uc810\uc5d0\uc11c\ub294 \ub450 \ubd84\uc11d\uac00 \ubaa8\ub450 \uc911\uc694\ud55c \uc9c4\uc2e4\uc744 \uc7a1\uace0 \uc788\uc9c0\ub9cc, \uac01\uac01 \ud55c\ucabd\uc73c\ub85c \uae30\uc6b8\uc5b4\uc838 \uc788\uc2b5\ub2c8\ub2e4. \uacf5\uaca9\uc801 \ubd84\uc11d\uac00\ub294 TSM\uc758 \ucd94\uc138 \ud68c\ubcf5\uacfc AI \uc218\uc694\uc758 \uc9c8\uc744 \uc798 \ud3ec\ucc29\ud588\uc9c0\ub9cc, \ud604\uc7ac \uac00\uaca9\uc774 \uc774\ubbf8 316.50 \uc800\uc810\uc5d0\uc11c 369\ub2ec\ub7ec\ub300\uae4c\uc9c0 \ube60\ub974\uac8c \ud68c\ubcf5\ud588\uace0 378.90 \ubcfc\ub9b0\uc800 \uc0c1\ub2e8\uacfc 384.67~386.64 \uc774\uc804 \uace0\uc810\uad8c\uc774 \ubc14\ub85c \uc704\uc5d0 \uc788\ub2e4\ub294 \uc810\uc744 \ub108\ubb34 \uc27d\uac8c \ub118\uae41\ub2c8\ub2e4. \ubc18\ub300\ub85c \ubcf4\uc218\uc801 \ubd84\uc11d\uac00\ub294 \uc774\ubca4\ud2b8 \ub9ac\uc2a4\ud06c\uc640 \ubc38\ub958\uc5d0\uc774\uc158 \ubd80\ub2f4\uc744 \uc798 \uc9da\uc5c8\uc9c0\ub9cc, \uac00\uaca9\uc774 10\uc77c EMA 359.54, 50\uc77c SMA 351.56, 200\uc77c SMA 294.12\ub97c \ubaa8\ub450 \uc0c1\ud68c\ud558\uace0 MACD\uac00 -6.38\uc5d0\uc11c 6.44\ub85c \ubc18\uc804\ub41c \ud750\ub984\uc744 \uc9c0\ub098\uce58\uac8c \ubc29\uc5b4\uc801\uc73c\ub85c \ud574\uc11d\ud569\ub2c8\ub2e4.\n\n\uacf5\uaca9\uc801 \uad00\uc810\uc5d0 \uba3c\uc800 \ubc18\ubc15\ud558\uaca0\uc2b5\ub2c8\ub2e4. \u201cWAIT\ub294 \uacf5\uaca9 \ub300\uae30\u201d\ub77c\ub294 \ud45c\ud604\uc740 \ub9de\uc744 \uc218 \uc788\uc9c0\ub9cc, \uc774 \uad6c\uac04\uc5d0\uc11c \u2018\uacfc\uac10\ud788 \ucd94\uac00\u2019\ub294 \uc544\uc9c1 \uc774\ub985\ub2c8\ub2e4. 4\uc6d4 8\uc77c \uac70\ub798\ub7c9 16,356,900\uc8fc\ub294 \ubd84\uba85 \uc758\ubbf8 \uc788\ub294 \uc218\uae09 \uc2e0\ud638\uc600\uc9c0\ub9cc, \uc774\ud6c4 \uac70\ub798\ub7c9\uc774 9\ubc31\ub9cc \uc8fc\ub300\ub85c \uc904\uc5c8\ub2e4\ub294 \uc810\uc740 \ub2e4\uc74c \ub3cc\ud30c\uc758 \uc9c8\uc744 \ubc18\ub4dc\uc2dc \ud655\uc778\ud574\uc57c \ud55c\ub2e4\ub294 \ub73b\uc785\ub2c8\ub2e4. 378.90\uc744 \ub2e8\uc21c\ud788 \ub118\ub294 \uac83\ub9cc\uc73c\ub85c\ub294 \ubd80\uc871\ud558\uace0, \uc885\uac00 \uc720\uc9c0\uc640 \uac70\ub798\ub7c9 \uc7ac\ud655\ub300\uac00 \ud568\uaed8 \uc788\uc5b4\uc57c \ud569\ub2c8\ub2e4. \ud2b9\ud788 RSI 66.01\uc740 \uc544\uc9c1 \uacfc\uc5f4\uc740 \uc544\ub2c8\uc9c0\ub9cc, 70\uc5d0 \uac00\uae4c\uc6cc\uc9c0\uace0 \uc788\uc5b4 384.67~386.64 \uadfc\ucc98\uc5d0\uc11c \ubaa8\uba58\ud140 \ub9e4\uc218\uc640 \ucc28\uc775\uc2e4\ud604\uc774 \ucda9\ub3cc\ud560 \uac00\ub2a5\uc131\uc774 \ud07d\ub2c8\ub2e4. \ubcc0\ub3d9\uc131\uc744 \u201c\uc218\uc775 \uc5d4\uc9c4\u201d\uc73c\ub85c\ub9cc \ubcf4\ub294 \uac83\uc740 \uc704\ud5d8\ud569\ub2c8\ub2e4. ATR 12.64\ub77c\ub294 \uc22b\uc790\ub294 \uae30\ud68c\uc774\uae30\ub3c4 \ud558\uc9c0\ub9cc, \ud3ec\uc9c0\uc158 \ud06c\uae30\ub97c \uc798\ubabb \uc7a1\uc73c\uba74 \uc815\uc0c1 \ubcc0\ub3d9\ub9cc\uc73c\ub85c\ub3c4 \uc190\uc2e4 \ud55c\ub3c4\ub97c \ud6fc\uc190\ud560 \uc218 \uc788\ub2e4\ub294 \uacbd\uace0\uc785\ub2c8\ub2e4.\n\n\ub610 \uacf5\uaca9\uc801 \ubd84\uc11d\uac00\uac00 \ud380\ub354\uba58\ud138 \ud504\ub9ac\ubbf8\uc5c4\uc744 \uc815\ub2f9\ud654\ud558\ub294 \ub17c\ub9ac\ub3c4 \uc808\ubc18\ub9cc \ub9de\uc2b5\ub2c8\ub2e4. TSM\uc758 TTM \uc774\uc775\ub960 45.1%, \uc601\uc5c5\uc774\uc775\ub960 53.9%, ROE 35.1%, 1\ubd84\uae30 \ub9e4\ucd9c 35% \uc131\uc7a5, AI/HPC \uc218\uc694\ub294 \ub9e4\uc6b0 \uac15\ud569\ub2c8\ub2e4. \ud558\uc9c0\ub9cc \ub274\uc2a4 \uc815\uc11c\uac00 \uc774\ubbf8 \u201cAI \uc218\uc694, \uacf5\uae09 \ubd80\uc871, TSMC \ubcd1\ubaa9\u201d\uc5d0 \uc9d1\uc911\ub418\uc5b4 \uc788\ub2e4\ub294 \uc810\uc740 \uc0c1\uc2b9 \ub3d9\ub825\uc774\uba74\uc11c \ub3d9\uc2dc\uc5d0 \uae30\ub300\uce58 \ub9ac\uc2a4\ud06c\uc785\ub2c8\ub2e4. \uc9c0\uae08 \uc2dc\uc7a5\uc740 \ub2e8\uc21c\ud788 \uc88b\uc740 \uc2e4\uc801\uc744 \uc694\uad6c\ud558\ub294 \uac83\uc774 \uc544\ub2c8\ub77c, \uc88b\uc740 \uc2e4\uc801\uc744 \ub118\uc5b4\uc11c\ub294 \uac00\uc774\ub358\uc2a4, \ub9c8\uc9c4 \ubc29\uc5b4, capex \ud6a8\uc728\uae4c\uc9c0 \uc694\uad6c\ud560 \uac00\ub2a5\uc131\uc774 \ud07d\ub2c8\ub2e4. \ub530\ub77c\uc11c \uac15\ud55c \uae30\uc5c5\uc774\ub77c\ub294 \uc774\uc720\ub9cc\uc73c\ub85c \uc800\ud56d\ub300 \uc9c1\uc804\uc5d0\uc11c \uacf5\uaca9\uc801\uc73c\ub85c \ud655\ub300\ud558\ub294 \uac83\uc740 \ub9ac\uc2a4\ud06c \ub300\ube44 \ubcf4\uc0c1\uc774 \uade0\ud615\uc801\uc774\uc9c0 \uc54a\uc2b5\ub2c8\ub2e4.\n\n\uc774\uc81c \ubcf4\uc218\uc801 \uad00\uc810\ub3c4 \ub3c4\uc804\ud574\uc57c \ud569\ub2c8\ub2e4. \ubcf4\uc218\uc801 \ubd84\uc11d\uac00\ub294 \u201c\uc88b\uc740 \ud68c\uc0ac\uac00 \ud56d\uc0c1 \uc88b\uc740 \ub9e4\uc218 \uac00\uaca9\uc744 \uc8fc\ub294 \uac83\uc740 \uc544\ub2c8\ub2e4\u201d\ub77c\uace0 \ud588\uace0, \uadf8 \ub9d0\uc740 \ub9de\uc2b5\ub2c8\ub2e4. \uadf8\ub7ec\ub098 \uc774 \ub17c\ub9ac\ub97c \ub108\ubb34 \ubc00\uba74 \uc2e4\uc81c \ucd94\uc138 \uc7ac\uac1c \uad6c\uac04\uc744 \ub193\uce60 \uc218 \uc788\uc2b5\ub2c8\ub2e4. \ud604\uc7ac \uad6c\uc870\ub294 \ub2e8\uc21c \ubc29\uc5b4\uac00 \uc544\ub2c8\ub77c \uc0c1\uc2b9 \ucd94\uc138 \uc7ac\uac1c\ud615 \uace0\ubcc0\ub3d9\uc131 \uad6d\uba74\uc785\ub2c8\ub2e4. \uac00\uaca9\uc740 \uc8fc\uc694 \ud3c9\uade0\uc120 \uc704\uc5d0 \uc788\uace0, 50\uc77c\uc120\uacfc 200\uc77c\uc120\ub3c4 \uc6b0\uc0c1\ud5a5\uc785\ub2c8\ub2e4. 200\uc77c SMA 294.12\uc640\uc758 \uad34\ub9ac\ub97c \ubcf4\uba74 \uc7a5\uae30 \ucd94\uc138\ub294 \uc544\uc9c1 \ud6fc\uc190\ub418\uc9c0 \uc54a\uc558\uc2b5\ub2c8\ub2e4. \ubcf4\uc218\uc801\uc73c\ub85c\ub9cc \uae30\ub2e4\ub9ac\ub2e4\uac00 351.56 \uadfc\ucc98 \uc644\ubcbd\ud55c \ub20c\ub9bc\ub9cc \uc694\uad6c\ud558\uba74, \uc2dc\uc7a5\uc774 359.54 \uc704\uc5d0\uc11c \ubc84\ud2f4 \ub4a4 378.90\uc744 \uac70\ub798\ub7c9\uc73c\ub85c \ub3cc\ud30c\ud558\ub294 \uc2dc\ub098\ub9ac\uc624\ub97c \ub193\uce60 \uc218 \uc788\uc2b5\ub2c8\ub2e4.\n\n\ubcf4\uc218\uc801 \ubd84\uc11d\uac00\uac00 \ub9e4\ud06c\ub85c \ub9ac\uc2a4\ud06c\ub97c \uac15\uc870\ud55c \uc810\ub3c4 \ud0c0\ub2f9\ud558\uc9c0\ub9cc, \uc774\uac83\uc744 TSM \uc775\uc2a4\ud3ec\uc800 \ucd95\uc18c\uc758 \uc808\ub300 \ub17c\ub9ac\ub85c \uc4f0\ub294 \uac83\uc740 \uacfc\ud569\ub2c8\ub2e4. \uc774\ub780 \uc804\uc7c1 \uc774\ud6c4 \uc720\uac00 \uc0c1\uc2b9, \ub2ec\ub7ec \uac15\uc138, \uae08\ub9ac \uc778\ud558 \uae30\ub300 \uc57d\ud654\ub294 \uae30\uc220\uc8fc\uc5d0 \ubd80\ub2f4\uc785\ub2c8\ub2e4. \uadf8\ub7ec\ub098 \ubaa8\ub4e0 \uc131\uc7a5\uc8fc\uac00 \uac19\uc740 \uc218\uc900\uc73c\ub85c \ucde8\uc57d\ud55c \uac83\uc740 \uc544\ub2d9\ub2c8\ub2e4. TSM\uc740 2025\ub144 \ub9d0 \uae30\uc900 \uac15\ud55c \ud604\uae08\ud750\ub984, \ub192\uc740 \uc720\ub3d9\uc131, 2.618\uc758 \uc720\ub3d9\ube44\uc728, \ub300\uaddc\ubaa8 \ud604\uae08 \ubc0f \ub2e8\uae30\ud22c\uc790\ub97c \ubcf4\uc720\ud558\uace0 \uc788\uace0, AI \uc218\uc694\uac00 \uc2e4\uc81c \ub9e4\ucd9c\ub85c \uc5f0\uacb0\ub418\uace0 \uc788\uc2b5\ub2c8\ub2e4. \uc774\ub7f0 \uc885\ubaa9\uc740 \ub9ac\uc2a4\ud06c \uc624\ud504\uc5d0\uc11c \ud754\ub4e4\ub9b4 \uc218\ub294 \uc788\uc5b4\ub3c4, \uc911\uae30 \ud3ec\ud2b8\ud3f4\ub9ac\uc624\uc5d0\uc11c \uc644\uc804\ud788 \ubc29\uc5b4\uc801\uc73c\ub85c\ub9cc \ub2e4\ub8f0 \ub300\uc0c1\uc740 \uc544\ub2d9\ub2c8\ub2e4.\n\n\ub530\ub77c\uc11c \uc81c \uacb0\ub860\uc740 \uae30\uc874 OVERWEIGHT\uc640 WAIT\ub294 \uc720\uc9c0\ud558\ub418, \ud45c\ud604\uc744 \uc870\uae08 \ub354 \uc815\uad50\ud558\uac8c \ubc14\uafb8\ub294 \uac83\uc785\ub2c8\ub2e4. \ud3ec\ud2b8\ud3f4\ub9ac\uc624 \uc2a4\ud0e0\uc2a4\ub294 \ub2e8\uc21c BULLISH\ubcf4\ub2e4 \u201cselectively bullish\u201d \ub610\ub294 \u201ccautiously overweight\u201d\uac00 \uc801\uc808\ud569\ub2c8\ub2e4. \ubc29\ud5a5\uc131\uc740 \uc6b0\uc0c1\ud5a5\uc774\uc9c0\ub9cc \uc2e4\ud589\uc740 \uc870\uac74\ubd80\uc5ec\uc57c \ud569\ub2c8\ub2e4. \uc774\ubbf8 \ubcf4\uc720\ud55c \ud3ec\uc9c0\uc158\uc740 \uc720\uc9c0\ud558\ub418, \uc2e0\uaddc \uc790\uae08\uc740 \ub450 \uac00\uc9c0 \uacbd\uc6b0\uc5d0\ub9cc \ud22c\uc785\ud558\ub294 \ud3b8\uc774 \uac00\uc7a5 \uade0\ud615\uc801\uc785\ub2c8\ub2e4. \uccab\uc9f8, 359.54~351.56 \uc9c0\uc9c0 \uad6c\uac04\uc73c\ub85c \ub20c\ub9b0 \ub4a4 \ub9e4\ub3c4 \uc555\ub825\uc774 \uc18c\ud654\ub418\uace0 \ud68c\ubcf5 \uce94\ub4e4\uc774 \ud655\uc778\ub420 \ub54c\uc785\ub2c8\ub2e4. \ub458\uc9f8, 378.90 \uc704\ub85c \uac70\ub798\ub7c9\uc774 \ud655\uc2e4\ud788 \ub298\uc5b4\ub09c \uc885\uac00 \ub3cc\ud30c\uac00 \ub098\uc624\uace0, \uc774\ud6c4 384.67~386.64 \ubd80\uadfc\uc5d0\uc11c \uc2e4\ud328\ud558\uc9c0 \uc54a\ub294 \ud750\ub984\uc774 \ud655\uc778\ub420 \ub54c\uc785\ub2c8\ub2e4.\n\n\uc2e4\ud589 \uc804\ub7b5\uc740 \uacf5\uaca9\uc801 \ub9e4\uc218\ub3c4, \uacfc\ub3c4\ud55c \ubc29\uc5b4\ub3c4 \uc544\ub2cc \ub2e8\uacc4\uc801 \uc811\uadfc\uc774\uc5b4\uc57c \ud569\ub2c8\ub2e4. \uae30\uc874 \ub178\ucd9c\uc740 partial overweight\ub85c \uc720\uc9c0\ud558\uace0, \ud655\uc778 \uc804 \uc2e0\uaddc \ucd94\uac00\ub294 \ud3c9\uc18c\ubcf4\ub2e4 \uc791\uc740 tranche\ub85c \uc81c\ud55c\ud558\ub294 \uac83\uc774 \uc88b\uc2b5\ub2c8\ub2e4. 378.90 \ub3cc\ud30c \ub9e4\uc218\ub294 \ud5c8\uc6a9\ud558\ub418, \uadf8\uac83\uc740 \u201c\ud480 \uc0ac\uc774\uc988 \uc9c4\uc785\u201d\uc774 \uc544\ub2c8\ub77c \u201c\uac80\uc99d\uc6a9 \uccab \ucd94\uac00\u201d\uc5ec\uc57c \ud569\ub2c8\ub2e4. \ubc18\ub300\ub85c 359.54 \uc544\ub798 \uc885\uac00 \uc774\ud0c8\uc740 \ub2e8\uae30 \ubaa8\uba58\ud140 \uc57d\ud654\ub85c \ubcf4\uace0 \uc77c\ubd80 \ucd95\uc18c\ud558\uba70, 351.56 \uc544\ub798\uc5d0\uc11c 2\uac70\ub798\uc77c \uc774\uc0c1 \uba38\ubb3c\uba74 \uc911\uae30 \uc0c1\uc2b9 \ud68c\ubcf5 \uc2dc\ub098\ub9ac\uc624\uac00 \uc57d\ud574\uc84c\ub2e4\uace0 \ud310\ub2e8\ud574 \ube44\uc911\uc744 \ub354 \uc904\uc5ec\uc57c \ud569\ub2c8\ub2e4.\n\n\uc81c\uac00 \uc81c\uc548\ud558\ub294 \uc870\uc815\uc548\uc740 \uc774\ub807\uc2b5\ub2c8\ub2e4. rating\uc740 OVERWEIGHT \uc720\uc9c0, portfolio_stance\ub294 BULLISH\uc5d0\uc11c CAUTIOUSLY BULLISH\ub85c \ub0ae\ucd94\uace0, entry_action\uc740 WAIT \uc720\uc9c0, setup_quality\ub294 DEVELOPING \uc720\uc9c0\uac00 \uc801\uc808\ud569\ub2c8\ub2e4. confidence\ub294 0.74\uc5d0\uc11c 0.68~0.70 \uc815\ub3c4\ub85c \ub0ae\ucd94\ub294 \ud3b8\uc774 \ub0ab\uc2b5\ub2c8\ub2e4. \uc774\uc720\ub294 \ucd94\uc138\uc640 \ud380\ub354\uba58\ud138\uc740 \uac15\ud558\uc9c0\ub9cc, \uc2e4\uc801 \uc774\ubca4\ud2b8\uc640 \uc800\ud56d\ub300, \ub192\uc740 ATR, \ub9e4\ud06c\ub85c \uc555\ubc15\uc774 \ub3d9\uc2dc\uc5d0 \uc874\uc7ac\ud558\uae30 \ub54c\ubb38\uc785\ub2c8\ub2e4. \ud575\uc2ec\uc740 TSM\uc744 \ud53c\ud558\ub294 \uac83\uc774 \uc544\ub2c8\ub77c, \uc88b\uc740 \uae30\uc5c5\uc744 \uc88b\uc740 \uc870\uac74\uc5d0\uc11c \ucd94\uac00\ud558\ub294 \uac83\uc785\ub2c8\ub2e4.\n\n\uacb0\ub860\uc801\uc73c\ub85c \uacf5\uaca9\uc801 \ubd84\uc11d\uac00\uc5d0\uac8c\ub294 \u201c\uac15\ud55c \uc885\ubaa9\uc774\ub77c\ub3c4 \uc800\ud56d \uc9c1\uc804\uc5d0\uc11c\ub294 \ud655\uc778 \ube44\uc6a9\uc744 \uc9c0\ubd88\ud574\uc57c \ud55c\ub2e4\u201d\uace0 \ub9d0\ud558\uace0 \uc2f6\uace0, \ubcf4\uc218\uc801 \ubd84\uc11d\uac00\uc5d0\uac8c\ub294 \u201c\ub9ac\uc2a4\ud06c\uac00 \uc788\ub2e4\uace0 \ud574\uc11c \ucd94\uc138 \ud68c\ubcf5\uc744 \ud604\uae08 \ub300\uae30\ub85c\ub9cc \ub300\uc751\ud558\uba74 \uae30\ud68c\ube44\uc6a9\uc774 \ucee4\uc9c4\ub2e4\u201d\uace0 \ub9d0\ud558\uace0 \uc2f6\uc2b5\ub2c8\ub2e4. \uac00\uc7a5 \uc9c0\uc18d \uac00\ub2a5\ud55c \uc804\ub7b5\uc740 \ubd80\ubd84 \ub178\ucd9c\uc744 \uc720\uc9c0\ud558\uba74\uc11c, 359.54~351.56 \uc9c0\uc9c0 \ud655\uc778 \ub610\ub294 378.90 \uac70\ub798\ub7c9 \ub3cc\ud30c\ub77c\ub294 \ub450 \ud2b8\ub9ac\uac70\uc5d0\ub9cc \uc81c\ud55c\uc801\uc73c\ub85c \uc99d\uc561\ud558\ub294 \uac83\uc785\ub2c8\ub2e4. \uc774\ub807\uac8c \ud558\uba74 AI \uc218\uc694\uc640 TSM\uc758 \uad6c\uc870\uc801 \uac15\uc810\uc5d0 \ucc38\uc5ec\ud558\uba74\uc11c\ub3c4, \uc774\ubca4\ud2b8 \uc2e4\ub9dd\uacfc \uace0\ubcc0\ub3d9\uc131 \ub418\ub3cc\ub9bc\uc5d0 \ub300\ud55c \ubc29\uc5b4\ub825\uc744 \uc720\uc9c0\ud560 \uc218 \uc788\uc2b5\ub2c8\ub2e4.", "judge_decision": "{\n \"rating\": \"OVERWEIGHT\",\n \"portfolio_stance\": \"BULLISH\",\n \"entry_action\": \"WAIT\",\n \"setup_quality\": \"DEVELOPING\",\n \"confidence\": 0.7,\n \"time_horizon\": \"medium\",\n \"entry_logic\": \"TSM\uc5d0 \ub300\ud55c \uc911\uae30 \ubc30\ubd84 \uad00\uc810\uc740 \uc5ec\uc804\ud788 \uae0d\uc815\uc801\uc774\ub2e4. \uacf5\uaca9\uc801 \ubd84\uc11d\uac00\uac00 \uc9c0\uc801\ud55c \uac83\ucc98\ub7fc \uac00\uaca9\uc740 10\uc77c EMA 359.54, 50\uc77c SMA 351.56, 200\uc77c SMA 294.12\ub97c \ubaa8\ub450 \uc0c1\ud68c\ud558\uace0, MACD\uac00 -6.38\uc5d0\uc11c 6.44\ub85c \ubc18\uc804\ud588\uc73c\uba70, 2026-03-30 \uc800\uc810 316.50\uc5d0\uc11c 369\ub2ec\ub7ec\ub300\uae4c\uc9c0 \uc57d 16.8% \ud68c\ubcf5\ud588\ub2e4. 4\uc6d4 8\uc77c \uac70\ub798\ub7c9 16,356,900\uc8fc \uae09\uc99d\ub3c4 \uc2e4\uc81c \ub9e4\uc218 \uc218\uc694\ub97c \ub4b7\ubc1b\uce68\ud55c\ub2e4. \ub2e4\ub9cc \ubcf4\uc218\uc801\u00b7\uc911\ub9bd \ubd84\uc11d\uac00\uac00 \uacf5\ud1b5\uc73c\ub85c \uac15\uc870\ud55c \ub300\ub85c \ud604\uc7ac \uac00\uaca9\uc740 \ubcfc\ub9b0\uc800 \uc0c1\ub2e8 378.90\uacfc 384.67-386.64 \uc774\uc804 \uace0\uc810\uad8c\uc5d0 \uac00\uae4c\uc6cc \uc989\uc2dc \ucd94\uaca9 \ub9e4\uc218\uc758 \ubcf4\uc0c1 \ub300\ube44 \uc704\ud5d8\uc774 \ub0ae\ub2e4. \ub530\ub77c\uc11c \ubc29\ud5a5\uc131\uc740 BULLISH, \uae30\uc874 \ub610\ub294 \ubd80\ubd84 \ub178\ucd9c\uc740 \uc720\uc9c0 \uac00\ub2a5\ud55c OVERWEIGHT\uc774\ub098, \uc624\ub298\uc758 \uc2e0\uaddc \uc9c4\uc785\uc740 WAIT\uac00 \uc801\uc808\ud558\ub2e4. \uc9c4\uc785\uc740 359.54-351.56 \uc9c0\uc9c0 \uad6c\uac04\uc5d0\uc11c \ub9e4\ub3c4 \uc555\ub825\uc774 \uc18c\ud654\ub418\uace0 \ud68c\ubcf5\uc774 \ud655\uc778\ub418\uac70\ub098, 378.90 \uc704 \uc885\uac00 \ub3cc\ud30c\uac00 \uac70\ub798\ub7c9 \uc7ac\ud655\ub300\uc640 \ud568\uaed8 \ud655\uc778\ub420 \ub54c\ub9cc \uc815\ub2f9\ud654\ub41c\ub2e4.\",\n \"exit_logic\": \"TSM\uc774 359.54 \uc544\ub798\ub85c \uc885\uac00 \uc774\ud0c8\ud558\uace0 \ub2e4\uc74c \uc138\uc158\uc5d0\uc11c\ub3c4 \ud68c\ubcf5\ub825\uc774 \uc57d\ud558\uba74 \ub2e8\uae30 \ubaa8\uba58\ud140 \ud6fc\uc190\uc73c\ub85c \ubcf4\uace0 \uc77c\ubd80 \ucd95\uc18c\ud55c\ub2e4. 351.56 \uc544\ub798\uc5d0\uc11c 2\uac70\ub798\uc77c \uc774\uc0c1 \uba38\ubb3c\uba74 \uc911\uae30 \ucd94\uc138 \ud68c\ubcf5 \uc2dc\ub098\ub9ac\uc624\uac00 \uc57d\ud574\uc84c\uc73c\ubbc0\ub85c \ube44\uc911 \ud655\ub300 \ub178\ucd9c\uc744 \uc904\uc778\ub2e4. 378.90 \ub3cc\ud30c \ud6c4 384.67-386.64 \uad6c\uac04\uc5d0\uc11c \uac70\ub798\ub7c9\uc774 \uc904\uace0 \uac00\uaca9\uc774 \ub418\ubc00\ub9ac\uba74 \uc2e4\ud328\ud55c \ub3cc\ud30c\ub85c \uac04\uc8fc\ud574 \ucd94\uac00 \ub9e4\uc218\ub294 \uc911\ub2e8\ud558\uace0 \uc77c\ubd80 \uc774\uc775\uc744 \ubcf4\ud638\ud55c\ub2e4. \uc2e4\uc801\uc774\ub098 \uac00\uc774\ub358\uc2a4\uac00 AI/HPC \uc218\uc694, \uc120\ub2e8 \uacf5\uc815 \uac00\ub3d9\ub960, \ub9e4\ucd9c\ucd1d\uc774\uc775\ub960, capex \ud6a8\uc728\uc5d0 \ub300\ud574 \ub192\uc544\uc9c4 \uae30\ub300\ub97c \ucda9\uc871\ud558\uc9c0 \ubabb\ud558\uba74 \ud22c\uc790 \ub17c\ub9ac\ub97c \uc7ac\uac80\ud1a0\ud55c\ub2e4.\",\n \"position_sizing\": \"\ud655\uc778 \uc804\uc5d0\ub294 \uc644\uc804\ud55c \ube44\uc911 \ud655\ub300\uac00 \uc544\ub2c8\ub77c \ubd80\ubd84 OVERWEIGHT\ub9cc \uc720\uc9c0\ud55c\ub2e4. \uc2e0\uaddc \uc790\uae08\uc740 \ud3c9\uc18c\ubcf4\ub2e4 \uc791\uc740 tranche\ub85c \uc2dc\uc791\ud558\uace0, 359.54-351.56 \uc9c0\uc9c0 \ud655\uc778 \ub610\ub294 378.90 \uc704 \uac70\ub798\ub7c9 \ub3d9\ubc18 \uc885\uac00 \ub3cc\ud30c\uac00 \ub098\uc628 \ub4a4 \ub2e8\uacc4\uc801\uc73c\ub85c \ub298\ub9b0\ub2e4. ATR 12.64\ub85c \ubcc0\ub3d9\uc131\uc774 \ub192\uae30 \ub54c\ubb38\uc5d0 \uac19\uc740 \uc190\uc2e4 \ud55c\ub3c4\ub97c \uc720\uc9c0\ud558\ub824\uba74 \uc8fc\uc2dd \uc218\ub97c \uc904\uc5ec\uc57c \ud55c\ub2e4. \ub3cc\ud30c \ub9e4\uc218\ub294 \ud480 \uc0ac\uc774\uc988\uac00 \uc544\ub2c8\ub77c \uac80\uc99d\uc6a9 \uccab \ucd94\uac00\ub85c \uc81c\ud55c\ud558\uace0, \uc9c0\uc9c0\uc120 \ubd80\uadfc\uc5d0\uc11c \uc548\uc815\ud654\uac00 \ud655\uc778\ub420 \ub54c \ub354 \uc120\ud638\ud55c\ub2e4.\",\n \"risk_limits\": \"\ub2e8\uae30 \uac70\ub798 \uc704\ud5d8\uc120\uc740 359.54 \uc885\uac00 \uc774\ud0c8, \uc911\uae30 \ubc30\ubd84 \uc704\ud5d8\uc120\uc740 351.56 \uc544\ub798 2\uac70\ub798\uc77c \uccb4\ub958\ub85c \uc124\uc815\ud55c\ub2e4. 378.90-386.64 \uc800\ud56d \uad6c\uac04\uc5d0\uc11c\ub294 \uac70\ub798\ub7c9 \ud655\uc778 \uc5c6\uc774 \ucd94\uac00\ud558\uc9c0 \uc54a\ub294\ub2e4. RSI 66.01\uc740 \uc544\uc9c1 70 \uc774\uc0c1 \uacfc\uc5f4\uc740 \uc544\ub2c8\uc9c0\ub9cc \uc800\ud56d\ub300 \uc811\uadfc\uacfc \uacb0\ud569\ud558\uba74 \ucd94\uaca9 \uc704\ud5d8\uc774 \ucee4\uc9c4\ub2e4. \uc720\uac00 \uc0c1\uc2b9, \ub2ec\ub7ec \uac15\uc138, \uae08\ub9ac \uc778\ud558 \uae30\ub300 \uc57d\ud654, \ub300\ub9cc \uc9c0\uc815\ud559 \ud5e4\ub4dc\ub77c\uc778, \ubc18\ub3c4\uccb4 \uc5c5\uc885 \ub514\ub9ac\uc2a4\ud0b9\uc774 \uc2ec\ud654\ub418\uba74 \ud5c8\uc6a9 \ube44\uc911\uc744 \ub0ae\ucd98\ub2e4. \uc190\uc808\uc740 \ub108\ubb34 \uc881\uac8c \ub450\uc9c0 \uc54a\ub418, \ucd1d \ud3ec\ud2b8\ud3f4\ub9ac\uc624 \uc190\uc2e4 \ud55c\ub3c4\ub294 ATR \uc0c1\uc2b9\uc744 \ubc18\uc601\ud574 \uc5c4\uaca9\ud788 \uad00\ub9ac\ud55c\ub2e4.\",\n \"catalysts\": [\n \"1\ubd84\uae30 \ub9e4\ucd9c\uc774 \uc804\ub144 \ub300\ube44 \uc57d 35% \uc99d\uac00\ud574 \uc57d USD 35.6B \uc218\uc900\uc73c\ub85c \ubcf4\uace0\ub418\uc5c8\ub2e4\ub294 \uc810\uc740 AI \uc218\uc694\uac00 \uc2e4\uc81c \ub9e4\ucd9c\ub85c \uc5f0\uacb0\ub418\uace0 \uc788\uc74c\uc744 \ub4b7\ubc1b\uce68\ud55c\ub2e4.\",\n \"TTM \uc774\uc775\ub960 45.1%, \uc601\uc5c5\uc774\uc775\ub960 53.9%, ROE 35.1%\ub294 \uacf5\uaca9\uc801 \ubd84\uc11d\uac00\uac00 \uac15\uc870\ud55c \uace0\ub9c8\uc9c4\u00b7\uace0\ud488\uc9c8 \uc131\uc7a5 \ub17c\ub9ac\ub97c \uc9c0\uc9c0\ud55c\ub2e4.\",\n \"\uac00\uaca9\uc774 10\uc77c EMA 359.54, 50\uc77c SMA 351.56, 200\uc77c SMA 294.12 \uc704\uc5d0 \uc788\uace0 MACD\uac00 -6.38\uc5d0\uc11c 6.44\ub85c \ubc18\uc804\ud55c \uc810\uc740 \ucd94\uc138 \ud68c\ubcf5\uc744 \ub4b7\ubc1b\uce68\ud55c\ub2e4.\",\n \"4\uc6d4 8\uc77c \uac70\ub798\ub7c9 16,356,900\uc8fc\uc640 365.90\uae4c\uc9c0\uc758 \uac15\ud55c \uc0c1\uc2b9\uc740 \ub2e8\uc21c\ud55c \uc587\uc740 \ubc18\ub4f1\ubcf4\ub2e4 \uac15\ud55c \uc218\uae09 \uc720\uc785 \uac00\ub2a5\uc131\uc744 \ubcf4\uc5ec\uc900\ub2e4.\",\n \"378.90 \uc704 \uac70\ub798\ub7c9 \ub3d9\ubc18 \uc885\uac00 \ub3cc\ud30c\uac00 \ub098\uc624\uba74 384.67-386.64 \uc774\uc804 \uace0\uc810\uad8c \uc7ac\uc2dc\ud5d8\uacfc \ucd94\uac00 \ubaa8\uba58\ud140 \ud655\uc7a5 \uac00\ub2a5\uc131\uc774 \uc5f4\ub9b0\ub2e4.\"\n ],\n \"invalidators\": [\n \"\uc2e4\uc801\uacfc \uac00\uc774\ub358\uc2a4\uac00 \uc808\ub300\uc801\uc73c\ub85c\ub294 \uc591\ud638\ud574\ub3c4 \ub192\uc544\uc9c4 AI/HPC \uae30\ub300, \ub9c8\uc9c4 \ubc29\uc5b4, capex \ud6a8\uc728 \uae30\ub300\ub97c \ub118\uc9c0 \ubabb\ud558\ub294 \uacbd\uc6b0.\",\n \"TSM\uc774 351.56 \uc544\ub798\uc5d0\uc11c 2\uac70\ub798\uc77c \uc774\uc0c1 \uba38\ubb3c\uba70 50\uc77c SMA \ud68c\ubcf5\uc5d0 \uc2e4\ud328\ud558\ub294 \uacbd\uc6b0.\",\n \"4\uc6d4 8\uc77c \uc774\ud6c4 \uac70\ub798\ub7c9\uc774 9\ubc31\ub9cc \uc8fc\ub300\ub85c \uc904\uc5b4\ub4e0 \ud750\ub984\uc774 \uc774\uc5b4\uc9c0\uace0, 378.90 \ub3cc\ud30c \uc2dc\ub3c4\uc5d0\uc11c \uac70\ub798\ub7c9 \uc7ac\ud655\ub300\uac00 \ub098\ud0c0\ub098\uc9c0 \uc54a\ub294 \uacbd\uc6b0.\",\n \"\ub9e4\ucd9c\ucd1d\uc774\uc775\ub960\uc774 capex, \uac10\uac00\uc0c1\uac01, \uac00\uaca9 \uc555\ubc15, \uac00\ub3d9\ub960 \ubb38\uc81c\ub85c \uc608\uc0c1\ubcf4\ub2e4 \ud06c\uac8c \ud6fc\uc190\ub418\ub294 \uacbd\uc6b0.\",\n \"\ub300\ub9cc \uc9c0\uc815\ud559 \ub9ac\uc2a4\ud06c, \uacf5\uae09\ub9dd \ucc28\uc9c8, \ubc18\ub3c4\uccb4 \uc5c5\uc885 \ub514\ub9ac\uc2a4\ud0b9, \uc720\uac00\u00b7\ub2ec\ub7ec\u00b7\uae08\ub9ac \uc555\ubc15\uc774 \ub3d9\uc2dc\uc5d0 \uc2ec\ud654\ub418\ub294 \uacbd\uc6b0.\",\n \"Intel, \ubbf8\uad6d \ub0b4 \ud30c\uc6b4\ub4dc\ub9ac \ud655\ub300, \uace0\uac1d \ub2e4\ubcc0\ud654 \uc555\ub825\uc774 TSM\uc758 \uc7a5\uae30 \uac00\uaca9 \uacb0\uc815\ub825\uacfc \ubc38\ub958\uc5d0\uc774\uc158 \ud504\ub9ac\ubbf8\uc5c4\uc744 \ube60\ub974\uac8c \ub0ae\ucd98\ub2e4\ub294 \uc99d\uac70\uac00 \ud655\uc778\ub418\ub294 \uacbd\uc6b0.\"\n ],\n \"watchlist_triggers\": [\n \"TSM\uc774 378.90 \uc704\uc5d0\uc11c \uc885\uac00\ub97c \ud615\uc131\ud558\uace0 \ucd5c\uadfc 9\ubc31\ub9cc \uc8fc\ub300 \uac70\ub798\ub7c9\uc744 \ub118\uc5b4\uc11c\ub294 \uba85\ud655\ud55c \uac70\ub798\ub7c9 \ud655\ub300\uac00 \ub3d9\ubc18\ub418\ub294\uc9c0 \ud655\uc778\ud55c\ub2e4.\",\n \"TSM\uc774 384.67-386.64 \uad6c\uac04\uc744 \uc2dc\ud5d8\ud560 \ub54c \uac70\ub798\ub7c9\uc774 \uc720\uc9c0\ub418\uace0 \uc885\uac00\uac00 \ubb34\ub108\uc9c0\uc9c0 \uc54a\ub294\uc9c0 \ud655\uc778\ud55c\ub2e4.\",\n \"TSM\uc774 359.54 \ubd80\uadfc\uc73c\ub85c \ub20c\ub9b4 \ub54c \uc7a5\uc911 \ud68c\ubcf5\uacfc \ub9e4\ub3c4 \uc555\ub825 \uc18c\ud654\uac00 \ub098\ud0c0\ub098\uba74 starter \ub610\ub294 \uc18c\uaddc\ubaa8 \ucd94\uac00\ub97c \uac80\ud1a0\ud55c\ub2e4.\",\n \"TSM\uc774 351.56\uc744 \uc2dc\ud5d8\ud558\ub354\ub77c\ub3c4 \ubd80\uc815\uc801 \ud68c\uc0ac \ub274\uc2a4 \uc5c6\uc774 \ube60\ub974\uac8c \uc548\uc815\ud654\ub418\uba74 \uc911\uae30 \uc9c0\uc9c0 \ud655\uc778\uc73c\ub85c \ubcf8\ub2e4.\",\n \"RSI\uac00 70\uc744 \ub118\uace0 \uac00\uaca9\uc774 384.67-386.64 \ubd80\uadfc\uc5d0\uc11c \uc815\uccb4\ud558\uba74 \ucd94\uaca9 \ub9e4\uc218 \ub300\uc2e0 \uc77c\ubd80 \uc774\uc775 \ubcf4\ud638\uc640 \ube44\uc911 \uc810\uac80\uc744 \uc6b0\uc120\ud55c\ub2e4.\",\n \"\uc2e4\uc801 \uac00\uc774\ub358\uc2a4\uc5d0\uc11c AI/HPC \uc218\uc694, \uc120\ub2e8 \uacf5\uc815 \uac00\ub3d9\ub960, \ub9c8\uc9c4 \ud68c\ubcf5\ub825, capex \ud6a8\uc728\uc774 \ud655\uc778\ub418\uba74 WAIT\uc5d0\uc11c STARTER \ub610\ub294 ADD\ub85c \uc804\ud658\ud560 \uc218 \uc788\ub2e4.\"\n ],\n \"data_coverage\": {\n \"company_news_count\": 4,\n \"disclosures_count\": 0,\n \"social_source\": \"news_derived\",\n \"macro_items_count\": 1\n }\n}" }, "investment_plan": "{\n \"rating\": \"OVERWEIGHT\",\n \"portfolio_stance\": \"BULLISH\",\n \"entry_action\": \"WAIT\",\n \"setup_quality\": \"DEVELOPING\",\n \"confidence\": 0.74,\n \"time_horizon\": \"medium\",\n \"entry_logic\": \"TSM has investable bullish evidence from verified AI-driven revenue growth, very high margins, strong free cash flow, liquidity, and a resumed uptrend above the 10-day EMA, 50-day SMA, and 200-day SMA. Immediate entry is not favored because price has already rebounded sharply from 316.50 to the high 360s, sits near Bollinger resistance around 378.90 and the prior 384.67-386.64 high zone, ATR is elevated at 12.64, and earnings/event expectations are high. Prefer waiting for either a pullback that holds 359.54-351.56 or a volume-backed close above 378.90 before adding risk.\",\n \"exit_logic\": \"Reduce or avoid new exposure if TSM closes below the 10-day EMA near 359.54 with weak follow-through, and cut medium-term bullish exposure if it spends two sessions below the 50-day SMA near 351.56. A failed breakout below 378.90-386.64 after earnings with declining volume would argue for trimming. Full thesis review is required if AI demand, gross margin guidance, or advanced-node utilization disappoints.\",\n \"position_sizing\": \"Maintain or build only partial exposure until timing confirms. Use smaller-than-normal sizing because ATR is high and earnings/macro risks can create gap moves. For new entries, scale in rather than chase; reserve capital for either confirmed breakout continuation or a controlled pullback into support.\",\n \"risk_limits\": \"Use ATR-aware stops rather than tight dollar stops. For short-term trades, risk should be capped around a close below 359.54; for medium-term allocation, use 351.56 as the key risk line. Avoid increasing exposure into resistance without volume confirmation. Reassess if macro pressure from rates, dollar strength, oil, or geopolitical headlines worsens.\",\n \"catalysts\": [\n \"TSM 1Q revenue reportedly rose 35% year over year to about USD 35.6B, confirming AI demand in reported sales.\",\n \"Upcoming earnings and guidance can validate advanced-node demand, margins, and capex returns.\",\n \"ASML and broader supply-chain commentary point to chip demand exceeding supply, supporting TSM pricing power and utilization.\",\n \"A volume-backed breakout above 378.90 could open a retest of the 384.67-386.64 prior high zone.\"\n ],\n \"invalidators\": [\n \"Earnings or guidance that are merely good but below elevated AI expectations.\",\n \"Close below 351.56 for more than one session, weakening the post-correction trend recovery.\",\n \"Gross margin pressure from capex, depreciation, pricing, or utilization issues.\",\n \"Escalation in Taiwan/geopolitical supply-chain risk or renewed broad semiconductor de-risking.\",\n \"Evidence that Intel, US fab buildouts, or customer diversification is reducing TSM long-term pricing power faster than expected.\"\n ],\n \"watchlist_triggers\": [\n \"TSM closes above 378.90 with expanding volume versus recent sessions.\",\n \"TSM pulls back toward 359.54 and holds with constructive intraday recovery or improving volume.\",\n \"TSM tests 351.56 and stabilizes without negative company-specific news.\",\n \"Earnings guidance confirms AI/HPC demand, margin resilience, and manageable capex intensity.\",\n \"RSI moves above 70 while price stalls near 384.67-386.64, signaling chase risk and possible trim zone.\"\n ],\n \"data_coverage\": {\n \"company_news_count\": 4,\n \"disclosures_count\": 0,\n \"social_source\": \"news_derived\",\n \"macro_items_count\": 1\n }\n}", "final_trade_decision": "{\n \"rating\": \"OVERWEIGHT\",\n \"portfolio_stance\": \"BULLISH\",\n \"entry_action\": \"WAIT\",\n \"setup_quality\": \"DEVELOPING\",\n \"confidence\": 0.7,\n \"time_horizon\": \"medium\",\n \"entry_logic\": \"TSM\uc5d0 \ub300\ud55c \uc911\uae30 \ubc30\ubd84 \uad00\uc810\uc740 \uc5ec\uc804\ud788 \uae0d\uc815\uc801\uc774\ub2e4. \uacf5\uaca9\uc801 \ubd84\uc11d\uac00\uac00 \uc9c0\uc801\ud55c \uac83\ucc98\ub7fc \uac00\uaca9\uc740 10\uc77c EMA 359.54, 50\uc77c SMA 351.56, 200\uc77c SMA 294.12\ub97c \ubaa8\ub450 \uc0c1\ud68c\ud558\uace0, MACD\uac00 -6.38\uc5d0\uc11c 6.44\ub85c \ubc18\uc804\ud588\uc73c\uba70, 2026-03-30 \uc800\uc810 316.50\uc5d0\uc11c 369\ub2ec\ub7ec\ub300\uae4c\uc9c0 \uc57d 16.8% \ud68c\ubcf5\ud588\ub2e4. 4\uc6d4 8\uc77c \uac70\ub798\ub7c9 16,356,900\uc8fc \uae09\uc99d\ub3c4 \uc2e4\uc81c \ub9e4\uc218 \uc218\uc694\ub97c \ub4b7\ubc1b\uce68\ud55c\ub2e4. \ub2e4\ub9cc \ubcf4\uc218\uc801\u00b7\uc911\ub9bd \ubd84\uc11d\uac00\uac00 \uacf5\ud1b5\uc73c\ub85c \uac15\uc870\ud55c \ub300\ub85c \ud604\uc7ac \uac00\uaca9\uc740 \ubcfc\ub9b0\uc800 \uc0c1\ub2e8 378.90\uacfc 384.67-386.64 \uc774\uc804 \uace0\uc810\uad8c\uc5d0 \uac00\uae4c\uc6cc \uc989\uc2dc \ucd94\uaca9 \ub9e4\uc218\uc758 \ubcf4\uc0c1 \ub300\ube44 \uc704\ud5d8\uc774 \ub0ae\ub2e4. \ub530\ub77c\uc11c \ubc29\ud5a5\uc131\uc740 BULLISH, \uae30\uc874 \ub610\ub294 \ubd80\ubd84 \ub178\ucd9c\uc740 \uc720\uc9c0 \uac00\ub2a5\ud55c OVERWEIGHT\uc774\ub098, \uc624\ub298\uc758 \uc2e0\uaddc \uc9c4\uc785\uc740 WAIT\uac00 \uc801\uc808\ud558\ub2e4. \uc9c4\uc785\uc740 359.54-351.56 \uc9c0\uc9c0 \uad6c\uac04\uc5d0\uc11c \ub9e4\ub3c4 \uc555\ub825\uc774 \uc18c\ud654\ub418\uace0 \ud68c\ubcf5\uc774 \ud655\uc778\ub418\uac70\ub098, 378.90 \uc704 \uc885\uac00 \ub3cc\ud30c\uac00 \uac70\ub798\ub7c9 \uc7ac\ud655\ub300\uc640 \ud568\uaed8 \ud655\uc778\ub420 \ub54c\ub9cc \uc815\ub2f9\ud654\ub41c\ub2e4.\",\n \"exit_logic\": \"TSM\uc774 359.54 \uc544\ub798\ub85c \uc885\uac00 \uc774\ud0c8\ud558\uace0 \ub2e4\uc74c \uc138\uc158\uc5d0\uc11c\ub3c4 \ud68c\ubcf5\ub825\uc774 \uc57d\ud558\uba74 \ub2e8\uae30 \ubaa8\uba58\ud140 \ud6fc\uc190\uc73c\ub85c \ubcf4\uace0 \uc77c\ubd80 \ucd95\uc18c\ud55c\ub2e4. 351.56 \uc544\ub798\uc5d0\uc11c 2\uac70\ub798\uc77c \uc774\uc0c1 \uba38\ubb3c\uba74 \uc911\uae30 \ucd94\uc138 \ud68c\ubcf5 \uc2dc\ub098\ub9ac\uc624\uac00 \uc57d\ud574\uc84c\uc73c\ubbc0\ub85c OVERWEIGHT \ub178\ucd9c\uc744 \uc904\uc778\ub2e4. 378.90 \ub3cc\ud30c \ud6c4 384.67-386.64 \uad6c\uac04\uc5d0\uc11c \uac70\ub798\ub7c9\uc774 \uc904\uace0 \uac00\uaca9\uc774 \ub418\ubc00\ub9ac\uba74 \uc2e4\ud328\ud55c \ub3cc\ud30c\ub85c \uac04\uc8fc\ud574 \ucd94\uac00 \ub9e4\uc218\ub294 \uc911\ub2e8\ud558\uace0 \uc77c\ubd80 \uc774\uc775\uc744 \ubcf4\ud638\ud55c\ub2e4. \uc2e4\uc801\uc774\ub098 \uac00\uc774\ub358\uc2a4\uac00 AI/HPC \uc218\uc694, \uc120\ub2e8 \uacf5\uc815 \uac00\ub3d9\ub960, \ub9e4\ucd9c\ucd1d\uc774\uc775\ub960, capex \ud6a8\uc728\uc5d0 \ub300\ud574 \ub192\uc544\uc9c4 \uae30\ub300\ub97c \ucda9\uc871\ud558\uc9c0 \ubabb\ud558\uba74 \ud22c\uc790 \ub17c\ub9ac\ub97c \uc7ac\uac80\ud1a0\ud55c\ub2e4.\",\n \"position_sizing\": \"\ud655\uc778 \uc804\uc5d0\ub294 \uc644\uc804\ud55c \ube44\uc911 \ud655\ub300\uac00 \uc544\ub2c8\ub77c \ubd80\ubd84 OVERWEIGHT\ub9cc \uc720\uc9c0\ud55c\ub2e4. \uc2e0\uaddc \uc790\uae08\uc740 \ud3c9\uc18c\ubcf4\ub2e4 \uc791\uc740 tranche\ub85c \uc2dc\uc791\ud558\uace0, 359.54-351.56 \uc9c0\uc9c0 \ud655\uc778 \ub610\ub294 378.90 \uc704 \uac70\ub798\ub7c9 \ub3d9\ubc18 \uc885\uac00 \ub3cc\ud30c\uac00 \ub098\uc628 \ub4a4 \ub2e8\uacc4\uc801\uc73c\ub85c \ub298\ub9b0\ub2e4. ATR 12.64\ub85c \ubcc0\ub3d9\uc131\uc774 \ub192\uae30 \ub54c\ubb38\uc5d0 \uac19\uc740 \uc190\uc2e4 \ud55c\ub3c4\ub97c \uc720\uc9c0\ud558\ub824\uba74 \uc8fc\uc2dd \uc218\ub97c \uc904\uc5ec\uc57c \ud55c\ub2e4. \ub3cc\ud30c \ub9e4\uc218\ub294 \ud480 \uc0ac\uc774\uc988\uac00 \uc544\ub2c8\ub77c \uac80\uc99d\uc6a9 \uccab \ucd94\uac00\ub85c \uc81c\ud55c\ud558\uace0, \uc9c0\uc9c0\uc120 \ubd80\uadfc\uc5d0\uc11c \uc548\uc815\ud654\uac00 \ud655\uc778\ub420 \ub54c \ub354 \uc120\ud638\ud55c\ub2e4.\",\n \"risk_limits\": \"\ub2e8\uae30 \uac70\ub798 \uc704\ud5d8\uc120\uc740 359.54 \uc885\uac00 \uc774\ud0c8, \uc911\uae30 \ubc30\ubd84 \uc704\ud5d8\uc120\uc740 351.56 \uc544\ub798 2\uac70\ub798\uc77c \uccb4\ub958\ub85c \uc124\uc815\ud55c\ub2e4. 378.90-386.64 \uc800\ud56d \uad6c\uac04\uc5d0\uc11c\ub294 \uac70\ub798\ub7c9 \ud655\uc778 \uc5c6\uc774 \ucd94\uac00\ud558\uc9c0 \uc54a\ub294\ub2e4. RSI 66.01\uc740 \uc544\uc9c1 70 \uc774\uc0c1 \uacfc\uc5f4\uc740 \uc544\ub2c8\uc9c0\ub9cc \uc800\ud56d\ub300 \uc811\uadfc\uacfc \uacb0\ud569\ud558\uba74 \ucd94\uaca9 \uc704\ud5d8\uc774 \ucee4\uc9c4\ub2e4. \uc720\uac00 \uc0c1\uc2b9, \ub2ec\ub7ec \uac15\uc138, \uae08\ub9ac \uc778\ud558 \uae30\ub300 \uc57d\ud654, \ub300\ub9cc \uc9c0\uc815\ud559 \ud5e4\ub4dc\ub77c\uc778, \ubc18\ub3c4\uccb4 \uc5c5\uc885 \ub514\ub9ac\uc2a4\ud0b9\uc774 \uc2ec\ud654\ub418\uba74 \ud5c8\uc6a9 \ube44\uc911\uc744 \ub0ae\ucd98\ub2e4. \uc190\uc808\uc740 \ub108\ubb34 \uc881\uac8c \ub450\uc9c0 \uc54a\ub418, \ucd1d \ud3ec\ud2b8\ud3f4\ub9ac\uc624 \uc190\uc2e4 \ud55c\ub3c4\ub294 ATR \uc0c1\uc2b9\uc744 \ubc18\uc601\ud574 \uc5c4\uaca9\ud788 \uad00\ub9ac\ud55c\ub2e4.\",\n \"catalysts\": [\n \"1\ubd84\uae30 \ub9e4\ucd9c\uc774 \uc804\ub144 \ub300\ube44 \uc57d 35% \uc99d\uac00\ud574 \uc57d USD 35.6B \uc218\uc900\uc73c\ub85c \ubcf4\uace0\ub418\uc5c8\ub2e4\ub294 \uc810\uc740 AI \uc218\uc694\uac00 \uc2e4\uc81c \ub9e4\ucd9c\ub85c \uc5f0\uacb0\ub418\uace0 \uc788\uc74c\uc744 \ub4b7\ubc1b\uce68\ud55c\ub2e4.\",\n \"TTM \uc774\uc775\ub960 45.1%, \uc601\uc5c5\uc774\uc775\ub960 53.9%, ROE 35.1%\ub294 \uacf5\uaca9\uc801 \ubd84\uc11d\uac00\uac00 \uac15\uc870\ud55c \uace0\ub9c8\uc9c4\u00b7\uace0\ud488\uc9c8 \uc131\uc7a5 \ub17c\ub9ac\ub97c \uc9c0\uc9c0\ud55c\ub2e4.\",\n \"\uac00\uaca9\uc774 10\uc77c EMA 359.54, 50\uc77c SMA 351.56, 200\uc77c SMA 294.12 \uc704\uc5d0 \uc788\uace0 MACD\uac00 -6.38\uc5d0\uc11c 6.44\ub85c \ubc18\uc804\ud55c \uc810\uc740 \ucd94\uc138 \ud68c\ubcf5\uc744 \ub4b7\ubc1b\uce68\ud55c\ub2e4.\",\n \"4\uc6d4 8\uc77c \uac70\ub798\ub7c9 16,356,900\uc8fc\uc640 365.90\uae4c\uc9c0\uc758 \uac15\ud55c \uc0c1\uc2b9\uc740 \ub2e8\uc21c\ud55c \uc587\uc740 \ubc18\ub4f1\ubcf4\ub2e4 \uac15\ud55c \uc218\uae09 \uc720\uc785 \uac00\ub2a5\uc131\uc744 \ubcf4\uc5ec\uc900\ub2e4.\",\n \"378.90 \uc704 \uac70\ub798\ub7c9 \ub3d9\ubc18 \uc885\uac00 \ub3cc\ud30c\uac00 \ub098\uc624\uba74 384.67-386.64 \uc774\uc804 \uace0\uc810\uad8c \uc7ac\uc2dc\ud5d8\uacfc \ucd94\uac00 \ubaa8\uba58\ud140 \ud655\uc7a5 \uac00\ub2a5\uc131\uc774 \uc5f4\ub9b0\ub2e4.\"\n ],\n \"invalidators\": [\n \"\uc2e4\uc801\uacfc \uac00\uc774\ub358\uc2a4\uac00 \uc808\ub300\uc801\uc73c\ub85c\ub294 \uc591\ud638\ud574\ub3c4 \ub192\uc544\uc9c4 AI/HPC \uae30\ub300, \ub9c8\uc9c4 \ubc29\uc5b4, capex \ud6a8\uc728 \uae30\ub300\ub97c \ub118\uc9c0 \ubabb\ud558\ub294 \uacbd\uc6b0.\",\n \"TSM\uc774 351.56 \uc544\ub798\uc5d0\uc11c 2\uac70\ub798\uc77c \uc774\uc0c1 \uba38\ubb3c\uba70 50\uc77c SMA \ud68c\ubcf5\uc5d0 \uc2e4\ud328\ud558\ub294 \uacbd\uc6b0.\",\n \"4\uc6d4 8\uc77c \uc774\ud6c4 \uac70\ub798\ub7c9\uc774 9\ubc31\ub9cc \uc8fc\ub300\ub85c \uc904\uc5b4\ub4e0 \ud750\ub984\uc774 \uc774\uc5b4\uc9c0\uace0, 378.90 \ub3cc\ud30c \uc2dc\ub3c4\uc5d0\uc11c \uac70\ub798\ub7c9 \uc7ac\ud655\ub300\uac00 \ub098\ud0c0\ub098\uc9c0 \uc54a\ub294 \uacbd\uc6b0.\",\n \"\ub9e4\ucd9c\ucd1d\uc774\uc775\ub960\uc774 capex, \uac10\uac00\uc0c1\uac01, \uac00\uaca9 \uc555\ubc15, \uac00\ub3d9\ub960 \ubb38\uc81c\ub85c \uc608\uc0c1\ubcf4\ub2e4 \ud06c\uac8c \ud6fc\uc190\ub418\ub294 \uacbd\uc6b0.\",\n \"\ub300\ub9cc \uc9c0\uc815\ud559 \ub9ac\uc2a4\ud06c, \uacf5\uae09\ub9dd \ucc28\uc9c8, \ubc18\ub3c4\uccb4 \uc5c5\uc885 \ub514\ub9ac\uc2a4\ud0b9, \uc720\uac00\u00b7\ub2ec\ub7ec\u00b7\uae08\ub9ac \uc555\ubc15\uc774 \ub3d9\uc2dc\uc5d0 \uc2ec\ud654\ub418\ub294 \uacbd\uc6b0.\",\n \"Intel, \ubbf8\uad6d \ub0b4 \ud30c\uc6b4\ub4dc\ub9ac \ud655\ub300, \uace0\uac1d \ub2e4\ubcc0\ud654 \uc555\ub825\uc774 TSM\uc758 \uc7a5\uae30 \uac00\uaca9 \uacb0\uc815\ub825\uacfc \ubc38\ub958\uc5d0\uc774\uc158 \ud504\ub9ac\ubbf8\uc5c4\uc744 \ube60\ub974\uac8c \ub0ae\ucd98\ub2e4\ub294 \uc99d\uac70\uac00 \ud655\uc778\ub418\ub294 \uacbd\uc6b0.\"\n ],\n \"watchlist_triggers\": [\n \"TSM\uc774 378.90 \uc704\uc5d0\uc11c \uc885\uac00\ub97c \ud615\uc131\ud558\uace0 \ucd5c\uadfc 9\ubc31\ub9cc \uc8fc\ub300 \uac70\ub798\ub7c9\uc744 \ub118\uc5b4\uc11c\ub294 \uba85\ud655\ud55c \uac70\ub798\ub7c9 \ud655\ub300\uac00 \ub3d9\ubc18\ub418\ub294\uc9c0 \ud655\uc778\ud55c\ub2e4.\",\n \"TSM\uc774 384.67-386.64 \uad6c\uac04\uc744 \uc2dc\ud5d8\ud560 \ub54c \uac70\ub798\ub7c9\uc774 \uc720\uc9c0\ub418\uace0 \uc885\uac00\uac00 \ubb34\ub108\uc9c0\uc9c0 \uc54a\ub294\uc9c0 \ud655\uc778\ud55c\ub2e4.\",\n \"TSM\uc774 359.54 \ubd80\uadfc\uc73c\ub85c \ub20c\ub9b4 \ub54c \uc7a5\uc911 \ud68c\ubcf5\uacfc \ub9e4\ub3c4 \uc555\ub825 \uc18c\ud654\uac00 \ub098\ud0c0\ub098\uba74 starter \ub610\ub294 \uc18c\uaddc\ubaa8 \ucd94\uac00\ub97c \uac80\ud1a0\ud55c\ub2e4.\",\n \"TSM\uc774 351.56\uc744 \uc2dc\ud5d8\ud558\ub354\ub77c\ub3c4 \ubd80\uc815\uc801 \ud68c\uc0ac \ub274\uc2a4 \uc5c6\uc774 \ube60\ub974\uac8c \uc548\uc815\ud654\ub418\uba74 \uc911\uae30 \uc9c0\uc9c0 \ud655\uc778\uc73c\ub85c \ubcf8\ub2e4.\",\n \"RSI\uac00 70\uc744 \ub118\uace0 \uac00\uaca9\uc774 384.67-386.64 \ubd80\uadfc\uc5d0\uc11c \uc815\uccb4\ud558\uba74 \ucd94\uaca9 \ub9e4\uc218 \ub300\uc2e0 \uc77c\ubd80 \uc774\uc775 \ubcf4\ud638\uc640 \ube44\uc911 \uc810\uac80\uc744 \uc6b0\uc120\ud55c\ub2e4.\",\n \"\uc2e4\uc801 \uac00\uc774\ub358\uc2a4\uc5d0\uc11c AI/HPC \uc218\uc694, \uc120\ub2e8 \uacf5\uc815 \uac00\ub3d9\ub960, \ub9c8\uc9c4 \ud68c\ubcf5\ub825, capex \ud6a8\uc728\uc774 \ud655\uc778\ub418\uba74 WAIT\uc5d0\uc11c STARTER \ub610\ub294 ADD\ub85c \uc804\ud658\ud560 \uc218 \uc788\ub2e4.\"\n ],\n \"data_coverage\": {\n \"company_news_count\": 4,\n \"disclosures_count\": 0,\n \"social_source\": \"news_derived\",\n \"macro_items_count\": 1\n }\n}" }