{
    "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": "2026-04-16",
    "analysis_date": "2026-04-17",
    "market_report": "**\uc2dc\uc7a5 \uad6d\uba74 \ud310\uc815: \uc0c1\uc2b9 \ucd94\uc138 \uc7ac\uac1c, \ub2e8\uae30 \uace0\ubcc0\ub3d9 \ub3d9\ubc18**\n\nTSM\uc740 2026-03-30 \uc800\uc810 316.50 \uc774\ud6c4 2026-04-15 \uc885\uac00 375.10\uae4c\uc9c0 \ube60\ub974\uac8c \ud68c\ubcf5\ud588\uace0, 2026-04-08\uc5d0\ub294 345.32\uc5d0\uc11c 365.90\uc73c\ub85c \uac2d\uc131 \uae09\ub4f1\uc774 \ub098\ud0c0\ub0ac\uc2b5\ub2c8\ub2e4. 2026-04-16 \uae30\uc900 50\uc77c \ub2e8\uc21c\uc774\ub3d9\ud3c9\uade0\uc740 352.82, 200\uc77c \ub2e8\uc21c\uc774\ub3d9\ud3c9\uade0\uc740 295.56\uc73c\ub85c \ubaa8\ub450 \uc0c1\uc2b9 \uc911\uc774\uba70, \uac00\uaca9\uc740 \ub450 \ud3c9\uade0 \uc704\uc5d0 \uc788\uc2b5\ub2c8\ub2e4. \ub530\ub77c\uc11c \uae30\ubcf8 \uad6d\uba74\uc740 \ud558\ub77d \uc804\ud658\uc774 \uc544\ub2c8\ub77c \uc0c1\uc2b9 \ucd94\uc138 \uc7ac\uac1c\ub85c \ubd84\ub958\ud569\ub2c8\ub2e4.\n\n\ub2e4\ub9cc \ub2e8\uae30\uc801\uc73c\ub85c\ub294 \ucd94\uc138\uac00 \ub9e4\ub044\ub7fd\uae30\ubcf4\ub2e4 \uc774\ubca4\ud2b8\uc131 \uac00\uaca9 \uc7ac\ud3c9\uac00\uc640 \ubcc0\ub3d9\uc131 \ud655\ub300\uac00 \uc11e\uc5ec \uc788\uc2b5\ub2c8\ub2e4. 2026-04-14 \uc885\uac00 379.89 \uc774\ud6c4 2026-04-15 \uc885\uac00\uac00 375.10\uc73c\ub85c \ubc00\ub838\uace0, 2026-04-16 RSI\uac00 55.38\ub85c \ub0ae\uc544\uc9c4 \uc810\uc740 \ucd94\uaca9 \ub9e4\uc218\ubcf4\ub2e4 \ub20c\ub9bc \ud655\uc778\uc774 \ub354 \uc911\uc694\ud55c \uad6c\uac04\uc784\uc744 \uc2dc\uc0ac\ud569\ub2c8\ub2e4. 2026-04-16 \uc77c\uc911 \uc790\ub8cc\ub294 \ub3c4\uad6c \uc624\ub958\ub85c \ud655\uc778\ud558\uc9c0 \ubabb\ud588\uae30 \ub54c\ubb38\uc5d0, \uc9c4\uc785 \ud0c0\uc774\ubc0d\uc740 \uc77c\ubd09 \uae30\uc900\uc73c\ub85c\ub9cc \ud310\ub2e8\ud574\uc57c \ud569\ub2c8\ub2e4.\n\n**\ucd94\uc138\uc640 \uac00\uaca9 \uc704\uce58**\n\n2026-04-16 50\uc77c\uc120 352.82\ub294 2026-03-30\uc758 347.06\uc5d0\uc11c \uafb8\uc900\ud788 \uc62c\ub77c\uc654\uace0, 200\uc77c\uc120\ub3c4 295.56\uae4c\uc9c0 \uc0c1\uc2b9\ud588\uc2b5\ub2c8\ub2e4. \uc774\ub294 \uc911\uae30\uc640 \uc7a5\uae30 \ucd94\uc138\uac00 \ubaa8\ub450 \uc704\ucabd\uc774\ub77c\ub294 \ub73b\uc785\ub2c8\ub2e4. 10\uc77c \uc9c0\uc218\uc774\ub3d9\ud3c9\uade0\uc740 362.53\uc73c\ub85c, \ucd5c\uadfc \uc885\uac00 375.10\uc740 \uc774\ubcf4\ub2e4 \uc704\uc5d0 \uc788\uc5b4 \ub2e8\uae30 \ubaa8\uba58\ud140\ub3c4 \uc544\uc9c1 \ubb34\ub108\uc9c0\uc9c0 \uc54a\uc558\uc2b5\ub2c8\ub2e4.\n\n\ud575\uc2ec \uc9c0\uc9c0\ub300\ub294 362.5 \ubd80\uadfc\uc758 10\uc77c\uc120, 352.5~352.8 \ubd80\uadfc\uc758 50\uc77c\uc120\uacfc VWMA, \uadf8\ub9ac\uace0 345~348 \ubd80\uadfc\uc758 4\uc6d4 \ucd08 \ub3cc\ud30c \uc804\ud658 \uad6c\uac04\uc785\ub2c8\ub2e4. 375~382 \uad6c\uac04\uc740 \ucd5c\uadfc \uace0\uc810\ub300 \uc800\ud56d\uc785\ub2c8\ub2e4. 2026-04-14 \uace0\uac00 382.16\uc744 \uc885\uac00\ub85c \ub3cc\ud30c\ud558\uba74 \uc0c1\uc2b9 \ucd94\uc138\uac00 \ub2e4\uc2dc \ud655\uc7a5\ub420 \uac00\ub2a5\uc131\uc774 \ucee4\uc9c0\uace0, \ubc18\ub300\ub85c 362 \uc544\ub798\ub85c \uc774\ud0c8\ud558\uba74 \ub2e8\uae30 \uacfc\uc5f4 \ud574\uc18c\uac00 \ub354 \uc9c4\ud589\ub420 \uc218 \uc788\uc2b5\ub2c8\ub2e4.\n\n**\ubaa8\uba58\ud140**\n\nMACD\ub294 2026-04-08\uc5d0 -0.28\uc5d0\uc11c 2026-04-16\uc5d0 7.10\uae4c\uc9c0 \uac1c\uc120\ub418\uc5c8\uc2b5\ub2c8\ub2e4. \uc774\ub294 3\uc6d4 \ub9d0 \uc57d\uc138 \ud750\ub984\uc774 4\uc6d4 \ucd08\uc5d0 \uac15\ud558\uac8c \ubc18\uc804\ub418\uc5c8\uc74c\uc744 \ubcf4\uc5ec\uc90d\ub2c8\ub2e4. MACD \ud788\uc2a4\ud1a0\uadf8\ub7a8\ub3c4 2026-04-02\uc758 0.03\uc5d0\uc11c 2026-04-14\uc758 5.09\uae4c\uc9c0 \ud655\ub300\ub41c \ub4a4 2026-04-16\uc5d0\ub294 3.64\ub85c \uc904\uc5c8\uc2b5\ub2c8\ub2e4. \uc0c1\uc2b9 \ubaa8\uba58\ud140\uc740 \uc720\ud6a8\ud558\uc9c0\ub9cc, \ub2e8\uae30 \uac00\uc18d\ub3c4\ub294 \uc774\ubbf8 \ud55c \ucc28\ub840 \ub454\ud654\ub418\uace0 \uc788\uc2b5\ub2c8\ub2e4.\n\nRSI\ub294 2026-04-14\uc5d0 66.01\uae4c\uc9c0 \uc62c\ub77c\uac14\uc73c\ub098 2026-04-16\uc5d0\ub294 55.38\ub85c \ub0b4\ub824\uc654\uc2b5\ub2c8\ub2e4. 70 \uc774\uc0c1 \uacfc\uc5f4\uad8c\uc5d0\ub294 \uc9c4\uc785\ud558\uc9c0 \uc54a\uc558\uace0, 50 \uc704\ub97c \uc720\uc9c0\ud558\uace0 \uc788\uc5b4 \uc0c1\uc2b9 \ucd94\uc138 \uc548\uc758 \uac74\uc804\ud55c \uc2dd\ud798\uc73c\ub85c \ubcfc \uc218 \uc788\uc2b5\ub2c8\ub2e4. \uadf8\ub7ec\ub098 RSI\uac00 50 \uc544\ub798\ub85c \ub0b4\ub824\uac00\uba74 \ucd5c\uadfc \ub3cc\ud30c\uc758 \ud798\uc774 \uc57d\ud574\uc9c0\ub294 \uc2e0\ud638\uac00 \ub429\ub2c8\ub2e4.\n\n**\ubcc0\ub3d9\uc131\uacfc \uc720\ub3d9\uc131**\n\nATR\uc740 2026-04-16 \uae30\uc900 12.48\uc785\ub2c8\ub2e4. \ucd5c\uadfc \uac00\uaca9 375 \uc548\ud30e \ub300\ube44 \ud558\ub8e8 \ud3c9\uade0 \ubcc0\ub3d9\ud3ed\uc774 \uc57d 3%\ub300\uc5d0 \ud574\ub2f9\ud558\ubbc0\ub85c, \ud3ec\uc9c0\uc158 \ud06c\uae30\ub294 \ubcf4\uc218\uc801\uc73c\ub85c \uc7a1\uc544\uc57c \ud569\ub2c8\ub2e4. \uc190\uc808\uc744 \ub108\ubb34 \uc881\uac8c \ub450\uba74 \uc815\uc0c1\uc801\uc778 \uc77c\uc911 \ud754\ub4e4\ub9bc\uc5d0 \uac78\ub9b4 \uac00\ub2a5\uc131\uc774 \ud07d\ub2c8\ub2e4.\n\nVWMA\ub294 2026-04-16 \uae30\uc900 352.55\ub85c 50\uc77c\uc120 352.82\uc640 \uac70\uc758 \uacb9\uce69\ub2c8\ub2e4. \uac00\uaca9\uc774 \uc774 \uc704\uc5d0 \uc788\ub294 \ub3d9\uc548\uc5d0\ub294 \uac70\ub798\ub7c9\uc744 \ub3d9\ubc18\ud55c \uc911\uae30 \ub9e4\uc218 \uc6b0\uc704\uac00 \uc720\uc9c0\ub41c\ub2e4\uace0 \ubcfc \uc218 \uc788\uc2b5\ub2c8\ub2e4. \ud2b9\ud788 2026-04-08 \uac70\ub798\ub7c9 16,356,900\uc8fc\uc640 \ud568\uaed8 365.90\uae4c\uc9c0 \uae09\ub4f1\ud55c \uc810\uc740 \ub2e8\uc21c\ud55c \uc587\uc740 \ubc18\ub4f1\ubcf4\ub2e4 \uc720\ub3d9\uc131\uc774 \ubd99\uc740 \uc7ac\ud3c9\uac00\uc5d0 \uac00\uae5d\uc2b5\ub2c8\ub2e4. \ub2e4\ub9cc 2026-04-15 \uac70\ub798\ub7c9 14,792,400\uc8fc\uc5d0\uc11c \uc885\uac00\uac00 \ud558\ub77d\ud55c \uac83\uc740 \uace0\uc810 \ubd80\uadfc \ucc28\uc775\uc2e4\ud604\ub3c4 \ud568\uaed8 \ucee4\uc84c\ub2e4\ub294 \uacbd\uace0\uc785\ub2c8\ub2e4.\n\n**\ub9e4\ub9e4 \uad00\uc810**\n\n\uc2e0\uaddc \ub9e4\uc218\ub294 375~382 \uc800\ud56d\ub300 \ucd94\uaca9\ubcf4\ub2e4 \ub450 \uac00\uc9c0 \uc870\uac74 \uc911 \ud558\ub098\ub97c \uae30\ub2e4\ub9ac\ub294 \ucabd\uc774 \uc720\ub9ac\ud569\ub2c8\ub2e4. \uccab\uc9f8, 362~365 \uad6c\uac04 \ub20c\ub9bc\uc5d0\uc11c \uc885\uac00\uac00 10\uc77c\uc120 \uc704\ub97c \ud68c\ubcf5\ud558\uac70\ub098 \uc720\uc9c0\ud558\ub294 \uacbd\uc6b0\uc785\ub2c8\ub2e4. \ub458\uc9f8, 382.16 \uc704\ub85c \uc885\uac00 \ub3cc\ud30c\uac00 \ub098\uc624\uace0 \uac70\ub798\ub7c9\uc774 \ucd5c\uadfc \ud3c9\uade0\ubcf4\ub2e4 \uac15\ud558\uac8c \ubd99\ub294 \uacbd\uc6b0\uc785\ub2c8\ub2e4.\n\n\ubcf4\uc720\uc790\ub294 362.5 \ubd80\uadfc\uc744 1\ucc28 \ubc29\uc5b4\uc120, 352.5 \ubd80\uadfc\uc744 \ud575\uc2ec \ucd94\uc138 \ubc29\uc5b4\uc120\uc73c\ub85c \ubcfc \uc218 \uc788\uc2b5\ub2c8\ub2e4. 352 \uc544\ub798 \uc885\uac00 \uc774\ud0c8\uc740 4\uc6d4 \ubc18\ub4f1\uc758 \uc9c8\uc774 \ud6fc\uc190\ub418\ub294 \uc2e0\ud638\uc774\uba70, \uc774 \uacbd\uc6b0 345~348 \uad6c\uac04 \uc7ac\uc2dc\ud5d8 \uac00\ub2a5\uc131\uc744 \uc5f4\uc5b4\uc57c \ud569\ub2c8\ub2e4. ATR \uae30\uc900\uc73c\ub85c\ub294 \ub2e8\uae30 \ub9e4\ub9e4 \uc190\uc808 \ud3ed\uc744 \ucd5c\uc18c 1 ATR \uc548\ud30e, \uc989 \uc57d 12.5\ud3ec\uc778\ud2b8 \uc774\uc0c1 \uace0\ub824\ud574\uc57c \ub178\uc774\uc988\ub97c \uacac\ub51c \uc218 \uc788\uc2b5\ub2c8\ub2e4.\n\n**\uc704\ud5d8 \uc694\uc778**\n\n\uac00\uc7a5 \ud070 \uc704\ud5d8\uc740 \uc774\ubca4\ud2b8\uc131 \uac2d \uc0c1\uc2b9 \uc774\ud6c4\uc758 \ubcc0\ub3d9\uc131\uc785\ub2c8\ub2e4. 2026-04-08 \uae09\ub4f1 \uc774\ud6c4 \uac00\uaca9\uc774 \ub192\uc740 \uad6c\uac04\uc5d0\uc11c \uba38\ubb3c\uace0 \uc788\uc9c0\ub9cc, MACD \ud788\uc2a4\ud1a0\uadf8\ub7a8 \ub454\ud654\uc640 RSI \ud558\ub77d\uc740 \ub2e8\uae30 \ub9e4\uc218\uc138\uac00 \uc77c\ubd80 \uc2dd\uace0 \uc788\uc74c\uc744 \ubcf4\uc5ec\uc90d\ub2c8\ub2e4. \uc77c\uc911 \uc2a4\ub0c5\uc0f7 \ub3c4\uad6c\uac00 \uc81c\uacf5\ub418\uc9c0 \uc54a\uc544 2026-04-16 \uc7a5\uc911 \ub3cc\ud30c, \uc9c0\uc9c0, \uac70\ub798\ub7c9 \ubd84\ud3ec\ub294 \uac80\uc99d\ud558\uc9c0 \ubabb\ud588\uc2b5\ub2c8\ub2e4. \ub530\ub77c\uc11c \ub2f9\uc77c \uc9c4\uc785 \ud310\ub2e8\uc740 \ubc18\ub4dc\uc2dc \uc2e4\uc81c \ud638\uac00\uc640 \uc7a5\uc911 \uac70\ub798\ub7c9 \ud655\uc778\uc774 \ud544\uc694\ud569\ub2c8\ub2e4.\n\n| \uad6c\ubd84 | \ud575\uc2ec \uc218\uce58 | \ud574\uc11d | \ub9e4\ub9e4 \ud65c\uc6a9 |\n|---|---:|---|---|\n| \uc2dc\uc7a5 \uad6d\uba74 | \uc0c1\uc2b9 \ucd94\uc138 \uc7ac\uac1c | 50\uc77c\uc120\uacfc 200\uc77c\uc120 \ubaa8\ub450 \uc0c1\uc2b9, \uac00\uaca9\uc740 \uc8fc\uc694 \ud3c9\uade0 \uc704 | \ud558\ub77d \ucd94\uc138 \ub9e4\ub3c4\ubcf4\ub2e4 \ub20c\ub9bc \ub9e4\uc218 \uc6b0\uc120 |\n| \ucd5c\uadfc \uc885\uac00 | 375.10 | 2026-04-15 \uae30\uc900, 10\uc77c\uc120 362.53 \uc704 | \ub2e8\uae30 \ucd94\uc138 \uc720\uc9c0 |\n| 1\ucc28 \uc800\ud56d | 379.89~382.16 | 2026-04-14 \uc885\uac00\uc640 \uace0\uac00 \ubd80\uadfc | \uc885\uac00 \ub3cc\ud30c \uc2dc \ucd94\uac00 \uc0c1\uc2b9 \ud655\uc778 |\n| 1\ucc28 \uc9c0\uc9c0 | 362.5 | 10\uc77c \uc9c0\uc218\uc774\ub3d9\ud3c9\uade0 \ubd80\uadfc | \ub2e8\uae30 \ub20c\ub9bc \ub9e4\uc218 \ud6c4\ubcf4 |\n| \ud575\uc2ec \uc9c0\uc9c0 | 352.5~352.8 | VWMA 352.55\uc640 50\uc77c\uc120 352.82 \uacb9\uce68 | \uc774\ud0c8 \uc2dc \ucd94\uc138 \ubc29\uc5b4 \uc2e4\ud328 \uacbd\uacc4 |\n| \uc7a5\uae30 \ucd94\uc138\uc120 | 295.56 | 200\uc77c\uc120 \uc0c1\uc2b9 \uc9c0\uc18d | \uc7a5\uae30 \uc0c1\uc2b9 \uad6c\uc870 \uc720\uc9c0 |\n| \ubaa8\uba58\ud140 | MACD 7.10, \ud788\uc2a4\ud1a0\uadf8\ub7a8 3.64 | \uc0c1\uc2b9 \uc804\ud658\uc740 \uc720\ud6a8\ud558\ub098 \uac00\uc18d\ub3c4 \ub454\ud654 | \ucd94\uaca9\ubcf4\ub2e4 \ud655\uc778 \ub9e4\uc218 \uc120\ud638 |\n| \uacfc\uc5f4 \uc5ec\ubd80 | RSI 55.38 | \uacfc\uc5f4\uc740 \uc544\ub2c8\uc9c0\ub9cc \uace0\uc810 \ub300\ube44 \uc2dd\ub294 \uc911 | 50 \uc720\uc9c0 \uc5ec\ubd80 \uc911\uc694 |\n| \ubcc0\ub3d9\uc131 | ATR 12.48 | \ud558\ub8e8 \ubcc0\ub3d9\ud3ed\uc774 \ud070 \ud3b8 | \uc190\uc808\uacfc \uc218\ub7c9\uc744 \ubcf4\uc218\uc801\uc73c\ub85c \uc124\uc815 |\n| \uc720\ub3d9\uc131 | VWMA 352.55 | \uac00\uaca9\uc774 \uac70\ub798\ub7c9 \uac00\uc911 \ud3c9\uade0 \uc704 | \uc911\uae30 \ub9e4\uc218 \uc6b0\uc704 \uc720\uc9c0 |\n| \uc8fc\uc694 \uc704\ud5d8 | \uc77c\uc911 \uc790\ub8cc \ubbf8\ud655\uc778 | \ub3c4\uad6c \uc624\ub958\ub85c 2026-04-16 \uc7a5\uc911 \ud750\ub984 \uac80\uc99d \ubd88\uac00 | \uc2e4\uc81c \uc7a5\uc911 \uac70\ub798\ub7c9 \ud655\uc778 \uc804 \uacf5\uaca9\uc801 \uc9c4\uc785 \uc81c\ud55c |",
    "sentiment_report": "Source type: news-derived sentiment\n\nTSM\uc5d0 \ub300\ud55c \ucd5c\uadfc 1\uac1c\uc6d4 \uacf5\uac1c \ub0b4\ub7ec\ud2f0\ube0c\ub294 \uc804\ubc18\uc801\uc73c\ub85c \uae0d\uc815\uc801\uc774\uc9c0\ub9cc, \uc8fc\uac00 \ubc18\uc751\uc740 \uc2e4\uc801\ubcf4\ub2e4 \ubc38\ub958\uc5d0\uc774\uc158\uacfc \uc9c0\uc815\ud559 \ub9ac\uc2a4\ud06c\uc5d0 \ub354 \ubbfc\uac10\ud574\uc9c4 \uc0c1\ud0dc\uc785\ub2c8\ub2e4. \uc804\uc6a9 \uc0ac\ud68c\uad00\uacc4\ub9dd \uc81c\uacf5\uc790\ub294 \uc0ac\uc6a9\ud560 \uc218 \uc5c6\uc5c8\uace0, \ud604\uc7ac \ud3c9\uac00\ub294 2026-03-18\ubd80\ud130 2026-04-17\uae4c\uc9c0\uc758 \ub274\uc2a4 \uae30\ubc18 \uc815\uc11c\uc640 \ud68c\uc0ac \uad00\ub828 \ubcf4\ub3c4\uc5d0 \uadfc\uac70\ud569\ub2c8\ub2e4.\n\n\ud575\uc2ec \uae0d\uc815 \uc694\uc778\uc740 \ubd84\uba85\ud569\ub2c8\ub2e4. TSM\uc740 2026-04-16\uc5d0 1\ubd84\uae30 \uc2e4\uc801\uc774 \uc2dc\uc7a5 \uc608\uc0c1\uce58\ub97c \uc6c3\ub3cc\uc558\uace0, \uc21c\uc774\uc775\uc740 58% \uc99d\uac00\ud55c \uac83\uc73c\ub85c \ubcf4\ub3c4\ub410\uc2b5\ub2c8\ub2e4. 1\ubd84\uae30 \ub9e4\ucd9c\ub3c4 NT$1.13\uc870, \uc57d $35.6 billion \uc218\uc900\uc73c\ub85c \uc804\ub144 \ub300\ube44 \uc57d 35% \uc99d\uac00\ud588\ub2e4\ub294 \ubcf4\ub3c4\uac00 \ubc18\ubcf5\ub410\uc2b5\ub2c8\ub2e4. 3\uc6d4 \ub9e4\ucd9c\uc740 \uc804\ub144 \ub300\ube44 45.2% \uc99d\uac00\ud588\ub2e4\ub294 \uc218\uce58\ub3c4 \uc81c\uc2dc\ub410\uc2b5\ub2c8\ub2e4. \uc5ec\ub7ec \uae30\uc0ac\uc5d0\uc11c AI \uce69 \uc218\uc694, Nvidia\uc640 Apple \ub4f1 \ub300\ud615 \uace0\uac1d, 3nm \ubc0f 5nm \uc0dd\uc0b0\ub2a5\ub825\uc758 \ub192\uc740 \uac00\ub3d9\ub960, \uc120\ub2e8 \uacf5\uc815 \uac00\uaca9 \uc778\uc0c1 \uac00\ub2a5\uc131\uc774 \uac19\uc740 \ubc29\ud5a5\uc73c\ub85c \ubb36\uc5ec \ubcf4\ub3c4\ub418\uace0 \uc788\uc2b5\ub2c8\ub2e4. \uc774\ub294 TSM\uc758 \uc774\uc775 \uccb4\ub825\uc774 \ub2e8\uc21c \uacbd\uae30 \ud68c\ubcf5\uc774 \uc544\ub2c8\ub77c AI \uc778\ud504\ub77c \ud22c\uc790 \uc0ac\uc774\ud074\uc5d0 \uc758\ud574 \uac15\ud654\ub418\uace0 \uc788\ub2e4\ub294 \uc778\uc2dd\uc744 \ud0a4\uc6c1\ub2c8\ub2e4.\n\n\ub2e4\ub9cc \ud1a4\uc740 \ubb34\uc870\uac74\uc801\uc778 \ub099\uad00\uc5d0\uc11c \u201c\uac15\ud55c \uc2e4\uc801\uc740 \uc778\uc815\ud558\uc9c0\ub9cc \uc8fc\uac00\uc5d0\ub294 \uc774\ubbf8 \uc0c1\ub2f9 \ubd80\ubd84 \ubc18\uc601\ub410\ub2e4\u201d\ub294 \ucabd\uc73c\ub85c \uc774\ub3d9\ud558\uace0 \uc788\uc2b5\ub2c8\ub2e4. 2026-04-16\uc5d0\ub294 \uc2e4\uc801\uacfc \uac00\uc774\ub358\uc2a4\uac00 \ubaa8\ub450 \uae0d\uc815\uc801\uc774\uc5c8\uc74c\uc5d0\ub3c4 TSM \uc8fc\uac00\uac00 \ud558\ub77d\ud588\ub2e4\ub294 \ubcf4\ub3c4\uac00 \uc788\uc5c8\uc2b5\ub2c8\ub2e4. \uc774\ub294 \uad70\uc911 \uc2ec\ub9ac\uac00 \uc2e4\uc801 \ubc1c\ud45c \uc804\uc758 \uae30\ub300 \uad6c\uac04\uc5d0\uc11c\ub294 \ub9e4\uc218 \ucabd\uc73c\ub85c \uae30\uc6b8\uc5c8\uc9c0\ub9cc, \ubc1c\ud45c \uc774\ud6c4\uc5d0\ub294 \ucc28\uc775 \uc2e4\ud604\uacfc \ubc38\ub958\uc5d0\uc774\uc158 \uc810\uac80\uc73c\ub85c \uc774\ub3d9\ud588\uc74c\uc744 \uc2dc\uc0ac\ud569\ub2c8\ub2e4. \uc989, \uacf5\uac1c \ub0b4\ub7ec\ud2f0\ube0c\uc758 \uc9c8\uc740 \uc88b\uc9c0\ub9cc, \ub2e8\uae30 \uac00\uaca9 \ubc18\uc751\uc740 \u201c\uc88b\uc740 \ub274\uc2a4\uc5d0\ub3c4 \ubc00\ub9ac\ub294\u201d \uad6c\uac04\uc5d0 \ub4e4\uc5b4\uc130\uc744 \uac00\ub2a5\uc131\uc774 \uc788\uc2b5\ub2c8\ub2e4.\n\n\uc815\uc11c\uc758 \uc9d1\uc911\ub3c4\ub294 \ub9e4\uc6b0 \ub192\uc2b5\ub2c8\ub2e4. \ub300\ubd80\ubd84\uc758 \uae0d\uc815 \ubcf4\ub3c4\ub294 AI, \uc120\ub2e8 \uacf5\uc815, \ud30c\uc6b4\ub4dc\ub9ac \uc9c0\ubc30\ub825, \uae30\uad00 \ub9e4\uc218, \uc560\ub110\ub9ac\uc2a4\ud2b8 \ub9e4\uc218 \uc758\uacac\uc5d0 \uc9d1\uc911\ub3fc \uc788\uc2b5\ub2c8\ub2e4. 2026-04-10 \ubcf4\ub3c4\uc5d0\uc11c\ub294 TSM\uc758 \uae00\ub85c\ubc8c \ud30c\uc6b4\ub4dc\ub9ac \uc2dc\uc7a5 \uc810\uc720\uc728\uc774 69.9%\ub85c \uc5b8\uae09\ub410\uace0, \ud504\ub9ac\ubbf8\uc5c4 \uce69 \uc81c\uc870\uc5d0\uc11c \uc0ac\uc2e4\uc0c1 \ub300\uccb4\uac00 \uc5b4\ub835\ub2e4\ub294 \uc11c\uc0ac\uac00 \uac15\ud558\uac8c \ub098\ud0c0\ub0ac\uc2b5\ub2c8\ub2e4. \uc774 \ub0b4\ub7ec\ud2f0\ube0c\ub294 \uc7a5\uae30 \ud22c\uc790\uc790\uc5d0\uac8c\ub294 \uac15\ub825\ud55c \ubc29\uc5b4 \ub17c\ub9ac\ub97c \uc81c\uacf5\ud569\ub2c8\ub2e4. TSM\uc740 AI \uc218\ud61c\uc8fc \uc911\uc5d0\uc11c\ub3c4 \ud2b9\uc815 \uc124\uacc4 \uae30\uc5c5\uc758 \uc81c\ud488 \uc0ac\uc774\ud074\ubcf4\ub2e4 \ub354 \ub113\uc740 \uc0dd\ud0dc\uacc4 \uc218\uc694\ub97c \ud761\uc218\ud558\ub294 \uae30\ubc18 \uae30\uc5c5\uc73c\ub85c \uc778\uc2dd\ub418\uace0 \uc788\uc2b5\ub2c8\ub2e4.\n\n\uac1c\uc120\ub418\uace0 \uc788\ub294 \ubd80\ubd84\uc740 \uc2e4\uc801 \uac00\uc2dc\uc131, \uc218\uc694 \uc9c0\uc18d\uc131, \uae30\uad00 \uad00\uc2ec\uc785\ub2c8\ub2e4. 1\ubd84\uae30 \ub9e4\ucd9c\uacfc \uc774\uc775 \uc99d\uac00, 2\ubd84\uae30 \ub9e4\ucd9c \uac00\uc774\ub358\uc2a4 \uc0c1\ud5a5, AI \uad00\ub828 \uc8fc\ubb38 \uc9c0\uc18d, \ubc30\ub2f9 \uc5b8\uae09, \uc77c\ubd80 \uae30\uad00\uc758 \uc9c0\ubd84 \ud655\ub300\uac00 \uae0d\uc815 \uc815\uc11c\ub97c \uc9c0\ud0f1\ud569\ub2c8\ub2e4. \ud2b9\ud788 \uc5ec\ub7ec \uae30\uc0ac\uc5d0\uc11c \u201c\uc5f0\uac04 30% \uc131\uc7a5 \ubaa9\ud45c \ucd08\uacfc \uac00\ub2a5\uc131\u201d \ub610\ub294 \uac15\ud55c AI \uc218\uc694 \uc9c0\uc18d \uac00\ub2a5\uc131\uc774 \uc5b8\uae09\ub418\uba74\uc11c, \uc2dc\uc7a5\uc740 TSM\uc744 \ub2e8\uae30 \ubc18\ub3c4\uccb4 \ubc18\ub4f1\uc8fc\uac00 \uc544\ub2c8\ub77c \uc7a5\uae30 AI \uc124\ube44\ud22c\uc790 \uc0ac\uc774\ud074\uc758 \ud575\uc2ec \ubcd1\ubaa9 \uc790\uc0b0\uc73c\ub85c \ubcf4\uace0 \uc788\uc2b5\ub2c8\ub2e4.\n\n\uc545\ud654\ub418\uace0 \uc788\ub294 \ubd80\ubd84\uc740 \ub9ac\uc2a4\ud06c \ud504\ub9ac\ubbf8\uc5c4\uc785\ub2c8\ub2e4. \uc911\uad6d\uacfc Taiwan \uac04 \uae34\uc7a5, Taiwan Strait \ub9ac\uc2a4\ud06c, \ubbf8\uad6d \ubc0f \uac01\uad6d\uc758 \uacf5\uae09\ub9dd \ub2e4\ubcc0\ud654 \uc6c0\uc9c1\uc784, Iran war\ub85c \uc778\ud55c \uc18c\uc7ac\u00b7\uac00\uc2a4\u00b7\ud654\ud559\ud488 \uacf5\uae09 \ucc28\uc9c8 \uac00\ub2a5\uc131, \ud574\uc678 \uacf5\uc7a5 \ud655\uc7a5\uc5d0 \ub530\ub978 \ube44\uc6a9 \uc99d\uac00\uac00 \ubc18\ubcf5\uc801\uc73c\ub85c \ub4f1\uc7a5\ud569\ub2c8\ub2e4. \ud2b9\ud788 2026-04-09 Fast Company \ubcf4\ub3c4\ub294 Taiwan\uc774 \uc804 \uc138\uacc4 \uc120\ub2e8 \ubc18\ub3c4\uccb4\uc758 \uc57d 90%\ub97c \uc0dd\uc0b0\ud55c\ub2e4\ub294 \uc810\uc744 \uc138\uacc4 \uacbd\uc81c\uc758 \ub2e8\uc77c \ucde8\uc57d\uc810\uc73c\ub85c \ubb18\uc0ac\ud588\uace0, \ud574\ub2f9 \ub274\uc2a4\uc758 \uc815\uc11c \uc810\uc218\ub294 -0.47\ub85c \uac00\uc7a5 \ubd80\uc815\uc801\uc774\uc5c8\uc2b5\ub2c8\ub2e4. \uc774\ub294 TSM\uc758 \ud380\ub354\uba58\ud138 \uac15\uc810\uc774 \ub3d9\uc2dc\uc5d0 \uc9c0\uc815\ud559\uc801 \ud560\uc778 \uc694\uc778\uc774 \ub418\ub294 \uad6c\uc870\ub97c \ubcf4\uc5ec\uc90d\ub2c8\ub2e4.\n\n\ubc38\ub958\uc5d0\uc774\uc158 \ub17c\uc7c1\ub3c4 \ub69c\ub837\ud574\uc84c\uc2b5\ub2c8\ub2e4. Simply Wall Street \uacc4\uc5f4 \ubcf4\ub3c4\uc5d0\uc11c\ub294 \ud558\ub098\uc758 \ubd84\uc11d\uc5d0\uc11c\ub294 TSM\uc774 7.6% \uc800\ud3c9\uac00\ub410\ub2e4\uace0 \ubcf4\uba74\uc11c\ub3c4, \ub2e4\ub978 \ud604\uae08\ud750\ub984 \uae30\ubc18 \ucd94\uc815\uc5d0\uc11c\ub294 $254.08 \uc218\uc900\uc758 \uac00\uce58\uac00 \uc81c\uc2dc\ub3fc \uace0\ud3c9\uac00 \uac00\ub2a5\uc131\uc744 \uc5b8\uae09\ud588\uc2b5\ub2c8\ub2e4. TradingView\uc640 Zacks \uae30\ubc18 \ubcf4\ub3c4\ub3c4 TSM\uc774 \uc5f0\ucd08 \uc774\ud6c4 20.5% \uc0c1\uc2b9\ud55c \ub4a4 \ubcf4\uc720 \ub610\ub294 \ucc28\uc775 \uc2e4\ud604 \uace0\ubbfc\uc774 \ud544\uc694\ud558\ub2e4\ub294 \ud1a4\uc744 \ub0c8\uc2b5\ub2c8\ub2e4. \uc989, \ud22c\uc790\uc790\ub4e4\uc740 TSM\uc758 \uc0ac\uc5c5 \uc804\ub9dd\uc5d0\ub294 \ub300\uccb4\ub85c \ub3d9\uc758\ud558\uc9c0\ub9cc, \ud604\uc7ac \uac00\uaca9\uc5d0\uc11c \uae30\ub300\uc218\uc775\ub960\uc774 \ucda9\ubd84\ud55c\uc9c0\uc5d0 \ub300\ud574\uc11c\ub294 \uc758\uacac\uc774 \uac08\ub9ac\uace0 \uc788\uc2b5\ub2c8\ub2e4.\n\n\uad70\uc911 \ud3ec\uc9c0\uc154\ub2dd\uc740 \u201c\uc7a5\uae30 \ub099\uad00, \ub2e8\uae30 \uacfc\uc5f4 \uacbd\uacc4\u201d\uc5d0 \uac00\uae5d\uc2b5\ub2c8\ub2e4. \uae30\uad00 \ubcf4\ub3c4\ub294 \ud63c\uc7ac\ub3fc \uc788\uc2b5\ub2c8\ub2e4. AMI Asset Management\uc640 Cardinal Capital, Yarger Wealth Strategies\ub294 \uc9c0\ubd84 \ud655\ub300 \ub610\ub294 \ud070 \ube44\uc911 \ubcf4\uc720\ub85c \uae0d\uc815 \uc2e0\ud638\ub97c \uc92c\uc9c0\ub9cc, Deprince Race & Zollo, Carnegie Investment Counsel, Diversify Advisory Services, Flagship Harbor Advisors, Intrinsic Value Partners \ub4f1\uc740 \uc77c\ubd80 \uc9c0\ubd84 \ucd95\uc18c\ub97c \ubcf4\uc600\uc2b5\ub2c8\ub2e4. \uc911\uc694\ud55c \uc810\uc740 \uc9c0\ubd84 \ucd95\uc18c \uae30\uc0ac\ub4e4\uc870\ucc28 \ub300\uccb4\ub85c TSM\uc758 \uac15\ud55c \uc2e4\uc801\uacfc \uc560\ub110\ub9ac\uc2a4\ud2b8 \ub9e4\uc218 \uc758\uacac\uc744 \ud568\uaed8 \uc5b8\uae09\ud558\uace0 \uc788\ub2e4\ub294 \uc810\uc785\ub2c8\ub2e4. \uc774\ub294 \ub300\uaddc\ubaa8 \uc774\ud0c8\ubcf4\ub2e4\ub294 \uc0c1\uc2b9 \ud6c4 \ub9ac\ubc38\ub7f0\uc2f1 \ub610\ub294 \ucc28\uc775 \uc2e4\ud604 \uc131\uaca9\uc73c\ub85c \ud574\uc11d\ud558\ub294 \ud3b8\uc774 \ud569\ub9ac\uc801\uc785\ub2c8\ub2e4.\n\n\uac70\ub798 \uad00\uc810\uc5d0\uc11c TSM\uc758 \uacf5\uac1c \uc815\uc11c\ub294 \uc544\uc9c1 \uc6b0\ud638\uc801\uc785\ub2c8\ub2e4. AI \uc218\uc694, \uc2e4\uc801 \uc0c1\ud5a5, \uc120\ub2e8 \uacf5\uc815 \ub3c5\uc810\uc131\uc740 \uc911\uc7a5\uae30 \ub9e4\uc218 \ub17c\ub9ac\ub97c \uc720\uc9c0\ud569\ub2c8\ub2e4. \ud558\uc9c0\ub9cc \uc2e4\uc801 \ud638\uc7ac \ud6c4 \uc8fc\uac00 \ud558\ub77d\uc740 \ub2e8\uae30\uc801\uc73c\ub85c \uae30\ub300\uac00 \ub192\uc558\uace0, \ucd94\uac00 \uc0c1\uc2b9\uc5d0\ub294 \uc0c8\ub85c\uc6b4 \ucd09\ub9e4\uac00 \ud544\uc694\ud558\ub2e4\ub294 \uc2e0\ud638\uc785\ub2c8\ub2e4. \ub2e8\uae30 \ub9e4\ub9e4\uc790\ub294 \uc2e4\uc801 \uc9c1\ud6c4 \ubcc0\ub3d9\uc131 \ud655\ub300\uc640 \ucc28\uc775 \uc2e4\ud604 \uc555\ub825\uc744 \uacbd\uacc4\ud574\uc57c \ud569\ub2c8\ub2e4. \uc911\uc7a5\uae30 \ud22c\uc790\uc790\ub294 \uc9c0\uc815\ud559 \ub9ac\uc2a4\ud06c\uc640 \ud574\uc678 \uc99d\uc124 \ube44\uc6a9\uc73c\ub85c \uc778\ud55c \ub9c8\uc9c4 \uc555\ubc15\uc744 \uac10\uc548\ud558\ub418, \ud575\uc2ec AI \uacf5\uae09\ub9dd \uc9c0\uc704\uac00 \ud6fc\uc190\ub418\uc9c0 \uc54a\ub294 \ud55c \uc870\uc815 \uc2dc \uad00\uc2ec\uc744 \uc720\uc9c0\ud560 \uc218 \uc788\uc2b5\ub2c8\ub2e4.\n\n\uc885\ud569\ud558\uba74 TSM\uc758 \ub274\uc2a4 \uae30\ubc18 \uc815\uc11c\ub294 \uae0d\uc815 \uc6b0\uc704\uc785\ub2c8\ub2e4. \uadf8\ub7ec\ub098 \uae0d\uc815\uc758 \uc6d0\ucc9c\uc774 AI\uc640 \uc120\ub2e8 \uacf5\uc815\uc774\ub77c\ub294 \ud558\ub098\uc758 \uac15\ud55c \ud14c\ub9c8\uc5d0 \uacfc\ub3c4\ud558\uac8c \uc9d1\uc911\ub3fc \uc788\uc5b4, \ud574\ub2f9 \ud14c\ub9c8\uc758 \uae30\ub300\uac00 \ud754\ub4e4\ub9ac\uac70\ub098 \uc9c0\uc815\ud559 \ub274\uc2a4\uac00 \uc545\ud654\ub420 \uacbd\uc6b0 \uc8fc\uac00 \ubc18\uc751\uc740 \ube60\ub974\uac8c \ubd80\uc815\uc801\uc73c\ub85c \ubc14\ub014 \uc218 \uc788\uc2b5\ub2c8\ub2e4. \ud604\uc7ac \ub0b4\ub7ec\ud2f0\ube0c\ub294 \u201c\uc0ac\uc5c5\uc740 \ub9e4\uc6b0 \uac15\ud558\uc9c0\ub9cc \uc8fc\uac00\ub294 \uc644\ubcbd\ud55c \uc2e4\ud589\uc744 \uc694\uad6c\ud55c\ub2e4\u201d\ub294 \uc0c1\ud0dc\uc785\ub2c8\ub2e4.\n\n| \uc2e0\ud638 | \uadfc\uac70 | \ud574\uc11d | \uc2e0\ub8b0\ub3c4 |\n|---|---|---|---|\n| \uc2e4\uc801 \uc815\uc11c | 2026-04-16 \uc21c\uc774\uc775 58% \uc99d\uac00, 1\ubd84\uae30 \uc2e4\uc801 \uc608\uc0c1 \uc0c1\ud68c, 2\ubd84\uae30 \uac00\uc774\ub358\uc2a4 \uc0c1\ud5a5 | \ud380\ub354\uba58\ud138 \ub0b4\ub7ec\ud2f0\ube0c\ub294 \uac15\ud55c \uae0d\uc815 | \ub192\uc74c |\n| \ub9e4\ucd9c \ubaa8\uba58\ud140 | 1\ubd84\uae30 \ub9e4\ucd9c \uc57d NT$1.13\uc870, \uc804\ub144 \ub300\ube44 \uc57d 35% \uc99d\uac00, 3\uc6d4 \ub9e4\ucd9c 45.2% \uc99d\uac00 | AI\uc640 \uc120\ub2e8 \uacf5\uc815 \uc218\uc694\uac00 \uc2e4\uc801\uc744 \uacac\uc778 | \ub192\uc74c |\n| \uc8fc\uac00 \ubc18\uc751 | \ud638\uc2e4\uc801\uacfc \uac00\uc774\ub358\uc2a4 \uc0c1\ud5a5\uc5d0\ub3c4 2026-04-16 \uc8fc\uac00 \ud558\ub77d \ubcf4\ub3c4 | \ub2e8\uae30 \uae30\ub300 \uacfc\uc5f4\uacfc \ucc28\uc775 \uc2e4\ud604 \uac00\ub2a5\uc131 | \uc911\uac04 |\n| \uc8fc\uc694 \uae0d\uc815 \uc11c\uc0ac | AI \uce69 \uc218\uc694, Nvidia\uc640 Apple \uace0\uac1d \uae30\ubc18, 3nm\u00b75nm \uc0dd\uc0b0\ub2a5\ub825, 69.9% \ud30c\uc6b4\ub4dc\ub9ac \uc810\uc720\uc728 \uc5b8\uae09 | \uc7a5\uae30 \uacbd\uc7c1\uc6b0\uc704 \ub0b4\ub7ec\ud2f0\ube0c \uc720\uc9c0 | \ub192\uc74c |\n| \uc8fc\uc694 \ubd80\uc815 \uc11c\uc0ac | China-Taiwan \uae34\uc7a5, Taiwan Strait \ub9ac\uc2a4\ud06c, Iran war \uacf5\uae09\ub9dd \uc601\ud5a5, \ud574\uc678 \uc99d\uc124 \ube44\uc6a9 | \ub9ac\uc2a4\ud06c \ud504\ub9ac\ubbf8\uc5c4 \ud655\ub300 \uc694\uc778 | \ub192\uc74c |\n| \ubc38\ub958\uc5d0\uc774\uc158 \ub17c\uc7c1 | \uc77c\ubd80 \ubd84\uc11d\uc740 7.6% \uc800\ud3c9\uac00, \ub2e4\ub978 \ubd84\uc11d\uc740 $254.08 \uac00\uce58\ub85c \uace0\ud3c9\uac00 \uac00\ub2a5\uc131 \uc81c\uc2dc | \uac00\uaca9 \ub9e4\ub825\uc5d0 \ub300\ud55c \uc2dc\uc7a5 \uc758\uacac \ubd84\uc0b0 | \uc911\uac04 |\n| \uae30\uad00 \ud750\ub984 | \uc77c\ubd80 \uae30\uad00 \ud655\ub300, \uc77c\ubd80 \uae30\uad00 \ucd95\uc18c \ubcf4\ub3c4 \ud63c\uc7ac | \uac15\ud55c \uc774\ud0c8\ubcf4\ub2e4\ub294 \ub9ac\ubc38\ub7f0\uc2f1\uacfc \ucc28\uc775 \uc2e4\ud604 \ud63c\uc7ac | \uc911\uac04 |\n| \uac70\ub798 \uc2dc\uc0ac\uc810 | \uae0d\uc815 \uc815\uc11c \uc6b0\uc704\uc774\ub098 \ud638\uc7ac \ud6c4 \ub9e4\ub3c4 \ubc18\uc751 \ubc1c\uc0dd | \uc7a5\uae30 \uc6b0\ud638, \ub2e8\uae30 \ubcc0\ub3d9\uc131 \ubc0f \uace0\uc810 \ucd94\uaca9 \uc8fc\uc758 | \uc911\uac04 |",
    "news_report": "**TSM \ub274\uc2a4\u00b7\uc774\ubca4\ud2b8 \ubd84\uc11d \ubcf4\uace0\uc11c**\n\n\ubd84\uc11d \uae30\uac04: 2026-04-03 ~ 2026-04-17  \n\ub300\uc0c1: TSM\n\n**\ud575\uc2ec \uc774\ubca4\ud2b8 1: 1\ubd84\uae30 \uc2e4\uc801\uc774 \uc2dc\uc7a5 \uae30\ub300\ub97c \uc0c1\ud68c\ud558\uace0 2\ubd84\uae30 \uc804\ub9dd\ub3c4 \uae0d\uc815\uc801**\n\n- \uc0ac\uac74 \uc720\ud615: \uc2e4\uc801 \ubc1c\ud45c\n- \ucd9c\ucc98: MSN, Dayton Daily News\n- \ub0b4\uc6a9: TSM\uc740 2026\ub144 1\ubd84\uae30 \uc774\uc775\uc774 58% \uc99d\uac00\ud588\ub2e4\uace0 \ubcf4\ub3c4\ub418\uc5c8\uace0, 1\ubd84\uae30 \uc2e4\uc801\uc774 \uc2dc\uc7a5 \uc608\uc0c1\uce58\ub97c \uc0c1\ud68c\ud588\uc73c\uba70 2\ubd84\uae30 \ub9e4\ucd9c \uc804\ub9dd\ub3c4 \ucee8\uc13c\uc11c\uc2a4\ub97c \uc6c3\ub3c8 \uac83\uc73c\ub85c \uc804\ud574\uc84c\ub2e4.\n- \uc65c \uc911\uc694\ud55c\uac00: TSM\uc740 \ucca8\ub2e8 \ubc18\ub3c4\uccb4 \ud30c\uc6b4\ub4dc\ub9ac\uc758 \ud575\uc2ec \uae30\uc5c5\uc774\ubbc0\ub85c \uc2e4\uc801 \ud638\uc870\ub294 AI \ubc18\ub3c4\uccb4 \uc218\uc694\uc640 \uace0\uc131\ub2a5 \ucef4\ud4e8\ud305 \ud22c\uc790 \ud750\ub984\uc774 \uc5ec\uc804\ud788 \uac15\ud558\ub2e4\ub294 \uc2e0\ud638\ub2e4.\n- \uac15\uc138 \uc2dc\uc0ac\uc810: AI \uad00\ub828 \uc218\uc694\uac00 \uc2e4\uc801\uacfc \uac00\uc774\ub358\uc2a4\uc5d0 \uc2e4\uc81c\ub85c \ubc18\uc601\ub418\uace0 \uc788\uc5b4 \ub9e4\ucd9c \uc131\uc7a5 \uae30\ub300\uc640 \ud504\ub9ac\ubbf8\uc5c4 \ubc38\ub958\uc5d0\uc774\uc158\uc744 \ub4b7\ubc1b\uce68\ud55c\ub2e4.\n- \uc57d\uc138 \uc2dc\uc0ac\uc810: \uc2e4\uc801 \ud638\uc870\uac00 \uc774\ubbf8 \uc8fc\uac00\uc5d0 \uc0c1\ub2f9 \ubd80\ubd84 \ubc18\uc601\ub418\uc5c8\uc744 \uacbd\uc6b0, \ud5a5\ud6c4 \uae30\ub300\uce58\uac00 \ub354 \ub192\uc544\uc838 \uc791\uc740 \uc2e4\ub9dd\uc5d0\ub3c4 \ubcc0\ub3d9\uc131\uc774 \ucee4\uc9c8 \uc218 \uc788\ub2e4.\n- \uc2e0\ub8b0\ub3c4: \ub192\uc74c\n\n**\ud575\uc2ec \uc774\ubca4\ud2b8 2: 1\ubd84\uae30 \ub9e4\ucd9c\uc774 \uc0ac\uc0c1 \ucd5c\uace0 \uc218\uc900\uc73c\ub85c \uc99d\uac00**\n\n- \uc0ac\uac74 \uc720\ud615: \ub9e4\ucd9c \ubc1c\ud45c\n- \ucd9c\ucc98: CNBC, Taipei Times, Stock Titan, Quartz\n- \ub0b4\uc6a9: TSM\uc758 2026\ub144 1\ubd84\uae30 \ub9e4\ucd9c\uc740 NT$1.13 trillion, \uc57d US$35.6 billion\uc73c\ub85c \uc804\ub144 \ub300\ube44 35% \uc774\uc0c1 \uc99d\uac00\ud588\ub2e4. 2026\ub144 3\uc6d4 \ub9e4\ucd9c\uc740 NT$415.19 billion\uc73c\ub85c \uc804\ub144 \ub300\ube44 45.2% \uc99d\uac00\ud55c \uac83\uc73c\ub85c \ubcf4\ub3c4\ub418\uc5c8\ub2e4.\n- \uc65c \uc911\uc694\ud55c\uac00: \uc6d4\uac04 \ubc0f \ubd84\uae30 \ub9e4\ucd9c\uc774 \ub3d9\uc2dc\uc5d0 \uac15\ud558\uac8c \uc99d\uac00\ud588\ub2e4\ub294 \uc810\uc740 \ub2e8\uae30 \uc218\uc694\uac00 \uc77c\ud68c\uc131\uc774 \uc544\ub2c8\ub77c\ub294 \uadfc\uac70\uac00 \ub41c\ub2e4.\n- \uac15\uc138 \uc2dc\uc0ac\uc810: Nvidia, Apple \ub4f1 \uc8fc\uc694 \uace0\uac1d\uc758 AI \ubc0f \ucca8\ub2e8 \uce69 \uc218\uc694\uac00 \uc774\uc5b4\uc9c0\uba70 3nm, 5nm \ub4f1 \uc120\ub2e8 \uacf5\uc815 \uac00\ub3d9\ub960\uacfc \uac00\uaca9 \uacb0\uc815\ub825\uc5d0 \uae0d\uc815\uc801\uc774\ub2e4.\n- \uc57d\uc138 \uc2dc\uc0ac\uc810: \ub9e4\ucd9c \uc131\uc7a5\uc774 \uc120\ub2e8 \uacf5\uc815\uacfc AI \uace0\uac1d\uc5d0 \uc9d1\uc911\ub420\uc218\ub85d \ud2b9\uc815 \uc218\uc694 \uc0ac\uc774\ud074 \ub454\ud654\uc5d0 \ub300\ud55c \ubbfc\uac10\ub3c4\uac00 \ub192\uc544\uc9c8 \uc218 \uc788\ub2e4.\n- \uc2e0\ub8b0\ub3c4: \ub192\uc74c\n\n**\ud575\uc2ec \uc774\ubca4\ud2b8 3: \uc9c0\uc815\ud559 \ubc0f \uacf5\uae09\ub9dd \uc704\ud5d8\uc774 \uacc4\uc18d \ubd80\uac01**\n\n- \uc0ac\uac74 \uc720\ud615: \uc9c0\uc815\ud559 \uc704\ud5d8\n- \ucd9c\ucc98: Fast Company, The Hilltop Online, Simply Wall Street, Dayton Daily News\n- \ub0b4\uc6a9: \ub300\ub9cc \ud574\ud611 \uae34\uc7a5, \uc911\uad6d\uc758 \uad70\uc0ac\uc801 \uc555\ubc15 \uac00\ub2a5\uc131, \uc911\ub3d9 \uc804\uc7c1\uc73c\ub85c \uc778\ud55c \ud654\ud559\ubb3c\uc9c8\u00b7\uac00\uc2a4 \uacf5\uae09 \ucc28\uc9c8 \uc6b0\ub824\uac00 \ubc18\ubcf5\uc801\uc73c\ub85c \uc5b8\uae09\ub418\uc5c8\ub2e4.\n- \uc65c \uc911\uc694\ud55c\uac00: TSM\uc740 \uc804 \uc138\uacc4 \ucca8\ub2e8 \ubc18\ub3c4\uccb4 \uacf5\uae09\ub9dd\uc5d0\uc11c \uc555\ub3c4\uc801\uc778 \ube44\uc911\uc744 \ucc28\uc9c0\ud558\uace0 \uc788\uc5b4 \uc9c0\uc815\ud559 \ub9ac\uc2a4\ud06c\uac00 \uace7 \uace0\uac1d\uc0ac \uacf5\uae09 \uc548\uc815\uc131\uacfc \ud22c\uc790\uc790 \ud560\uc778\uc728\uc5d0 \uc601\ud5a5\uc744 \uc900\ub2e4.\n- \uac15\uc138 \uc2dc\uc0ac\uc810: \uacf5\uae09\ub9dd \ud575\uc2ec \uc9c0\uc704\uac00 \ud655\uc778\ub420\uc218\ub85d TSM\uc758 \uc804\ub7b5\uc801 \uac00\uce58\uc640 \uc7a5\uae30 \uace0\uac1d \uc758\uc874\ub3c4\ub294 \ub354 \ub192\uc544\uc9c8 \uc218 \uc788\ub2e4.\n- \uc57d\uc138 \uc2dc\uc0ac\uc810: \ub300\ub9cc \uc9d1\uc911 \uc0dd\uc0b0 \uad6c\uc870\uc640 \uae00\ub85c\ubc8c \uae34\uc7a5\uc740 \uc8fc\uac00\uc5d0 \uc9c0\uc18d\uc801\uc778 \uc704\ud5d8 \ud504\ub9ac\ubbf8\uc5c4\uc744 \uc694\uad6c\ud558\uac8c \ub9cc\ub4e4\uba70, \ud574\uc678 \uc0dd\uc0b0 \ud655\ub300 \ube44\uc6a9\ub3c4 \ucee4\uc9c8 \uc218 \uc788\ub2e4.\n- \uc2e0\ub8b0\ub3c4: \uc911\uac04~\ub192\uc74c\n\n**\ud575\uc2ec \uc774\ubca4\ud2b8 4: \uae30\uad00 \uc218\uae09\uacfc \uc560\ub110\ub9ac\uc2a4\ud2b8 \uc2dc\uac01\uc740 \ub300\uccb4\ub85c \uc6b0\ud638\uc801\uc774\ub098 \ucc28\uc775 \uc2e4\ud604\ub3c4 \ubcd1\uc874**\n\n- \uc0ac\uac74 \uc720\ud615: \uae30\uad00 \ubcf4\uc720 \ubcc0\ud654 \ubc0f \ud22c\uc790 \uc758\uacac\n- \ucd9c\ucc98: MarketBeat, TradingView, Simply Wall Street\n- \ub0b4\uc6a9: \uc77c\ubd80 \uae30\uad00\uc740 TSM \ube44\uc911\uc744 \ub298\ub838\uace0, \uc5ec\ub7ec \uae30\uc0ac\uc5d0\uc11c \ub9e4\uc218 \uc758\uacac\uacfc \ub192\uc740 \ubaa9\ud45c\uac00\uac00 \uc5b8\uae09\ub418\uc5c8\ub2e4. \ubc18\uba74 \uc77c\ubd80 \uae30\uad00\uc740 \uc9c0\ubd84\uc744 \ucd95\uc18c\ud588\uace0, \ubc38\ub958\uc5d0\uc774\uc158 \ubd80\ub2f4\uc774\ub098 \ucc28\uc775 \uc2e4\ud604 \uac00\ub2a5\uc131\ub3c4 \uc81c\uae30\ub418\uc5c8\ub2e4.\n- \uc65c \uc911\uc694\ud55c\uac00: \uac15\ud55c \uc2e4\uc801\uacfc AI \uc218\uc694\uc5d0\ub3c4 \ubd88\uad6c\ud558\uace0 \ud22c\uc790\uc790\ub4e4\uc774 \ubc38\ub958\uc5d0\uc774\uc158\uacfc \uc704\ud5d8 \uc694\uc778\uc744 \ud568\uaed8 \ub530\uc9c0\uace0 \uc788\uc74c\uc744 \ubcf4\uc5ec\uc900\ub2e4.\n- \uac15\uc138 \uc2dc\uc0ac\uc810: \uae30\uad00 \uad00\uc2ec\uacfc \uc560\ub110\ub9ac\uc2a4\ud2b8\uc758 \uc6b0\ud638\uc801 \uc2dc\uac01\uc740 \uc8fc\uac00 \ud558\ubc29\uc744 \uc77c\uc815 \ubd80\ubd84 \uc9c0\uc9c0\ud560 \uc218 \uc788\ub2e4.\n- \uc57d\uc138 \uc2dc\uc0ac\uc810: \uc8fc\uac00\uac00 \uc774\ubbf8 \ud06c\uac8c \uc624\ub978 \uc0c1\ud0dc\ub77c\uba74 \uae30\uad00 \ub9ac\ubc38\ub7f0\uc2f1\uc774\ub098 \ubc38\ub958\uc5d0\uc774\uc158 \ub17c\uc7c1\uc774 \ub2e8\uae30 \uc870\uc815 \uc694\uc778\uc774 \ub420 \uc218 \uc788\ub2e4.\n- \uc2e0\ub8b0\ub3c4: \uc911\uac04\n\n**\ud575\uc2ec \uc774\ubca4\ud2b8 5: \ubbf8\uad6d \uc99d\uc2dc\uc640 \uae30\uc220\uc8fc \ubd84\uc704\uae30\ub294 \uc6b0\ud638\uc801**\n\n- \uc0ac\uac74 \uc720\ud615: \uac70\uc2dc \ubc0f \uc2dc\uc7a5 \ud658\uacbd\n- \ucd9c\ucc98: 24/7 Wall St., StockStory, MarketBeat\n- \ub0b4\uc6a9: 2026-04-16 \uae30\uc900 S&P 500\uacfc Nasdaq\uc774 \uc0ac\uc0c1 \ucd5c\uace0\uad8c\uc5d0 \ub3c4\ub2ec\ud588\uace0, \uc9c0\uc815\ud559 \uae34\uc7a5 \uc644\ud654 \uae30\ub300\uc640 AI \uad00\ub828 \ud22c\uc790\uc2ec\ub9ac\uac00 \uae30\uc220\uc8fc\ub97c \uc9c0\uc9c0\ud588\ub2e4. QQQ \uad00\ub828 \uae30\uad00 \uc218\uc694\ub3c4 \ubcf4\ub3c4\ub418\uc5c8\ub2e4.\n- \uc65c \uc911\uc694\ud55c\uac00: TSM\uc740 \ubbf8\uad6d \uc0c1\uc7a5 ADR\uc774\uba70 AI\u00b7\ubc18\ub3c4\uccb4 \ud22c\uc790\uc2ec\ub9ac\uc5d0 \ubbfc\uac10\ud558\ubbc0\ub85c \ubbf8\uad6d \uae30\uc220\uc8fc \uc704\ud5d8 \uc120\ud638 \ud68c\ubcf5\uc740 \uc8fc\uac00\uc5d0 \uc9c1\uc811\uc801\uc778 \uc601\ud5a5\uc744 \uc904 \uc218 \uc788\ub2e4.\n- \uac15\uc138 \uc2dc\uc0ac\uc810: \uae30\uc220\uc8fc\uc640 AI \ud14c\ub9c8\uc5d0 \ub300\ud55c \uc704\ud5d8 \uc120\ud638\uac00 \uc720\uc9c0\ub418\uba74 TSM\uc758 \uc2e4\uc801 \ud638\uc870\uac00 \ub354 \ub192\uc740 \uba40\ud2f0\ud50c\ub85c \uc5f0\uacb0\ub420 \uc218 \uc788\ub2e4.\n- \uc57d\uc138 \uc2dc\uc0ac\uc810: \uc2dc\uc7a5 \uc804\ubc18\uc774 \uace0\uc810\uad8c\uc5d0 \uc788\ub294 \ub9cc\ud07c \uae08\ub9ac, \uc778\ud50c\ub808\uc774\uc158, \uc9c0\uc815\ud559 \ub274\uc2a4\uac00 \uc545\ud654\ub420 \uacbd\uc6b0 \uace0\uc131\uc7a5 \uae30\uc220\uc8fc \uc804\ubc18\uc758 \uc870\uc815 \uc555\ub825\uc774 \ucee4\uc9c8 \uc218 \uc788\ub2e4.\n- \uc2e0\ub8b0\ub3c4: \uc911\uac04\n\n**\uc885\ud569 \ud310\ub2e8**\n\nTSM\uc758 \ucd5c\uadfc \ub274\uc2a4 \ud750\ub984\uc740 \ubd84\uba85\ud788 \uc2e4\uc801\uacfc \uc218\uc694 \uce21\uba74\uc5d0\uc11c \uac15\uc138\uc801\uc774\ub2e4. 1\ubd84\uae30 \ub9e4\ucd9c, \uc774\uc775, 2\ubd84\uae30 \uc804\ub9dd\uc774 \ubaa8\ub450 AI \uc218\uc694 \uac15\uc138\ub97c \ub4b7\ubc1b\uce68\ud558\uace0 \uc788\uc73c\uba70, \uc120\ub2e8 \uacf5\uc815\uc5d0\uc11c\uc758 \uc9c0\ubc30\ub825\ub3c4 \uacc4\uc18d \ud655\uc778\ub418\uace0 \uc788\ub2e4. \ub2e4\ub9cc \ud604\uc7ac \ud22c\uc790 \ud310\ub2e8\uc758 \ud575\uc2ec \ubcc0\uc218\ub294 \u201c\uc131\uc7a5 \uc9c0\uc18d\uc131\u201d\ubcf4\ub2e4 \u201c\uac00\uaca9\uc5d0 \uc5bc\ub9c8\ub098 \ubc18\uc601\ub418\uc5c8\ub294\uac00\u201d\uc640 \u201c\uc9c0\uc815\ud559 \uc704\ud5d8\uc744 \uc5b4\ub290 \uc815\ub3c4 \ud560\uc778\ud574\uc57c \ud558\ub294\uac00\u201d\uc5d0 \uac00\uae5d\ub2e4.\n\n\ub2e8\uae30\uc801\uc73c\ub85c\ub294 \uc2e4\uc801 \ubaa8\uba58\ud140\uacfc \uae30\uc220\uc8fc \uc704\ud5d8 \uc120\ud638\uac00 \uc6b0\ud638\uc801\uc774\uc9c0\ub9cc, \uc774\ubbf8 \ub192\uc544\uc9c4 \uae30\ub300\uce58\uc640 \ub300\ub9cc\u00b7\uc911\ub3d9 \uad00\ub828 \uacf5\uae09\ub9dd \uc704\ud5d8 \ub54c\ubb38\uc5d0 \ubcc0\ub3d9\uc131 \ud655\ub300 \uac00\ub2a5\uc131\uc740 \ub0a8\uc544 \uc788\ub2e4. \ub530\ub77c\uc11c \ub274\uc2a4 \uae30\ubc18 \uad00\uc810\uc5d0\uc11c\ub294 **\uae0d\uc815\uc801\uc774\ub098, \ucd94\uaca9 \ub9e4\uc218\ubcf4\ub2e4\ub294 \uc870\uc815 \uc2dc \ubd84\ud560 \uc811\uadfc\uc774 \ub354 \ud569\ub9ac\uc801\uc778 \uad6d\uba74**\uc73c\ub85c \ud310\ub2e8\ub41c\ub2e4.\n\n| \uad6c\ubd84 | \ub0a0\uc9dc | \ucd9c\ucc98 | \ud575\uc2ec \ub0b4\uc6a9 | \ubc29\ud5a5\uc131 | \uc2e0\ub8b0\ub3c4 |\n|---|---:|---|---|---|---|\n| \uc2e4\uc801 | 2026-04-16 | MSN, Dayton Daily News | 1\ubd84\uae30 \uc774\uc775 58% \uc99d\uac00, \uc2e4\uc801 \uc608\uc0c1 \uc0c1\ud68c, 2\ubd84\uae30 \ub9e4\ucd9c \uc804\ub9dd \uc6b0\ud638\uc801 | \uac15\uc138 | \ub192\uc74c |\n| \ub9e4\ucd9c | 2026-04-10 | CNBC, Taipei Times, Stock Titan, Quartz | 1\ubd84\uae30 \ub9e4\ucd9c NT$1.13 trillion, \uc804\ub144 \ub300\ube44 \uc57d 35% \uc99d\uac00 | \uac15\uc138 | \ub192\uc74c |\n| \uc9c0\uc815\ud559 | 2026-04-08~2026-04-16 | Fast Company, The Hilltop Online, Simply Wall Street | \ub300\ub9cc \ud574\ud611 \ubc0f \uc911\ub3d9 \uc804\uc7c1 \uad00\ub828 \uacf5\uae09\ub9dd \uc704\ud5d8 \ubd80\uac01 | \uc57d\uc138 | \uc911\uac04~\ub192\uc74c |\n| \uc218\uae09\u00b7\ud3c9\uac00 | 2026-04-09~2026-04-14 | MarketBeat, TradingView, Simply Wall Street | \uae30\uad00 \ub9e4\uc218\u00b7\ub9e4\ub3c4 \ud63c\uc7ac, \ub9e4\uc218 \uc758\uacac \uc6b0\uc138\uc774\ub098 \ubc38\ub958\uc5d0\uc774\uc158 \ubd80\ub2f4 \uc874\uc7ac | \ud63c\uc7ac | \uc911\uac04 |\n| \uac70\uc2dc \ud658\uacbd | 2026-04-15~2026-04-16 | 24/7 Wall St., StockStory, MarketBeat | S&P 500\uacfc Nasdaq \uace0\uc810\uad8c, AI\u00b7\uae30\uc220\uc8fc \ud22c\uc790\uc2ec\ub9ac \uac1c\uc120 | \uac15\uc138 | \uc911\uac04 |",
    "fundamentals_report": "**TSM \uae30\ubcf8\uc801 \ubd84\uc11d \ubcf4\uace0\uc11c**\n\nTSM\uc758 \ucd5c\uc2e0 \uacf5\uc2dc \uae30\ubc18 \ud380\ub354\uba58\ud138\uc740 \uc5ec\uc804\ud788 \ub9e4\uc6b0 \uac15\ud569\ub2c8\ub2e4. 2025-12-31 \ubd84\uae30 \ub9e4\ucd9c\uc740 1046090421000.0\uc73c\ub85c \uc804\ubd84\uae30 989918318000.0 \ub300\ube44 \uc99d\uac00\ud588\uace0, \uc21c\uc774\uc775\ub3c4 505743990000.0\uc73c\ub85c \uc804\ubd84\uae30 452301407000.0\uc5d0\uc11c \uac1c\uc120\ub410\uc2b5\ub2c8\ub2e4. \ub9e4\ucd9c\ucd1d\uc774\uc775\uc740 651986836000.0, \uc601\uc5c5\uc774\uc775\uc740 564889222000.0\uc73c\ub85c \uace0\ubd80\uac00 \uacf5\uc815 \uc218\uc694\uc640 \uac00\uaca9\ub825, \uac00\ub3d9\ub960 \uac1c\uc120\uc774 \uc2e4\uc801\uc5d0 \ubc18\uc601\ub41c \ud750\ub984\uc785\ub2c8\ub2e4.\n\n\uc218\uc775\uc131 \uc9c0\ud45c\ub3c4 \uc6b0\uc218\ud569\ub2c8\ub2e4. \uc81c\uacf5\ub41c \ucd5c\uadfc \uac1c\uc694 \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\uc785\ub2c8\ub2e4. 2025-12-31 \ubd84\uae30 \uae30\uc900 \ub9e4\ucd9c\ucd1d\uc774\uc775\ub960\uc740 \uc57d 62.3%, \uc601\uc5c5\uc774\uc775\ub960\uc740 \uc57d 54.0%, \uc21c\uc774\uc775\ub960\uc740 \uc57d 48.3%\ub85c, \ubc18\ub3c4\uccb4 \uc81c\uc870\uc5c5\uccb4 \uc911\uc5d0\uc11c\ub3c4 \ub9e4\uc6b0 \ub192\uc740 \uc218\uc900\uc785\ub2c8\ub2e4. \uc77c\ud68c\uc131 \ud56d\ubaa9\uc740 -871085000.0\uc73c\ub85c \uc21c\uc774\uc775 \uaddc\ubaa8 \ub300\ube44 \uc791\uc544, \uc774\uc775\uc758 \uc9c8\uc740 \ub300\uccb4\ub85c \uc591\ud638\ud574 \ubcf4\uc785\ub2c8\ub2e4.\n\n\ud604\uae08\ud750\ub984\uc740 \uac15\ud558\uc9c0\ub9cc \ud22c\uc790 \ubd80\ub2f4\ub3c4 \ud07d\ub2c8\ub2e4. 2025-12-31 \ubd84\uae30 \uc601\uc5c5\ud604\uae08\ud750\ub984\uc740 725508787000.0, \uc790\ubcf8\uc9c0\ucd9c\uc740 -361467809000.0, \uc790\uc720\ud604\uae08\ud750\ub984\uc740 364040978000.0\uc785\ub2c8\ub2e4. \uc804\ubd84\uae30 \uc790\uc720\ud604\uae08\ud750\ub984 138385742000.0\uc5d0\uc11c \ud06c\uac8c \uac1c\uc120\ub410\uace0, \ub300\uaddc\ubaa8 \uc124\ube44\ud22c\uc790\ub97c \uc18c\ud654\ud558\uba74\uc11c\ub3c4 \ud604\uae08 \ucc3d\ucd9c\ub825\uc774 \uc720\uc9c0\ub418\uace0 \uc788\uc2b5\ub2c8\ub2e4. \ub2e4\ub9cc 2025-12-31 \ubd84\uae30 \uc790\ubcf8\uc9c0\ucd9c\uc774 \uc804\ubd84\uae30 -288443339000.0\ubcf4\ub2e4 \ud655\ub300\ub418\uc5b4, \ucca8\ub2e8 \uacf5\uc815 \uc99d\uc124\uacfc \ud574\uc678 \uc0dd\uc0b0\uae30\uc9c0 \ud22c\uc790 \ubd80\ub2f4\uc740 \uacc4\uc18d \uac10\uc2dc\ud574\uc57c \ud569\ub2c8\ub2e4.\n\n\uc7ac\ubb34\uc0c1\ud0dc\ub294 \ud0c4\ud0c4\ud569\ub2c8\ub2e4. 2025-12-31 \uae30\uc900 \ud604\uae08 \ubc0f \ub2e8\uae30\ud22c\uc790\ub294 3128197533000.0, \ud604\uae08 \ubc0f \ud604\uae08\uc131\uc790\uc0b0\uc740 2767856402000.0\uc73c\ub85c \uc804\ubd84\uae30\ubcf4\ub2e4 \uc99d\uac00\ud588\uc2b5\ub2c8\ub2e4. \ucd1d\ubd80\ucc44\ub294 1064582701000.0\uc73c\ub85c \uc804\ubd84\uae30 949207252000.0\uc5d0\uc11c \ub298\uc5c8\uc9c0\ub9cc, \uc720\ub3d9\ube44\uc728 2.618\uacfc \ubd80\ucc44\ube44\uc728 19.565\ub97c \uace0\ub824\ud558\uba74 \ub2e8\uae30 \uc720\ub3d9\uc131 \uc704\ud5d8\uc740 \ub0ae\uc2b5\ub2c8\ub2e4. \uc6b4\uc804\uc790\ubcf8\ub3c4 2359111528000.0\uc73c\ub85c \uc804\ubd84\uae30 2160108688000.0\ubcf4\ub2e4 \uc99d\uac00\ud588\uc2b5\ub2c8\ub2e4.\n\n\uc790\uc0b0 \uad6c\uc131\uc5d0\uc11c\ub294 \uc124\ube44\ud22c\uc790 \ud655\ub300\uac00 \ud575\uc2ec \ubcc0\ud654\uc785\ub2c8\ub2e4. \uc21c\uc720\ud615\uc790\uc0b0\uc740 3735759826000.0\uc73c\ub85c \uc804\ubd84\uae30 3542609617000.0\ubcf4\ub2e4 \uc99d\uac00\ud588\uace0, \uac74\uc124\uc911\uc778\uc790\uc0b0\uc740 1518996210000.0\uc73c\ub85c \uc804\ubd84\uae30 1259098052000.0\uc5d0\uc11c \ud06c\uac8c \ub298\uc5c8\uc2b5\ub2c8\ub2e4. \uc774\ub294 \ud5a5\ud6c4 \ub9e4\ucd9c \uc131\uc7a5 \uae30\ubc18\uc774 \ub420 \uc218 \uc788\uc9c0\ub9cc, \uc218\uc694 \ub454\ud654\ub098 \uc9c0\uc815\ud559\uc801 \ucda9\uaca9\uc774 \uc0dd\uae30\uba74 \uac10\uac00\uc0c1\uac01 \ubd80\ub2f4\uacfc \uac00\ub3d9\ub960 \ub9ac\uc2a4\ud06c\ub85c \uc774\uc5b4\uc9c8 \uc218 \uc788\uc2b5\ub2c8\ub2e4.\n\n\ubc38\ub958\uc5d0\uc774\uc158\uc740 \ud488\uc9c8\uc744 \ubc18\uc601\ud574 \ub192\uc2b5\ub2c8\ub2e4. \uc8fc\uac00\uc218\uc775\ube44\uc728\uc740 34.70678, \uc120\ud589 \uc8fc\uac00\uc218\uc775\ube44\uc728\uc740 19.215464, \uc8fc\uac00\uc21c\uc790\uc0b0\ube44\uc728\uc740 55.585186\uc785\ub2c8\ub2e4. 52\uc8fc \uace0\uac00\ub294 390.21, 52\uc8fc \uc800\uac00\ub294 145.84, 50\uc77c \ud3c9\uade0\uc740 352.8352, 200\uc77c \ud3c9\uade0\uc740 296.20685\ub85c \uc911\uae30 \uc0c1\uc2b9 \ucd94\uc138\ub294 \uc720\uc9c0\ub418\uace0 \uc788\uc9c0\ub9cc, \uae30\ub300\uce58\uac00 \ub192\uc544\uc9c4 \uc0c1\ud0dc\uc5d0\uc11c\ub294 \uc2e4\uc801 \uac00\uc774\ub358\uc2a4\ub098 \uc790\ubcf8\uc9c0\ucd9c \uc804\ub9dd \ubcc0\ud654\uc5d0 \uc8fc\uac00 \ubbfc\uac10\ub3c4\uac00 \ucee4\uc9c8 \uc218 \uc788\uc2b5\ub2c8\ub2e4.\n\n\ub0b4\ubd80\uc790 \uac70\ub798\uc5d0\uc11c\ub294 2026-03-31\uc5d0 Director\uc778 BURNS URSULA M\uc758 1000\uc8fc \ub9e4\uc218, \uac70\ub798\uac00 322.05, \ucd1d\uc561 322050\uc774 \ud655\uc778\ub429\ub2c8\ub2e4. \ub2e8\uc77c \uc18c\uaddc\ubaa8 \ub9e4\uc218\uc774\ubbc0\ub85c \uac15\ud55c \uc2e0\ud638\ub85c \uacfc\ub300\ud574\uc11d\ud558\uae30\ub294 \uc5b4\ub835\uc9c0\ub9cc, \ucd5c\uadfc \uace0\ud3c9\uac00 \ub17c\ub780 \uc18d\uc5d0\uc11c \ubd80\uc815\uc801 \ub0b4\ubd80\uc790 \ub9e4\ub3c4 \uc555\ub825\uc740 \ud655\uc778\ub418\uc9c0 \uc54a\uc558\ub2e4\ub294 \uc810\uc740 \uc911\ub9bd \uc774\uc0c1\uc785\ub2c8\ub2e4.\n\n\uc885\ud569\ud558\uba74 TSM\uc740 \uc2e4\uc801 \uc131\uc7a5, \ub192\uc740 \ub9c8\uc9c4, \uac15\ud55c \ud604\uae08\ud750\ub984, \ud48d\ubd80\ud55c \uc720\ub3d9\uc131\uc744 \uac16\ucd98 \uc6b0\ub7c9 \ud380\ub354\uba58\ud138 \uc885\ubaa9\uc785\ub2c8\ub2e4. \ub2e4\ub9cc \ub192\uc740 \ubc38\ub958\uc5d0\uc774\uc158, \uacf5\uaca9\uc801 \uc790\ubcf8\uc9c0\ucd9c, \ucca8\ub2e8 \ubc18\ub3c4\uccb4 \uc218\uc694 \uc0ac\uc774\ud074, \uc9c0\uc815\ud559\uc801 \ub9ac\uc2a4\ud06c\uac00 \uc911\uae30 \uc8fc\uac00 \ubcc0\ub3d9\uc131\uc758 \ud575\uc2ec \ubcc0\uc218\uc785\ub2c8\ub2e4. \ud604\uc7ac \uad00\uc810\uc740 \ud380\ub354\uba58\ud138 \uc6b0\uc704\ub294 \uc720\uc9c0\ub418\uc9c0\ub9cc, \uc2e0\uaddc \uc9c4\uc785\uc740 \uc2e4\uc801 \uac00\uc774\ub358\uc2a4\uc640 \uc790\ubcf8\uc9c0\ucd9c \uac15\ub3c4, 50\uc77c \ud3c9\uade0\uc120 \ubd80\uadfc\uc758 \uac00\uaca9 \ubc18\uc751\uc744 \ud568\uaed8 \ud655\uc778\ud558\ub294 \uc811\uadfc\uc774 \uc801\uc808\ud569\ub2c8\ub2e4.\n\n| \uad6c\ubd84 | \ud575\uc2ec \ub0b4\uc6a9 | \uac70\ub798 \uad00\uc810 |\n|---|---|---|\n| \uac15\uc810 | 2025-12-31 \ubd84\uae30 \ub9e4\ucd9c 1046090421000.0, \uc21c\uc774\uc775 505743990000.0\uc73c\ub85c \uc804\ubd84\uae30 \ub300\ube44 \uac1c\uc120 | \uc774\uc775 \ucd94\uc138\ub294 \uc6b0\ud638\uc801 |\n| \uac15\uc810 | \uc601\uc5c5\uc774\uc775\ub960 \uc57d 54.0%, \uc21c\uc774\uc775\ub960 \uc57d 48.3% | \uace0\ub9c8\uc9c4 \ud488\uc9c8\uc8fc \ud504\ub9ac\ubbf8\uc5c4 \uc815\ub2f9\ud654 \uc694\uc778 |\n| \uac15\uc810 | \uc601\uc5c5\ud604\uae08\ud750\ub984 725508787000.0, \uc790\uc720\ud604\uae08\ud750\ub984 364040978000.0 | \ub300\uaddc\ubaa8 \ud22c\uc790\uc5d0\ub3c4 \ud604\uae08 \ucc3d\ucd9c\ub825 \uacac\uc870 |\n| \uac15\uc810 | \ud604\uae08 \ubc0f \ub2e8\uae30\ud22c\uc790 3128197533000.0, \uc720\ub3d9\ube44\uc728 2.618 | \ub2e8\uae30 \uc7ac\ubb34 \uc548\uc815\uc131 \ub192\uc74c |\n| \uc57d\uc810 | \uc8fc\uac00\uc218\uc775\ube44\uc728 34.70678, \uc8fc\uac00\uc21c\uc790\uc0b0\ube44\uc728 55.585186 | \uc2e4\uc801 \uc2e4\ub9dd \uc2dc \ubc38\ub958\uc5d0\uc774\uc158 \uc870\uc815 \uc704\ud5d8 |\n| \uc57d\uc810 | \uc790\ubcf8\uc9c0\ucd9c -361467809000.0, \uac74\uc124\uc911\uc778\uc790\uc0b0 1518996210000.0 | \uc99d\uc124 \ubd80\ub2f4\uacfc \uac10\uac00\uc0c1\uac01 \ub9ac\uc2a4\ud06c \ud655\ub300 |\n| \uad00\ucc30 \ud56d\ubaa9 | \ucd1d\ubd80\ucc44 1064582701000.0\uc73c\ub85c \uc804\ubd84\uae30 \ub300\ube44 \uc99d\uac00 | \ucc28\uc785 \uc99d\uac00 \uc18d\ub3c4 \uc810\uac80 \ud544\uc694 |\n| \uad00\ucc30 \ud56d\ubaa9 | 2026-03-31 \ub0b4\ubd80\uc790 1000\uc8fc \ub9e4\uc218 | \uae0d\uc815\uc801\uc774\ub098 \uaddc\ubaa8\ub294 \uc81c\ud55c\uc801 |\n| \uad00\ucc30 \ud56d\ubaa9 | 50\uc77c \ud3c9\uade0 352.8352, 200\uc77c \ud3c9\uade0 296.20685 | \ucd94\uc138\ub294 \uc6b0\ud638\uc801\uc774\ub098 \uace0\uc810\uad8c \ubcc0\ub3d9\uc131 \uc8fc\uc758 |",
    "investment_debate_state": {
        "bull_history": "\nBull Analyst: \uc81c\uac00 \ubcf4\ub294 TSM\uc758 \ud575\uc2ec\uc740 \ub2e8\uc21c\ud788 \u201cAI \ud14c\ub9c8\ub97c \ud0c4 \uc8fc\uc2dd\u201d\uc774 \uc544\ub2c8\ub77c, AI \uc778\ud504\ub77c \uc0ac\uc774\ud074\uc758 \ubcd1\ubaa9 \uc790\uc0b0\uc774\ub77c\ub294 \uc810\uc785\ub2c8\ub2e4. \ubca0\uc5b4\uac00 \ubc38\ub958\uc5d0\uc774\uc158, \uc9c0\uc815\ud559 \ub9ac\uc2a4\ud06c, \ub2e8\uae30 \ucc28\uc775\uc2e4\ud604\uc744 \uc9c0\uc801\ud560 \uc218 \uc788\ub2e4\ub294 \uac74 \uc778\uc815\ud569\ub2c8\ub2e4. \ud558\uc9c0\ub9cc \uadf8 \ub9ac\uc2a4\ud06c\ub97c \uac10\uc548\ud574\ub3c4 \ud604\uc7ac \ub370\uc774\ud130\ub294 \uc5ec\uc804\ud788 \uac15\ud55c \ud380\ub354\uba58\ud138\uacfc \ucd94\uc138\uac00 \uc8fc\uac00\ub97c \uc9c0\uc9c0\ud558\uace0 \uc788\ub2e4\ub294 \ucabd\uc5d0 \ub354 \ubb34\uac8c\uac00 \uc2e4\ub9bd\ub2c8\ub2e4.\n\n\uba3c\uc800 \uc131\uc7a5\uc131\ubd80\ud130 \ubcf4\uc8e0. TSM\uc758 2026\ub144 1\ubd84\uae30 \ub9e4\ucd9c\uc740 \uc57d NT$1.13\uc870, \uc57d 356\uc5b5 \ub2ec\ub7ec\ub85c \uc804\ub144 \ub300\ube44 35% \uc774\uc0c1 \uc99d\uac00\ud588\uace0, 3\uc6d4 \ub9e4\ucd9c\uc740 \uc804\ub144 \ub300\ube44 45.2% \uc99d\uac00\ud588\uc2b5\ub2c8\ub2e4. \uc21c\uc774\uc775\ub3c4 58% \uc99d\uac00\ud588\uace0 2\ubd84\uae30 \ub9e4\ucd9c \uc804\ub9dd\ub3c4 \ucee8\uc13c\uc11c\uc2a4\ub97c \uc6c3\ub3c8 \uac83\uc73c\ub85c \ubcf4\ub3c4\ub410\uc2b5\ub2c8\ub2e4. \uc774\uac74 \ub9c9\uc5f0\ud55c \uae30\ub300\uac00 \uc544\ub2c8\ub77c \uc2e4\uc81c \ub9e4\ucd9c\uacfc \uc774\uc775\uc73c\ub85c \ud655\uc778\ub41c \uc218\uc694\uc785\ub2c8\ub2e4. Nvidia, Apple \uac19\uc740 \ub300\ud615 \uace0\uac1d\uc758 AI \ubc0f \ucca8\ub2e8 \uce69 \uc218\uc694\uac00 3nm, 5nm \uacf5\uc815 \uac00\ub3d9\ub960\uc744 \ubc00\uc5b4 \uc62c\ub9ac\uace0 \uc788\uace0, \uc120\ub2e8 \uacf5\uc815 \uac00\uaca9 \uc778\uc0c1 \uac00\ub2a5\uc131\uae4c\uc9c0 \uac70\ub860\ub429\ub2c8\ub2e4. \uc989 \ub9e4\ucd9c \uc131\uc7a5, \ub9c8\uc9c4, \uac00\uaca9 \uacb0\uc815\ub825\uc774 \ud55c \ubc29\ud5a5\uc73c\ub85c \uc6c0\uc9c1\uc774\uace0 \uc788\uc2b5\ub2c8\ub2e4.\n\n\uacbd\uc7c1\uc6b0\uc704\ub294 \ub354 \uac15\ud569\ub2c8\ub2e4. \ub274\uc2a4 \uae30\ubc18 \uc790\ub8cc\uc5d0\uc11c TSM\uc758 \uae00\ub85c\ubc8c \ud30c\uc6b4\ub4dc\ub9ac \uc810\uc720\uc728\uc740 69.9%\ub85c \uc5b8\uae09\ub410\uace0, \uc804 \uc138\uacc4 \uc120\ub2e8 \ubc18\ub3c4\uccb4 \uc0dd\uc0b0\uc758 \uc57d 90%\uac00 \ub300\ub9cc\uc5d0 \uc9d1\uc911\ub418\uc5b4 \uc788\ub2e4\ub294 \ubcf4\ub3c4\ub3c4 \uc788\uc5c8\uc2b5\ub2c8\ub2e4. \ubca0\uc5b4\ub294 \uc774\uac83\uc744 \uc9c0\uc815\ud559 \ub9ac\uc2a4\ud06c\ub85c \ubcfc \uac81\ub2c8\ub2e4. \ub9de\uc2b5\ub2c8\ub2e4. \ud558\uc9c0\ub9cc \ub3d9\uc2dc\uc5d0 \uc774\uac83\uc740 TSM\uc774 \ub300\uccb4\ud558\uae30 \uc5b4\ub824\uc6b4 \uc804\ub7b5\uc801 \uc790\uc0b0\uc774\ub77c\ub294 \ub73b\uc774\uae30\ub3c4 \ud569\ub2c8\ub2e4. \uace0\uac1d\uc0ac \uc785\uc7a5\uc5d0\uc11c TSM\uc740 \uc120\ud0dd\uc9c0\uac00 \uc544\ub2c8\ub77c \ud544\uc218 \uc778\ud504\ub77c\uc5d0 \uac00\uae5d\uc2b5\ub2c8\ub2e4. AI \ubc18\ub3c4\uccb4 \uc124\uacc4\uc0ac\ub294 \ubc14\ub014 \uc218 \uc788\uc5b4\ub3c4, \ucd5c\ucca8\ub2e8 \ud30c\uc6b4\ub4dc\ub9ac \ubcd1\ubaa9\uc740 \uc27d\uac8c \ub300\uccb4\ub418\uc9c0 \uc54a\uc2b5\ub2c8\ub2e4. \uadf8\ub798\uc11c TSM\uc740 \ud2b9\uc815 AI \uce69 \uc5c5\uccb4\uc758 \uc81c\ud488 \uc0ac\uc774\ud074\ubcf4\ub2e4 \ub354 \ub113\uc740 \uc0dd\ud0dc\uacc4 \uc218\uc694\ub97c \ud761\uc218\ud560 \uc218 \uc788\uc2b5\ub2c8\ub2e4.\n\n\ud380\ub354\uba58\ud138\ub3c4 \ubc38\ub958\uc5d0\uc774\uc158 \ud504\ub9ac\ubbf8\uc5c4\uc744 \ub4b7\ubc1b\uce68\ud569\ub2c8\ub2e4. 2025\ub144 12\uc6d4 31\uc77c \ubd84\uae30 \uae30\uc900 \ub9e4\ucd9c\uc740 \uc804\ubd84\uae30 \ub300\ube44 \uc99d\uac00\ud588\uace0, \uc21c\uc774\uc775\ub3c4 NT$4523\uc5b5\uc5d0\uc11c NT$5057\uc5b5\uc73c\ub85c \uac1c\uc120\ub410\uc2b5\ub2c8\ub2e4. \uc601\uc5c5\uc774\uc775\ub960\uc740 \uc57d 54.0%, \uc21c\uc774\uc775\ub960\uc740 \uc57d 48.3%\uc785\ub2c8\ub2e4. \uc81c\uc870\uc5c5\uccb4\uac00 \uc774 \uc815\ub3c4 \ub9c8\uc9c4\uc744 \uc720\uc9c0\ud558\uba74\uc11c \ub9e4\ucd9c\uc744 30% \uc774\uc0c1 \uc131\uc7a5\uc2dc\ud0a4\ub294 \uacbd\uc6b0\ub294 \ub4dc\ubb45\ub2c8\ub2e4. \uc601\uc5c5\ud604\uae08\ud750\ub984\uc740 NT$7255\uc5b5, \uc790\uc720\ud604\uae08\ud750\ub984\uc740 NT$3640\uc5b5\uc73c\ub85c \ub300\uaddc\ubaa8 \uc124\ube44\ud22c\uc790\ub97c \ud558\uba74\uc11c\ub3c4 \ud604\uae08 \ucc3d\ucd9c\ub825\uc774 \ud06c\uac8c \uac1c\uc120\ub410\uc2b5\ub2c8\ub2e4. \ud604\uae08 \ubc0f \ub2e8\uae30\ud22c\uc790\ub3c4 NT$3.13\uc870, \uc720\ub3d9\ube44\uc728 2.618\ub85c \uc7ac\ubb34 \uc548\uc815\uc131\ub3c4 \ub192\uc2b5\ub2c8\ub2e4.\n\n\ubca0\uc5b4\uac00 \u201cPER 34.7\ubc30\ub294 \ube44\uc2f8\ub2e4\u201d\uace0 \ub9d0\ud55c\ub2e4\uba74, \uc800\ub294 \ud6c4\ud589 PER\ub9cc \ubcf4\uba74 \uc548 \ub41c\ub2e4\uace0 \ub2f5\ud558\uaca0\uc2b5\ub2c8\ub2e4. \uc120\ud589 PER\uc740 19.2\ubc30 \uc218\uc900\uc73c\ub85c \uc81c\uc2dc\ub418\uc5b4 \uc788\uace0, \uc774\uc775 \uc131\uc7a5\ub960\uacfc \uc2dc\uc7a5 \uc9c0\ubc30\ub825\uc744 \uace0\ub824\ud558\uba74 \uace0\ud488\uc9c8 \ub3c5\uc810\uc801 \uc790\uc0b0\uc5d0 \ub300\ud55c \uacfc\ub3c4\ud55c \uac00\uaca9\uc774\ub77c\uace0 \ub2e8\uc815\ud558\uae30 \uc5b4\ub835\uc2b5\ub2c8\ub2e4. \ud2b9\ud788 \uc21c\uc774\uc775\uc774 58% \uc99d\uac00\ud558\uace0, \ubd84\uae30 \ub9e4\ucd9c\uc774 35% \uc774\uc0c1 \uc131\uc7a5\ud558\uba70, 2\ubd84\uae30 \uac00\uc774\ub358\uc2a4\uae4c\uc9c0 \uc0c1\ud5a5\ub41c \uc0c1\ud669\uc5d0\uc11c 19\ubc30\ub300 \uc120\ud589 \uc774\uc775 \ubc30\uc218\ub294 \uc624\ud788\ub824 AI \uc778\ud504\ub77c \ud575\uc2ec \uacf5\uae09\ub9dd \uae30\uc5c5\uce58\uace0\ub294 \ubc29\uc5b4 \uac00\ub2a5\ud55c \uc218\uc900\uc785\ub2c8\ub2e4.\n\n\uae30\uc220\uc801 \ud750\ub984\ub3c4 \ubca0\uc5b4\uac00 \uc8fc\uc7a5\ud560 \u201c\uace0\uc810\uad8c \ubd80\ub2f4\u201d\ub9cc\uc73c\ub85c \ubcf4\uae30 \uc5b4\ub835\uc2b5\ub2c8\ub2e4. 2026\ub144 3\uc6d4 30\uc77c \uc800\uc810 316.50 \uc774\ud6c4 4\uc6d4 15\uc77c \uc885\uac00 375.10\uae4c\uc9c0 \uac15\ud558\uac8c \ud68c\ubcf5\ud588\uace0, \uac00\uaca9\uc740 50\uc77c\uc120 352.82\uc640 200\uc77c\uc120 295.56 \uc704\uc5d0 \uc788\uc2b5\ub2c8\ub2e4. \ub450 \uc774\ub3d9\ud3c9\uade0 \ubaa8\ub450 \uc0c1\uc2b9 \uc911\uc785\ub2c8\ub2e4. MACD\ub294 4\uc6d4 8\uc77c -0.28\uc5d0\uc11c 4\uc6d4 16\uc77c 7.10\uae4c\uc9c0 \uac1c\uc120\ub410\uace0, RSI\ub294 55.38\ub85c \uacfc\uc5f4\uad8c\uc774 \uc544\ub2d9\ub2c8\ub2e4. \ub2e8\uae30 \uac00\uc18d\ub3c4\ub294 \ub454\ud654\ub410\uc9c0\ub9cc, \uc774\uac74 \ucd94\uc138 \ubd95\uad34\ub77c\uae30\ubcf4\ub2e4 \uac15\ud55c \uc0c1\uc2b9 \uc774\ud6c4\uc758 \uc815\uc0c1\uc801\uc778 \uc2dd\ud798\uc73c\ub85c \ubcf4\ub294 \uac8c \ub354 \ud569\ub9ac\uc801\uc785\ub2c8\ub2e4.\n\n\ubb3c\ub860 \uc800\ub294 \uc5ec\uae30\uc11c \ubb34\uc870\uac74 \ucd94\uaca9 \ub9e4\uc218\ub97c \uc8fc\uc7a5\ud558\uc9c0\ub294 \uc54a\uc2b5\ub2c8\ub2e4. \uacfc\uac70 \uc720\uc0ac\ud55c \uc0c1\ud669\uc5d0\uc11c \ubc30\uc6cc\uc57c \ud560 \uc810\uc740, \uac15\ud55c \uae30\uc5c5\uc744 \uc88b\uc740 \uac00\uaca9 \uc5c6\uc774 \ucad3\uc544\uac00\uba74 \ub2e8\uae30 \ubcc0\ub3d9\uc131\uc5d0 \ud754\ub4e4\ub9b4 \uc218 \uc788\ub2e4\ub294 \uac83\uc785\ub2c8\ub2e4. \uadf8\ub798\uc11c \ud22c\uc790 \ub17c\ub9ac\uc640 \uc9c4\uc785 \uc804\uc220\uc744 \ubd84\ub9ac\ud574\uc57c \ud569\ub2c8\ub2e4. \uc7a5\uae30 \ud22c\uc790 \ub17c\ub9ac\ub294 \uac15\ud558\uac8c \uc720\uc9c0\ud558\ub418, \uc2e0\uaddc \uc9c4\uc785\uc740 362~365 \ubd80\uadfc \ub20c\ub9bc\uc5d0\uc11c 10\uc77c\uc120 \ubc29\uc5b4\ub97c \ud655\uc778\ud558\uac70\ub098, 382.16 \uc704 \uc885\uac00 \ub3cc\ud30c\uc640 \uac70\ub798\ub7c9 \ud655\uc778\uc774 \ub098\uc62c \ub54c\uac00 \ub354 \ud569\ub9ac\uc801\uc785\ub2c8\ub2e4. \uc774\uac74 \uc57d\uc138\uac00 \uc544\ub2c8\ub77c \uc88b\uc740 \uae30\uc5c5\uc744 \ub354 \uc88b\uc740 \ub9ac\uc2a4\ud06c-\ubcf4\uc0c1\uc73c\ub85c \uc0ac\uae30 \uc704\ud55c \uaddc\uc728\uc785\ub2c8\ub2e4.\n\n\uc9c0\uc815\ud559 \ub9ac\uc2a4\ud06c\ub3c4 \ubb34\uc2dc\ud558\uc9c0 \uc54a\uaca0\uc2b5\ub2c8\ub2e4. \ub300\ub9cc \ud574\ud611, \uc911\ub3d9 \uc804\uc7c1\uc5d0 \ub530\ub978 \uc18c\uc7ac\u00b7\uac00\uc2a4 \uacf5\uae09\ub9dd \ubb38\uc81c, \ud574\uc678 \uc99d\uc124 \ube44\uc6a9\uc740 \ubd84\uba85 \ub9ac\uc2a4\ud06c\uc785\ub2c8\ub2e4. \ud558\uc9c0\ub9cc \uc774 \ub9ac\uc2a4\ud06c\ub294 \uc624\ub298 \uc0c8\ub86d\uac8c \uc0dd\uae34 \uac83\uc774 \uc544\ub2c8\ub77c \uc624\ub798\uc804\ubd80\ud130 TSM \ubc38\ub958\uc5d0\uc774\uc158\uc5d0 \ubc18\uc601\ub418\uc5b4 \uc628 \uad6c\uc870\uc801 \ud560\uc778 \uc694\uc778\uc785\ub2c8\ub2e4. \uadf8\ub7fc\uc5d0\ub3c4 TSM\uc740 \ub9e4\ucd9c, \uc774\uc775, \ud604\uae08\ud750\ub984, \uc2dc\uc7a5 \uc810\uc720\uc728\uc744 \uacc4\uc18d \ub04c\uc5b4\uc62c\ub9ac\uace0 \uc788\uc2b5\ub2c8\ub2e4. \uadf8\ub9ac\uace0 \uac01\uad6d\uc774 \uacf5\uae09\ub9dd \ub2e4\ubcc0\ud654\ub97c \uc6d0\ud560\uc218\ub85d TSM\uc758 \uae00\ub85c\ubc8c \ud339 \ud655\uc7a5\uc740 \ube44\uc6a9 \ubd80\ub2f4\uc774\uba74\uc11c \ub3d9\uc2dc\uc5d0 \uace0\uac1d \ubc00\ucc29\ub3c4\uc640 \uc804\ub7b5\uc801 \uc911\uc694\uc131\uc744 \ub192\uc774\ub294 \uc7a5\uae30 \ud22c\uc790\uc774\uae30\ub3c4 \ud569\ub2c8\ub2e4.\n\n\ubca0\uc5b4\uc758 \uac00\uc7a5 \uac15\ud55c \uc8fc\uc7a5\uc740 \u201c\ud638\uc2e4\uc801\uc5d0\ub3c4 \uc8fc\uac00\uac00 \ud558\ub77d\ud588\ub2e4\u201d\ub294 \uc810\uc77c \uac81\ub2c8\ub2e4. \ud558\uc9c0\ub9cc \uc800\ub294 \uc774\ub97c \ud380\ub354\uba58\ud138 \ubd80\uc815\uc774 \uc544\ub2c8\ub77c \uae30\ub300 \uc120\ubc18\uc601 \ud6c4 \ucc28\uc775\uc2e4\ud604\uc73c\ub85c \ud574\uc11d\ud569\ub2c8\ub2e4. \uc2e4\uc81c\ub85c \uae30\uad00 \ud750\ub984\ub3c4 \ub300\uaddc\ubaa8 \uc774\ud0c8\uc774\ub77c\uae30\ubcf4\ub2e4 \uc77c\ubd80 \ud655\ub300\uc640 \uc77c\ubd80 \ucd95\uc18c\uac00 \uc11e\uc778 \ub9ac\ubc38\ub7f0\uc2f1 \uc131\uaca9\uc5d0 \uac00\uae5d\uc2b5\ub2c8\ub2e4. \uc911\uc694\ud55c \uac74 \uc2e4\uc801 \ubc1c\ud45c \ud6c4 \ub274\uc2a4\uc758 \uc9c8\uc774 \ub098\ube60\uc9c4 \uac8c \uc544\ub2c8\ub77c, \uc2dc\uc7a5\uc774 \ub2e8\uae30 \uac00\uaca9\uc744 \uc18c\ud654\ud558\uace0 \uc788\ub2e4\ub294 \uc810\uc785\ub2c8\ub2e4. \uc0ac\uc5c5 \uc804\ub9dd\uc774 \ud6fc\uc190\ub41c \ud558\ub77d\uacfc \ud638\uc7ac \uc774\ud6c4 \ucc28\uc775\uc2e4\ud604\uc740 \uc644\uc804\ud788 \ub2e4\ub985\ub2c8\ub2e4.\n\n\uacb0\ub860\uc801\uc73c\ub85c TSM\uc758 bull case\ub294 \uba85\ud655\ud569\ub2c8\ub2e4. AI \uc218\uc694\ub294 \ub9e4\ucd9c\uacfc \uc774\uc775\uc73c\ub85c \ud655\uc778\ub410\uace0, \uc120\ub2e8 \uacf5\uc815 \uc9c0\ubc30\ub825\uc740 \uc5ec\uc804\ud788 \uc555\ub3c4\uc801\uc774\uba70, \ub9c8\uc9c4\uacfc \ud604\uae08\ud750\ub984\uc740 \ud504\ub9ac\ubbf8\uc5c4 \ubc38\ub958\uc5d0\uc774\uc158\uc744 \uc815\ub2f9\ud654\ud569\ub2c8\ub2e4. \uae30\uc220\uc801\uc73c\ub85c\ub3c4 \uc8fc\uc694 \uc774\ub3d9\ud3c9\uade0 \uc704\uc5d0\uc11c \uc0c1\uc2b9 \ucd94\uc138\uac00 \uc720\uc9c0\ub418\uace0 \uc788\uc2b5\ub2c8\ub2e4. \ub2e8\uae30\uc801\uc73c\ub85c\ub294 \ubcc0\ub3d9\uc131\uc774 \ud06c\uace0 \ucd94\uaca9 \ub9e4\uc218\ub294 \uc870\uc2ec\ud574\uc57c \ud558\uc9c0\ub9cc, \uadf8\uac74 \ud22c\uc790 \ud68c\ud53c \ub17c\ub9ac\uac00 \uc544\ub2c8\ub77c \ubd84\ud560 \ub9e4\uc218\uc640 \ub20c\ub9bc \ub9e4\uc218 \uc804\ub7b5\uc758 \uadfc\uac70\uc785\ub2c8\ub2e4. \ubca0\uc5b4\uac00 \ub9ac\uc2a4\ud06c\ub97c \ub9d0\ud558\ub294 \ub3d9\uc548, \uc22b\uc790\ub294 TSM\uc774 \uc5ec\uc804\ud788 AI \uc2dc\ub300\uc758 \ud575\uc2ec \uc0dd\uc0b0 \ud50c\ub7ab\ud3fc\uc774\ub77c\ub294 \uc0ac\uc2e4\uc744 \ubcf4\uc5ec\uc8fc\uace0 \uc788\uc2b5\ub2c8\ub2e4.",
        "bear_history": "\nBear Analyst: \uc88b\uc2b5\ub2c8\ub2e4. Bull \ucabd\uc774 \uc81c\uc2dc\ud55c \ud575\uc2ec \ub17c\ub9ac\ub294 \ubd84\uba85\ud569\ub2c8\ub2e4. TSM\uc740 AI \uc778\ud504\ub77c\uc758 \ubcd1\ubaa9 \uc790\uc0b0\uc774\uace0, \ub9e4\ucd9c\uacfc \uc774\uc775\uc774 \uc2e4\uc81c\ub85c \uac15\ud558\uba70, \uc120\ub2e8 \uacf5\uc815 \uc9c0\ubc30\ub825\uc774 \ub192\ub2e4\ub294 \uc8fc\uc7a5\uc785\ub2c8\ub2e4. \uc800\ub3c4 TSM\uc774 \ub098\uc05c \ud68c\uc0ac\ub77c\uace0 \ub9d0\ud558\ub824\ub294 \uac8c \uc544\ub2d9\ub2c8\ub2e4. \uc81c \uc57d\uc138 \ub17c\ub9ac\ub294 \ub2e4\ub985\ub2c8\ub2e4. **\uc88b\uc740 \ud68c\uc0ac\uc640 \uc88b\uc740 \uc8fc\uc2dd\uc740 \ub2e4\ub974\uace0, \uc9c0\uae08 TSM\uc740 \uc88b\uc740 \ud68c\uc0ac\ub77c\ub294 \uc0ac\uc2e4\uc744 \uc2dc\uc7a5\uc774 \uc774\ubbf8 \ub9e4\uc6b0 \uacf5\uaca9\uc801\uc73c\ub85c \uac00\uaca9\uc5d0 \ubc18\uc601\ud55c \uc0c1\ud0dc**\ub77c\ub294 \uac81\ub2c8\ub2e4.\n\n\uba3c\uc800 \uac00\uc7a5 \uc911\uc694\ud55c \uc9c0\uc810\uc740 \u201c\ud638\uc2e4\uc801\uc5d0\ub3c4 \uc8fc\uac00\uac00 \ubc00\ub838\ub2e4\u201d\ub294 \uc0ac\uc2e4\uc785\ub2c8\ub2e4. 2026\ub144 1\ubd84\uae30 \uc21c\uc774\uc775 58% \uc99d\uac00, \ub9e4\ucd9c \uc57d NT$1.13\uc870, 3\uc6d4 \ub9e4\ucd9c \uc804\ub144 \ub300\ube44 45.2% \uc99d\uac00, 2\ubd84\uae30 \uac00\uc774\ub358\uc2a4 \uc0c1\ud5a5\uae4c\uc9c0 \ub098\uc654\ub294\ub370\ub3c4 2026-04-16\uc5d0 \uc8fc\uac00\uac00 \ud558\ub77d\ud588\ub2e4\ub294 \ubcf4\ub3c4\uac00 \uc788\uc5c8\uc2b5\ub2c8\ub2e4. Bull\uc740 \uc774\ub97c \ub2e8\uc21c\ud55c \ucc28\uc775\uc2e4\ud604\uc774\ub77c\uace0 \ud574\uc11d\ud558\uc9c0\ub9cc, \uc800\ub294 \uc774\uac8c \ub354 \uc911\uc694\ud55c \uacbd\uace0\ub77c\uace0 \ubd05\ub2c8\ub2e4. \uc2dc\uc7a5\uc774 \uc774\ubbf8 \uc88b\uc740 \uc22b\uc790\ub97c \uae30\ub300\ud588\uace0, \uc2e4\uc81c\ub85c \uc88b\uc740 \uc22b\uc790\uac00 \ub098\uc640\ub3c4 \ucd94\uac00 \ub9e4\uc218\uc138\uac00 \ub530\ub77c\ubd99\uc9c0 \uc54a\uc558\ub2e4\ub294 \ub73b\uc785\ub2c8\ub2e4. \uc989 \uc9c0\uae08\ubd80\ud130\ub294 \u201c\uc88b\uc740 \uc2e4\uc801\u201d\uc774 \uc544\ub2c8\ub77c \u201c\uc608\uc0c1\ubcf4\ub2e4 \ud6e8\uc52c \ub354 \uc88b\uc740 \uc2e4\uc801\u201d\uc774 \uacc4\uc18d \ud544\uc694\ud569\ub2c8\ub2e4. \uadf8\uac74 \ud22c\uc790\uc790\uc5d0\uac8c \uc0c1\ub2f9\ud788 \ubd88\ub9ac\ud55c \uae30\ub300 \uad6c\uc870\uc785\ub2c8\ub2e4.\n\n\uae30\uc220\uc801\uc73c\ub85c\ub3c4 \uc0c1\uc2b9 \ucd94\uc138\ub77c\ub294 \ub9d0\ub9cc\uc73c\ub85c \uc548\uc2ec\ud558\uae30 \uc5b4\ub835\uc2b5\ub2c8\ub2e4. 2026-03-30 \uc800\uc810 316.50\uc5d0\uc11c 2026-04-15 \uc885\uac00 375.10\uae4c\uc9c0 \ub2e8\uae30\uac04\uc5d0 \uae09\ubc18\ub4f1\ud588\uace0, 2026-04-08\uc5d0\ub294 345.32\uc5d0\uc11c 365.90\uc73c\ub85c \uac2d\uc131 \uae09\ub4f1\uc774 \ub098\uc654\uc2b5\ub2c8\ub2e4. \uc774\uac74 \uacac\uc870\ud55c \ub204\uc801 \uc0c1\uc2b9\uc774\ub77c\uae30\ubcf4\ub2e4 \uc774\ubca4\ud2b8\uc131 \uc7ac\ud3c9\uac00\uc5d0 \uac00\uae5d\uc2b5\ub2c8\ub2e4. 2026-04-14 \uace0\uac00 382.16 \uc774\ud6c4 4\uc6d4 15\uc77c \uc885\uac00\uac00 375.10\uc73c\ub85c \ubc00\ub838\uace0, RSI\ub294 66.01\uc5d0\uc11c 55.38\ub85c \ube60\uc84c\uc2b5\ub2c8\ub2e4. MACD \ud788\uc2a4\ud1a0\uadf8\ub7a8\ub3c4 5.09\uc5d0\uc11c 3.64\ub85c \ub454\ud654\ub410\uc2b5\ub2c8\ub2e4. Bull\uc740 \u201c\uc815\uc0c1\uc801\uc778 \uc2dd\ud798\u201d\uc774\ub77c\uace0 \ud558\uc9c0\ub9cc, \uace0\uc810 \ubd80\uadfc\uc5d0\uc11c \uac70\ub798\ub7c9 14,792,400\uc8fc\ub97c \ub3d9\ubc18\ud574 \ud558\ub77d\ud588\ub2e4\ub294 \uac74 \ucc28\uc775\uc2e4\ud604 \uc555\ub825\uc774 \uc2e4\uc81c\ub85c \ucee4\uc9c0\uace0 \uc788\ub2e4\ub294 \uc2e0\ud638\uc785\ub2c8\ub2e4. 362 \uc544\ub798\ub85c \ubc00\ub9ac\uba74 \ub2e8\uae30 \ubaa8\uba58\ud140 \ud6fc\uc190, 352 \ubd80\uadfc 50\uc77c\uc120\uacfc VWMA \uc774\ud0c8\uc774\uba74 4\uc6d4 \ubc18\ub4f1\uc758 \uc9c8 \uc790\uccb4\ub97c \ub2e4\uc2dc \ubd10\uc57c \ud569\ub2c8\ub2e4.\n\n\ubc38\ub958\uc5d0\uc774\uc158\ub3c4 Bull\uc758 \uc124\uba85\ucc98\ub7fc \uac04\ub2e8\ud788 \ubc29\uc5b4 \uac00\ub2a5\ud558\ub2e4\uace0 \ubcf4\uae30 \uc5b4\ub835\uc2b5\ub2c8\ub2e4. \ud6c4\ud589 PER 34.7\ubc30, \uc120\ud589 PER 19.2\ubc30\ub77c\ub294 \uc22b\uc790\ub294 \uac89\uc73c\ub85c \ubcf4\uba74 \uc131\uc7a5\uc8fc \uce58\uace0 \uad1c\ucc2e\uc544 \ubcf4\uc77c \uc218 \uc788\uc2b5\ub2c8\ub2e4. \ud558\uc9c0\ub9cc \ubb38\uc81c\ub294 \uc120\ud589 PER\uc774 \uac15\ud55c AI \uc218\uc694, \ub192\uc740 \uac00\ub3d9\ub960, \uac00\uaca9 \uacb0\uc815\ub825, \ub9c8\uc9c4 \uc720\uc9c0, \uc9c0\uc815\ud559 \ub9ac\uc2a4\ud06c \ud1b5\uc81c, \ud574\uc678 \uc99d\uc124 \ube44\uc6a9 \ud761\uc218\uae4c\uc9c0 \uac70\uc758 \ubaa8\ub4e0 \uae0d\uc815 \uac00\uc815\uc744 \ud3ec\ud568\ud55c\ub2e4\ub294 \uc810\uc785\ub2c8\ub2e4. \uc989 19\ubc30\ub77c\ub294 \uc22b\uc790\uac00 \uc2f8 \ubcf4\uc774\ub824\uba74 \ud604\uc7ac\uc758 35%\ub300 \ub9e4\ucd9c \uc131\uc7a5\uacfc 58% \uc21c\uc774\uc775 \uc99d\uac00 \uac19\uc740 \ud750\ub984\uc774 \uc0c1\ub2f9 \uae30\uac04 \uc774\uc5b4\uc838\uc57c \ud569\ub2c8\ub2e4. \ubc18\ub300\ub85c AI \uc8fc\ubb38 \uc99d\uac00\uc728\uc774 \ub454\ud654\ub418\uac70\ub098 \uace0\uac1d \uc7ac\uace0 \uc870\uc815\uc774 \uc2dc\uc791\ub418\uac70\ub098, \uc99d\uc124 \ube44\uc6a9\uc774 \uc608\uc0c1\ubcf4\ub2e4 \ucee4\uc9c0\uba74 \uc120\ud589 \uc774\uc775 \ucd94\uc815 \uc790\uccb4\uac00 \ub0b4\ub824\uac00\uace0 \uba40\ud2f0\ud50c\ub3c4 \uac19\uc774 \uc555\ubc15\ubc1b\uc744 \uc218 \uc788\uc2b5\ub2c8\ub2e4.\n\nBull\uc740 TSM\uc758 69.9% \ud30c\uc6b4\ub4dc\ub9ac \uc810\uc720\uc728\uacfc \uc120\ub2e8 \ubc18\ub3c4\uccb4 \uc57d 90% \ub300\ub9cc \uc9d1\uc911\uc744 \uacbd\uc7c1\uc6b0\uc704\ub85c \ubd05\ub2c8\ub2e4. \uc800\ub294 \ubc14\ub85c \uadf8 \uc9c0\uc810\uc774 \uc57d\uc138 \ub17c\ub9ac\uc758 \ud575\uc2ec\uc774\ub77c\uace0 \ubd05\ub2c8\ub2e4. \uc9c0\ubc30\ub825\uc774 \ub192\ub2e4\ub294 \uac74 \ub9de\uc9c0\ub9cc, \uc0dd\uc0b0 \uc9d1\uc911\ub3c4\uac00 \ub192\ub2e4\ub294 \uac74 \ub2e8\uc77c \uc7a5\uc560\uc810\uc774\ub77c\ub294 \ub73b\uc774\uae30\ub3c4 \ud569\ub2c8\ub2e4. \ub300\ub9cc \ud574\ud611 \uae34\uc7a5, \uc911\uad6d\uc758 \uad70\uc0ac\uc801 \uc555\ubc15 \uac00\ub2a5\uc131, \uc911\ub3d9 \uc804\uc7c1\uc73c\ub85c \uc778\ud55c \ud654\ud559\ubb3c\uc9c8\u00b7\uac00\uc2a4 \uacf5\uae09 \ucc28\uc9c8, \uacf5\uae09\ub9dd \ub2e4\ubcc0\ud654 \uc555\ub825\uc740 \ubaa8\ub450 \ubc18\ubcf5\uc801\uc73c\ub85c \uc5b8\uae09\ub418\uace0 \uc788\uc2b5\ub2c8\ub2e4. Bull\uc740 \u201c\uc774\ubbf8 \ubc18\uc601\ub41c \ub9ac\uc2a4\ud06c\u201d\ub77c\uace0 \ub9d0\ud558\uc9c0\ub9cc, \uc9c0\uc815\ud559 \ub9ac\uc2a4\ud06c\ub294 \uc77c\ubc18\uc801\uc778 \uacbd\uae30 \ub9ac\uc2a4\ud06c\uc640 \ub2e4\ub985\ub2c8\ub2e4. \ubc1c\uc0dd \ud655\ub960\uc740 \ub0ae\uac8c \ubcf4\uc774\ub2e4\uac00\ub3c4, \ub274\uc2a4 \ud55c \ubc88\uc5d0 \ud560\uc778\uc728\uacfc \ud3ec\uc9c0\uc158\uc774 \uae09\uaca9\ud788 \ubc14\ub014 \uc218 \uc788\uc2b5\ub2c8\ub2e4. \ud2b9\ud788 TSM\ucc98\ub7fc \uc2dc\uc7a5 \uae30\ub300\uac00 \ub192\uace0 \uae30\uc220\uc8fc \uc704\ud5d8 \uc120\ud638\uc5d0 \uae30\ub300\ub294 \uc885\ubaa9\uc740 \uc774\ub7f0 \ub9ac\uc2a4\ud06c \uc7ac\uac00\uaca9\ud654\uc5d0 \ucde8\uc57d\ud569\ub2c8\ub2e4.\n\n\ud574\uc678 \ud339 \ud655\uc7a5\ub3c4 Bull\uc774 \ub9d0\ud55c \uac83\ucc98\ub7fc \uc7a5\uae30 \uc804\ub7b5\uc801 \uac00\uce58\uac00 \uc788\uc744 \uc218 \uc788\uc9c0\ub9cc, \ub2e8\uae30\uc640 \uc911\uae30 \ud22c\uc790\uc790 \uc785\uc7a5\uc5d0\uc11c\ub294 \ube44\uc6a9 \ubb38\uc81c\ub97c \uba3c\uc800 \ubd10\uc57c \ud569\ub2c8\ub2e4. 2025-12-31 \ubd84\uae30 \uc790\ubcf8\uc9c0\ucd9c\uc740 -361,467,809,000\uc73c\ub85c \uc804\ubd84\uae30 -288,443,339,000\ubcf4\ub2e4 \ub298\uc5c8\uc2b5\ub2c8\ub2e4. \uac74\uc124\uc911\uc778\uc790\uc0b0\ub3c4 1,518,996,210,000\uc73c\ub85c \ud06c\uac8c \uc99d\uac00\ud588\uc2b5\ub2c8\ub2e4. \uc774\ub294 \ubbf8\ub798 \uc131\uc7a5 \uae30\ubc18\uc77c \uc218 \uc788\uc9c0\ub9cc \ub3d9\uc2dc\uc5d0 \uac10\uac00\uc0c1\uac01 \ubd80\ub2f4\uacfc \ucd08\uae30 \uac00\ub3d9\ub960 \ub9ac\uc2a4\ud06c\uc785\ub2c8\ub2e4. TSM\uc758 \ud604\uc7ac \ud504\ub9ac\ubbf8\uc5c4\uc740 \uc601\uc5c5\uc774\uc775\ub960 \uc57d 54.0%, \uc21c\uc774\uc775\ub960 \uc57d 48.3% \uac19\uc740 \uc555\ub3c4\uc801 \uc218\uc775\uc131\uc5d0 \uae30\ub300\uace0 \uc788\ub294\ub370, \ud574\uc678 \uc0dd\uc0b0 \ube44\uc911 \ud655\ub300\uac00 \ube44\uc6a9 \uad6c\uc870\ub97c \ud754\ub4e4\uba74 \uc2dc\uc7a5\uc740 \uc774 \ud504\ub9ac\ubbf8\uc5c4\uc744 \ub2e4\uc2dc \uacc4\uc0b0\ud560 \uac81\ub2c8\ub2e4.\n\n\uadf8\ub9ac\uace0 AI \uc218\uc694\uac00 \uac15\ud558\ub2e4\ub294 \uc810\ub3c4 \ubb34\uc870\uac74\uc801\uc778 \uc548\uc804\ud310\uc740 \uc544\ub2d9\ub2c8\ub2e4. \uc624\ud788\ub824 \ucd5c\uadfc \uae0d\uc815 \ub0b4\ub7ec\ud2f0\ube0c\uac00 AI, Nvidia, Apple, 3nm\u00b75nm, \uc120\ub2e8 \uacf5\uc815 \uac00\uaca9 \uc778\uc0c1\uc774\ub77c\ub294 \uba87 \uac00\uc9c0 \ud0a4\uc6cc\ub4dc\uc5d0 \uacfc\ub3c4\ud558\uac8c \uc9d1\uc911\ub3fc \uc788\uc2b5\ub2c8\ub2e4. \uc774 \uc9d1\uc911\ub3c4\ub294 \uc0c1\uc2b9\uc7a5\uc5d0\uc11c\ub294 \uac15\uc810\ucc98\ub7fc \ubcf4\uc774\uc9c0\ub9cc, \uae30\ub300\uac00 \ud754\ub4e4\ub9b4 \ub54c\ub294 \uc57d\uc810\uc774 \ub429\ub2c8\ub2e4. AI \uc778\ud504\ub77c \ud22c\uc790 \uc18d\ub3c4 \ub454\ud654, \uc8fc\uc694 \uace0\uac1d\uc758 \uc8fc\ubb38 \ud0c0\uc774\ubc0d \uc870\uc815, \ube45\ud14c\ud06c CAPEX \uc0ac\uc774\ud074 \ubcc0\ud654, \ubc18\ub3c4\uccb4 \uc7ac\uace0 \uc870\uc815\uc774 \ub098\ud0c0\ub098\uba74 TSM\uc740 \u201c\ub2e4\ubcc0\ud654\ub41c \uc548\uc815\uc8fc\u201d\uac00 \uc544\ub2c8\ub77c \u201cAI \uae30\ub300\uac00 \ub9ce\uc774 \ubd99\uc740 \uace0\ub9c8\uc9c4 \uc0ac\uc774\ud074 \uc8fc\uc2dd\u201d\uc73c\ub85c \uc7ac\ud3c9\uac00\ub420 \uc218 \uc788\uc2b5\ub2c8\ub2e4.\n\n\uae30\uad00 \uc218\uae09\ub3c4 Bull\uc774 \ub9d0\ud55c \uac83\ucc98\ub7fc \ub300\uaddc\ubaa8 \uc774\ud0c8\uc740 \uc544\ub2d0 \uc218 \uc788\uc2b5\ub2c8\ub2e4. \ud558\uc9c0\ub9cc \uc77c\ubd80 \uae30\uad00 \ud655\ub300\uc640 \uc77c\ubd80 \ucd95\uc18c\uac00 \ud63c\uc7ac\ub418\uc5b4 \uc788\ub2e4\ub294 \uac74 \uc801\uc5b4\ub3c4 \ud604\uc7ac \uac00\uaca9\uc5d0\uc11c \ud655\uc2e0\uc774 \uc77c\ubc29\uc801\uc774\uc9c0 \uc54a\ub2e4\ub294 \ub73b\uc785\ub2c8\ub2e4. \uac15\ud55c \uc2e4\uc801\uacfc \ub9e4\uc218 \uc758\uacac\uc774 \uacc4\uc18d \ubcf4\ub3c4\ub418\ub294 \uc0c1\ud669\uc5d0\uc11c\ub3c4 \uc9c0\ubd84 \ucd95\uc18c\uc640 \ucc28\uc775 \uc2e4\ud604 \uae30\uc0ac\uac00 \ud568\uaed8 \ub098\uc628\ub2e4\ub294 \uac74, \uc804\ubb38 \ud22c\uc790\uc790\ub4e4\uc774 \u201c\uc0ac\uc5c5\uc740 \uc88b\uc9c0\ub9cc \uac00\uaca9\uc740 \ubd80\ub2f4\uc2a4\ub7fd\ub2e4\u201d\ub294 \ud310\ub2e8\uc744 \ud558\uace0 \uc788\uc744 \uac00\ub2a5\uc131\uc744 \ubcf4\uc5ec\uc90d\ub2c8\ub2e4.\n\n\uacfc\uac70 \ube44\uc2b7\ud55c \uc0c1\ud669\uc5d0\uc11c \ubc30\uc6cc\uc57c \ud560 \uc810\ub3c4 \uc788\uc2b5\ub2c8\ub2e4. \uac15\ud55c \uae30\uc5c5\uc758 \uc2e4\uc801 \uc11c\ud504\ub77c\uc774\uc988\ub97c \ubcf4\uace0 \ub4a4\ub2a6\uac8c \ub530\ub77c\ubd99\uc73c\uba74, \uc2e4\uc81c \uc190\uc2e4\uc740 \ud380\ub354\uba58\ud138 \ubd95\uad34\uc5d0\uc11c\ubcf4\ub2e4 \uae30\ub300\uce58 \uc870\uc815\uacfc \ubc38\ub958\uc5d0\uc774\uc158 \uc555\ucd95\uc5d0\uc11c \uba3c\uc800 \ubc1c\uc0dd\ud558\ub294 \uacbd\uc6b0\uac00 \ub9ce\uc558\uc2b5\ub2c8\ub2e4. \ud2b9\ud788 \u201c\ub3c5\uc810\uc801 \uc9c0\uc704\u201d, \u201c\uc7a5\uae30 \uad6c\uc870 \uc131\uc7a5\u201d, \u201cAI \ubcd1\ubaa9 \uc790\uc0b0\u201d \uac19\uc740 \ub9d0\uc774 \ub9de\ub294 \ub9d0\uc77c\uc218\ub85d \ud22c\uc790\uc790\ub4e4\uc740 \ub9ac\uc2a4\ud06c\ub97c \uacfc\uc18c\ud3c9\uac00\ud558\uae30 \uc27d\uc2b5\ub2c8\ub2e4. \uc774\ubc88\uc5d0\ub294 \uadf8 \uc2e4\uc218\ub97c \ubc18\ubcf5\ud558\uba74 \uc548 \ub429\ub2c8\ub2e4. \uc88b\uc740 \ud68c\uc0ac\ub77c\ub294 \uc0ac\uc2e4\uc744 \uc778\uc815\ud558\ub418, \ub9e4\uc218 \uac00\uaca9\uacfc \ub9ac\uc2a4\ud06c \ubcf4\uc0c1\uc774 \ucda9\ubd84\ud55c\uc9c0\ub294 \ubcc4\ub3c4\ub85c \ub530\uc838\uc57c \ud569\ub2c8\ub2e4.\n\n\uadf8\ub798\uc11c \uc81c \uacb0\ub860\uc740 \uba85\ud655\ud569\ub2c8\ub2e4. TSM\uc740 \ud380\ub354\uba58\ud138\uc774 \uc57d\ud574\uc11c \ud53c\ud574\uc57c \ud558\ub294 \uc885\ubaa9\uc774 \uc544\ub2d9\ub2c8\ub2e4. **\uae30\ub300\uac00 \ub108\ubb34 \ub192\uace0, \uac00\uaca9\uc774 \uc774\ubbf8 \ub9ce\uc740 \ud638\uc7ac\ub97c \ubc18\uc601\ud588\uace0, \uc9c0\uc815\ud559\u00b7CAPEX\u00b7AI \uc0ac\uc774\ud074\u00b7\uae30\uc220\uc801 \ubcc0\ub3d9\uc131 \ub9ac\uc2a4\ud06c\uac00 \ub3d9\uc2dc\uc5d0 \ucee4\uc9c4 \uc0c1\ud0dc\ub77c\uc11c \uc2e0\uaddc \ud22c\uc790 \ub9e4\ub825\uc774 \ub5a8\uc5b4\uc9c4 \uc885\ubaa9**\uc785\ub2c8\ub2e4. Bull\uc774 \ub9d0\ud55c 362~365 \ub20c\ub9bc \ub9e4\uc218\ub098 382.16 \ub3cc\ud30c \ub9e4\uc218 \uc804\ub7b5\ub3c4 \uacb0\uad6d \uc9c0\uae08 \uac00\uaca9\ub300\uc5d0\uc11c\ub294 \ud655\uc2e0 \uc788\uac8c \uc0ac\uae30 \uc5b4\ub835\ub2e4\ub294 \uc0ac\uc2e4\uc744 \uc778\uc815\ud558\ub294 \uc148\uc785\ub2c8\ub2e4. \uc800\ub294 \uc5ec\uae30\uc11c \uad73\uc774 \uace0\uc810\uad8c \ud504\ub9ac\ubbf8\uc5c4\uc744 \uc9c0\ubd88\ud558\uae30\ubcf4\ub2e4, 352 \ubd80\uadfc \ud575\uc2ec \uc9c0\uc9c0 \ud655\uc778 \ub610\ub294 \ubc38\ub958\uc5d0\uc774\uc158 \ubd80\ub2f4\uc774 \uc644\ud654\ub418\ub294 \ub354 \uae4a\uc740 \uc870\uc815\uc744 \uae30\ub2e4\ub9ac\ub294 \ucabd\uc774 \ud6e8\uc52c \ud569\ub9ac\uc801\uc774\ub77c\uace0 \ubd05\ub2c8\ub2e4.",
        "history": "\nBull Analyst: \uc81c\uac00 \ubcf4\ub294 TSM\uc758 \ud575\uc2ec\uc740 \ub2e8\uc21c\ud788 \u201cAI \ud14c\ub9c8\ub97c \ud0c4 \uc8fc\uc2dd\u201d\uc774 \uc544\ub2c8\ub77c, AI \uc778\ud504\ub77c \uc0ac\uc774\ud074\uc758 \ubcd1\ubaa9 \uc790\uc0b0\uc774\ub77c\ub294 \uc810\uc785\ub2c8\ub2e4. \ubca0\uc5b4\uac00 \ubc38\ub958\uc5d0\uc774\uc158, \uc9c0\uc815\ud559 \ub9ac\uc2a4\ud06c, \ub2e8\uae30 \ucc28\uc775\uc2e4\ud604\uc744 \uc9c0\uc801\ud560 \uc218 \uc788\ub2e4\ub294 \uac74 \uc778\uc815\ud569\ub2c8\ub2e4. \ud558\uc9c0\ub9cc \uadf8 \ub9ac\uc2a4\ud06c\ub97c \uac10\uc548\ud574\ub3c4 \ud604\uc7ac \ub370\uc774\ud130\ub294 \uc5ec\uc804\ud788 \uac15\ud55c \ud380\ub354\uba58\ud138\uacfc \ucd94\uc138\uac00 \uc8fc\uac00\ub97c \uc9c0\uc9c0\ud558\uace0 \uc788\ub2e4\ub294 \ucabd\uc5d0 \ub354 \ubb34\uac8c\uac00 \uc2e4\ub9bd\ub2c8\ub2e4.\n\n\uba3c\uc800 \uc131\uc7a5\uc131\ubd80\ud130 \ubcf4\uc8e0. TSM\uc758 2026\ub144 1\ubd84\uae30 \ub9e4\ucd9c\uc740 \uc57d NT$1.13\uc870, \uc57d 356\uc5b5 \ub2ec\ub7ec\ub85c \uc804\ub144 \ub300\ube44 35% \uc774\uc0c1 \uc99d\uac00\ud588\uace0, 3\uc6d4 \ub9e4\ucd9c\uc740 \uc804\ub144 \ub300\ube44 45.2% \uc99d\uac00\ud588\uc2b5\ub2c8\ub2e4. \uc21c\uc774\uc775\ub3c4 58% \uc99d\uac00\ud588\uace0 2\ubd84\uae30 \ub9e4\ucd9c \uc804\ub9dd\ub3c4 \ucee8\uc13c\uc11c\uc2a4\ub97c \uc6c3\ub3c8 \uac83\uc73c\ub85c \ubcf4\ub3c4\ub410\uc2b5\ub2c8\ub2e4. \uc774\uac74 \ub9c9\uc5f0\ud55c \uae30\ub300\uac00 \uc544\ub2c8\ub77c \uc2e4\uc81c \ub9e4\ucd9c\uacfc \uc774\uc775\uc73c\ub85c \ud655\uc778\ub41c \uc218\uc694\uc785\ub2c8\ub2e4. Nvidia, Apple \uac19\uc740 \ub300\ud615 \uace0\uac1d\uc758 AI \ubc0f \ucca8\ub2e8 \uce69 \uc218\uc694\uac00 3nm, 5nm \uacf5\uc815 \uac00\ub3d9\ub960\uc744 \ubc00\uc5b4 \uc62c\ub9ac\uace0 \uc788\uace0, \uc120\ub2e8 \uacf5\uc815 \uac00\uaca9 \uc778\uc0c1 \uac00\ub2a5\uc131\uae4c\uc9c0 \uac70\ub860\ub429\ub2c8\ub2e4. \uc989 \ub9e4\ucd9c \uc131\uc7a5, \ub9c8\uc9c4, \uac00\uaca9 \uacb0\uc815\ub825\uc774 \ud55c \ubc29\ud5a5\uc73c\ub85c \uc6c0\uc9c1\uc774\uace0 \uc788\uc2b5\ub2c8\ub2e4.\n\n\uacbd\uc7c1\uc6b0\uc704\ub294 \ub354 \uac15\ud569\ub2c8\ub2e4. \ub274\uc2a4 \uae30\ubc18 \uc790\ub8cc\uc5d0\uc11c TSM\uc758 \uae00\ub85c\ubc8c \ud30c\uc6b4\ub4dc\ub9ac \uc810\uc720\uc728\uc740 69.9%\ub85c \uc5b8\uae09\ub410\uace0, \uc804 \uc138\uacc4 \uc120\ub2e8 \ubc18\ub3c4\uccb4 \uc0dd\uc0b0\uc758 \uc57d 90%\uac00 \ub300\ub9cc\uc5d0 \uc9d1\uc911\ub418\uc5b4 \uc788\ub2e4\ub294 \ubcf4\ub3c4\ub3c4 \uc788\uc5c8\uc2b5\ub2c8\ub2e4. \ubca0\uc5b4\ub294 \uc774\uac83\uc744 \uc9c0\uc815\ud559 \ub9ac\uc2a4\ud06c\ub85c \ubcfc \uac81\ub2c8\ub2e4. \ub9de\uc2b5\ub2c8\ub2e4. \ud558\uc9c0\ub9cc \ub3d9\uc2dc\uc5d0 \uc774\uac83\uc740 TSM\uc774 \ub300\uccb4\ud558\uae30 \uc5b4\ub824\uc6b4 \uc804\ub7b5\uc801 \uc790\uc0b0\uc774\ub77c\ub294 \ub73b\uc774\uae30\ub3c4 \ud569\ub2c8\ub2e4. \uace0\uac1d\uc0ac \uc785\uc7a5\uc5d0\uc11c TSM\uc740 \uc120\ud0dd\uc9c0\uac00 \uc544\ub2c8\ub77c \ud544\uc218 \uc778\ud504\ub77c\uc5d0 \uac00\uae5d\uc2b5\ub2c8\ub2e4. AI \ubc18\ub3c4\uccb4 \uc124\uacc4\uc0ac\ub294 \ubc14\ub014 \uc218 \uc788\uc5b4\ub3c4, \ucd5c\ucca8\ub2e8 \ud30c\uc6b4\ub4dc\ub9ac \ubcd1\ubaa9\uc740 \uc27d\uac8c \ub300\uccb4\ub418\uc9c0 \uc54a\uc2b5\ub2c8\ub2e4. \uadf8\ub798\uc11c TSM\uc740 \ud2b9\uc815 AI \uce69 \uc5c5\uccb4\uc758 \uc81c\ud488 \uc0ac\uc774\ud074\ubcf4\ub2e4 \ub354 \ub113\uc740 \uc0dd\ud0dc\uacc4 \uc218\uc694\ub97c \ud761\uc218\ud560 \uc218 \uc788\uc2b5\ub2c8\ub2e4.\n\n\ud380\ub354\uba58\ud138\ub3c4 \ubc38\ub958\uc5d0\uc774\uc158 \ud504\ub9ac\ubbf8\uc5c4\uc744 \ub4b7\ubc1b\uce68\ud569\ub2c8\ub2e4. 2025\ub144 12\uc6d4 31\uc77c \ubd84\uae30 \uae30\uc900 \ub9e4\ucd9c\uc740 \uc804\ubd84\uae30 \ub300\ube44 \uc99d\uac00\ud588\uace0, \uc21c\uc774\uc775\ub3c4 NT$4523\uc5b5\uc5d0\uc11c NT$5057\uc5b5\uc73c\ub85c \uac1c\uc120\ub410\uc2b5\ub2c8\ub2e4. \uc601\uc5c5\uc774\uc775\ub960\uc740 \uc57d 54.0%, \uc21c\uc774\uc775\ub960\uc740 \uc57d 48.3%\uc785\ub2c8\ub2e4. \uc81c\uc870\uc5c5\uccb4\uac00 \uc774 \uc815\ub3c4 \ub9c8\uc9c4\uc744 \uc720\uc9c0\ud558\uba74\uc11c \ub9e4\ucd9c\uc744 30% \uc774\uc0c1 \uc131\uc7a5\uc2dc\ud0a4\ub294 \uacbd\uc6b0\ub294 \ub4dc\ubb45\ub2c8\ub2e4. \uc601\uc5c5\ud604\uae08\ud750\ub984\uc740 NT$7255\uc5b5, \uc790\uc720\ud604\uae08\ud750\ub984\uc740 NT$3640\uc5b5\uc73c\ub85c \ub300\uaddc\ubaa8 \uc124\ube44\ud22c\uc790\ub97c \ud558\uba74\uc11c\ub3c4 \ud604\uae08 \ucc3d\ucd9c\ub825\uc774 \ud06c\uac8c \uac1c\uc120\ub410\uc2b5\ub2c8\ub2e4. \ud604\uae08 \ubc0f \ub2e8\uae30\ud22c\uc790\ub3c4 NT$3.13\uc870, \uc720\ub3d9\ube44\uc728 2.618\ub85c \uc7ac\ubb34 \uc548\uc815\uc131\ub3c4 \ub192\uc2b5\ub2c8\ub2e4.\n\n\ubca0\uc5b4\uac00 \u201cPER 34.7\ubc30\ub294 \ube44\uc2f8\ub2e4\u201d\uace0 \ub9d0\ud55c\ub2e4\uba74, \uc800\ub294 \ud6c4\ud589 PER\ub9cc \ubcf4\uba74 \uc548 \ub41c\ub2e4\uace0 \ub2f5\ud558\uaca0\uc2b5\ub2c8\ub2e4. \uc120\ud589 PER\uc740 19.2\ubc30 \uc218\uc900\uc73c\ub85c \uc81c\uc2dc\ub418\uc5b4 \uc788\uace0, \uc774\uc775 \uc131\uc7a5\ub960\uacfc \uc2dc\uc7a5 \uc9c0\ubc30\ub825\uc744 \uace0\ub824\ud558\uba74 \uace0\ud488\uc9c8 \ub3c5\uc810\uc801 \uc790\uc0b0\uc5d0 \ub300\ud55c \uacfc\ub3c4\ud55c \uac00\uaca9\uc774\ub77c\uace0 \ub2e8\uc815\ud558\uae30 \uc5b4\ub835\uc2b5\ub2c8\ub2e4. \ud2b9\ud788 \uc21c\uc774\uc775\uc774 58% \uc99d\uac00\ud558\uace0, \ubd84\uae30 \ub9e4\ucd9c\uc774 35% \uc774\uc0c1 \uc131\uc7a5\ud558\uba70, 2\ubd84\uae30 \uac00\uc774\ub358\uc2a4\uae4c\uc9c0 \uc0c1\ud5a5\ub41c \uc0c1\ud669\uc5d0\uc11c 19\ubc30\ub300 \uc120\ud589 \uc774\uc775 \ubc30\uc218\ub294 \uc624\ud788\ub824 AI \uc778\ud504\ub77c \ud575\uc2ec \uacf5\uae09\ub9dd \uae30\uc5c5\uce58\uace0\ub294 \ubc29\uc5b4 \uac00\ub2a5\ud55c \uc218\uc900\uc785\ub2c8\ub2e4.\n\n\uae30\uc220\uc801 \ud750\ub984\ub3c4 \ubca0\uc5b4\uac00 \uc8fc\uc7a5\ud560 \u201c\uace0\uc810\uad8c \ubd80\ub2f4\u201d\ub9cc\uc73c\ub85c \ubcf4\uae30 \uc5b4\ub835\uc2b5\ub2c8\ub2e4. 2026\ub144 3\uc6d4 30\uc77c \uc800\uc810 316.50 \uc774\ud6c4 4\uc6d4 15\uc77c \uc885\uac00 375.10\uae4c\uc9c0 \uac15\ud558\uac8c \ud68c\ubcf5\ud588\uace0, \uac00\uaca9\uc740 50\uc77c\uc120 352.82\uc640 200\uc77c\uc120 295.56 \uc704\uc5d0 \uc788\uc2b5\ub2c8\ub2e4. \ub450 \uc774\ub3d9\ud3c9\uade0 \ubaa8\ub450 \uc0c1\uc2b9 \uc911\uc785\ub2c8\ub2e4. MACD\ub294 4\uc6d4 8\uc77c -0.28\uc5d0\uc11c 4\uc6d4 16\uc77c 7.10\uae4c\uc9c0 \uac1c\uc120\ub410\uace0, RSI\ub294 55.38\ub85c \uacfc\uc5f4\uad8c\uc774 \uc544\ub2d9\ub2c8\ub2e4. \ub2e8\uae30 \uac00\uc18d\ub3c4\ub294 \ub454\ud654\ub410\uc9c0\ub9cc, \uc774\uac74 \ucd94\uc138 \ubd95\uad34\ub77c\uae30\ubcf4\ub2e4 \uac15\ud55c \uc0c1\uc2b9 \uc774\ud6c4\uc758 \uc815\uc0c1\uc801\uc778 \uc2dd\ud798\uc73c\ub85c \ubcf4\ub294 \uac8c \ub354 \ud569\ub9ac\uc801\uc785\ub2c8\ub2e4.\n\n\ubb3c\ub860 \uc800\ub294 \uc5ec\uae30\uc11c \ubb34\uc870\uac74 \ucd94\uaca9 \ub9e4\uc218\ub97c \uc8fc\uc7a5\ud558\uc9c0\ub294 \uc54a\uc2b5\ub2c8\ub2e4. \uacfc\uac70 \uc720\uc0ac\ud55c \uc0c1\ud669\uc5d0\uc11c \ubc30\uc6cc\uc57c \ud560 \uc810\uc740, \uac15\ud55c \uae30\uc5c5\uc744 \uc88b\uc740 \uac00\uaca9 \uc5c6\uc774 \ucad3\uc544\uac00\uba74 \ub2e8\uae30 \ubcc0\ub3d9\uc131\uc5d0 \ud754\ub4e4\ub9b4 \uc218 \uc788\ub2e4\ub294 \uac83\uc785\ub2c8\ub2e4. \uadf8\ub798\uc11c \ud22c\uc790 \ub17c\ub9ac\uc640 \uc9c4\uc785 \uc804\uc220\uc744 \ubd84\ub9ac\ud574\uc57c \ud569\ub2c8\ub2e4. \uc7a5\uae30 \ud22c\uc790 \ub17c\ub9ac\ub294 \uac15\ud558\uac8c \uc720\uc9c0\ud558\ub418, \uc2e0\uaddc \uc9c4\uc785\uc740 362~365 \ubd80\uadfc \ub20c\ub9bc\uc5d0\uc11c 10\uc77c\uc120 \ubc29\uc5b4\ub97c \ud655\uc778\ud558\uac70\ub098, 382.16 \uc704 \uc885\uac00 \ub3cc\ud30c\uc640 \uac70\ub798\ub7c9 \ud655\uc778\uc774 \ub098\uc62c \ub54c\uac00 \ub354 \ud569\ub9ac\uc801\uc785\ub2c8\ub2e4. \uc774\uac74 \uc57d\uc138\uac00 \uc544\ub2c8\ub77c \uc88b\uc740 \uae30\uc5c5\uc744 \ub354 \uc88b\uc740 \ub9ac\uc2a4\ud06c-\ubcf4\uc0c1\uc73c\ub85c \uc0ac\uae30 \uc704\ud55c \uaddc\uc728\uc785\ub2c8\ub2e4.\n\n\uc9c0\uc815\ud559 \ub9ac\uc2a4\ud06c\ub3c4 \ubb34\uc2dc\ud558\uc9c0 \uc54a\uaca0\uc2b5\ub2c8\ub2e4. \ub300\ub9cc \ud574\ud611, \uc911\ub3d9 \uc804\uc7c1\uc5d0 \ub530\ub978 \uc18c\uc7ac\u00b7\uac00\uc2a4 \uacf5\uae09\ub9dd \ubb38\uc81c, \ud574\uc678 \uc99d\uc124 \ube44\uc6a9\uc740 \ubd84\uba85 \ub9ac\uc2a4\ud06c\uc785\ub2c8\ub2e4. \ud558\uc9c0\ub9cc \uc774 \ub9ac\uc2a4\ud06c\ub294 \uc624\ub298 \uc0c8\ub86d\uac8c \uc0dd\uae34 \uac83\uc774 \uc544\ub2c8\ub77c \uc624\ub798\uc804\ubd80\ud130 TSM \ubc38\ub958\uc5d0\uc774\uc158\uc5d0 \ubc18\uc601\ub418\uc5b4 \uc628 \uad6c\uc870\uc801 \ud560\uc778 \uc694\uc778\uc785\ub2c8\ub2e4. \uadf8\ub7fc\uc5d0\ub3c4 TSM\uc740 \ub9e4\ucd9c, \uc774\uc775, \ud604\uae08\ud750\ub984, \uc2dc\uc7a5 \uc810\uc720\uc728\uc744 \uacc4\uc18d \ub04c\uc5b4\uc62c\ub9ac\uace0 \uc788\uc2b5\ub2c8\ub2e4. \uadf8\ub9ac\uace0 \uac01\uad6d\uc774 \uacf5\uae09\ub9dd \ub2e4\ubcc0\ud654\ub97c \uc6d0\ud560\uc218\ub85d TSM\uc758 \uae00\ub85c\ubc8c \ud339 \ud655\uc7a5\uc740 \ube44\uc6a9 \ubd80\ub2f4\uc774\uba74\uc11c \ub3d9\uc2dc\uc5d0 \uace0\uac1d \ubc00\ucc29\ub3c4\uc640 \uc804\ub7b5\uc801 \uc911\uc694\uc131\uc744 \ub192\uc774\ub294 \uc7a5\uae30 \ud22c\uc790\uc774\uae30\ub3c4 \ud569\ub2c8\ub2e4.\n\n\ubca0\uc5b4\uc758 \uac00\uc7a5 \uac15\ud55c \uc8fc\uc7a5\uc740 \u201c\ud638\uc2e4\uc801\uc5d0\ub3c4 \uc8fc\uac00\uac00 \ud558\ub77d\ud588\ub2e4\u201d\ub294 \uc810\uc77c \uac81\ub2c8\ub2e4. \ud558\uc9c0\ub9cc \uc800\ub294 \uc774\ub97c \ud380\ub354\uba58\ud138 \ubd80\uc815\uc774 \uc544\ub2c8\ub77c \uae30\ub300 \uc120\ubc18\uc601 \ud6c4 \ucc28\uc775\uc2e4\ud604\uc73c\ub85c \ud574\uc11d\ud569\ub2c8\ub2e4. \uc2e4\uc81c\ub85c \uae30\uad00 \ud750\ub984\ub3c4 \ub300\uaddc\ubaa8 \uc774\ud0c8\uc774\ub77c\uae30\ubcf4\ub2e4 \uc77c\ubd80 \ud655\ub300\uc640 \uc77c\ubd80 \ucd95\uc18c\uac00 \uc11e\uc778 \ub9ac\ubc38\ub7f0\uc2f1 \uc131\uaca9\uc5d0 \uac00\uae5d\uc2b5\ub2c8\ub2e4. \uc911\uc694\ud55c \uac74 \uc2e4\uc801 \ubc1c\ud45c \ud6c4 \ub274\uc2a4\uc758 \uc9c8\uc774 \ub098\ube60\uc9c4 \uac8c \uc544\ub2c8\ub77c, \uc2dc\uc7a5\uc774 \ub2e8\uae30 \uac00\uaca9\uc744 \uc18c\ud654\ud558\uace0 \uc788\ub2e4\ub294 \uc810\uc785\ub2c8\ub2e4. \uc0ac\uc5c5 \uc804\ub9dd\uc774 \ud6fc\uc190\ub41c \ud558\ub77d\uacfc \ud638\uc7ac \uc774\ud6c4 \ucc28\uc775\uc2e4\ud604\uc740 \uc644\uc804\ud788 \ub2e4\ub985\ub2c8\ub2e4.\n\n\uacb0\ub860\uc801\uc73c\ub85c TSM\uc758 bull case\ub294 \uba85\ud655\ud569\ub2c8\ub2e4. AI \uc218\uc694\ub294 \ub9e4\ucd9c\uacfc \uc774\uc775\uc73c\ub85c \ud655\uc778\ub410\uace0, \uc120\ub2e8 \uacf5\uc815 \uc9c0\ubc30\ub825\uc740 \uc5ec\uc804\ud788 \uc555\ub3c4\uc801\uc774\uba70, \ub9c8\uc9c4\uacfc \ud604\uae08\ud750\ub984\uc740 \ud504\ub9ac\ubbf8\uc5c4 \ubc38\ub958\uc5d0\uc774\uc158\uc744 \uc815\ub2f9\ud654\ud569\ub2c8\ub2e4. \uae30\uc220\uc801\uc73c\ub85c\ub3c4 \uc8fc\uc694 \uc774\ub3d9\ud3c9\uade0 \uc704\uc5d0\uc11c \uc0c1\uc2b9 \ucd94\uc138\uac00 \uc720\uc9c0\ub418\uace0 \uc788\uc2b5\ub2c8\ub2e4. \ub2e8\uae30\uc801\uc73c\ub85c\ub294 \ubcc0\ub3d9\uc131\uc774 \ud06c\uace0 \ucd94\uaca9 \ub9e4\uc218\ub294 \uc870\uc2ec\ud574\uc57c \ud558\uc9c0\ub9cc, \uadf8\uac74 \ud22c\uc790 \ud68c\ud53c \ub17c\ub9ac\uac00 \uc544\ub2c8\ub77c \ubd84\ud560 \ub9e4\uc218\uc640 \ub20c\ub9bc \ub9e4\uc218 \uc804\ub7b5\uc758 \uadfc\uac70\uc785\ub2c8\ub2e4. \ubca0\uc5b4\uac00 \ub9ac\uc2a4\ud06c\ub97c \ub9d0\ud558\ub294 \ub3d9\uc548, \uc22b\uc790\ub294 TSM\uc774 \uc5ec\uc804\ud788 AI \uc2dc\ub300\uc758 \ud575\uc2ec \uc0dd\uc0b0 \ud50c\ub7ab\ud3fc\uc774\ub77c\ub294 \uc0ac\uc2e4\uc744 \ubcf4\uc5ec\uc8fc\uace0 \uc788\uc2b5\ub2c8\ub2e4.\nBear Analyst: \uc88b\uc2b5\ub2c8\ub2e4. Bull \ucabd\uc774 \uc81c\uc2dc\ud55c \ud575\uc2ec \ub17c\ub9ac\ub294 \ubd84\uba85\ud569\ub2c8\ub2e4. TSM\uc740 AI \uc778\ud504\ub77c\uc758 \ubcd1\ubaa9 \uc790\uc0b0\uc774\uace0, \ub9e4\ucd9c\uacfc \uc774\uc775\uc774 \uc2e4\uc81c\ub85c \uac15\ud558\uba70, \uc120\ub2e8 \uacf5\uc815 \uc9c0\ubc30\ub825\uc774 \ub192\ub2e4\ub294 \uc8fc\uc7a5\uc785\ub2c8\ub2e4. \uc800\ub3c4 TSM\uc774 \ub098\uc05c \ud68c\uc0ac\ub77c\uace0 \ub9d0\ud558\ub824\ub294 \uac8c \uc544\ub2d9\ub2c8\ub2e4. \uc81c \uc57d\uc138 \ub17c\ub9ac\ub294 \ub2e4\ub985\ub2c8\ub2e4. **\uc88b\uc740 \ud68c\uc0ac\uc640 \uc88b\uc740 \uc8fc\uc2dd\uc740 \ub2e4\ub974\uace0, \uc9c0\uae08 TSM\uc740 \uc88b\uc740 \ud68c\uc0ac\ub77c\ub294 \uc0ac\uc2e4\uc744 \uc2dc\uc7a5\uc774 \uc774\ubbf8 \ub9e4\uc6b0 \uacf5\uaca9\uc801\uc73c\ub85c \uac00\uaca9\uc5d0 \ubc18\uc601\ud55c \uc0c1\ud0dc**\ub77c\ub294 \uac81\ub2c8\ub2e4.\n\n\uba3c\uc800 \uac00\uc7a5 \uc911\uc694\ud55c \uc9c0\uc810\uc740 \u201c\ud638\uc2e4\uc801\uc5d0\ub3c4 \uc8fc\uac00\uac00 \ubc00\ub838\ub2e4\u201d\ub294 \uc0ac\uc2e4\uc785\ub2c8\ub2e4. 2026\ub144 1\ubd84\uae30 \uc21c\uc774\uc775 58% \uc99d\uac00, \ub9e4\ucd9c \uc57d NT$1.13\uc870, 3\uc6d4 \ub9e4\ucd9c \uc804\ub144 \ub300\ube44 45.2% \uc99d\uac00, 2\ubd84\uae30 \uac00\uc774\ub358\uc2a4 \uc0c1\ud5a5\uae4c\uc9c0 \ub098\uc654\ub294\ub370\ub3c4 2026-04-16\uc5d0 \uc8fc\uac00\uac00 \ud558\ub77d\ud588\ub2e4\ub294 \ubcf4\ub3c4\uac00 \uc788\uc5c8\uc2b5\ub2c8\ub2e4. Bull\uc740 \uc774\ub97c \ub2e8\uc21c\ud55c \ucc28\uc775\uc2e4\ud604\uc774\ub77c\uace0 \ud574\uc11d\ud558\uc9c0\ub9cc, \uc800\ub294 \uc774\uac8c \ub354 \uc911\uc694\ud55c \uacbd\uace0\ub77c\uace0 \ubd05\ub2c8\ub2e4. \uc2dc\uc7a5\uc774 \uc774\ubbf8 \uc88b\uc740 \uc22b\uc790\ub97c \uae30\ub300\ud588\uace0, \uc2e4\uc81c\ub85c \uc88b\uc740 \uc22b\uc790\uac00 \ub098\uc640\ub3c4 \ucd94\uac00 \ub9e4\uc218\uc138\uac00 \ub530\ub77c\ubd99\uc9c0 \uc54a\uc558\ub2e4\ub294 \ub73b\uc785\ub2c8\ub2e4. \uc989 \uc9c0\uae08\ubd80\ud130\ub294 \u201c\uc88b\uc740 \uc2e4\uc801\u201d\uc774 \uc544\ub2c8\ub77c \u201c\uc608\uc0c1\ubcf4\ub2e4 \ud6e8\uc52c \ub354 \uc88b\uc740 \uc2e4\uc801\u201d\uc774 \uacc4\uc18d \ud544\uc694\ud569\ub2c8\ub2e4. \uadf8\uac74 \ud22c\uc790\uc790\uc5d0\uac8c \uc0c1\ub2f9\ud788 \ubd88\ub9ac\ud55c \uae30\ub300 \uad6c\uc870\uc785\ub2c8\ub2e4.\n\n\uae30\uc220\uc801\uc73c\ub85c\ub3c4 \uc0c1\uc2b9 \ucd94\uc138\ub77c\ub294 \ub9d0\ub9cc\uc73c\ub85c \uc548\uc2ec\ud558\uae30 \uc5b4\ub835\uc2b5\ub2c8\ub2e4. 2026-03-30 \uc800\uc810 316.50\uc5d0\uc11c 2026-04-15 \uc885\uac00 375.10\uae4c\uc9c0 \ub2e8\uae30\uac04\uc5d0 \uae09\ubc18\ub4f1\ud588\uace0, 2026-04-08\uc5d0\ub294 345.32\uc5d0\uc11c 365.90\uc73c\ub85c \uac2d\uc131 \uae09\ub4f1\uc774 \ub098\uc654\uc2b5\ub2c8\ub2e4. \uc774\uac74 \uacac\uc870\ud55c \ub204\uc801 \uc0c1\uc2b9\uc774\ub77c\uae30\ubcf4\ub2e4 \uc774\ubca4\ud2b8\uc131 \uc7ac\ud3c9\uac00\uc5d0 \uac00\uae5d\uc2b5\ub2c8\ub2e4. 2026-04-14 \uace0\uac00 382.16 \uc774\ud6c4 4\uc6d4 15\uc77c \uc885\uac00\uac00 375.10\uc73c\ub85c \ubc00\ub838\uace0, RSI\ub294 66.01\uc5d0\uc11c 55.38\ub85c \ube60\uc84c\uc2b5\ub2c8\ub2e4. MACD \ud788\uc2a4\ud1a0\uadf8\ub7a8\ub3c4 5.09\uc5d0\uc11c 3.64\ub85c \ub454\ud654\ub410\uc2b5\ub2c8\ub2e4. Bull\uc740 \u201c\uc815\uc0c1\uc801\uc778 \uc2dd\ud798\u201d\uc774\ub77c\uace0 \ud558\uc9c0\ub9cc, \uace0\uc810 \ubd80\uadfc\uc5d0\uc11c \uac70\ub798\ub7c9 14,792,400\uc8fc\ub97c \ub3d9\ubc18\ud574 \ud558\ub77d\ud588\ub2e4\ub294 \uac74 \ucc28\uc775\uc2e4\ud604 \uc555\ub825\uc774 \uc2e4\uc81c\ub85c \ucee4\uc9c0\uace0 \uc788\ub2e4\ub294 \uc2e0\ud638\uc785\ub2c8\ub2e4. 362 \uc544\ub798\ub85c \ubc00\ub9ac\uba74 \ub2e8\uae30 \ubaa8\uba58\ud140 \ud6fc\uc190, 352 \ubd80\uadfc 50\uc77c\uc120\uacfc VWMA \uc774\ud0c8\uc774\uba74 4\uc6d4 \ubc18\ub4f1\uc758 \uc9c8 \uc790\uccb4\ub97c \ub2e4\uc2dc \ubd10\uc57c \ud569\ub2c8\ub2e4.\n\n\ubc38\ub958\uc5d0\uc774\uc158\ub3c4 Bull\uc758 \uc124\uba85\ucc98\ub7fc \uac04\ub2e8\ud788 \ubc29\uc5b4 \uac00\ub2a5\ud558\ub2e4\uace0 \ubcf4\uae30 \uc5b4\ub835\uc2b5\ub2c8\ub2e4. \ud6c4\ud589 PER 34.7\ubc30, \uc120\ud589 PER 19.2\ubc30\ub77c\ub294 \uc22b\uc790\ub294 \uac89\uc73c\ub85c \ubcf4\uba74 \uc131\uc7a5\uc8fc \uce58\uace0 \uad1c\ucc2e\uc544 \ubcf4\uc77c \uc218 \uc788\uc2b5\ub2c8\ub2e4. \ud558\uc9c0\ub9cc \ubb38\uc81c\ub294 \uc120\ud589 PER\uc774 \uac15\ud55c AI \uc218\uc694, \ub192\uc740 \uac00\ub3d9\ub960, \uac00\uaca9 \uacb0\uc815\ub825, \ub9c8\uc9c4 \uc720\uc9c0, \uc9c0\uc815\ud559 \ub9ac\uc2a4\ud06c \ud1b5\uc81c, \ud574\uc678 \uc99d\uc124 \ube44\uc6a9 \ud761\uc218\uae4c\uc9c0 \uac70\uc758 \ubaa8\ub4e0 \uae0d\uc815 \uac00\uc815\uc744 \ud3ec\ud568\ud55c\ub2e4\ub294 \uc810\uc785\ub2c8\ub2e4. \uc989 19\ubc30\ub77c\ub294 \uc22b\uc790\uac00 \uc2f8 \ubcf4\uc774\ub824\uba74 \ud604\uc7ac\uc758 35%\ub300 \ub9e4\ucd9c \uc131\uc7a5\uacfc 58% \uc21c\uc774\uc775 \uc99d\uac00 \uac19\uc740 \ud750\ub984\uc774 \uc0c1\ub2f9 \uae30\uac04 \uc774\uc5b4\uc838\uc57c \ud569\ub2c8\ub2e4. \ubc18\ub300\ub85c AI \uc8fc\ubb38 \uc99d\uac00\uc728\uc774 \ub454\ud654\ub418\uac70\ub098 \uace0\uac1d \uc7ac\uace0 \uc870\uc815\uc774 \uc2dc\uc791\ub418\uac70\ub098, \uc99d\uc124 \ube44\uc6a9\uc774 \uc608\uc0c1\ubcf4\ub2e4 \ucee4\uc9c0\uba74 \uc120\ud589 \uc774\uc775 \ucd94\uc815 \uc790\uccb4\uac00 \ub0b4\ub824\uac00\uace0 \uba40\ud2f0\ud50c\ub3c4 \uac19\uc774 \uc555\ubc15\ubc1b\uc744 \uc218 \uc788\uc2b5\ub2c8\ub2e4.\n\nBull\uc740 TSM\uc758 69.9% \ud30c\uc6b4\ub4dc\ub9ac \uc810\uc720\uc728\uacfc \uc120\ub2e8 \ubc18\ub3c4\uccb4 \uc57d 90% \ub300\ub9cc \uc9d1\uc911\uc744 \uacbd\uc7c1\uc6b0\uc704\ub85c \ubd05\ub2c8\ub2e4. \uc800\ub294 \ubc14\ub85c \uadf8 \uc9c0\uc810\uc774 \uc57d\uc138 \ub17c\ub9ac\uc758 \ud575\uc2ec\uc774\ub77c\uace0 \ubd05\ub2c8\ub2e4. \uc9c0\ubc30\ub825\uc774 \ub192\ub2e4\ub294 \uac74 \ub9de\uc9c0\ub9cc, \uc0dd\uc0b0 \uc9d1\uc911\ub3c4\uac00 \ub192\ub2e4\ub294 \uac74 \ub2e8\uc77c \uc7a5\uc560\uc810\uc774\ub77c\ub294 \ub73b\uc774\uae30\ub3c4 \ud569\ub2c8\ub2e4. \ub300\ub9cc \ud574\ud611 \uae34\uc7a5, \uc911\uad6d\uc758 \uad70\uc0ac\uc801 \uc555\ubc15 \uac00\ub2a5\uc131, \uc911\ub3d9 \uc804\uc7c1\uc73c\ub85c \uc778\ud55c \ud654\ud559\ubb3c\uc9c8\u00b7\uac00\uc2a4 \uacf5\uae09 \ucc28\uc9c8, \uacf5\uae09\ub9dd \ub2e4\ubcc0\ud654 \uc555\ub825\uc740 \ubaa8\ub450 \ubc18\ubcf5\uc801\uc73c\ub85c \uc5b8\uae09\ub418\uace0 \uc788\uc2b5\ub2c8\ub2e4. Bull\uc740 \u201c\uc774\ubbf8 \ubc18\uc601\ub41c \ub9ac\uc2a4\ud06c\u201d\ub77c\uace0 \ub9d0\ud558\uc9c0\ub9cc, \uc9c0\uc815\ud559 \ub9ac\uc2a4\ud06c\ub294 \uc77c\ubc18\uc801\uc778 \uacbd\uae30 \ub9ac\uc2a4\ud06c\uc640 \ub2e4\ub985\ub2c8\ub2e4. \ubc1c\uc0dd \ud655\ub960\uc740 \ub0ae\uac8c \ubcf4\uc774\ub2e4\uac00\ub3c4, \ub274\uc2a4 \ud55c \ubc88\uc5d0 \ud560\uc778\uc728\uacfc \ud3ec\uc9c0\uc158\uc774 \uae09\uaca9\ud788 \ubc14\ub014 \uc218 \uc788\uc2b5\ub2c8\ub2e4. \ud2b9\ud788 TSM\ucc98\ub7fc \uc2dc\uc7a5 \uae30\ub300\uac00 \ub192\uace0 \uae30\uc220\uc8fc \uc704\ud5d8 \uc120\ud638\uc5d0 \uae30\ub300\ub294 \uc885\ubaa9\uc740 \uc774\ub7f0 \ub9ac\uc2a4\ud06c \uc7ac\uac00\uaca9\ud654\uc5d0 \ucde8\uc57d\ud569\ub2c8\ub2e4.\n\n\ud574\uc678 \ud339 \ud655\uc7a5\ub3c4 Bull\uc774 \ub9d0\ud55c \uac83\ucc98\ub7fc \uc7a5\uae30 \uc804\ub7b5\uc801 \uac00\uce58\uac00 \uc788\uc744 \uc218 \uc788\uc9c0\ub9cc, \ub2e8\uae30\uc640 \uc911\uae30 \ud22c\uc790\uc790 \uc785\uc7a5\uc5d0\uc11c\ub294 \ube44\uc6a9 \ubb38\uc81c\ub97c \uba3c\uc800 \ubd10\uc57c \ud569\ub2c8\ub2e4. 2025-12-31 \ubd84\uae30 \uc790\ubcf8\uc9c0\ucd9c\uc740 -361,467,809,000\uc73c\ub85c \uc804\ubd84\uae30 -288,443,339,000\ubcf4\ub2e4 \ub298\uc5c8\uc2b5\ub2c8\ub2e4. \uac74\uc124\uc911\uc778\uc790\uc0b0\ub3c4 1,518,996,210,000\uc73c\ub85c \ud06c\uac8c \uc99d\uac00\ud588\uc2b5\ub2c8\ub2e4. \uc774\ub294 \ubbf8\ub798 \uc131\uc7a5 \uae30\ubc18\uc77c \uc218 \uc788\uc9c0\ub9cc \ub3d9\uc2dc\uc5d0 \uac10\uac00\uc0c1\uac01 \ubd80\ub2f4\uacfc \ucd08\uae30 \uac00\ub3d9\ub960 \ub9ac\uc2a4\ud06c\uc785\ub2c8\ub2e4. TSM\uc758 \ud604\uc7ac \ud504\ub9ac\ubbf8\uc5c4\uc740 \uc601\uc5c5\uc774\uc775\ub960 \uc57d 54.0%, \uc21c\uc774\uc775\ub960 \uc57d 48.3% \uac19\uc740 \uc555\ub3c4\uc801 \uc218\uc775\uc131\uc5d0 \uae30\ub300\uace0 \uc788\ub294\ub370, \ud574\uc678 \uc0dd\uc0b0 \ube44\uc911 \ud655\ub300\uac00 \ube44\uc6a9 \uad6c\uc870\ub97c \ud754\ub4e4\uba74 \uc2dc\uc7a5\uc740 \uc774 \ud504\ub9ac\ubbf8\uc5c4\uc744 \ub2e4\uc2dc \uacc4\uc0b0\ud560 \uac81\ub2c8\ub2e4.\n\n\uadf8\ub9ac\uace0 AI \uc218\uc694\uac00 \uac15\ud558\ub2e4\ub294 \uc810\ub3c4 \ubb34\uc870\uac74\uc801\uc778 \uc548\uc804\ud310\uc740 \uc544\ub2d9\ub2c8\ub2e4. \uc624\ud788\ub824 \ucd5c\uadfc \uae0d\uc815 \ub0b4\ub7ec\ud2f0\ube0c\uac00 AI, Nvidia, Apple, 3nm\u00b75nm, \uc120\ub2e8 \uacf5\uc815 \uac00\uaca9 \uc778\uc0c1\uc774\ub77c\ub294 \uba87 \uac00\uc9c0 \ud0a4\uc6cc\ub4dc\uc5d0 \uacfc\ub3c4\ud558\uac8c \uc9d1\uc911\ub3fc \uc788\uc2b5\ub2c8\ub2e4. \uc774 \uc9d1\uc911\ub3c4\ub294 \uc0c1\uc2b9\uc7a5\uc5d0\uc11c\ub294 \uac15\uc810\ucc98\ub7fc \ubcf4\uc774\uc9c0\ub9cc, \uae30\ub300\uac00 \ud754\ub4e4\ub9b4 \ub54c\ub294 \uc57d\uc810\uc774 \ub429\ub2c8\ub2e4. AI \uc778\ud504\ub77c \ud22c\uc790 \uc18d\ub3c4 \ub454\ud654, \uc8fc\uc694 \uace0\uac1d\uc758 \uc8fc\ubb38 \ud0c0\uc774\ubc0d \uc870\uc815, \ube45\ud14c\ud06c CAPEX \uc0ac\uc774\ud074 \ubcc0\ud654, \ubc18\ub3c4\uccb4 \uc7ac\uace0 \uc870\uc815\uc774 \ub098\ud0c0\ub098\uba74 TSM\uc740 \u201c\ub2e4\ubcc0\ud654\ub41c \uc548\uc815\uc8fc\u201d\uac00 \uc544\ub2c8\ub77c \u201cAI \uae30\ub300\uac00 \ub9ce\uc774 \ubd99\uc740 \uace0\ub9c8\uc9c4 \uc0ac\uc774\ud074 \uc8fc\uc2dd\u201d\uc73c\ub85c \uc7ac\ud3c9\uac00\ub420 \uc218 \uc788\uc2b5\ub2c8\ub2e4.\n\n\uae30\uad00 \uc218\uae09\ub3c4 Bull\uc774 \ub9d0\ud55c \uac83\ucc98\ub7fc \ub300\uaddc\ubaa8 \uc774\ud0c8\uc740 \uc544\ub2d0 \uc218 \uc788\uc2b5\ub2c8\ub2e4. \ud558\uc9c0\ub9cc \uc77c\ubd80 \uae30\uad00 \ud655\ub300\uc640 \uc77c\ubd80 \ucd95\uc18c\uac00 \ud63c\uc7ac\ub418\uc5b4 \uc788\ub2e4\ub294 \uac74 \uc801\uc5b4\ub3c4 \ud604\uc7ac \uac00\uaca9\uc5d0\uc11c \ud655\uc2e0\uc774 \uc77c\ubc29\uc801\uc774\uc9c0 \uc54a\ub2e4\ub294 \ub73b\uc785\ub2c8\ub2e4. \uac15\ud55c \uc2e4\uc801\uacfc \ub9e4\uc218 \uc758\uacac\uc774 \uacc4\uc18d \ubcf4\ub3c4\ub418\ub294 \uc0c1\ud669\uc5d0\uc11c\ub3c4 \uc9c0\ubd84 \ucd95\uc18c\uc640 \ucc28\uc775 \uc2e4\ud604 \uae30\uc0ac\uac00 \ud568\uaed8 \ub098\uc628\ub2e4\ub294 \uac74, \uc804\ubb38 \ud22c\uc790\uc790\ub4e4\uc774 \u201c\uc0ac\uc5c5\uc740 \uc88b\uc9c0\ub9cc \uac00\uaca9\uc740 \ubd80\ub2f4\uc2a4\ub7fd\ub2e4\u201d\ub294 \ud310\ub2e8\uc744 \ud558\uace0 \uc788\uc744 \uac00\ub2a5\uc131\uc744 \ubcf4\uc5ec\uc90d\ub2c8\ub2e4.\n\n\uacfc\uac70 \ube44\uc2b7\ud55c \uc0c1\ud669\uc5d0\uc11c \ubc30\uc6cc\uc57c \ud560 \uc810\ub3c4 \uc788\uc2b5\ub2c8\ub2e4. \uac15\ud55c \uae30\uc5c5\uc758 \uc2e4\uc801 \uc11c\ud504\ub77c\uc774\uc988\ub97c \ubcf4\uace0 \ub4a4\ub2a6\uac8c \ub530\ub77c\ubd99\uc73c\uba74, \uc2e4\uc81c \uc190\uc2e4\uc740 \ud380\ub354\uba58\ud138 \ubd95\uad34\uc5d0\uc11c\ubcf4\ub2e4 \uae30\ub300\uce58 \uc870\uc815\uacfc \ubc38\ub958\uc5d0\uc774\uc158 \uc555\ucd95\uc5d0\uc11c \uba3c\uc800 \ubc1c\uc0dd\ud558\ub294 \uacbd\uc6b0\uac00 \ub9ce\uc558\uc2b5\ub2c8\ub2e4. \ud2b9\ud788 \u201c\ub3c5\uc810\uc801 \uc9c0\uc704\u201d, \u201c\uc7a5\uae30 \uad6c\uc870 \uc131\uc7a5\u201d, \u201cAI \ubcd1\ubaa9 \uc790\uc0b0\u201d \uac19\uc740 \ub9d0\uc774 \ub9de\ub294 \ub9d0\uc77c\uc218\ub85d \ud22c\uc790\uc790\ub4e4\uc740 \ub9ac\uc2a4\ud06c\ub97c \uacfc\uc18c\ud3c9\uac00\ud558\uae30 \uc27d\uc2b5\ub2c8\ub2e4. \uc774\ubc88\uc5d0\ub294 \uadf8 \uc2e4\uc218\ub97c \ubc18\ubcf5\ud558\uba74 \uc548 \ub429\ub2c8\ub2e4. \uc88b\uc740 \ud68c\uc0ac\ub77c\ub294 \uc0ac\uc2e4\uc744 \uc778\uc815\ud558\ub418, \ub9e4\uc218 \uac00\uaca9\uacfc \ub9ac\uc2a4\ud06c \ubcf4\uc0c1\uc774 \ucda9\ubd84\ud55c\uc9c0\ub294 \ubcc4\ub3c4\ub85c \ub530\uc838\uc57c \ud569\ub2c8\ub2e4.\n\n\uadf8\ub798\uc11c \uc81c \uacb0\ub860\uc740 \uba85\ud655\ud569\ub2c8\ub2e4. TSM\uc740 \ud380\ub354\uba58\ud138\uc774 \uc57d\ud574\uc11c \ud53c\ud574\uc57c \ud558\ub294 \uc885\ubaa9\uc774 \uc544\ub2d9\ub2c8\ub2e4. **\uae30\ub300\uac00 \ub108\ubb34 \ub192\uace0, \uac00\uaca9\uc774 \uc774\ubbf8 \ub9ce\uc740 \ud638\uc7ac\ub97c \ubc18\uc601\ud588\uace0, \uc9c0\uc815\ud559\u00b7CAPEX\u00b7AI \uc0ac\uc774\ud074\u00b7\uae30\uc220\uc801 \ubcc0\ub3d9\uc131 \ub9ac\uc2a4\ud06c\uac00 \ub3d9\uc2dc\uc5d0 \ucee4\uc9c4 \uc0c1\ud0dc\ub77c\uc11c \uc2e0\uaddc \ud22c\uc790 \ub9e4\ub825\uc774 \ub5a8\uc5b4\uc9c4 \uc885\ubaa9**\uc785\ub2c8\ub2e4. Bull\uc774 \ub9d0\ud55c 362~365 \ub20c\ub9bc \ub9e4\uc218\ub098 382.16 \ub3cc\ud30c \ub9e4\uc218 \uc804\ub7b5\ub3c4 \uacb0\uad6d \uc9c0\uae08 \uac00\uaca9\ub300\uc5d0\uc11c\ub294 \ud655\uc2e0 \uc788\uac8c \uc0ac\uae30 \uc5b4\ub835\ub2e4\ub294 \uc0ac\uc2e4\uc744 \uc778\uc815\ud558\ub294 \uc148\uc785\ub2c8\ub2e4. \uc800\ub294 \uc5ec\uae30\uc11c \uad73\uc774 \uace0\uc810\uad8c \ud504\ub9ac\ubbf8\uc5c4\uc744 \uc9c0\ubd88\ud558\uae30\ubcf4\ub2e4, 352 \ubd80\uadfc \ud575\uc2ec \uc9c0\uc9c0 \ud655\uc778 \ub610\ub294 \ubc38\ub958\uc5d0\uc774\uc158 \ubd80\ub2f4\uc774 \uc644\ud654\ub418\ub294 \ub354 \uae4a\uc740 \uc870\uc815\uc744 \uae30\ub2e4\ub9ac\ub294 \ucabd\uc774 \ud6e8\uc52c \ud569\ub9ac\uc801\uc774\ub77c\uace0 \ubd05\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 a constructive medium-term thesis: Q1 revenue and profit growth, positive Q2 outlook, AI/advanced-node demand, high margins, strong FCF, and price above rising 50-day and 200-day averages. Immediate entry is not confirmed because price is near 375-382 resistance after a gap-driven rally, momentum is cooling, and good earnings were met with selling. Wait for either a controlled pullback holding 362-365 with renewed volume support, or a daily close above 382.16 on above-average volume.\",\n  \"exit_logic\": \"For existing exposure, maintain while price holds above the short-term defense area near 362.5 and the core trend zone at 352.5-352.8. Reduce or step aside on a daily close below 352, especially if accompanied by weak volume breadth or RSI below 50. Reassess fully if the 345-348 breakout zone fails or if earnings guidance, AI demand, or margin expectations deteriorate.\",\n  \"position_sizing\": \"Use conservative sizing because ATR is about 12.5 points, roughly 3% of price. For new exposure, prefer staged entries rather than a full allocation at resistance; start only after the trigger confirms, then add on successful retests or continuation. Existing holders can remain overweight but should avoid adding aggressively before confirmation.\",\n  \"risk_limits\": \"Do not use tight stops inside normal daily noise. Keep single-position risk modest, size around at least a 1 ATR stop distance, and cap exposure to account for Taiwan Strait, supply-chain, and valuation-gap risk. Treat a close below 352 as the main tactical risk limit and a failure of 345-348 as a thesis-warning level for recent momentum.\",\n  \"catalysts\": [\n    \"Q1 2026 profit reportedly up 58% with results above expectations and Q2 revenue outlook above consensus\",\n    \"Q1 revenue around NT$1.13 trillion, roughly US$35.6 billion, up about 35% year over year; March revenue up 45.2% year over year\",\n    \"AI chip demand from major customers and high utilization in 3nm and 5nm nodes support pricing power and margin durability\",\n    \"Global foundry leadership and reported 69.9% market share reinforce TSM as a strategic AI infrastructure bottleneck\",\n    \"US technology and AI risk appetite remains supportive while price stays above rising 50-day and 200-day averages\"\n  ],\n  \"invalidators\": [\n    \"Daily close below 352-353, where the 50-day average and VWMA cluster, would damage the April rebound structure\",\n    \"RSI falling below 50 with MACD histogram deterioration would imply momentum loss rather than healthy consolidation\",\n    \"Guidance cuts, AI order slowdown, customer inventory correction, or weaker advanced-node utilization would undermine the growth premium\",\n    \"Escalation in Taiwan Strait or critical materials supply disruption would raise the geopolitical discount quickly\",\n    \"Evidence that overseas fab expansion materially compresses margins or FCF would weaken the premium valuation case\"\n  ],\n  \"watchlist_triggers\": [\n    \"Buyable pullback: price tests 362-365 and closes back above or holds the 10-day EMA with constructive volume\",\n    \"Breakout trigger: daily close above 382.16 with volume above recent average and no immediate reversal\",\n    \"Risk trigger: daily close below 352 or failed retest of 345-348 after the April gap breakout\",\n    \"Momentum trigger: RSI holds above 50 while MACD remains positive during consolidation\",\n    \"News trigger: follow-up management commentary on AI demand, advanced-node pricing, capex intensity, and overseas fab margin impact\"\n  ],\n  \"data_coverage\": {\n    \"company_news_count\": 5,\n    \"disclosures_count\": 2,\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 \uc911\uae30\uc801\uc73c\ub85c \uac74\uc124\uc801\uc778 \ud22c\uc790 \ub17c\ub9ac\ub97c \uac16\uace0 \uc788\uc2b5\ub2c8\ub2e4. Q1 \ub9e4\ucd9c\uacfc \uc774\uc775 \uc131\uc7a5, \uae0d\uc815\uc801\uc778 Q2 \uc804\ub9dd, AI \ubc0f \ucca8\ub2e8 \uacf5\uc815 \uc218\uc694, \ub192\uc740 \ub9c8\uc9c4, \ud0c4\ud0c4\ud55c FCF, \uadf8\ub9ac\uace0 \uc8fc\uac00\uac00 \uc0c1\uc2b9 \uc911\uc778 50\uc77c \ubc0f 200\uc77c \uc774\ub3d9\ud3c9\uade0\uc120 \uc704\uc5d0 \uc788\ub2e4\ub294 \uc810\uc774 \uadfc\uac70\uc785\ub2c8\ub2e4. \ub2e4\ub9cc \uac2d \uc0c1\uc2b9 \ub7a0\ub9ac \uc774\ud6c4 \uc8fc\uac00\uac00 375-382 \uc800\ud56d \uad6c\uac04\uc5d0 \uadfc\uc811\ud574 \uc788\uace0, \ubaa8\uba58\ud140\uc774 \uc2dd\uace0 \uc788\uc73c\uba70, \uc591\ud638\ud55c \uc2e4\uc801\uc5d0\ub3c4 \ub9e4\ub3c4\uc138\uac00 \ub098\ud0c0\ub0ac\uae30 \ub54c\ubb38\uc5d0 \uc989\uc2dc \uc9c4\uc785\uc740 \uc544\uc9c1 \ud655\uc778\ub418\uc9c0 \uc54a\uc558\uc2b5\ub2c8\ub2e4. 362-365 \uad6c\uac04\uc744 \uc9c0\ud0a4\ub294 \uc9c8\uc11c \uc788\ub294 \uc870\uc815\uc774 \ub098\uc624\uba74\uc11c \uac70\ub798\ub7c9 \uc9c0\uc9c0\uac00 \ub2e4\uc2dc \ud655\uc778\ub418\uac70\ub098, \ud3c9\uade0\uc744 \uc6c3\ub3c4\ub294 \uac70\ub798\ub7c9\uc744 \ub3d9\ubc18\ud574 382.16 \uc704\uc5d0\uc11c \uc77c\ubd09 \uc885\uac00\uac00 \ud615\uc131\ub420 \ub54c\uae4c\uc9c0 \uae30\ub2e4\ub9ac\ub294 \uac83\uc774 \uc88b\uc2b5\ub2c8\ub2e4.\",\n  \"exit_logic\": \"\uae30\uc874 \ubcf4\uc720 \ud3ec\uc9c0\uc158\uc740 \uac00\uaca9\uc774 \ub2e8\uae30 \ubc29\uc5b4 \uad6c\uac04\uc778 362.5 \ubd80\uadfc\uacfc \ud575\uc2ec \ucd94\uc138 \uad6c\uac04\uc778 352.5~352.8 \uc704\uc5d0\uc11c \uc720\uc9c0\ub418\ub294 \ub3d9\uc548 \uacc4\uc18d \ubcf4\uc720\ud55c\ub2e4. 352 \uc544\ub798\uc5d0\uc11c \uc77c\ubd09 \uc885\uac00\uac00 \ud615\uc131\ub418\uba74 \ube44\uc911\uc744 \uc904\uc774\uac70\ub098 \uad00\ub9dd\uc73c\ub85c \uc804\ud658\ud558\ub418, \ud2b9\ud788 \uac70\ub798\ub7c9 \ud655\uc0b0\uc774 \uc57d\ud558\uac70\ub098 RSI\uac00 50 \uc544\ub798\ub85c \ub0b4\ub824\uac00\ub294 \uacbd\uc6b0\uc5d0\ub294 \ub354\uc6b1 \uc2e0\uc911\ud558\uac8c \ub300\uc751\ud55c\ub2e4. 345~348 \ub3cc\ud30c \uad6c\uac04\uc774 \ubb34\ub108\uc9c0\uac70\ub098 \uc2e4\uc801 \uac00\uc774\ub358\uc2a4, AI \uc218\uc694, \ub9c8\uc9c4 \uae30\ub300\uce58\uac00 \uc545\ud654\ub420 \uacbd\uc6b0\uc5d0\ub294 \uc804\uba74 \uc7ac\ud3c9\uac00\ud55c\ub2e4.\",\n  \"position_sizing\": \"ATR\uc774 \uc57d 12.5\ud3ec\uc778\ud2b8, \uac00\uaca9\uc758 \ub300\ub7b5 3% \uc218\uc900\uc774\ubbc0\ub85c \ubcf4\uc218\uc801\uc778 \ube44\uc911 \uc870\uc808\uc744 \uc0ac\uc6a9\ud558\uc138\uc694. \uc2e0\uaddc \uc775\uc2a4\ud3ec\uc800\uc758 \uacbd\uc6b0 \uc800\ud56d\uc120\uc5d0\uc11c \uc804\uccb4 \ube44\uc911\uc744 \ud55c \ubc88\uc5d0 \ubc30\uc815\ud558\uae30\ubcf4\ub2e4\ub294 \ub2e8\uacc4\uc801 \uc9c4\uc785\uc744 \uc120\ud638\ud558\ub294 \uac83\uc774 \uc88b\uc2b5\ub2c8\ub2e4. \ud2b8\ub9ac\uac70\uac00 \ud655\uc778\ub41c \ub4a4\uc5d0\ub9cc \uc2dc\uc791\ud558\uace0, \uc774\ud6c4 \uc131\uacf5\uc801\uc778 \uc7ac\ud14c\uc2a4\ud2b8\ub098 \ucd94\uc138 \uc9c0\uc18d\uc774 \ub098\ud0c0\ub0a0 \ub54c \ucd94\uac00\ud558\uc138\uc694. \uae30\uc874 \ubcf4\uc720\uc790\ub294 \ube44\uc911 \ud655\ub300 \uc0c1\ud0dc\ub97c \uc720\uc9c0\ud560 \uc218 \uc788\uc9c0\ub9cc, \ud655\uc778 \uc804\uc5d0\ub294 \uacf5\uaca9\uc801\uc778 \ucd94\uac00 \ub9e4\uc218\ub97c \ud53c\ud574\uc57c \ud569\ub2c8\ub2e4.\",\n  \"risk_limits\": \"\uc77c\uc0c1\uc801\uc778 \uc77c\uc77c \ubcc0\ub3d9\uc131 \uc548\uc5d0\uc11c\ub294 \ub108\ubb34 \ud0c0\uc774\ud2b8\ud55c \uc190\uc808\uc120\uc744 \uc0ac\uc6a9\ud558\uc9c0 \ub9c8\uc138\uc694. \ub2e8\uc77c \ud3ec\uc9c0\uc158\uc758 \uc704\ud5d8\uc740 \uc801\uc815 \uc218\uc900\uc73c\ub85c \uc81c\ud55c\ud558\uace0, \ucd5c\uc18c 1 ATR \uc218\uc900\uc758 \uc190\uc808 \uac70\ub9ac \uae30\uc900\uc73c\ub85c \ud3ec\uc9c0\uc158 \uaddc\ubaa8\ub97c \uc0b0\uc815\ud558\uba70, \ub300\ub9cc\ud574\ud611 \ub9ac\uc2a4\ud06c, \uacf5\uae09\ub9dd \ub9ac\uc2a4\ud06c, \ubc38\ub958\uc5d0\uc774\uc158 \uaca9\ucc28 \ub9ac\uc2a4\ud06c\ub97c \uace0\ub824\ud574 \uc804\uccb4 \ub178\ucd9c\uc744 \uc81c\ud55c\ud558\uc138\uc694. \uc885\uac00\uac00 352 \uc544\ub798\ub85c \ub0b4\ub824\uac00\ub294 \uacbd\uc6b0\ub97c \uc8fc\uc694 \uc804\uc220\uc801 \uc704\ud5d8 \ud55c\ub3c4\ub85c \ubcf4\uace0, 345-348 \uad6c\uac04\uc744 \uc9c0\ud0a4\uc9c0 \ubabb\ud558\ub294 \uacbd\uc6b0\ub294 \ucd5c\uadfc \ubaa8\uba58\ud140\uc5d0 \ub300\ud55c \ud22c\uc790 \ub17c\ub9ac \uacbd\uace0 \uc218\uc900\uc73c\ub85c \uac04\uc8fc\ud558\uc138\uc694.\",\n  \"catalysts\": [\n    \"2026\ub144 1\ubd84\uae30 \uc774\uc775\uc774 \uc804\ub144 \ub300\ube44 58% \uc99d\uac00\ud55c \uac83\uc73c\ub85c \ubcf4\ub3c4\ub418\uc5c8\uace0, \uc2e4\uc801\uc740 \uae30\ub300\uce58\ub97c \uc6c3\ub3cc\uc558\uc73c\uba70 2\ubd84\uae30 \ub9e4\ucd9c \uc804\ub9dd\ub3c4 \ucee8\uc13c\uc11c\uc2a4\ub97c \uc0c1\ud68c\ud588\uc2b5\ub2c8\ub2e4.\",\n    \"1\ubd84\uae30 \ub9e4\ucd9c\uc740 \uc57d NT$1.13\uc870, \ubbf8\ud654 \uae30\uc900 \uc57d 356\uc5b5 \ub2ec\ub7ec\ub85c \uc804\ub144 \ub3d9\uae30 \ub300\ube44 \uc57d 35% \uc99d\uac00\ud588\uc73c\uba70, 3\uc6d4 \ub9e4\ucd9c\uc740 \uc804\ub144 \ub3d9\uae30 \ub300\ube44 45.2% \uc99d\uac00\ud588\uc2b5\ub2c8\ub2e4.\",\n    \"\uc8fc\uc694 \uace0\uac1d\uc0ac\uc758 AI \uce69 \uc218\uc694\uc640 3nm \ubc0f 5nm \uacf5\uc815\uc758 \ub192\uc740 \uac00\ub3d9\ub960\uc740 \uac00\uaca9 \uacb0\uc815\ub825\uacfc \ub9c8\uc9c4 \uc9c0\uc18d\uc131\uc744 \ub4b7\ubc1b\uce68\ud569\ub2c8\ub2e4.\",\n    \"\uae00\ub85c\ubc8c \ud30c\uc6b4\ub4dc\ub9ac \ub9ac\ub354\uc2ed\uacfc \ubcf4\uace0\ub41c 69.9%\uc758 \uc2dc\uc7a5 \uc810\uc720\uc728\uc740 TSM\uc774 \uc804\ub7b5\uc801 AI \uc778\ud504\ub77c \ubcd1\ubaa9 \uc9c0\uc810\uc784\uc744 \uac15\ud654\ud569\ub2c8\ub2e4\",\n    \"\ubbf8\uad6d \uae30\uc220\uc8fc\uc640 AI\uc5d0 \ub300\ud55c \uc704\ud5d8 \uc120\ud638\ub294 \uc5ec\uc804\ud788 \uc6b0\ud638\uc801\uc774\uba70, \uac00\uaca9\uc740 \uc0c1\uc2b9 \uc911\uc778 50\uc77c \ubc0f 200\uc77c \uc774\ub3d9\ud3c9\uade0\uc120 \uc704\uc5d0 \uba38\ubb3c\ub7ec \uc788\uc2b5\ub2c8\ub2e4.\"\n  ],\n  \"invalidators\": [\n    \"\uc77c\uc77c \uc885\uac00\uac00 50\uc77c \uc774\ub3d9\ud3c9\uade0\uc120\uacfc VWMA\uac00 \ubaa8\uc5ec \uc788\ub294 352~353 \uc544\ub798\ub85c \ub0b4\ub824\uac00\uba74 4\uc6d4 \ubc18\ub4f1 \uad6c\uc870\uac00 \ud6fc\uc190\ub420 \uc218 \uc788\uc2b5\ub2c8\ub2e4.\",\n    \"RSI\uac00 50 \uc544\ub798\ub85c \ud558\ub77d\ud558\uace0 MACD \ud788\uc2a4\ud1a0\uadf8\ub7a8\uc774 \uc545\ud654\ub418\uba74, \uc774\ub294 \uac74\uc804\ud55c \uc870\uc815\ubcf4\ub2e4\ub294 \ubaa8\uba58\ud140 \uc0c1\uc2e4\uc744 \uc758\ubbf8\ud569\ub2c8\ub2e4.\",\n    \"\uac00\uc774\ub358\uc2a4 \ud558\ud5a5, AI \uc8fc\ubb38 \ub454\ud654, \uace0\uac1d \uc7ac\uace0 \uc870\uc815, \ub610\ub294 \ucca8\ub2e8 \ub178\ub4dc \uac00\ub3d9\ub960 \uc57d\ud654\ub294 \uc131\uc7a5 \ud504\ub9ac\ubbf8\uc5c4\uc744 \ud6fc\uc190\ud560 \uc218 \uc788\uc2b5\ub2c8\ub2e4.\",\n    \"\ub300\ub9cc\ud574\ud611 \uae34\uc7a5 \uace0\uc870\ub098 \ud575\uc2ec \uc6d0\uc790\uc7ac \uacf5\uae09 \ucc28\uc9c8\uc740 \uc9c0\uc815\ud559\uc801 \ud560\uc778 \uc694\uc778\uc744 \ube60\ub974\uac8c \ud655\ub300\ud560 \uc218 \uc788\uc2b5\ub2c8\ub2e4.\",\n    \"\ud574\uc678 \ud339 \ud655\uc7a5\uc774 \ub9c8\uc9c4\uc774\ub098 FCF\ub97c \uc720\uc758\ubbf8\ud558\uac8c \uc555\ubc15\ud55c\ub2e4\ub294 \uc99d\uac70\uac00 \ub098\uc624\uba74 \ud504\ub9ac\ubbf8\uc5c4 \ubc38\ub958\uc5d0\uc774\uc158 \ub17c\ub9ac\ub294 \uc57d\ud654\ub420 \uc218 \uc788\uc2b5\ub2c8\ub2e4.\"\n  ],\n  \"watchlist_triggers\": [\n    \"\ub9e4\uc218 \uac00\ub2a5\ud55c \ub418\ub3cc\ub9bc: \uac00\uaca9\uc774 362~365 \uad6c\uac04\uc744 \ud14c\uc2a4\ud2b8\ud55c \ub4a4 \ub2e4\uc2dc \uadf8 \uc704\uc5d0\uc11c \ub9c8\uac10\ud558\uac70\ub098, \uac74\uc124\uc801\uc778 \uac70\ub798\ub7c9\uacfc \ud568\uaed8 10\uc77c EMA\ub97c \uc720\uc9c0\ud558\ub294 \uacbd\uc6b0\",\n    \"\ub3cc\ud30c \ud2b8\ub9ac\uac70: \uc77c\uac04 \uc885\uac00\uac00 382.16\uc744 \uc0c1\ud68c\ud558\uace0 \uac70\ub798\ub7c9\uc774 \ucd5c\uadfc \ud3c9\uade0\uc744 \ub118\uc5b4\uc11c\uba70 \uc989\uac01\uc801\uc778 \ubc18\uc804\uc774 \uc5c6\uc744 \ub54c\",\n    \"\ub9ac\uc2a4\ud06c \ud2b8\ub9ac\uac70: 4\uc6d4 \uac2d \ub3cc\ud30c \uc774\ud6c4 \uc77c\uc77c \uc885\uac00\uac00 352 \uc544\ub798\ub85c \ub0b4\ub824\uac00\uac70\ub098 345~348 \uad6c\uac04 \uc7ac\ud14c\uc2a4\ud2b8\uc5d0 \uc2e4\ud328\ud560 \uacbd\uc6b0\",\n    \"\ubaa8\uba58\ud140 \ud2b8\ub9ac\uac70: \ud6a1\ubcf4 \uad6c\uac04\uc5d0\uc11c RSI\uac00 50 \uc774\uc0c1\uc744 \uc720\uc9c0\ud558\uace0 MACD\uac00 \ud50c\ub7ec\uc2a4\ub97c \uc9c0\uc18d\",\n    \"\ub274\uc2a4 \ud2b8\ub9ac\uac70: AI \uc218\uc694, \ucca8\ub2e8 \ub178\ub4dc \uac00\uaca9 \ucc45\uc815, CAPEX \uc9d1\uc57d\ub3c4, \ud574\uc678 \ud339\uc758 \ub9c8\uc9c4 \uc601\ud5a5\uc5d0 \ub300\ud55c \uacbd\uc601\uc9c4\uc758 \ud6c4\uc18d \ubc1c\uc5b8\"\n  ],\n  \"data_coverage\": {\n    \"company_news_count\": 5,\n    \"disclosures_count\": 2,\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\uc740 \uc911\uae30\uc801\uc73c\ub85c \uac74\uc124\uc801\uc778 \ube44\uc911 \ud655\ub300 \ud6c4\ubcf4\ub85c \uc720\uc9c0\ud558\ub418, \ud604\uc7ac \uc800\ud56d \uad6c\uac04\uc5d0\uc11c\ub294 \uc2e0\uaddc \ud3ec\uc9c0\uc158\uc744 \ud06c\uac8c \uc9c4\uc785\ud558\uc9c0 \uc54a\ub294\ub2e4. \uc9c4\uc785 \uc870\uac74\uc740 362~365 \uad6c\uac04\uc73c\ub85c\uc758 \ud1b5\uc81c\ub41c \ub418\ub3cc\ub9bc\uc774 \ub098\ud0c0\ub09c \ub4a4 \ud574\ub2f9 \uad6c\uac04\uc744 \uc9c0\uc9c0\ud558\uace0, \uc591\ud638\ud55c \uac70\ub798\ub7c9\uacfc \ud568\uaed8 \uacac\uc870\ud558\uac8c \ub9c8\uac10\ud558\ub294 \uacbd\uc6b0\uc774\uac70\ub098, \ud3c9\uade0\uc744 \uc6c3\ub3c4\ub294 \uac70\ub798\ub7c9\uc744 \ub3d9\ubc18\ud574 382.16\uc744 \uacb0\uc815\uc801\uc73c\ub85c \uc77c\uac04 \uc885\uac00 \uae30\uc900 \uc0c1\ud5a5 \ub3cc\ud30c\ud558\uace0 \uc989\uac01\uc801\uc778 \ub418\ub3cc\ub9bc\uc774 \uc5c6\ub294 \uacbd\uc6b0\ub2e4. \ucd94\uc138 \uad6c\uc870\uac00 \ud6fc\uc190\ub418\uc9c0 \uc54a\ub294 \ud55c \uae30\uc874 \ubcf4\uc720\ubd84\uc740 \uc720\uc9c0\ud560 \uc218 \uc788\ub2e4.\",\n  \"exit_logic\": \"\uae30\uc874 \ud3ec\uc9c0\uc158\uc758 \uacbd\uc6b0, \uc77c\uac04 \uc885\uac00\uac00 352 \uc544\ub798\ub85c \ub0b4\ub824\uac00\uba74 \uc804\uc220\uc801 \uc775\uc2a4\ud3ec\uc800\ub97c \ucd95\uc18c\ud558\uac70\ub098 \uccad\uc0b0\ud558\uc2ed\uc2dc\uc624. \ud2b9\ud788 RSI\uac00 50\uc744 \ud558\ud68c\ud558\uac70\ub098 \uac70\ub798\ub7c9\uc774 \ubd84\uc0b0 \ub9e4\ub3c4\ub97c \ud655\uc778\ud560 \uacbd\uc6b0 \ub354\uc6b1 \uadf8\ub807\uc2b5\ub2c8\ub2e4. 345-348 \ub3cc\ud30c \uad6c\uac04\uc774 \ubb34\ub108\uc9c0\uace0, 2\ubd84\uae30 \ub610\ub294 \ud5a5\ud6c4 AI \uc218\uc694 \uae30\ub300\uac00 \uc57d\ud654\ub418\uba70, \ucca8\ub2e8 \ub178\ub4dc \uac00\ub3d9\ub960\uc774 \ub454\ud654\ub418\uac70\ub098, \ub9c8\uc9c4 \ubc0f FCF \uac00\uc815\uc774 \uc545\ud654\ub420 \uacbd\uc6b0 \uc911\uae30 \ube44\uc911\ud655\ub300 \uad00\uc810\uc744 \uc7ac\ud3c9\uac00\ud558\uc2ed\uc2dc\uc624.\",\n  \"position_sizing\": \"\uac00\uaca9\uc774 \uc800\ud56d\uc120 \ubd80\uadfc\uc5d0 \uc788\uace0 ATR\uc774 \uc57d 12.5\ud3ec\uc778\ud2b8\uc774\ubbc0\ub85c \ubd84\ud560 \ud3ec\uc9c0\uc158 \uaddc\ubaa8 \uc870\uc808\uc744 \ud65c\uc6a9\ud558\uc138\uc694. \uc2e0\uaddc \uc9c4\uc785\uc740 \ud655\uc778 \uc2e0\ud638\ub97c \uae30\ub2e4\ub9b0 \ub4a4, \ucd5c\uc18c 1 ATR \uc190\uc808 \uac70\ub9ac\ub97c \uae30\uc900\uc73c\ub85c \uc0b0\uc815\ud55c \ubd80\ubd84 \ud3ec\uc9c0\uc158\ubd80\ud130 \uc2dc\uc791\ud558\uc138\uc694. \uc131\uacf5\uc801\uc778 \uc7ac\ud14c\uc2a4\ud2b8\ub098 \ucd94\uc138 \uc9c0\uc18d\uc774 \ud655\uc778\ub420 \ub54c\ub9cc \ucd94\uac00 \ub9e4\uc218\ud558\uc138\uc694. \uae30\uc874 \ubcf4\uc720\uc790\ub294 \ube44\uc911 \ud655\ub300 \uc0c1\ud0dc\ub97c \uc720\uc9c0\ud560 \uc218 \uc788\uc9c0\ub9cc, \ub418\ub3cc\ub9bc \ud6c4 \uc9c0\uc9c0 \ud655\uc778\uc774\ub098 \ub3cc\ud30c \ud2b8\ub9ac\uac70\uac00 \ud655\uc778\ub418\uae30 \uc804\uae4c\uc9c0\ub294 \uacf5\uaca9\uc801\uc778 \ucd94\uac00 \ub9e4\uc218\ub97c \ud53c\ud574\uc57c \ud569\ub2c8\ub2e4.\",\n  \"risk_limits\": \"\ub2e8\uc77c \ud3ec\uc9c0\uc158 \uc704\ud5d8\uc740 \uc801\uc815 \uc218\uc900\uc73c\ub85c \uc720\uc9c0\ud558\uace0, \uc815\uc0c1\uc801\uc778 \uc77c\uc911 \ubcc0\ub3d9\uc131 \uc548\uc5d0 \uc190\uc808\uc120\uc744 \ub450\ub294 \uac83\uc740 \ud53c\ud558\uc138\uc694. \uc804\uc220\uc801 \uc704\ud5d8 \ud55c\ub3c4\ub294 \uc77c\ubd09 \uc885\uac00 \uae30\uc900 352 \ud558\ud68c\ub85c \uc124\uc815\ud558\uace0, 345-348 \uad6c\uac04 \uc774\ud0c8\uc740 \ub354 \ub113\uc740 \uacbd\uace0 \uc218\uc900\uc73c\ub85c \ubcf4\uc138\uc694. \ub300\ub9cc\ud574\ud611, \uacf5\uae09\ub9dd, \uace0\uac1d \uc9d1\uc911\ub3c4, \ubc38\ub958\uc5d0\uc774\uc158 \uaca9\ucc28, \ud574\uc678 \ud339 \ub9c8\uc9c4 \uc704\ud5d8\uc744 \ubc18\uc601\ud574 \ubc30\ubd84 \ube44\uc911\uc744 \uc81c\ud55c\ud558\uc138\uc694.\",\n  \"catalysts\": [\n    \"2026\ub144 1\ubd84\uae30 \uc774\uc775\uc774 \uc804\ub144 \ub300\ube44 58% \uc99d\uac00\ud55c \uac83\uc73c\ub85c \uc804\ud574\uc84c\uc73c\uba70, \uc2e4\uc801\uc740 \uc2dc\uc7a5 \uae30\ub300\uce58\ub97c \uc6c3\ub3cc\uace0 2\ubd84\uae30 \ub9e4\ucd9c \uc804\ub9dd\ub3c4 \ucee8\uc13c\uc11c\uc2a4\ub97c \uc0c1\ud68c\ud588\uc2b5\ub2c8\ub2e4.\",\n    \"Q1 \ub9e4\ucd9c\uc740 \uc57d NT$1.13\uc870, \ubbf8\ud654\ub85c \uc57d 356\uc5b5 \ub2ec\ub7ec\uc600\uc73c\uba70, \uc804\ub144 \ub3d9\uae30 \ub300\ube44 \uc57d 35% \uc99d\uac00\ud588\uc2b5\ub2c8\ub2e4. 3\uc6d4 \ub9e4\ucd9c\uc740 \uc804\ub144 \ub3d9\uc6d4 \ub300\ube44 45.2% \uc99d\uac00\ud588\uc2b5\ub2c8\ub2e4.\",\n    \"\uc8fc\uc694 \uace0\uac1d\uc0ac\uc758 AI \uce69 \uc218\uc694\uc640 3nm \ubc0f 5nm \ub178\ub4dc\uc758 \ub192\uc740 \uac00\ub3d9\ub960\uc740 \uac00\uaca9 \uacb0\uc815\ub825\uacfc \ub9c8\uc9c4 \uc9c0\uc18d\uc131\uc744 \ub4b7\ubc1b\uce68\ud569\ub2c8\ub2e4.\",\n    \"\uae00\ub85c\ubc8c \ud30c\uc6b4\ub4dc\ub9ac \ub9ac\ub354\uc2ed\uacfc \ubcf4\uace0\ub41c 69.9% \uc2dc\uc7a5 \uc810\uc720\uc728\uc740 TSM\uc774 \uc804\ub7b5\uc801 AI \uc778\ud504\ub77c \ubcd1\ubaa9 \uc9c0\uc810\uc784\uc744 \uac15\ud654\ud55c\ub2e4\",\n    \"\ubbf8\uad6d \uae30\uc220\uc8fc\uc640 AI\uc5d0 \ub300\ud55c \uc704\ud5d8 \uc120\ud638\ub294 \uac00\uaca9\uc774 \uc0c1\uc2b9 \uc911\uc778 50\uc77c \ubc0f 200\uc77c \uc774\ub3d9\ud3c9\uade0\uc120 \uc704\uc5d0 \uba38\ubb34\ub294 \ub3d9\uc548 \uacc4\uc18d \uc6b0\ud638\uc801\uc73c\ub85c \uc720\uc9c0\ub429\ub2c8\ub2e4.\"\n  ],\n  \"invalidators\": [\n    \"352~353 \uc544\ub798\uc5d0\uc11c \uc77c\ubd09 \uc885\uac00\uac00 \ud615\uc131\ub418\uba74 4\uc6d4 \ubc18\ub4f1 \uad6c\uc870\uac00 \ud6fc\uc190\ub418\uace0 50\uc77c \uc774\ub3d9\ud3c9\uade0\uc120\uacfc VWMA \uc9c0\uc9c0 \uad6c\uac04\uc774 \uc2dc\ud5d8\ub300\uc5d0 \uc624\ub97c \uc218 \uc788\uc2b5\ub2c8\ub2e4.\",\n    \"RSI\uac00 50 \uc544\ub798\ub85c \ud558\ub77d\ud558\uace0 MACD \ud788\uc2a4\ud1a0\uadf8\ub7a8\uc774 \uc545\ud654\ub418\uba74, \uc774\ub294 \uac74\uc804\ud55c \uc870\uc815\uc774 \uc544\ub2c8\ub77c \ubaa8\uba58\ud140 \uc57d\ud654\ub97c \uc2dc\uc0ac\ud569\ub2c8\ub2e4.\",\n    \"\uc131\uc7a5 \ud504\ub9ac\ubbf8\uc5c4\uc744 \ud6fc\uc190\ud560 \uc218 \uc788\ub294 \uc694\uc778\uc740 \uac00\uc774\ub358\uc2a4 \ud558\ud5a5, AI \uc8fc\ubb38 \ub454\ud654, \uace0\uac1d\uc0ac\uc758 \uc7ac\uace0 \uc870\uc815, \ub610\ub294 \ucca8\ub2e8 \uacf5\uc815 \uac00\ub3d9\ub960 \uc57d\ud654\uc785\ub2c8\ub2e4.\",\n    \"\ub300\ub9cc \ud574\ud611 \uae34\uc7a5 \uace0\uc870 \ub610\ub294 \ud575\uc2ec \uc18c\uc7ac \uacf5\uae09 \ucc28\uc9c8\uc740 \uc9c0\uc815\ud559\uc801 \ud560\uc778 \uc694\uc778\uc744 \ube60\ub974\uac8c \ud655\ub300\ud560 \uc218 \uc788\uc2b5\ub2c8\ub2e4.\",\n    \"\ud574\uc678 \ud339 \ud655\uc7a5\uc774 \ub9c8\uc9c4\uc774\ub098 \uc789\uc5ec\ud604\uae08\ud750\ub984(FCF)\uc744 \uc2e4\uc9c8\uc801\uc73c\ub85c \uc555\ubc15\ud55c\ub2e4\ub294 \uc99d\uac70\uac00 \ub098\uc624\uba74 \ud504\ub9ac\ubbf8\uc5c4 \ubc38\ub958\uc5d0\uc774\uc158 \ub17c\ub9ac\ub294 \uc57d\ud574\uc9c8 \uc218 \uc788\uc2b5\ub2c8\ub2e4.\"\n  ],\n  \"watchlist_triggers\": [\n    \"\ub9e4\uc218 \uac00\ub2a5\ud55c \ub20c\ub9bc\ubaa9: TSM\uc774 362-365 \uad6c\uac04\uc744 \uc2dc\ud5d8\ud55c \ub4a4 \uc9c0\uc9c0\uc120 \uc704\ub85c \ub2e4\uc2dc \uc885\uac00\ub97c \ud615\uc131\ud558\uac70\ub098, \uac74\uc124\uc801\uc778 \uac70\ub798\ub7c9\uacfc \ud568\uaed8 10\uc77c EMA\ub97c \uc9c0\uc9c0\ud558\ub294 \uacbd\uc6b0\",\n    \"\ub3cc\ud30c \ud2b8\ub9ac\uac70: TSM\uc774 \ucd5c\uadfc \ud3c9\uade0\uc744 \uc6c3\ub3c4\ub294 \uac70\ub798\ub7c9\uc744 \ub3d9\ubc18\ud574 382.16 \uc704\uc5d0\uc11c \uc885\uac00\ub97c \ud615\uc131\ud558\uace0, \uc989\uac01\uc801\uc778 \ubc18\ub77d\uc774 \ub098\ud0c0\ub098\uc9c0 \uc54a\ub294 \uacbd\uc6b0\",\n    \"\uc704\ud5d8 \ud2b8\ub9ac\uac70: TSM\uc774 352 \uc544\ub798\uc5d0\uc11c \ub9c8\uac10\ud558\uac70\ub098 4\uc6d4 \ub3cc\ud30c \uad6c\uac04\uc778 345-348 \uc7ac\uc2dc\ud5d8\uc5d0 \uc2e4\ud328\ud558\ub294 \uacbd\uc6b0\",\n    \"\ubaa8\uba58\ud140 \ud2b8\ub9ac\uac70: \ud6a1\ubcf4 \uad6c\uac04\uc5d0\uc11c RSI\uac00 50 \uc704\ub97c \uc720\uc9c0\ud558\uace0 MACD\uac00 \uc591\uc758 \uac12\uc744 \uc720\uc9c0\",\n    \"\ub274\uc2a4 \ud2b8\ub9ac\uac70: \uacbd\uc601\uc9c4 \ucf54\uba58\ud130\ub9ac\uc5d0\uc11c \uc9c0\uc18d\uc801\uc778 AI \uc218\uc694, \ucca8\ub2e8 \ub178\ub4dc \uac00\uaca9 \uacb0\uc815\ub825, \uc808\uc81c\ub41c CAPEX, \uadf8\ub9ac\uace0 \uad00\ub9ac \uac00\ub2a5\ud55c \ud574\uc678 \ud339 \ub9c8\uc9c4 \uc601\ud5a5\uc744 \ud655\uc778\"\n  ],\n  \"data_coverage\": {\n    \"company_news_count\": 5,\n    \"disclosures_count\": 2,\n    \"social_source\": \"news_derived\",\n    \"macro_items_count\": 1\n  }\n}",
    "risk_debate_state": {
        "aggressive_history": "\uacf5\uaca9\uc801 \uc560\ub110\ub9ac\uc2a4\ud2b8: \uc800\ub294 \uc5ec\uae30\uc11c \uacf5\uaca9\uc801\uc778 \ucabd\uc744 \ud0dd\ud558\uaca0\uc2b5\ub2c8\ub2e4. \ud2b8\ub808\uc774\ub354\uc758 \ube44\uc911 \ud655\ub300/BULLISH \uc785\uc7a5\uc740 \uc815\ud655\ud788 \ub9de\ub294 \uc790\uc138\uc774\uba70, \uc624\ud788\ub824 \u201cWAIT\u201d\uc5d0 \ub300\ud55c \uc2e0\uc911\ud568\uc740 \uae30\ud68c\uc5d0 \ub300\ud55c \ub9dd\uc124\uc784\uc774 \uc544\ub2c8\ub77c \uc804\uc220\uc801 \uaddc\uc728\ub85c \ubd10\uc57c \ud569\ub2c8\ub2e4. \uba85\uc2dc\uc801\uc778 \ubcf4\uc218\uc801 \ub610\ub294 \uc911\ub9bd\uc801 \ubc18\ub860\uc774 \uc81c\uc2dc\ub418\uc9c0 \uc54a\uc558\uc73c\ubbc0\ub85c, \uadf8\ub4e4\uc774 \uc81c\uae30\ud560 \uac00\ub2a5\uc131\uc774 \ud070 \uc6b0\ub824, \uc989 \uc800\ud56d\uc120, \ubc38\ub958\uc5d0\uc774\uc158, \uc9c0\uc815\ud559\uc801 \ub9ac\uc2a4\ud06c, \uc2e4\uc801 \ubc1c\ud45c \ud6c4 \ub9e4\ub3c4, CAPEX \uc555\ubc15, \ubcc0\ub3d9\uc131\uc5d0 \ub300\ud574 \ub2e4\ub8e8\uaca0\uc2b5\ub2c8\ub2e4.\n\nTSM\uc774 375-382 \ubd80\uadfc\uc758 \uc800\ud56d\uc120\uc5d0 \uac00\uae5d\ub2e4\ub294 \ubcf4\uc218\uc801 \uc8fc\uc7a5\uc740 \ub354 \uc911\uc694\ud55c \uc0ac\uc2e4\uc744 \ub193\uce58\uace0 \uc788\uc2b5\ub2c8\ub2e4. \uc774\ub294 \uacf5\uae09 \ubd80\ub2f4 \uc18d\uc5d0\uc11c \uc57d\ud558\uac8c \uc62c\ub77c\uac00\ub294 \uc885\ubaa9\uc774 \uc544\ub2c8\ub77c, \uc911\ub300\ud55c \ud380\ub354\uba58\ud138 \ud655\uc778 \uc774\ud6c4 \ud55c \ub2e8\uacc4 \ub354 \ub192\uac8c \uc7ac\ud3c9\uac00\ub41c \uc804\ub7b5\uc801 AI \uc778\ud504\ub77c \ubcd1\ubaa9 \uae30\uc5c5\uc785\ub2c8\ub2e4. \uc8fc\uac00\ub294 3\uc6d4 30\uc77c 316.50\uc5d0\uc11c 4\uc6d4 15\uc77c 375.10\uae4c\uc9c0 \ud68c\ubcf5\ud588\uace0, \uc57d 352.8\uc758 50\uc77c \ud3c9\uade0\uacfc \uc57d 295.6\uc758 200\uc77c \ud3c9\uade0\uc740 \ubaa8\ub450 \uc0c1\uc2b9 \uc911\uc785\ub2c8\ub2e4. \uc774\uac83\uc740 \uc0ac\uc774\ud074 \ud6c4\ubc18\uc758 \ucde8\uc57d\uc131\uc774 \uc544\ub2d9\ub2c8\ub2e4. \ucd94\uc138 \uc7ac\uac1c\uc785\ub2c8\ub2e4. 4\uc6d4 8\uc77c 1,636\ub9cc \uc8fc \uac70\ub798\ub7c9\uc744 \ub3d9\ubc18\ud574 345.32\uc5d0\uc11c 365.90\uc73c\ub85c \uae09\ub4f1\ud55c \uc6c0\uc9c1\uc784\uc740 \ubb34\uc791\uc704 \uacfc\ub9e4\ub3c4 \ubc18\ub4f1\uc774 \uc544\ub2c8\ub77c \uae30\uad00\ud22c\uc790\uc790\uc758 \uc7ac\uac00\uaca9 \ucc45\uc815\ucc98\ub7fc \ubcf4\uc785\ub2c8\ub2e4. \ubcf4\uc218\uc801 \uc560\ub110\ub9ac\uc2a4\ud2b8\ub294 \uc774\ub97c \uac2d \ub9ac\uc2a4\ud06c\ub77c\uace0 \ubd80\ub97c \uc218 \uc788\uaca0\uc9c0\ub9cc, \uc800\ub294 \uc2dc\uc7a5\uc774 \ud68c\uc0ac\ub97c \ub354 \ub192\uc740 \uc218\uc900\uc73c\ub85c \uc7ac\ud3c9\uac00\ud560 \uc218\ubc16\uc5d0 \uc5c6\uc5c8\ub2e4\ub294 \uc99d\uac70\ub77c\uace0 \ubd05\ub2c8\ub2e4.\n\n\ubc38\ub958\uc5d0\uc774\uc158 \uce21\uba74\uc5d0\uc11c \uc2e0\uc911\ub860\uc740 \uc9c0\ub098\uce58\uac8c \uae30\uacc4\uc801\uc785\ub2c8\ub2e4. \ubb3c\ub860 \uacfc\uac70 \uae30\uc900 P/E\uac00 \uc57d 34.7\ub85c \ub192\uc544 \ubcf4\uc774\ub294 \uac83\uc740 \ub9de\uc9c0\ub9cc, \uc774\uc775\uc774 \uc774\ub807\uac8c \uac15\ud558\uac8c \uac00\uc18d\ub418\ub294 \uc0c1\ud669\uc5d0\uc11c\ub294 \uc57d 19.2\uc758 \uc120\ud589 P/E\uac00 \ud6e8\uc52c \ub354 \uc911\uc694\ud569\ub2c8\ub2e4. \ubcf4\ub3c4\uc5d0 \ub530\ub974\uba74 1\ubd84\uae30 \uc21c\uc774\uc775\uc740 58% \uc99d\uac00\ud588\uace0, 1\ubd84\uae30 \ub9e4\ucd9c\uc740 \uc57d NT$1.13\uc870, \uc989 \uc57d $356\uc5b5\uc5d0 \ub2ec\ud574 \uc804\ub144 \ub300\ube44 \uc57d 35% \uc99d\uac00\ud588\uc73c\uba70, 3\uc6d4 \ub9e4\ucd9c\uc740 45.2% \uc99d\uac00\ud588\uc2b5\ub2c8\ub2e4. \uc57d 54%\uc758 \uc601\uc5c5\uc774\uc775\ub960, \uc57d 48%\uc758 \uc21c\uc774\uc775\ub960, 35%\uc758 ROE, \uc9c0\ubc30\uc801\uc778 \uc120\ub2e8 \uacf5\uc815 \uc0dd\uc0b0\ub2a5\ub825, \uadf8\ub9ac\uace0 Nvidia, Apple \ubc0f \ub354 \ub113\uc740 AI CAPEX \uc0ac\uc774\ud074\uc5d0 \ub300\ud55c \uc9c1\uc811 \ub178\ucd9c\uc744 \uac00\uc9c4 \uae30\uc5c5\uc5d0 \ud504\ub9ac\ubbf8\uc5c4\uc744 \uc9c0\ubd88\ud558\ub294 \uac83\uc740 \ubb34\ubaa8\ud55c \uc77c\uc774 \uc544\ub2d9\ub2c8\ub2e4. \uc774\ub294 \uc138\uacc4\uc5d0\uc11c \uac00\uc7a5 \uc911\uc694\ud55c \ucef4\ud4e8\ud305 \uc778\ud504\ub77c \uad6c\ucd95\uc758 \ud1b5\ud589\ub8cc \uc9d5\uc218\ub85c\ub97c \uc18c\uc720\ud558\uae30 \uc704\ud574 \uce58\ub974\ub294 \uac00\uaca9\uc785\ub2c8\ub2e4.\n\n\uc911\ub9bd\uc801 \uc785\uc7a5\uc5d0\uc11c\ub294 \uc544\ub9c8 \u201c\uae0d\uc815\uc801\uc774\uc9c0\ub9cc \uc774\ubbf8 \ubc18\uc601\ub410\ub2e4\u201d\uace0 \ub9d0\ud560 \uac83\uc785\ub2c8\ub2e4. \uc774\ub294 \uc9c0\ub098\uce58\uac8c \uc218\ub3d9\uc801\uc785\ub2c8\ub2e4. \ud2b9\ud788 \ucd94\uc815\uce58\uac00 \uc5ec\uc804\ud788 \uc0c1\ud5a5 \uc870\uc815\ub418\uace0 \uc788\uc744 \ub54c, \uc2dc\uc7a5\uc740 \uc9c0\uc18d \uac00\ub2a5\ud55c \ub3c5\uc810\uc801 \ubcd1\ubaa9 \uad6c\uc870\ub97c \ud55c \ubc88\uc758 \uae54\ub054\ud55c \uc6c0\uc9c1\uc784\uc73c\ub85c \uc644\uc804\ud788 \ubc18\uc601\ud558\uc9c0 \uc54a\uc2b5\ub2c8\ub2e4. TSM\uc758 \ubcf4\ub3c4\ub41c \uae00\ub85c\ubc8c \ud30c\uc6b4\ub4dc\ub9ac \uc810\uc720\uc728 69.9%\ub294 \ub2e8\uc21c\ud55c \uc2dc\uc7a5\uc810\uc720\uc728\uc774 \uc544\ub2d9\ub2c8\ub2e4. \uc774\ub294 \ud611\uc0c1\ub825, \uace0\uac1d \uc758\uc874\ub3c4, \ub9c8\uc9c4 \uc9c0\uc18d\uc131\uc785\ub2c8\ub2e4. AI \uc218\uc694\uac00 \uc9c0\uc18d\ub41c\ub2e4\uba74 TSM\uc740 \ub2e8\uc21c\ud788 \uc0ac\uc774\ud074\uc5d0 \ucc38\uc5ec\ud558\ub294 \uae30\uc5c5\uc774 \uc544\ub2d9\ub2c8\ub2e4. \ud76c\uc18c\ud55c \uc120\ub2e8 \uc81c\uc870 \uc5ed\ub7c9\uc744 \ubc30\ubd84\ud558\ub294 \uae30\uc5c5\uc785\ub2c8\ub2e4. \uc774\ub7f0 \ud76c\uc18c\uc131\uc740 \ub9e4\ucd9c, \uac00\uaca9 \uacb0\uc815\ub825, \uc789\uc5ec\ud604\uae08\ud750\ub984\uc5d0\uc11c \ucee8\uc13c\uc11c\uc2a4\ub97c \uacc4\uc18d \ub180\ub77c\uac8c \ud560 \uc218 \uc788\uc2b5\ub2c8\ub2e4.\n\n\uc2e4\uc801 \ubc1c\ud45c \ud6c4\uc758 \uc870\uc815 \uc5ed\uc2dc \uc2e0\uc911\ud55c \uc560\ub110\ub9ac\uc2a4\ud2b8\ub4e4\uc774 \uacfc\ub3c4\ud558\uac8c \ud574\uc11d\ud558\uace0 \uc788\uc2b5\ub2c8\ub2e4. \uac15\ud55c \uc2e4\uc801 \uc774\ud6c4 \uc8fc\uac00\uac00 \ubc00\ub9ac\ub294 \uac83\uc740 \ube60\ub978 \uc0c1\uc2b9 \uc774\ud6c4 \ub2e8\uae30 \ucc28\uc775 \uc2e4\ud604\uc744 \uc758\ubbf8\ud560 \ubfd0\uc77c \uc218 \uc788\uc73c\uba70, \ud2b9\ud788 RSI\uac00 66.01\uc5d0\uc11c 55.38\ub85c \uc2dd\uc740 \uc0c1\ud669\uc5d0\uc11c\ub294 \ub354\uc6b1 \uadf8\ub807\uc2b5\ub2c8\ub2e4. \uc774\ub294 \ubd95\uad34\uac00 \uc544\ub2d9\ub2c8\ub2e4. RSI\ub294 \uc5ec\uc804\ud788 50 \uc704\uc5d0 \uc788\uace0, MACD\ub294 \uc74c\uc758 \uc601\uc5ed\uc5d0\uc11c 7.10\uc73c\ub85c \uac1c\uc120\ub410\uc73c\uba70, MACD \ud788\uc2a4\ud1a0\uadf8\ub7a8\uc740 \ub454\ud654\ub418\uace0 \uc788\uc9c0\ub9cc \uc5ec\uc804\ud788 \uc591\uc218\uc785\ub2c8\ub2e4. \uc774\ub294 \ub2e4\uc74c \uc0c1\uc2b9 \uad6c\uac04\uc744 \uc704\ud55c \ubc1c\ud310\uc744 \ub2e4\uc2dc \uc815\ube44\ud560 \uc218 \uc788\ub294 \ubc14\ub85c \uadf8\ub7f0 \uc885\ub958\uc758 \uc870\uc815\uc785\ub2c8\ub2e4. \ubcf4\uc218\uc801 \ud22c\uc790\uc790\ub4e4\uc740 \uc885\uc885 \ubaa8\ub4e0 \ubd88\ud655\uc2e4\uc131\uc774 \uc0ac\ub77c\uc9c0\uae30\ub97c \uae30\ub2e4\ub9bd\ub2c8\ub2e4. \uadf8\ub7ec\ub098 \uadf8\ub54c\uac00 \ub418\uba74 \ub3cc\ud30c \uae30\ud68c\ub294 \ub300\uac1c \uc774\ubbf8 \uc0ac\ub77c\uc838 \uc788\uc2b5\ub2c8\ub2e4.\n\n\ubcc0\ub3d9\uc131\uc5d0 \ub300\ud574\uc11c\ub294 \ud2b8\ub808\uc774\ub354\uc758 \ub2e8\uacc4\uc801 \ud3ec\uc9c0\uc158 \uad6c\ucd95\uc5d0\ub294 \ub3d9\uc758\ud558\uc9c0\ub9cc, \ubcc0\ub3d9\uc131\uc774 \uc6b0\ub9ac\ub97c \ubb3c\ub7ec\uc11c\uac8c \ud574\uc57c \ud55c\ub2e4\ub294 \uc0dd\uac01\uc740 \uac70\ubd80\ud569\ub2c8\ub2e4. \uc57d 12.5\ud3ec\uc778\ud2b8\uc758 ATR\uc740 \ud0c1\uc6d4\ud55c \uc0c1\uc2b9 \uc124\uc815\uc5d0 \uc811\uadfc\ud558\uae30 \uc704\ud55c \ube44\uc6a9\uc785\ub2c8\ub2e4. \uc62c\ubc14\ub978 \ub300\uc751\uc740 \uac70\ub798\ub97c \ud53c\ud558\ub294 \uac83\uc774 \uc544\ub2c8\ub77c, \ud604\uba85\ud558\uac8c \uaddc\ubaa8\ub97c \uc870\uc808\ud558\uace0, \ub108\ubb34 \ucd18\ucd18\ud55c \uc190\uc808\uc744 \ud53c\ud558\uba70, \ud655\uc778 \uc218\uc900\uc744 \ud65c\uc6a9\ud558\ub294 \uac83\uc785\ub2c8\ub2e4. 362-365\ub97c \uc9c0\ud0a4\ub294 \uc870\uc815\uc774\ub098 \ud3c9\uade0 \uc774\uc0c1 \uac70\ub798\ub7c9\uc744 \ub3d9\ubc18\ud55c 382.16 \uc704\uc758 \uc77c\uc77c \uc885\uac00\ub294 \uc6b0\uc704\ub97c \ubc00\uc5b4\ubd99\uc77c \uc218 \uc788\ub294 \uae54\ub054\ud55c \ubc29\ubc95\uc744 \uc81c\uacf5\ud569\ub2c8\ub2e4. \uc2dc\uc7a5\uc740 \ud63c\ub780\uc774 \uc544\ub2c8\ub77c \uba85\ud655\ud55c \uac00\uaca9\ub300\ub97c \uc81c\uacf5\ud558\uace0 \uc788\uc2b5\ub2c8\ub2e4.\n\n\uc9c0\uc815\ud559\uc801 \ub9ac\uc2a4\ud06c\ub294 \ud604\uc2e4\uc774\uc9c0\ub9cc, \uc57d\uc138\uc801 \ud574\uc11d\uc740 \uc77c\ubc29\uc801\uc785\ub2c8\ub2e4. \ub300\ub9cc\ud574\ud611\uacfc \uacf5\uae09\ub9dd \ub9ac\uc2a4\ud06c\uac00 \ud560\uc778\uc728\uc744 \ub192\uc774\ub294 \uac83\uc740 \ub9de\uc2b5\ub2c8\ub2e4. \uadf8\ub7ec\ub098 \ub3d9\uc2dc\uc5d0 \uadf8\uac83\uc740 TSM\uc774 \uc804\ub7b5\uc801\uc73c\ub85c \ub300\uccb4 \ubd88\uac00\ub2a5\ud55c \uc774\uc720\ub97c \ubd80\uac01\ud569\ub2c8\ub2e4. \uc138\uacc4\uac00 TSM\uc5d0 \uc758\uc874\ud55c\ub2e4\ub294 \uc0ac\uc2e4\uc740 \uc774 \ud68c\uc0ac\ub97c \ub35c \uc911\uc694\ud558\uac8c \ub9cc\ub4dc\ub294 \uac83\uc774 \uc544\ub2c8\ub77c, \uace0\uac1d, \uc815\ubd80, \uacf5\uae09\ub9dd\uc774 TSM\uc744 \uc9c0\uc6d0\ud560 \uc720\uc778\uc744 \ub354 \ud06c\uac8c \ub9cc\ub4ed\ub2c8\ub2e4. \ud574\uc678 \ud339\uc740 \uc77c\ubd80 \ub9c8\uc9c4\uc5d0 \uc555\ubc15\uc744 \uc904 \uc218 \uc788\uc9c0\ub9cc, TSM\uc758 \ud604\uae08 \ud3ec\uc9c0\uc158, \uc601\uc5c5\ud604\uae08\ud750\ub984, \uac00\uaca9 \uacb0\uc815\ub825\uc740 \ud655\uc7a5 \ube44\uc6a9\uc744 \ud761\uc218\ud558\uba74\uc11c \uc7a5\uae30\uc801\uc778 \uace0\uac1d \ub77d\uc778\uc744 \uac15\ud654\ud560 \uc5ec\uc9c0\ub97c \uc81c\uacf5\ud569\ub2c8\ub2e4.\n\nCAPEX \uc6b0\ub824 \uc5ed\uc2dc \ub108\ubb34 \uc881\uac8c \ubcf4\uace0 \uc788\uc2b5\ub2c8\ub2e4. \ubcf4\uc218\uc801 \uad00\uc810\uc740 \uc99d\uac00\ud558\ub294 CAPEX\uc640 \uac74\uc124 \uc911 \uc790\uc0b0\uc744 \ubd80\ub2f4\uc73c\ub85c \ubd05\ub2c8\ub2e4. \uacf5\uaca9\uc801\uc73c\ub85c \ubcf4\uba74, \uc800\ub294 \uc774\ub97c \ud655\uc778\ub41c \uc218\uc694\uc5d0 \ub9de\ucdb0 \uad6c\ucd95\ub418\ub294 \uc0dd\uc0b0\ub2a5\ub825\uc73c\ub85c \ubd05\ub2c8\ub2e4. \ucd5c\uadfc \ubcf4\uace0\ub41c \ubd84\uae30\uc758 \uc57d NT$7,255\uc5b5 \uc601\uc5c5\ud604\uae08\ud750\ub984\uacfc \uc57d NT$3,640\uc5b5 \uc789\uc5ec\ud604\uae08\ud750\ub984\uc740 TSM\uc774 \ub300\uaddc\ubaa8 \ud655\uc7a5\uc744 \uc790\uae08 \uc870\ub2ec\ud558\uba74\uc11c\ub3c4 \uc0c1\ub2f9\ud55c \ud604\uae08\uc744 \ucc3d\ucd9c\ud560 \uc218 \uc788\uc74c\uc744 \ubcf4\uc5ec\uc90d\ub2c8\ub2e4. \uc774\ub294 \uc7ac\ubb34\uc801 \uc2a4\ud2b8\ub808\uc2a4\uac00 \uc544\ub2d9\ub2c8\ub2e4. \uac15\uc790\uc758 \uc704\uce58\uc5d0\uc11c \uc774\ub8e8\uc5b4\uc9c0\ub294 \uc131\uc7a5 \ud22c\uc790\uc785\ub2c8\ub2e4.\n\n\uc911\ub9bd\uc801 \uc560\ub110\ub9ac\uc2a4\ud2b8\ub294 \uc57d 352.8\uc758 50\uc77c \ud3c9\uade0 \ucabd\uc73c\ub85c \ub354 \uae4a\uc740 \uc870\uc815\uc744 \uae30\ub2e4\ub9ac\ub294 \uac83\uc744 \uc120\ud638\ud560 \uc218 \uc788\uc2b5\ub2c8\ub2e4. \uc2e0\uc911\ud558\uac8c \ub4e4\ub9ac\uc9c0\ub9cc, AI \uc218\uc694 \uad00\ub828 \ucf54\uba58\ud130\ub9ac\uac00 \uacc4\uc18d \uac15\ud558\uac8c \uc720\uc9c0\ub41c\ub2e4\uba74 \uc2dc\uc7a5\uc774 \ub2e4\uc2dc \uc81c\uacf5\ud558\uc9c0 \uc54a\uc744 \uc218\ub3c4 \uc788\ub294 \uac00\uaca9\uc5d0 \uc9d1\ucc29\ud558\ub294 \uc704\ud5d8\uc774 \uc788\uc2b5\ub2c8\ub2e4. \ud2b8\ub808\uc774\ub354\uc758 \uacc4\ud68d\uc774 \ub354 \ub0ab\uc2b5\ub2c8\ub2e4. \uae30\uc874 \ub178\ucd9c\uc740 OVERWEIGHT\ub85c \uc720\uc9c0\ud558\uba74\uc11c, 362-365 \uc9c0\uc9c0 \ud655\uc778 \ub610\ub294 382.16 \ub3cc\ud30c \uc911 \ud558\ub098\ub97c \uae30\ub2e4\ub9ac\ub294 \uac83\uc785\ub2c8\ub2e4. \uc774\ub294 \uc0c1\uc2b9 \ucc38\uc5ec\ub97c \uc720\uc9c0\ud558\uba74\uc11c\ub3c4 \ubaa8\uba58\ud140 \uc8fc\ub3c4\uc8fc\uc5d0\uc11c \uac00\uc7a5 \ud070 \uc2e4\uc218, \uc989 \uc77c\uc2dc\uc801\uc73c\ub85c \uacfc\uc5f4\ub3fc \ubcf4\uc778\ub2e4\ub294 \uc774\uc720\ub85c \uc6b0\ub7c9\uc8fc\ub97c \ub9e4\ub3c4\ud558\ub294 \uc77c\uc744 \ud53c\ud558\uac8c \ud574\uc90d\ub2c8\ub2e4.\n\n\uc81c \uacb0\ub860\uc740 \uc774\ub807\uc2b5\ub2c8\ub2e4. \ucd5c\uc120\uc758 \uacbd\ub85c\ub294 \ub9f9\ubaa9\uc801\uc778 \ucd94\uaca9 \ub9e4\uc218\uac00 \uc544\ub2c8\uc9c0\ub9cc, \ubd84\uba85\ud788 \uac15\uc138\uc801\uc785\ub2c8\ub2e4. \uc77c\uc77c \uc885\uac00 \uae30\uc900 352\uac00 \uc720\uc9c0\ub418\ub294 \ud55c \uae30\uc874 \ube44\uc911 \ud655\ub300 \ub178\ucd9c\uc740 \ubc29\uc5b4\ud574\uc57c \ud558\uba70, \uc8fc\uac00\uac00 10\uc77c EMA \ubd80\uadfc \uc704\uc5d0\uc11c \uc870\uc815\uc744 \ud761\uc218\ud558\uac70\ub098 \uac70\ub798\ub7c9\uc744 \ub3d9\ubc18\ud574 382.16\uc744 \ub3cc\ud30c\ud55c\ub2e4\uba74 \uc2e0\uaddc \ub9ac\uc2a4\ud06c\ub97c \ube60\ub974\uac8c \ud22c\uc785\ud574\uc57c \ud569\ub2c8\ub2e4. TSM\uc740 \uac00\uc18d\ub418\ub294 \uc774\uc775, AI \uc5f0\uacc4 \uc218\uc694, \uc9c0\ubc30\uc801\uc778 \ud30c\uc6b4\ub4dc\ub9ac \uc810\uc720\uc728, \ub192\uc740 \ub9c8\uc9c4\uc758 \uc2e4\ud589\ub825, \uc0c1\uc2b9 \ucd94\uc138 \uad6c\uc870, \uadf8\ub9ac\uace0 \uc6b0\ud638\uc801\uc778 \uae30\uc220\uc8fc \uc704\ud5d8 \uc120\ud638\ub97c \uacb0\ud569\ud558\uace0 \uc788\uc2b5\ub2c8\ub2e4. \uc2e0\uc911\ub860\uc740 \uc800\ud56d\uc120\uc744 \ubd05\ub2c8\ub2e4. \uc800\ub294 \uc2dc\uc7a5\uc774 AI \uc778\ud504\ub77c \uc0ac\uc774\ud074\uc5d0 \uc544\uc9c1 \ud6e8\uc52c \ub354 \ub9ce\uc740 \uc0c1\uc2b9 \uc5ec\uc9c0\uac00 \uc788\uc74c\uc744 \uc778\uc2dd\ud558\uae30 \uc804\uc5d0, \uc8fc\ub3c4\uc8fc\uac00 \uc0c1\uc2b9\ubd84\uc744 \uc18c\ud654\ud558\uace0 \uc788\ub294 \ubaa8\uc2b5\uc73c\ub85c \ubd05\ub2c8\ub2e4.",
        "conservative_history": "\ubcf4\uc218\uc801 \uc560\ub110\ub9ac\uc2a4\ud2b8: TSM\uc774 \uc6b0\ub7c9 \uae30\uc5c5\uc774\ub77c\ub294 \uc810\uc5d0\ub294 \ub3d9\uc758\ud558\uc9c0\ub9cc, \uacf5\uaca9\uc801 \ud22c\uc790 \ub17c\ub9ac\ub294 \uae30\uc5c5\uc758 \uc9c8\uc5d0 \uc9c0\ub098\uce58\uac8c \uae30\ub300\uace0 \uc788\uc73c\uba70 \uac00\uaca9, \ubcc0\ub3d9\uc131, \ud558\ubc29 \ube44\ub300\uce6d\uc131\uc740 \ucda9\ubd84\ud788 \ubc18\uc601\ud558\uc9c0 \ubabb\ud558\uace0 \uc788\uc2b5\ub2c8\ub2e4. \ubcf4\uc218\uc801 \ub9ac\uc2a4\ud06c \uc560\ub110\ub9ac\uc2a4\ud2b8\ub85c\uc11c \uc800\ub294 \ud2b8\ub808\uc774\ub354\uc758 \uac74\uc124\uc801\uc778 \uc2dc\uac01\uc740 \uc720\uc9c0\ud558\ub418 \ub9ac\uc2a4\ud06c \ud0dc\uc138\ub294 \ub354 \uc5c4\uaca9\ud788 \uac00\uc838\uac00\uaca0\uc2b5\ub2c8\ub2e4. \uae30\uc874 \uc775\uc2a4\ud3ec\uc800\ub294 \uaddc\uc728 \uc788\uac8c \uc720\uc9c0\ud558\ub418, 375-382 \uc800\ud56d \uad6c\uac04\uc744 \ucd94\uaca9 \ub9e4\uc218\ud558\uc9c0 \ub9d0\uace0, \ucd94\uac00 \ub9e4\uc218 \uc804\uc5d0\ub294 \ub354 \uba85\ud655\ud55c \ud655\uc778\uc744 \uc694\uad6c\ud574\uc57c \ud569\ub2c8\ub2e4. \uc2e4\uc81c\ub85c \uc800\ub294 \uad00\uc810\uc744 \uba85\ubc31\ud55c \uac15\uc138 \ube44\uc911\ud655\ub300\uc5d0\uc11c \ubcf4\ub2e4 \uc870\uac74\ubd80\uc774\uace0 \ub9ac\uc2a4\ud06c \uad00\ub9ac\uac00 \uc218\ubc18\ub418\ub294 \ube44\uc911\ud655\ub300, \ub610\ub294 \ub192\uc740 \ud655\uc2e0\uc758 \uad00\ucc30 \ubaa9\ub85d \ud3ec\uc9c0\uc158\uc73c\ub85c \ub0ae\ucd94\uaca0\uc2b5\ub2c8\ub2e4. \uc801\uc5b4\ub3c4 \ud604\uc7ac \uc14b\uc5c5\uc774 \ub354 \uc131\uc219\ud574\uc9c8 \ub54c\uae4c\uc9c0\ub294 \uadf8\ub807\uc2b5\ub2c8\ub2e4.\n\n\uacf5\uaca9\uc801 \uc560\ub110\ub9ac\uc2a4\ud2b8\ub294 4\uc6d4 8\uc77c \uc6c0\uc9c1\uc784\uc744 \uae30\uad00 \ud22c\uc790\uc790\uc758 \uc7ac\ud3c9\uac00\ub85c \ubd80\ub985\ub2c8\ub2e4. \uc77c\ubd80\ub294 \ub9de\uc744 \uc218 \uc788\uc9c0\ub9cc, \ub9ac\uc2a4\ud06c \uad00\uc810\uc5d0\uc11c\ub294 \ubc14\ub85c \uc774\ub7f0 \uc774\ubca4\ud2b8\uc131 \uac2d\uc774 \ud6c4\ubc1c \ub9e4\uc218\uc790\ub97c \uc704\ud5d8\uc5d0 \ub178\ucd9c\uc2dc\ud0a4\ub294 \uc720\ud615\uc774\uae30\ub3c4 \ud569\ub2c8\ub2e4. TSM\uc740 3\uc6d4 30\uc77c 316.50\uc5d0\uc11c 4\uc6d4 15\uc77c 375.10\uae4c\uc9c0 \uc6c0\uc9c1\uc600\uace0, 379.89-382.16 \uc800\ud56d \uad6c\uac04\uae4c\uc9c0 \ub9e4\uc6b0 \ube60\ub974\uac8c \ud68c\ubcf5\ud588\uc2b5\ub2c8\ub2e4. \uc774\ub294 \uc800\uc704\ud5d8 \uc9c4\uc785 \uad6c\uac04\uc774 \uc544\ub2d9\ub2c8\ub2e4. \uac15\ud55c \uc2e4\uc801\uacfc \uac00\uc774\ub358\uc2a4 \uc774\ud6c4 \uc8fc\uac00\uac00 \ubc00\ub838\ub2e4\ub294 \uc0ac\uc2e4\uc740 \uc0ac\uc18c\ud55c \uac83\uc774 \uc544\ub2c8\ub77c \uc911\uc694\ud569\ub2c8\ub2e4. \uc88b\uc740 \ub274\uc2a4\uc5d0\ub3c4 \uc8fc\uac00\uac00 \ud558\ub77d\ud55c\ub2e4\uba74, \uae30\ub300\uce58\uac00 \uc774\ubbf8 \ub192\uc544\uc838 \uc788\uc744 \uc218 \uc788\uc74c\uc744 \ub73b\ud569\ub2c8\ub2e4. \ubcf4\uc218\uc801 \uc790\ubcf8\uc740 \ubaa8\ub4e0 \uc870\uc815\uc744 \ub3c4\uc57d\ub300\ub85c \uac00\uc815\ud574\uc11c\ub294 \uc548 \ub429\ub2c8\ub2e4.\n\n\ubc38\ub958\uc5d0\uc774\uc158 \uce21\uba74\uc5d0\uc11c, \uc800\ub294 \ud6c4\ud589 P/E\uac00 \uc57d 34.7\uc774\ub77c\ub294 \uc810\uc744 \uc120\ud589 P/E\uac00 19.2 \uadfc\ucc98\ub77c\ub294 \uc774\uc720\ub9cc\uc73c\ub85c \ubb34\uc2dc\ud560 \uc218 \uc788\ub2e4\ub294 \uc8fc\uc7a5\uc5d0 \ub3d9\uc758\ud558\uc9c0 \uc54a\uc2b5\ub2c8\ub2e4. \uc120\ud589 \uba40\ud2f0\ud50c\uc740 \uc9c0\uc18d\uc801\uc778 \uc2e4\ud589\ub825, \uc548\uc815\uc801\uc778 AI \uc218\uc694, \ub192\uc740 \uac00\ub3d9\ub960, \uac00\uaca9 \uacb0\uc815\ub825, \uad00\ub9ac \uac00\ub2a5\ud55c CAPEX\uc5d0 \uc758\uc874\ud569\ub2c8\ub2e4. \uc774\ub294 \uae34 \uac00\uc815 \ubaa9\ub85d\uc785\ub2c8\ub2e4. \ud68c\uc0ac\ub294 \ud6cc\ub96d\ud558\uc9c0\ub9cc, \uc2dc\uc7a5\uc740 \uc774\ubbf8 \uadf8 \ud6cc\ub96d\ud568\uc5d0 \ub300\ud55c \ub300\uac00\ub97c \uc9c0\ubd88\ud558\uace0 \uc788\uc2b5\ub2c8\ub2e4. \ubcf4\uace0\uc11c\ub4e4\uc740 \ud604\uae08\ud750\ub984 \uae30\ubc18 \ucd94\uc815\uce58 \uc911 \ud558\ub098\uac00 \uc7a0\uc7ac\uc801 \uace0\ud3c9\uac00\ub97c \uc2dc\uc0ac\ud558\ub294 \ub4f1 \ubc38\ub958\uc5d0\uc774\uc158\uc5d0 \ub300\ud55c \uacac\ud574 \ucc28\uc774\ub97c \uba85\uc2dc\uc801\uc73c\ub85c \uc5b8\uae09\ud569\ub2c8\ub2e4. \uae30\ub300\uce58\uac00 \ub192\ub2e4\uba74 AI \uc218\uc694, \ub9c8\uc9c4 \uc804\ub9dd, \ud574\uc678 \ud339 \uacbd\uc81c\uc131 \uc911 \uc5b4\ub290 \ud558\ub098\uc5d0\uc11c \uc791\uc740 \ud558\ud5a5 \uc870\uc815\ub9cc \uc788\uc5b4\ub3c4 \ubd88\uade0\ud615\uc801\uc73c\ub85c \ud070 \uc7ac\ud3c9\uac00\uac00 \ucd09\ubc1c\ub420 \uc218 \uc788\uc2b5\ub2c8\ub2e4.\n\n\uacf5\uaca9\uc801 \uc560\ub110\ub9ac\uc2a4\ud2b8\ub294 TSM\uc758 69.9% \ud30c\uc6b4\ub4dc\ub9ac \uc810\uc720\uc728\uc744 \uac70\uc758 \uc21c\uc218\ud55c \uc0c1\uc2b9 \uc694\uc778\ucc98\ub7fc \ub2e4\ub8f9\ub2c8\ub2e4. \uc800\ub294 \uc774\ub97c \uc9d1\uc911 \ub9ac\uc2a4\ud06c\ub85c \ubd05\ub2c8\ub2e4. \uc9c0\ubc30\ub825\uc740 \uac00\uaca9 \uacb0\uc815\ub825\uc744 \ub9cc\ub4e4\uc9c0\ub9cc, \uc815\uce58\uc801 \ub9ac\uc2a4\ud06c, \uace0\uac1d \ub9ac\uc2a4\ud06c, \uacf5\uae09\ub9dd \ub9ac\uc2a4\ud06c\ub3c4 \uc9d1\uc911\uc2dc\ud0b5\ub2c8\ub2e4. TSM\uc740 AI, \ucca8\ub2e8 \ub178\ub4dc, Nvidia, Apple, \uadf8\ub9ac\uace0 \ub300\ub9cc \uc0dd\uc0b0 \uae30\ubc18\uc5d0 \ud06c\uac8c \uc5f0\uacb0\ub418\uc5b4 \uc788\uc2b5\ub2c8\ub2e4. AI \uc8fc\ubb38 \uc99d\uac00\uc138\uac00 \ub454\ud654\ud558\uac70\ub098, \uace0\uac1d \uc7ac\uace0\uac00 \uc815\uc0c1\ud654\ub418\uac70\ub098, \ucca8\ub2e8 \ub178\ub4dc \uac00\ub3d9\ub960\uc774 \uc57d\ud574\uc9c0\uba74 \ud504\ub9ac\ubbf8\uc5c4\uc744 \ub4b7\ubc1b\uce68\ud558\ub358 \ubc14\ub85c \uadf8 \uc694\uc778\ub4e4\uc774 \ud558\ubc29 \uc694\uc778\uc774 \ub420 \uc218 \uc788\uc2b5\ub2c8\ub2e4. \ubcd1\ubaa9 \uc790\uc0b0\uc740 \uac00\uce58\uac00 \uc788\uc9c0\ub9cc, \uc218\uc694 \uc0ac\uc774\ud074\uc774\ub098 \uc9c0\uc815\ud559\uc801 \ud560\uc778\uc5d0\uc11c \uba74\uc5ed\uc778 \uac83\uc740 \uc544\ub2d9\ub2c8\ub2e4.\n\n\ubaa8\uba58\ud140 \uadf8\ub9bc\ub3c4 \uc870\uae09\ud568\uc774 \uc544\ub2c8\ub77c \uc778\ub0b4\ub97c \uc2dc\uc0ac\ud569\ub2c8\ub2e4. RSI\ub294 66.01\uc5d0\uc11c 55.38\ub85c \ud558\ub77d\ud588\uace0, MACD \ud788\uc2a4\ud1a0\uadf8\ub7a8\uc740 5.09\uc5d0\uc11c 3.64\ub85c \ub0ae\uc544\uc84c\uc2b5\ub2c8\ub2e4. \ubb3c\ub860 \ubaa8\uba58\ud140\uc740 \uc5ec\uc804\ud788 \uae0d\uc815\uc801\uc774\uc9c0\ub9cc, \uc800\ud56d \uadfc\ucc98\uc5d0\uc11c \uac00\uc18d\ub3c4\ub294 \ub454\ud654\ub418\uace0 \uc788\uc2b5\ub2c8\ub2e4. \uc774\uac83\uc774 \uc804\ub7c9 \ub9e4\ub3c4\ud560 \uc774\uc720\ub294 \uc544\ub2c8\uc9c0\ub9cc, \uc2e0\uaddc \ub9ac\uc2a4\ud06c\ub97c \uacf5\uaca9\uc801\uc73c\ub85c \ud22c\uc785\ud558\uc9c0 \ub9d0\uc544\uc57c \ud560 \uc774\uc720\ub294 \ub429\ub2c8\ub2e4. \ud2b8\ub808\uc774\ub354\uc758 \u201c\ub300\uae30\u201d \uc9c0\uc2dc\ub294 \uacc4\ud68d\uc5d0\uc11c \uac00\uc7a5 \uac15\ud55c \ubd80\ubd84\uc774\uba70, \uc800\ub294 \uacf5\uaca9\uc801 \uc560\ub110\ub9ac\uc2a4\ud2b8\ubcf4\ub2e4 \uc774 \uc810\uc744 \ub354 \uac15\uc870\ud558\uaca0\uc2b5\ub2c8\ub2e4. 362-365\ub97c \uc9c0\ucf1c\ub0b4\ub294 \uc870\uc815\uc740 \ub3cc\ud30c \ucd94\uaca9\ubcf4\ub2e4 \ub354 \ubc29\uc5b4 \uac00\ub2a5\ud558\uba70, 382.16 \uc0c1\ud5a5 \ub3cc\ud30c\uac00 \ub098\uc624\ub354\ub77c\ub3c4 \ub2e8\uc21c\ud788 \uac70\ub798\ub7c9\ub9cc\uc774 \uc544\ub2c8\ub77c \ub418\ub3cc\ub9bc \uc5c6\ub294 \ud6c4\uc18d \uc6c0\uc9c1\uc784\uc774 \ud544\uc694\ud569\ub2c8\ub2e4.\n\n\ubcc0\ub3d9\uc131\uc740 \uacf5\uaca9\uc801 \uc2dc\uac01\uc774 \ud3ec\ud2b8\ud3f4\ub9ac\uc624 \uc548\uc815\uc131\uc5d0 \ub300\ud55c \uc704\ud5d8\uc744 \uacfc\uc18c\ud3c9\uac00\ud558\ub294 \ub610 \ub2e4\ub978 \uc601\uc5ed\uc785\ub2c8\ub2e4. ATR\uc740 \uc57d 12.48\ud3ec\uc778\ud2b8\ub85c, \uc8fc\uac00\uc758 \ub300\ub7b5 3% \uc218\uc900\uc785\ub2c8\ub2e4. \uc774\ub294 \uc815\uc0c1\uc801\uc778 \uc77c\uc77c \uc6c0\uc9c1\uc784\ub9cc\uc73c\ub85c\ub3c4 \ubd80\uc801\uc808\ud558\uac8c \ud06c\uae30\uac00 \uc7a1\ud78c \ud3ec\uc9c0\uc158\uc5d0 \uc190\uc0c1\uc744 \uc904 \uc218 \uc788\uc74c\uc744 \ub73b\ud569\ub2c8\ub2e4. \ubcc0\ub3d9\uc131\uc744 \ub2e8\uc9c0 \u201c\uc811\uadfc \ube44\uc6a9\u201d\uc774\ub77c\uace0 \ub9d0\ud558\ub294 \uac83\ub9cc\uc73c\ub85c\ub294 \uc790\uc0b0 \ubcf4\ud638\uc5d0 \ucda9\ubd84\ud558\uc9c0 \uc54a\uc2b5\ub2c8\ub2e4. \ud3ec\uc9c0\uc158 \ud06c\uae30\ub294 \ud3c9\uc18c\ubcf4\ub2e4 \uc791\uc544\uc57c \ud558\uace0, \uc190\uc808\uc120\uc740 \uc815\uc0c1\uc801\uc778 \ub178\uc774\uc988\ub97c \ud53c\ud574\uc57c \ud558\uba70, \ub300\ub9cc\ud574\ud611 \uad00\ub828 \ud5e4\ub4dc\ub77c\uc778\uc774\ub098 \uacf5\uae09\ub9dd \ucc28\uc9c8\uc774 \uc77c\uc77c \uc885\uac00 \uae30\uc900 \uc190\uc808\uc774 \uc720\ud6a8\ud574\uc9c0\uae30 \uc804\uc5d0 \uae30\uc220\uc801 \ub808\ubca8\uc744 \uac2d\uc73c\ub85c \ub6ab\uc744 \uc218 \uc788\uae30 \ub54c\ubb38\uc5d0 \ubc30\ubd84\uc5d0\ub294 \uc0c1\ud55c\uc744 \ub46c\uc57c \ud569\ub2c8\ub2e4.\n\n\uc9c0\uc815\ud559\uc801 \ub17c\ub9ac\ub294 \ud2b9\ud788 \uc9c0\ub098\uce58\uac8c \ub099\uad00\uc801\uc785\ub2c8\ub2e4. \uc138\uacc4\uac00 TSM\uc5d0 \uc758\uc874\ud55c\ub2e4\ub294 \uc0ac\uc2e4\uc740 \ub9ac\uc2a4\ud06c\ub97c \uc81c\uac70\ud558\uc9c0 \uc54a\uc2b5\ub2c8\ub2e4. \uc624\ud788\ub824 \uc2dc\uc2a4\ud15c\uc801 \ub178\ucd9c\uc744 \ud655\ub300\ud569\ub2c8\ub2e4. \ub300\ub9cc\ud574\ud611 \uae34\uc7a5, \uc911\uad6d\uc758 \uc555\ubc15, \uc911\ub3d9 \uad00\ub828 \uc18c\uc7ac \ubc0f \uac00\uc2a4 \ucc28\uc9c8, \ud574\uc678 \ud339 \ube44\uc6a9 \uc778\ud50c\ub808\uc774\uc158\uc740 \ucd94\uc0c1\uc801\uc778 \uc6b0\ub824\uac00 \uc544\ub2d9\ub2c8\ub2e4. \uc774\ub4e4\uc740 \ud560\uc778\uc728, \uace0\uac1d\uc758 \uacf5\uae09 \uacc4\ud68d, CAPEX \ubd80\ub2f4, \ub9c8\uc9c4 \uc9c0\uc18d\uc131\uc5d0 \uc9c1\uc811 \uc601\ud5a5\uc744 \uc90d\ub2c8\ub2e4. \uc804\ub7b5\uc801 \uc911\uc694\uc131\uc740 \uc9c0\uc6d0\uc744 \ub04c\uc5b4\ub0bc \uc218 \uc788\uc9c0\ub9cc, \uc9c0\uc815\ud559\uc801 \ucda9\uaca9\uc774 \ubc1c\uc0dd\ud588\uc744 \ub54c \uc2dc\uc7a5\uc758 \ub9ac\uc2a4\ud06c \ucd95\uc18c\ub97c \ub9c9\uc744 \uc218\ub294 \uc5c6\uc2b5\ub2c8\ub2e4.\n\nCAPEX\ub3c4 \uc790\ub3d9\uc73c\ub85c \uac15\uc138 \uc694\uc778\uc774 \ub418\ub294 \uac83\uc740 \uc544\ub2d9\ub2c8\ub2e4. \uc601\uc5c5\ud604\uae08\ud750\ub984\uacfc \uc789\uc5ec\ud604\uae08\ud750\ub984\uc740 \uac15\ud558\uc9c0\ub9cc, CAPEX\ub294 \uc57d NT$361.5 billion\uc73c\ub85c \uc99d\uac00\ud588\uace0 \uac74\uc124\uc911\uc778\uc790\uc0b0\ub3c4 \uc758\ubbf8 \uc788\uac8c \ub298\uc5c8\uc2b5\ub2c8\ub2e4. \uc774\ub294 \ud5a5\ud6c4 \uc131\uc7a5\uc744 \ub4b7\ubc1b\uce68\ud560 \uc218 \uc788\uc9c0\ub9cc, \ub3d9\uc2dc\uc5d0 \uace0\uc815\ube44 \ubd80\ub2f4\ub3c4 \ub192\uc785\ub2c8\ub2e4. \uc218\uc694\uac00 \ub454\ud654\ud558\uac70\ub098 \ud574\uc678 \ud339\uc774 \uc218\uc775\ub960\uc744 \ud76c\uc11d\ud55c\ub2e4\uba74, \uc624\ub298\uc758 \uc131\uc7a5 \ud22c\uc790\ub294 \ub0b4\uc77c\uc758 \ub9c8\uc9c4 \uc555\ubc15\uc774 \ub420 \uc218 \uc788\uc2b5\ub2c8\ub2e4. \ubcf4\uc218\uc801 \uc811\uadfc\uc740 \ubaa8\ub4e0 \uc0dd\uc0b0\ub2a5\ub825 \uc99d\uc124\uc774 \ud504\ub9ac\ubbf8\uc5c4 \uc218\uc775\ub960\uc744 \ub0b8\ub2e4\uace0 \uac00\uc815\ud574\uc11c\ub294 \uc548 \ub429\ub2c8\ub2e4.\n\n\ud2b8\ub808\uc774\ub354\uc758 \uacb0\uc815\uc5d0 \ub300\ud55c \uc81c \uc870\uc815\uc740 \ub2e4\uc74c\uacfc \uac19\uc2b5\ub2c8\ub2e4. \ud22c\uc790\uc758\uacac\uc740 \uac74\uc124\uc801\uc73c\ub85c \uc720\uc9c0\ud558\ub418, \ud604\uc7ac \uc14b\uc5c5\uc744 \uc2e0\uaddc \ube44\uc911\ud655\ub300 \uc775\uc2a4\ud3ec\uc800\ub97c \uc704\ud55c \uccad\uc2e0\ud638\ub85c \ucde8\uae09\ud574\uc11c\ub294 \uc548 \ub429\ub2c8\ub2e4. \uae30\uc874 \ud3ec\uc9c0\uc158\uc740 \ubc30\ubd84\uc774 \uc774\ubbf8 \ub9ac\uc2a4\ud06c \ud55c\ub3c4 \uc548\uc5d0 \uc788\uc744 \ub54c\ub9cc \ubcf4\uc720\ud560 \uc218 \uc788\uc9c0\ub9cc, \uc800\ub294 \uc800\ud56d \ubd80\uadfc\uc758 \uac15\uc138\uc5d0\uc11c \uacfc\ub3c4\ud55c \uc804\uc220\uc801 \uc775\uc2a4\ud3ec\uc800\ub97c \uc77c\ubd80 \uc904\uc774\ub294 \ucabd\uc744 \uc120\ud638\ud558\uba70, \ube44\uc911\ud655\ub300\ub97c \ub9f9\ubaa9\uc801\uc73c\ub85c \ubc29\uc5b4\ud558\uc9c0\ub294 \uc54a\uaca0\uc2b5\ub2c8\ub2e4. \uc2e0\uaddc \uc775\uc2a4\ud3ec\uc800\ub294 362-365\uae4c\uc9c0 \ud1b5\uc81c\ub41c \uc870\uc815 \ud6c4 \uac15\ud558\uac8c \ub9c8\uac10\ud558\ub294 \ud750\ub984, \ub610\ub294 382.16 \uc0c1\ud5a5 \ub3cc\ud30c \uc774\ud6c4 \ud655\uc778\uc774 \ub098\uc62c \ub54c\uae4c\uc9c0 \uae30\ub2e4\ub824\uc57c \ud569\ub2c8\ub2e4. \ub2e8\uc77c \uc77c\uac04 \ub3cc\ud30c\ub294 \uc989\uc2dc \ub418\ub3cc\ub824\uc9c4\ub2e4\uba74 \ucda9\ubd84\ud558\uc9c0 \uc54a\uc2b5\ub2c8\ub2e4.\n\n\ub9ac\uc2a4\ud06c \ud1b5\uc81c\ub294 \ub354 \uba85\uc2dc\uc801\uc774\uc5b4\uc57c \ud569\ub2c8\ub2e4. 352 \ud558\ud68c\ub9cc\uc774 \uc544\ub2c8\ub77c, \uac70\ub798\ub7c9\uc774\ub098 \ubaa8\uba58\ud140 \uc57d\ud654\ub97c \ub3d9\ubc18\ud574 362 \uc544\ub798\uc5d0\uc11c \uc77c\uac04 \uc885\uac00\uac00 \ud615\uc131\ub420 \uacbd\uc6b0 \uc804\uc220\uc801 \uc775\uc2a4\ud3ec\uc800\ub97c \uc904\uc5ec\uc57c \ud569\ub2c8\ub2e4. 352 \uc544\ub798\uc758 \uc77c\uac04 \uc885\uac00\ub294 50\uc77c\uc120\uacfc VWMA \uc9c0\uc9c0 \ud074\ub7ec\uc2a4\ud130\ub97c \uc704\ud611\ud558\uae30 \ub54c\ubb38\uc5d0 \ub354 \uac15\ud55c \ucd95\uc18c\ub97c \ucd09\ubc1c\ud574\uc57c \ud569\ub2c8\ub2e4. 345-348 \uc774\ud0c8\uc740 \uc804\uc220\uc801 \uc790\ubcf8\uc5d0 \ub300\ud574 \ube44\uc911\ud655\ub300 \ub17c\ub9ac\ub97c \ubb34\ud6a8\ud654\ud574\uc57c \ud569\ub2c8\ub2e4. \uac2d \ub9ac\uc2a4\ud06c\uc640 \uc9c0\uc815\ud559\uc801 \ud504\ub85c\ud544\uc744 \uac10\uc548\ud558\uba74, \ud68c\uc0ac\ub294 \ub354 \ub0ae\uc740 \ub9ac\uc2a4\ud06c\uc758 \uad00\ud560\uad8c\uc5d0\uc11c \uc720\uc0ac\ud55c \uae30\uc220\uc801 \uc14b\uc5c5\uc5d0 \uc77c\ubc18\uc801\uc73c\ub85c \ubd80\uc5ec\ud588\uc744 \ud3ec\uc9c0\uc158 \ud06c\uae30\ubcf4\ub2e4 \ub0ae\uc740 \uc0c1\ud55c\uc744 \uc124\uc815\ud574\uc57c \ud569\ub2c8\ub2e4.\n\n\ub530\ub77c\uc11c \uc81c \uacb0\ub860\uc740 TSM\uc774\ub77c\ub294 \uc0ac\uc5c5\uc5d0 \ub300\ud574 \uc57d\uc138\ub77c\ub294 \uac83\uc774 \uc544\ub2d9\ub2c8\ub2e4. \uc774 \uac00\uaca9\uc5d0\uc11c\uc758 \uac70\ub798\uc5d0 \uc2e0\uc911\ud558\ub2e4\ub294 \uac83\uc785\ub2c8\ub2e4. \uacf5\uaca9\uc801 \uc560\ub110\ub9ac\uc2a4\ud2b8\ub294 \uae30\uc5c5\uc758 \uc9c8\uc5d0 \ub300\ud574\uc11c\ub294 \ub9de\uc9c0\ub9cc, \uae30\uc5c5\uc758 \uc9c8\uc774 \uc9c4\uc785 \ub9ac\uc2a4\ud06c, \ubc38\ub958\uc5d0\uc774\uc158 \ub9ac\uc2a4\ud06c, \uc9c0\uc815\ud559\uc801 \ub9ac\uc2a4\ud06c, \ubcc0\ub3d9\uc131 \ub9ac\uc2a4\ud06c\ub97c \uc81c\uac70\ud558\uc9c0\ub294 \uc54a\uc2b5\ub2c8\ub2e4. \ud68c\uc0ac\uc5d0 \uac00\uc7a5 \uc548\uc804\ud55c \uacbd\ub85c\ub294 \ucc38\uc5ec\ub97c \uc720\uc9c0\ud558\ub418 \ucd94\uaca9\uc744 \ud53c\ud558\uace0, \uc2e0\uaddc \ub9e4\uc218\ub294 \ub2e8\uacc4\uc801\uc73c\ub85c \uc9c4\ud589\ud558\uba70, \uc775\uc2a4\ud3ec\uc800\ub97c \ub298\ub9ac\uae30 \uc804\uc5d0 \ud558\ubc29 \ud2b8\ub9ac\uac70\ub97c \uc2e4\uc81c \uc6b4\uc6a9 \uae30\uc900\uc73c\ub85c \uba85\ud655\ud788 \ub9cc\ub4dc\ub294 \uac83\uc785\ub2c8\ub2e4.",
        "neutral_history": "\uc911\ub9bd \uc560\ub110\ub9ac\uc2a4\ud2b8: \uc911\ub9bd \ub9ac\uc2a4\ud06c \uc560\ub110\ub9ac\uc2a4\ud2b8\ub85c\uc11c, \uc800\ub294 \uc591\uce21 \ubaa8\ub450 \uc911\uc694\ud55c \uc9c0\uc810\uc5d0\uc11c \ub9de\uc9c0\ub9cc, \uac01\uc790 \uacb0\ub860\uc744 \uc9c0\ub098\uce58\uac8c \ud655\uc7a5\ud558\uace0 \uc788\ub2e4\uace0 \ubd05\ub2c8\ub2e4.\n\n\uacf5\uaca9\uc801 \uc560\ub110\ub9ac\uc2a4\ud2b8\uc5d0\uac8c: TSM\uc774 \ub9dd\uac00\uc9c4 \ucc28\ud2b8\uac00 \uc544\ub2c8\uba70 \uc57d\ud55c \ud380\ub354\uba58\ud138 \uc2a4\ud1a0\ub9ac\ub3c4 \uc544\ub2c8\ub77c\ub294 \uc810\uc5d0\ub294 \ub3d9\uc758\ud569\ub2c8\ub2e4. 316.50\uc5d0\uc11c 375.10\uae4c\uc9c0\uc758 \ud68c\ubcf5, \uc0c1\uc2b9 \uc911\uc778 50\uc77c \ubc0f 200\uc77c \uc774\ub3d9\ud3c9\uade0, \uac15\ud55c 1\ubd84\uae30 \uc2e4\uc801, 58% \uc774\uc775 \uc131\uc7a5, \uc57d 35% \ub9e4\ucd9c \uc131\uc7a5, \uadf8\ub9ac\uace0 \uc9c0\uc18d\uc801\uc778 AI \uc218\uc694\ub294 \ubaa8\ub450 TSM\uc744 \ube44\uc911\ud655\ub300 \ud6c4\ubcf4 \ubaa9\ub85d\uc5d0 \uc720\uc9c0\ud560 \uadfc\uac70\uac00 \ub429\ub2c8\ub2e4. \ud558\uc9c0\ub9cc \uacf5\uaca9\uc801 \uad00\uc810\uc740 \ubaa8\ub4e0 \uc704\ud5d8\uc744 \uc77c\uc2dc\uc801\uc774\uac70\ub098 \uc774\ubbf8 \uae30\uc5c5\uc758 \uc9c8\ub85c \ud574\uacb0\ub41c \uac83\uc73c\ub85c \ub108\ubb34 \ube60\ub974\uac8c \uac04\uc8fc\ud569\ub2c8\ub2e4. \ud6cc\ub96d\ud55c \uae30\uc5c5\uc774\ub77c\ub3c4 \uc8fc\uac00\uac00 \ube60\ub978 \uc7ac\ud3c9\uac00 \uc774\ud6c4 379.89-382.16 \uc800\ud56d\uc120 \ubc14\ub85c \uc544\ub798\uc5d0 \uc788\ub2e4\uba74 \ub2e8\uae30 \uc9c4\uc785 \uc9c0\uc810\uc73c\ub85c\ub294 \ubd80\uc801\uc808\ud560 \uc218 \uc788\uc2b5\ub2c8\ub2e4. \uc2e4\uc801 \ubc1c\ud45c \uc774\ud6c4\uc758 \uc57d\uc138\ub97c \ubb34\ud574\ud55c \ucc28\uc775 \uc2e4\ud604\uc73c\ub85c \uce58\ubd80\ud574\uc11c\ub294 \uc548 \ub429\ub2c8\ub2e4. \uac15\ud55c \uc2e4\uc801\uacfc \uac00\uc774\ub358\uc2a4\uc5d0\ub3c4 \uc8fc\uac00\uac00 \ud558\ub77d\ud560 \ub54c\ub294, \uae30\ub300\uce58\uac00 \uc774\ubbf8 \ub192\uace0 \uc2dc\uc7a5\uc774 \ub2e8\uc21c\ud788 \uc9c0\ub09c \uc131\uacfc\ub97c \ud655\uc778\ud558\ub294 \uac83\uc774 \uc544\ub2c8\ub77c \ub2e4\uc74c \ucd09\ub9e4\ub97c \uc694\uad6c\ud558\uace0 \uc788\ub2e4\ub294 \uc758\ubbf8\uc778 \uacbd\uc6b0\uac00 \ub9ce\uc2b5\ub2c8\ub2e4.\n\n\ub610\ud55c \uacf5\uaca9\uc801 \ub17c\ub9ac\ub294 \uc57d 19.2\uc758 \uc120\ud589 P/E\uc5d0 \uc9c0\ub098\uce58\uac8c \uc758\uc874\ud558\uba74\uc11c, \uc57d 34.7\uc758 \ud6c4\ud589 P/E\uc640 \ubcf4\uace0\uc11c\ub4e4 \uc0ac\uc774\uc758 \ubc38\ub958\uc5d0\uc774\uc158 \uc774\uacac\uc744 \uac00\ubccd\uac8c \ub118\uae30\ub294 \uacbd\ud5a5\uc774 \uc788\ub2e4\uace0 \ubd05\ub2c8\ub2e4. \uc120\ud589 \ucd94\uc815\uce58\ub294 \uc720\uc6a9\ud558\uc9c0\ub9cc, AI \uc218\uc694\uac00 \uacc4\uc18d \uac15\ud558\uace0, \ucca8\ub2e8 \ub178\ub4dc \uac00\ub3d9\ub960\uc774 \ub192\uc740 \uc218\uc900\uc744 \uc720\uc9c0\ud558\uba70, \uac00\uaca9 \uacb0\uc815\ub825\uc774 \uc9c0\uc18d\ub418\uace0, \ud574\uc678 \ud339 \ube44\uc6a9\uc774 \ub9c8\uc9c4\uc744 \uc555\ubc15\ud558\uc9c0 \uc54a\ub294\ub2e4\ub294 \uc804\uc81c\uc5d0 \uc758\uc874\ud569\ub2c8\ub2e4. \uc774\ub294 \ud569\ub9ac\uc801\uc778 \uac00\uc815\uc774\uc9c0 \ubcf4\uc7a5\ub41c \uc0ac\uc2e4\uc740 \uc544\ub2d9\ub2c8\ub2e4. TSM\uc758 \uc9c0\ubc30\ub825\uacfc 69.9% \ud30c\uc6b4\ub4dc\ub9ac \uc810\uc720\uc728\uc740 \ud070 \uac15\uc810\uc774\uc9c0\ub9cc, \ub3d9\uc2dc\uc5d0 \ub9ac\uc2a4\ud06c\ub3c4 \uc9d1\uc911\uc2dc\ud0b5\ub2c8\ub2e4. \ud504\ub9ac\ubbf8\uc5c4\uc744 \ub4b7\ubc1b\uce68\ud558\ub294 \ub3d9\uc77c\ud55c AI \ubc0f \ucca8\ub2e8 \ub178\ub4dc \ub178\ucd9c\uc774 AI \uc8fc\ubb38 \ub454\ud654, \uace0\uac1d \uc7ac\uace0 \uc870\uc815, \ub610\ub294 \ub9c8\uc9c4 \uac00\uc774\ub358\uc2a4 \uc2e4\ub9dd\uc774 \ubc1c\uc0dd\ud560 \uacbd\uc6b0 \uc8fc\uac00\ub97c \ubbfc\uac10\ud558\uac8c \ub9cc\ub4e4 \uc218 \uc788\uc2b5\ub2c8\ub2e4.\n\n\uc9c0\uc815\ud559 \uce21\uba74\uc5d0\uc11c\ub294 \ub354 \uac15\ud558\uac8c \ubc18\ubc15\ud558\uace0 \uc2f6\uc2b5\ub2c8\ub2e4. \uc804\ub7b5\uc801 \uc911\uc694\uc131\uc774 \ub300\ub9cc\ud574\ud611 \ub9ac\uc2a4\ud06c\ub97c \uc0c1\uc1c4\ud558\uc9c0\ub294 \uc54a\uc2b5\ub2c8\ub2e4. \uc7a5\uae30\uc801\uc73c\ub85c\ub294 \uc815\ucc45\uc801 \uc9c0\uc6d0\uc744 \ud0a4\uc6b8 \uc218 \uc788\uc9c0\ub9cc, \uc2dc\uc7a5 \ucda9\uaca9 \uad6d\uba74\uc5d0\uc11c\ub294 \ud560\uc778\uc728\uc744 \ub9e4\uc6b0 \ube60\ub974\uac8c \ub192\uc77c \uc218\ub3c4 \uc788\uc2b5\ub2c8\ub2e4. 352 \uc544\ub798\uc758 \uc77c\uc77c \uc885\uac00 \uc190\uc808 \uae30\uc900\uc740 \uc9c0\uc815\ud559\uc801 \uac2d \ud558\ub77d\uc744 \ub9c9\uc544\uc8fc\uc9c0 \ubabb\ud569\ub2c8\ub2e4. \uadf8\ub807\ub2e4\uace0 TSM\uc744 \ud53c\ud574\uc57c \ud55c\ub2e4\ub294 \ub73b\uc740 \uc544\ub2c8\uc9c0\ub9cc, \uc774 \uc885\ubaa9\uc5d0\uc11c\ub294 \uc77c\ubc18\uc801\uc778 \ubc18\ub3c4\uccb4 \uc14b\uc5c5\ubcf4\ub2e4 \ud3ec\uc9c0\uc158 \uaddc\ubaa8\uc640 \ud3ec\ud2b8\ud3f4\ub9ac\uc624 \uc9d1\uc911\ub3c4\uac00 \ub354 \uc911\uc694\ud558\ub2e4\ub294 \uc758\ubbf8\uc785\ub2c8\ub2e4.\n\n\ubcf4\uc218\uc801 \uc560\ub110\ub9ac\uc2a4\ud2b8\uc5d0\uac8c: \ucd94\uaca9 \ub9e4\uc218\uc5d0 \ub300\ud55c \uacbd\uacc4\uc5d0\ub294 \ub3d9\uc758\ud558\uc9c0\ub9cc, \ubcf4\uc218\uc801 \uad00\uc810\uc740 \ucd94\uc138\uc640 \ud380\ub354\uba58\ud138\uc774 \uc5ec\uc804\ud788 \ubd84\uba85\ud788 \uac74\uc124\uc801\uc778 \uc885\ubaa9\uc5d0 \ub300\ud574 \uc9c0\ub098\uce58\uac8c \ubc29\uc5b4\uc801\uc73c\ub85c \ud750\ub97c \uc704\ud5d8\uc774 \uc788\uc2b5\ub2c8\ub2e4. \uc774\ub294 \uc8fc\uac00\uac00 50\uc77c \uc774\ub3d9\ud3c9\uade0 \uc544\ub798\uc5d0 \uc788\uace0, \ubaa8\uba58\ud140\uc774 \uaebe\uc600\uc73c\uba70, \ud380\ub354\uba58\ud138\uc774 \uc545\ud654\ub418\ub294 \uc0ac\ub840\uac00 \uc544\ub2d9\ub2c8\ub2e4. \uc8fc\uac00\ub294 \uc57d 362.5\uc758 10\uc77c EMA \uc704\uc5d0 \uc788\uace0, 352.5-352.8 \ubd80\uadfc\uc758 50\uc77c \uc774\ub3d9\ud3c9\uade0 \ubc0f VWMA \ud074\ub7ec\uc2a4\ud130 \uc704\uc5d0 \uc788\uc73c\uba70, \uc57d 295.6\uc758 \uc0c1\uc2b9 \uc911\uc778 200\uc77c \uc774\ub3d9\ud3c9\uade0\ubcf4\ub2e4\ub3c4 \ud6e8\uc52c \ub192\uc2b5\ub2c8\ub2e4. RSI 55.38\uc740 \ub0c9\uac01 \uc911\uc774\uc9c0 \ubd95\uad34\ub41c \uac83\uc774 \uc544\ub2d9\ub2c8\ub2e4. MACD\ub294 \ud788\uc2a4\ud1a0\uadf8\ub7a8\uc774 \ub454\ud654\ub418\uc5c8\uc74c\uc5d0\ub3c4 7.10\uc73c\ub85c \uc5ec\uc804\ud788 \uc591\uc218\uc785\ub2c8\ub2e4. \uc774\ub294 \uc2e0\uaddc \uc9c4\uc785\uc5d0\ub294 \uc778\ub0b4\uac00 \ud544\uc694\ud558\ub2e4\ub294 \uc758\ubbf8\uc774\uc9c0, \uc804\uccb4 \ud22c\uc790 \ub17c\ub9ac\ub97c \uc9c0\ub098\uce58\uac8c \uac15\ud558\uac8c \ud558\ud5a5 \uc870\uc815\ud574\uc57c \ud55c\ub2e4\ub294 \ub73b\uc740 \uc544\ub2d9\ub2c8\ub2e4.\n\n\ubcf4\uc218\uc801 \uc8fc\uc7a5\uc740 4\uc6d4 8\uc77c \uac2d\uc744 \uc624\uc9c1 \uc704\ud5d8\uc73c\ub85c\ub9cc \uac04\uc8fc\ud560 \uc704\ud5d8\ub3c4 \uc788\uc2b5\ub2c8\ub2e4. \ubb3c\ub860 \ub2a6\uac8c \uc9c4\uc785\ud55c \ub9e4\uc218\uc790\uc5d0\uac8c\ub294 \uc704\ud5d8\uc785\ub2c8\ub2e4. \ud558\uc9c0\ub9cc 345.32\uc5d0\uc11c 365.90\uae4c\uc9c0 1,636\ub9cc \uc8fc \uac70\ub798\ub7c9\uc744 \ub3d9\ubc18\ud55c \uc6c0\uc9c1\uc784\uc740 \uc2e4\uc81c \uc218\uc694\uc640 \ub354 \uac15\ud55c \uc815\ubcf4 \uc774\ud6c4\uc758 \uc7ac\ud3c9\uac00 \uac00\ub2a5\uc131\ub3c4 \ubcf4\uc5ec\uc8fc\uc5c8\uc2b5\ub2c8\ub2e4. TSM\uc774 362-365 \uad6c\uac04\uc73c\ub85c \ub418\ub3cc\ub9bc\uc744 \ubcf4\uc778 \ub4a4 \uac74\uc124\uc801\uc778 \uac70\ub798\ub7c9\uacfc \ud568\uaed8 \ubc84\ud2f4\ub2e4\uba74, \uadf8\uac83 \uc790\uccb4\uac00 \uacbd\uace0 \uc2e0\ud638\ub294 \uc544\ub2d9\ub2c8\ub2e4. \uc624\ud788\ub824 \uc704\ud5d8 \ub300\ube44 \ubcf4\uc0c1\uc744 \uac1c\uc120\ud560 \uc218 \uc788\ub294 \ud1b5\uc81c\ub41c \ub9ac\uc14b\uc5d0 \uac00\uae5d\uc2b5\ub2c8\ub2e4. \ub9c8\ucc2c\uac00\uc9c0\ub85c \uc8fc\uac00\uac00 \ud3c9\uade0 \uc774\uc0c1 \uac70\ub798\ub7c9\uc744 \ub3d9\ubc18\ud574 382.16 \uc704\uc5d0\uc11c \ud655\uc2e4\ud788 \uc885\uac00\ub97c \ud615\uc131\ud558\uace0 \uc989\uac01\uc801\uc778 \ubc18\uc804\uc744 \ud53c\ud55c\ub2e4\uba74, \ucc38\uc5ec\ub97c \uac70\ubd80\ud558\ub294 \uac83\uc740 \ud655\uc778\ub41c \uc9c0\uc18d \uc0c1\uc2b9 \uc6c0\uc9c1\uc784\uc5d0 \ub300\ud55c \ub178\ucd9c \ubd80\uc871 \uc704\ud5d8\uc744 \ub9cc\ub4e4 \uc218 \uc788\uc2b5\ub2c8\ub2e4.\n\n\ub530\ub77c\uc11c \uc800\uc758 \uade0\ud615 \uc7a1\ud78c \uc870\uc815\uc740 \ud2b8\ub808\uc774\ub354\uc758 \ube44\uc911\ud655\ub300\uc640 \uc911\uae30 \uac15\uc138 \uc785\uc7a5\uc740 \uc720\uc9c0\ud558\ub418, \uc9c4\uc785 \ud589\ub3d9\uc740 \ub300\uae30\ub85c \uc720\uc9c0\ud558\uace0 \uc774\ub97c \ub354 \uc2e4\ud589 \uac00\ub2a5\ud558\uac8c \ub9cc\ub4dc\ub294 \uac83\uc785\ub2c8\ub2e4. \uae30\uc874 \ub178\ucd9c\uc740 \ud3ec\uc9c0\uc158 \uaddc\ubaa8\uac00 \uc774\ubbf8 \ub9ac\uc2a4\ud06c \ud55c\ub3c4 \ub0b4\uc5d0 \uc788\ub2e4\uba74 \ubcf4\uc720\ud560 \uc218 \uc788\uc9c0\ub9cc, \ud655\uc778 \uc5c6\uc774 375-382 \ubd80\uadfc\uc5d0\uc11c \ucd94\uac00 \ub9e4\uc218\ud558\uc9c0\ub294 \uc54a\uaca0\uc2b5\ub2c8\ub2e4. \uc2e0\uaddc \ub178\ucd9c\uc758 \uacbd\uc6b0 \ub354 \uae54\ub054\ud55c \uccab \ubc88\uc9f8 \uc120\ud0dd\uc9c0\ub294 10\uc77c EMA \uc601\uc5ed\uc744 \uc9c0\ud0a4\uace0 \uacac\uc870\ud55c \uc885\uac00\ub97c \ud615\uc131\ud558\ub294 362-365 \uad6c\uac04\uc73c\ub85c\uc758 \ub418\ub3cc\ub9bc\uc785\ub2c8\ub2e4. \ub450 \ubc88\uc9f8\ub85c \ud5c8\uc6a9 \uac00\ub2a5\ud55c \uc9c4\uc785\uc740 \ud3c9\uade0 \uc774\uc0c1 \uac70\ub798\ub7c9\uc744 \ub3d9\ubc18\ud55c 382.16 \uc704 \uc77c\uc77c \uc885\uac00\uc640 \uc989\uac01\uc801\uc778 \ubc18\uc804 \ubd80\uc7ac\uc785\ub2c8\ub2e4. \ud2b9\ud788 \uc2dc\uc7a5 \ubcf4\uace0\uc11c\uac00 2026-04-16 \uc7a5\uc911 \ub370\uc774\ud130\uac00 \uc81c\uacf5\ub418\uc9c0 \uc54a\uc558\ub2e4\uace0 \uc5b8\uae09\ud558\uace0 \uc788\uc73c\ubbc0\ub85c, \uc7a5\uc911 \uae09\ub4f1\ub9cc\uc73c\ub85c \ucda9\ubd84\ud558\ub2e4\uace0 \ubcf4\uc9c0\ub294 \uc54a\uaca0\uc2b5\ub2c8\ub2e4.\n\n\ub9ac\uc2a4\ud06c \uad00\ub9ac\ub294 \uc774\uc911 \uad6c\uc870\ub97c \uc0ac\uc6a9\ud558\uaca0\uc2b5\ub2c8\ub2e4. RSI \uc57d\ud654, MACD \ud788\uc2a4\ud1a0\uadf8\ub7a8 \uc545\ud654, \ub610\ub294 \ubd84\uc0b0 \ub9e4\ub3c4 \uac70\ub798\ub7c9\uc744 \ub3d9\ubc18\ud55c 362 \uc544\ub798 \uc885\uac00\ub294 \uc804\uc220\uc801 \uc7ac\uac80\ud1a0\ub098 \ubd80\ubd84\uc801 \ub9ac\uc2a4\ud06c \ucd95\uc18c\ub97c \uc720\ubc1c\ud574\uc57c \ud558\uba70, \ud2b9\ud788 \uc2e0\uaddc \ucd94\uac00\ubd84\uc5d0 \ub300\ud574\uc11c\ub294 \ub354\uc6b1 \uadf8\ub807\uc2b5\ub2c8\ub2e4. 352 \uc544\ub798 \uc77c\uc77c \uc885\uac00\ub294 \ub354 \uc911\uc694\ud55c \ub9ac\uc2a4\ud06c \ud55c\ub3c4\uc785\ub2c8\ub2e4. \uc774\ub294 50\uc77c \uc774\ub3d9\ud3c9\uade0 \ubc0f VWMA \uc9c0\uc9c0 \ud074\ub7ec\uc2a4\ud130\ub97c \uae68\uace0 4\uc6d4 \ubc18\ub4f1 \uad6c\uc870\ub97c \ud6fc\uc190\ud558\uae30 \ub54c\ubb38\uc785\ub2c8\ub2e4. 345-348 \uc774\ud0c8\uc740 \ub3cc\ud30c \uad6c\uac04\uc774 \uc2e4\ud328\ud588\uc73c\uba70 \ube44\uc911\ud655\ub300 \ub17c\ub9ac\ub97c \uc7ac\ud3c9\uac00\ud574\uc57c \ud55c\ub2e4\ub294 \ub354 \ub113\uc740 \uacbd\uace0\uac00 \ub420 \uac83\uc785\ub2c8\ub2e4.\n\n\ud3ec\uc9c0\uc158 \uaddc\ubaa8\ub294 \ud68c\uc0ac\uc758 \ud5e4\ub4dc\ub77c\uc778\uc0c1 \uc6b0\uc218\uc131\uc5d0 \ube44\ud574 \ub2e8\uacc4\uc801\uc774\uace0 \uc808\uc81c\ub41c \uc218\uc900\uc744 \uc720\uc9c0\ud574\uc57c \ud569\ub2c8\ub2e4. \uc57d 12.48\uc758 ATR\uc740 \uc815\uc0c1 \ubcc0\ub3d9\uc131\ub9cc\uc73c\ub85c\ub3c4 \ud0c0\uc774\ud2b8\ud55c \uc190\uc808\uacfc \uacfc\ub3c4\ud55c \uc9c4\uc785 \uaddc\ubaa8\ub97c \ubc8c\ud560 \ub9cc\ud07c \ub113\ub2e4\ub294 \ub73b\uc785\ub2c8\ub2e4. \uc800\ub294 \uc5b4\ub5a4 \uc2dc\uc791 \ud3ec\uc9c0\uc158\ub3c4 \ucd5c\uc18c 1 ATR \ub9ac\uc2a4\ud06c \ubc34\ub4dc\ub97c \uae30\uc900\uc73c\ub85c \uc0b0\uc815\ud558\uace0, \uc7ac\uc2dc\ud5d8\uc774\ub098 \uc9c0\uc18d \uc0c1\uc2b9 \ud655\uc778 \uc774\ud6c4\uc5d0\ub9cc \ucd94\uac00\ud558\uba70, \ub300\ub9cc\ud574\ud611 \ub178\ucd9c, \uacf5\uae09\ub9dd \uc9d1\uc911, AI \uc218\uc694 \uc9d1\uc911, \ubc38\ub958\uc5d0\uc774\uc158 \ubbfc\uac10\ub3c4, \ud574\uc678 \ud339 \ub9c8\uc9c4 \ub9ac\uc2a4\ud06c\ub97c \ubc18\uc601\ud574 \ucd1d \ubc30\ubd84\uc744 \uc81c\ud55c\ud558\uaca0\uc2b5\ub2c8\ub2e4.\n\n\ucd5c\uc885 \uacac\ud574: \uacf5\uaca9\uc801 \uad00\uc810\uc740 TSM\uc744 \uac74\uc124\uc801\uc73c\ub85c \ub2e4\ub8f0 \uac00\uce58\uac00 \uc788\ub2e4\ub294 \uc810\uc5d0\uc11c \ub9de\uc9c0\ub9cc, \uac00\uaca9\uacfc \uaf2c\ub9ac \ub9ac\uc2a4\ud06c\uc5d0 \ub300\ud574\uc11c\ub294 \ub108\ubb34 \uc548\uc77c\ud569\ub2c8\ub2e4. \ubcf4\uc218\uc801 \uad00\uc810\uc740 \ucd94\uaca9 \ub9e4\uc218\ub97c \uac70\ubd80\ud55c\ub2e4\ub294 \uc810\uc5d0\uc11c \ub9de\uc9c0\ub9cc, \ucd94\uc138\uac00 \uc7ac\uac1c\ub418\uc5c8\uace0 \ud380\ub354\uba58\ud138\uc774 \uc5ec\uc804\ud788 \uc774\ub840\uc801\uc73c\ub85c \uac15\ud558\ub2e4\ub294 \uc0ac\uc2e4\uc744 \uc778\uc2dd\ud558\ub294 \ub370 \ub108\ubb34 \ub290\ub9b4 \uc704\ud5d8\uc774 \uc788\uc2b5\ub2c8\ub2e4. \ucd5c\uc120\uc758 \uc804\ub7b5\uc740 \uc774 \uc544\uc774\ub514\uc5b4\ub97c \ud558\ud5a5 \uc870\uc815\ud558\uac70\ub098 \uc800\ud56d\uc120\uc5d0\uc11c \ucd94\uaca9 \ub9e4\uc218\ud558\ub294 \uac83\uc774 \uc544\ub2d9\ub2c8\ub2e4. \uae30\uc874 \ub178\ucd9c\uc740 \ucc45\uc784 \uc788\uac8c \ubcf4\uc720\ud558\uace0, 362-365 \uc9c0\uc9c0 \ud14c\uc2a4\ud2b8 \ub610\ub294 382.16 \ub3cc\ud30c \ud655\uc778 \uc911 \ud558\ub098\ub97c \uae30\ub2e4\ub9ac\uba70, \ud3ec\uc9c0\uc158 \uaddc\ubaa8\ub85c \ub9ac\uc2a4\ud06c \uad00\ub9ac\ub97c \uc218\ud589\ud558\ub294 \uac83\uc785\ub2c8\ub2e4. \uc774\ub807\uac8c \ud558\uba74 \ud3ec\ud2b8\ud3f4\ub9ac\uc624\ub294 \uc9c4\uc815\ud55c AI \uc778\ud504\ub77c \ub9ac\ub354\uc5d0 \ub300\ud55c \ub178\ucd9c\uc744 \uc720\uc9c0\ud558\uba74\uc11c\ub3c4, \uae30\ub300\uac00 \uacfc\ub3c4\ud558\uac8c \ubab0\ub9b0 \ud63c\uc7a1\ud55c \uac70\ub798\uc5d0 \uc5b4\ub5a4 \uac00\uaca9\uc774\ub4e0 \uc9c0\ubd88\ud558\ub294 \uc2e4\uc218\ub97c \ud53c\ud560 \uc218 \uc788\uc2b5\ub2c8\ub2e4.",
        "history": "\nAggressive Analyst: I\u2019ll take the aggressive side here: the trader\u2019s OVERWEIGHT/BULLISH stance is exactly the right posture, and if anything the caution around \u201cWAIT\u201d should be treated as tactical discipline, not hesitation about the opportunity. With no explicit conservative or neutral objections provided, I\u2019ll address the likely concerns they would raise: resistance, valuation, geopolitical risk, post-earnings selling, capex pressure, and volatility.\n\nThe conservative argument that TSM is near resistance at 375-382 misses the more important fact: this is not a weak stock grinding into supply; it is a strategic AI infrastructure bottleneck that just reset higher after a major fundamental confirmation. Price recovered from 316.50 on March 30 to 375.10 by April 15, while both the 50-day average at roughly 352.8 and 200-day average near 295.6 are rising. That is not late-cycle fragility. That is trend resumption. The April 8 surge from 345.32 to 365.90 on 16.36 million shares looks like institutional repricing, not a random oversold bounce. A conservative analyst may call that a gap risk; I call it evidence that the market was forced to revalue the company upward.\n\nOn valuation, the cautious view is too mechanical. Yes, the trailing P/E around 34.7 looks full, but the forward P/E near 19.2 is far more relevant when earnings are accelerating this hard. Q1 profit reportedly rose 58%, Q1 revenue reached about NT$1.13 trillion, or roughly $35.6 billion, up about 35% year over year, and March revenue rose 45.2%. Paying a premium for a company with roughly 54% operating margin, roughly 48% net margin, 35% ROE, dominant advanced-node capacity, and direct exposure to Nvidia, Apple, and the broader AI capex cycle is not reckless. It is the price of owning the toll road for the most important compute buildout in the world.\n\nThe neutral stance would probably say \u201cpositive but already reflected.\u201d That is too passive. Markets do not fully reflect durable monopoly-like bottlenecks in one clean move, especially when estimates are still being pulled upward. TSM\u2019s reported 69.9% global foundry share is not just market share; it is bargaining power, customer dependency, and margin durability. If AI demand persists, TSM is not merely participating in the cycle. It is rationing scarce advanced manufacturing capacity. That kind of scarcity can keep surprising consensus on revenue, pricing, and free cash flow.\n\nThe post-earnings pullback is also being overinterpreted by cautious analysts. A stock slipping after strong results can simply mean short-term profit taking after a fast move, especially with RSI cooling from 66.01 to 55.38. That is not a breakdown. RSI remains above 50, MACD has improved from negative territory to 7.10, and the MACD histogram, while moderating, remains positive. This is exactly the kind of consolidation that can reset the launchpad for the next leg. Conservative investors often wait for all uncertainty to disappear; by then, the breakout is usually gone.\n\nOn volatility, I agree with the trader\u2019s staged sizing, but I reject the idea that volatility should scare us away. ATR around 12.5 points is the cost of access to an exceptional upside setup. The correct response is not to avoid the trade; it is to size intelligently, avoid tight stops, and use confirmation levels. A pullback that holds 362-365 or a daily close above 382.16 on above-average volume gives a clean way to press the advantage. The market is giving us defined levels, not chaos.\n\nGeopolitical risk is real, but the bearish interpretation is one-sided. Taiwan Strait and supply-chain risk increase the discount rate, yes, but they also highlight why TSM is strategically irreplaceable. The world\u2019s dependence on TSM does not make the company less important; it makes customers, governments, and supply chains more incentivized to support it. Overseas fabs may pressure margins at the edge, but TSM\u2019s cash position, operating cash flow, and pricing power give it room to absorb expansion costs while reinforcing long-term customer lock-in.\n\nCapex concerns are also too narrow. The conservative frame treats rising capex and construction-in-progress as a burden. Aggressively, I see it as capacity being built into confirmed demand. Operating cash flow of roughly NT$725.5 billion and free cash flow of roughly NT$364.0 billion in the latest reported quarter show that TSM can fund massive expansion while still generating substantial cash. That is not financial stress. That is growth investment from a position of strength.\n\nThe neutral analyst may prefer waiting for a deeper pullback toward the 50-day average around 352.8. That sounds prudent, but it risks anchoring to a price the market may not offer again if AI demand commentary remains strong. The trader\u2019s plan is better: wait for either the 362-365 support hold or the 382.16 breakout, while keeping existing exposure overweight. That preserves upside participation and avoids the biggest error in a momentum leader: selling quality because it looks temporarily extended.\n\nMy bottom line: the best path is not blind chasing, but it is decisively bullish. Existing overweight exposure should be defended as long as 352 holds on a daily close, and new risk should be deployed quickly if the stock either absorbs the pullback above the 10-day EMA area or clears 382.16 with volume. TSM combines accelerating earnings, AI-linked demand, dominant foundry share, high-margin execution, rising trend structure, and supportive technology risk appetite. Caution sees resistance; I see a leader digesting gains before the market recognizes that the AI infrastructure cycle still has far more room to run.\nConservative Analyst: I agree that TSM is a high-quality company, but the aggressive case is leaning too heavily on quality and not enough on price, volatility, and downside asymmetry. As the conservative risk analyst, I would keep the trader\u2019s constructive view but tighten the risk posture: maintain existing exposure only with discipline, do not chase the 375-382 resistance zone, and require clearer confirmation before adding. In fact, I would reduce the stance from outright bullish overweight to a more conditional, risk-managed overweight or high-conviction watchlist position until the setup matures.\n\nThe aggressive analyst calls the April 8 move an institutional repricing. That may be partly true, but from a risk perspective it is also exactly the kind of event-driven gap that can leave late buyers exposed. TSM moved from 316.50 on March 30 to 375.10 by April 15, a very fast recovery into the 379.89-382.16 resistance area. That is not a low-risk entry zone. The fact that the stock slipped after strong earnings and guidance is important, not trivial. When a stock falls on good news, it tells us expectations may already be elevated. Conservative capital should not assume that every pullback is a launchpad.\n\nOn valuation, I do not accept the argument that the trailing P/E of roughly 34.7 can be dismissed just because the forward P/E is near 19.2. Forward multiples depend on continued execution, stable AI demand, high utilization, pricing power, and manageable capex. That is a long list of assumptions. The company is excellent, but the market is already paying for excellence. The reports explicitly note valuation disagreement, including one cash-flow-based estimate implying possible overvaluation. If expectations are high, even a small downgrade in AI demand, margin outlook, or overseas fab economics could trigger a disproportionate repricing.\n\nThe aggressive analyst also treats TSM\u2019s 69.9% foundry share as almost pure upside. I see a concentration risk. Dominance creates pricing power, but it also concentrates political, customer, and supply-chain exposure. TSM is tied heavily to AI, advanced nodes, Nvidia, Apple, and the Taiwan production base. If AI order growth slows, customer inventory normalizes, or advanced-node utilization softens, the very factors supporting the premium can become sources of downside. A bottleneck asset is valuable, but it is not immune to demand cycles or geopolitical discounting.\n\nThe momentum picture also argues for patience, not urgency. RSI fell from 66.01 to 55.38, and the MACD histogram declined from 5.09 to 3.64. Yes, momentum remains positive, but acceleration is fading near resistance. That is not a reason to sell everything, but it is a reason not to deploy fresh risk aggressively. The trader\u2019s \u201cWAIT\u201d instruction is the strongest part of the plan, and I would emphasize it more than the aggressive analyst does. A pullback that holds 362-365 is more defensible than a breakout chase, and even a breakout above 382.16 should require not just volume, but follow-through without reversal.\n\nVolatility is another area where the aggressive side underestimates the risk to portfolio stability. ATR is about 12.48 points, roughly 3% of the share price. That means a normal daily move can be large enough to damage poorly sized positions. Saying volatility is merely \u201cthe cost of access\u201d is not sufficient for asset protection. Position sizing must be smaller than usual, stops must avoid normal noise, and allocation should be capped because a Taiwan Strait headline or supply-chain disruption can gap through technical levels before a daily-close stop is useful.\n\nThe geopolitical argument is especially too optimistic. The fact that the world depends on TSM does not eliminate risk; it magnifies systemic exposure. Taiwan Strait tension, China pressure, Middle East-related materials and gas disruption, and overseas fab cost inflation are not abstract concerns. They directly affect discount rates, customer supply planning, capex burden, and margin durability. Strategic importance can attract support, but it cannot prevent market de-risking during a geopolitical shock.\n\nCapex is also not automatically bullish. Operating cash flow and free cash flow are strong, but capex rose to about NT$361.5 billion, and construction-in-progress increased materially. That can support future growth, but it also raises fixed-cost intensity. If demand slows or overseas fabs dilute returns, today\u2019s growth investment can become tomorrow\u2019s margin pressure. The conservative approach should not assume every capacity addition earns premium returns.\n\nMy adjustment to the trader\u2019s decision would be: keep the rating constructive, but do not treat the current setup as a green light for new overweight exposure. Existing positions may be held only if allocation is already within risk limits, but I would trim oversized tactical exposure into strength near resistance rather than defend overweight blindly. New exposure should wait for a controlled 362-365 pullback that closes firm, or a breakout above 382.16 followed by confirmation. A single daily breakout is not enough if it immediately reverses.\n\nRisk controls should be more explicit: reduce tactical exposure on a daily close below 362 if accompanied by weakening volume or momentum, not only below 352. A daily close below 352 should trigger a sharper reduction because that would threaten the 50-day and VWMA support cluster. Failure of 345-348 should invalidate the overweight thesis for tactical capital. Given the gap risk and geopolitical profile, the firm should cap position size below what it would normally assign to a similar technical setup in a lower-risk jurisdiction.\n\nSo my conclusion is not bearish on TSM as a business. It is cautious on the trade at this price. The aggressive analyst is right about quality, but quality does not remove entry risk, valuation risk, geopolitical risk, or volatility risk. The safest path for the firm is to preserve participation, avoid chasing, stage any new buying, and make downside triggers operational before increasing exposure.\nNeutral Analyst: As the Neutral Risk Analyst, I think both sides are right about something important, but each is overextending its conclusion.\n\nTo the Aggressive Analyst: I agree that TSM is not a broken chart and not a weak fundamental story. The recovery from 316.50 to 375.10, rising 50-day and 200-day averages, strong Q1 results, 58% profit growth, roughly 35% revenue growth, and durable AI demand all justify keeping TSM on the overweight candidate list. But the aggressive view is too quick to treat every risk as either temporary or already solved by quality. A great company can still be a poor near-term entry if the stock is sitting just below 379.89-382.16 resistance after a fast repricing. The post-earnings weakness should not be dismissed as harmless profit taking; when a stock falls despite strong results and guidance, it often means expectations are already high and the market is asking for the next catalyst, not simply confirming the last one.\n\nI also think the aggressive argument leans too heavily on the forward P/E near 19.2 while brushing aside the trailing P/E around 34.7 and the valuation disagreement in the reports. Forward estimates are useful, but they depend on AI demand staying strong, advanced-node utilization remaining high, pricing power holding, and overseas fab costs not compressing margins. Those are reasonable assumptions, not guaranteed facts. TSM\u2019s dominance and 69.9% foundry share are a major advantage, but they also concentrate the risk. The same AI and advanced-node exposure that supports the premium would make the stock sensitive to any slowdown in AI orders, customer inventory correction, or margin guidance disappointment.\n\nOn geopolitics, I would push back even harder. Strategic importance does not neutralize Taiwan Strait risk. It may increase long-term policy support, but in a market shock it can also increase the discount rate very quickly. A daily-close stop below 352 does not protect against a geopolitical gap. That does not mean avoid TSM, but it does mean position size and portfolio concentration matter more here than in a normal semiconductor setup.\n\nTo the Conservative Analyst: I agree with the caution around chasing, but the conservative side risks becoming too defensive for a stock whose trend and fundamentals are still clearly constructive. This is not a case where price is below the 50-day average, momentum has rolled over, and fundamentals are deteriorating. Price remains above the 10-day EMA around 362.5, above the 50-day and VWMA cluster near 352.5-352.8, and well above the rising 200-day average near 295.6. RSI at 55.38 is cooling, not broken. MACD remains positive at 7.10 even though the histogram has moderated. That argues for patience on new entries, not for downgrading the whole thesis too aggressively.\n\nThe conservative argument also risks treating the April 8 gap only as a hazard. It is a hazard for late buyers, yes, but the 16.36 million-share move from 345.32 to 365.90 also showed real demand and a likely repricing after stronger information. If TSM pulls back into 362-365 and holds with constructive volume, that would not be a warning sign by itself; it would be exactly the kind of controlled reset that can make the risk-reward better. Similarly, if the stock closes decisively above 382.16 on above-average volume and avoids an immediate reversal, refusing to participate would risk underexposure to a confirmed continuation move.\n\nSo my balanced adjustment would be to keep the trader\u2019s OVERWEIGHT and BULLISH medium-term stance, but preserve the WAIT entry action and make it more operational. Existing exposure can be held if position size is already within risk limits, but I would not add near 375-382 without confirmation. For new exposure, the cleaner first choice is a pullback into 362-365 that holds the 10-day EMA area and closes firm. The second acceptable entry is a daily close above 382.16 with above-average volume and no immediate reversal. I would avoid treating an intraday spike as enough, especially because the market report notes that 2026-04-16 intraday data was not available.\n\nFor risk management, I would use a two-layer approach. A close below 362 with weakening RSI, deteriorating MACD histogram, or distribution volume should trigger a tactical review or partial risk reduction, especially for newer adds. A daily close below 352 is the more important risk limit because it would break the 50-day and VWMA support cluster and damage the April rebound structure. Failure of 345-348 would be a broader warning that the breakout zone has failed and the overweight thesis should be reassessed.\n\nPosition sizing should stay staged and modest relative to the headline quality of the company. ATR around 12.48 means normal volatility is wide enough to punish tight stops and oversized entries. I would size any starter position against at least a one-ATR risk band, add only after retests or continuation confirm, and cap total allocation to reflect Taiwan Strait exposure, supply-chain concentration, AI demand concentration, valuation sensitivity, and overseas fab margin risk.\n\nMy final view: the aggressive side is right that TSM deserves constructive treatment, but too casual about price and tail risk. The conservative side is right to reject chasing, but risks being too slow to recognize that the trend has resumed and fundamentals remain unusually strong. The best strategy is not to downgrade the idea or chase the resistance. It is to hold existing exposure responsibly, wait for either the 362-365 support test or the 382.16 breakout confirmation, and let position size do the risk control work. That keeps the portfolio exposed to a genuine AI infrastructure leader while avoiding the mistake of paying any price for a crowded high-expectation trade.",
        "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\uc758 \uc911\uae30 \ubc30\ubd84 \uad00\uc810\uc740 \uae0d\uc815\uc801\uc774\ub2e4. \uacf5\uaca9\uc801 \ubd84\uc11d\uac00\ub294 Q1 \uc774\uc775 58% \uc99d\uac00, \ub9e4\ucd9c \uc57d NT$1.13\uc870, \uc804\ub144 \ub300\ube44 \uc57d 35% \uc131\uc7a5, March \ub9e4\ucd9c 45.2% \uc99d\uac00, 3nm\uc640 5nm \uace0\uac00\ub3d9\ub960, \uc57d 69.9% \ud30c\uc6b4\ub4dc\ub9ac \uc810\uc720\uc728\uc744 \uadfc\uac70\ub85c AI \uc778\ud504\ub77c \ud575\uc2ec \ubcd1\ubaa9 \uc790\uc0b0\uc774\ub77c\uace0 \ud3c9\uac00\ud588\ub2e4. \uc911\ub9bd \ubd84\uc11d\uac00\ub3c4 \uac00\uaca9\uc774 10\uc77c \uc9c0\uc218\uc774\ub3d9\ud3c9\uade0 \ubd80\uadfc\uc778 362.5, 50\uc77c \ud3c9\uade0\uacfc \uac70\ub798\ub7c9\uac00\uc911\ud3c9\uade0 \ud074\ub7ec\uc2a4\ud130\uc778 352.5-352.8, 200\uc77c \ud3c9\uade0 295.6 \uc704\uc5d0 \uc788\uc5b4 \ucd94\uc138\uac00 \ud6fc\uc190\ub418\uc9c0 \uc54a\uc558\ub2e4\uace0 \ubcf4\uc558\ub2e4. \ub2e4\ub9cc \ubcf4\uc218\uc801 \ubd84\uc11d\uac00\uac00 \uc9c0\uc801\ud55c \ub300\ub85c 316.50\uc5d0\uc11c 375.10\uae4c\uc9c0 \ube60\ub974\uac8c \ubc18\ub4f1\ud588\uace0 379.89-382.16 \uc800\ud56d\uc5d0 \uadfc\uc811\ud588\uc73c\uba70, \uac15\ud55c \uc2e4\uc801 \uc774\ud6c4 \ub9e4\ub3c4\uac00 \ub098\uc628 \uc810\uc740 \ub2f9\uc77c \uc2e0\uaddc \uc9c4\uc785\uc758 \uc704\ud5d8\uc744 \ub192\uc778\ub2e4. \ub530\ub77c\uc11c \uc624\ub298\uc740 \ucd94\uaca9 \ub9e4\uc218\ud558\uc9c0 \uc54a\uace0 \ub300\uae30\ud55c\ub2e4. \uc2e0\uaddc \uc9c4\uc785\uc740 TSM\uc774 362-365 \uad6c\uac04\uc744 \ud1b5\uc81c\ub41c \uc870\uc815\uc73c\ub85c \uc2dc\ud5d8\ud55c \ub4a4 \uc885\uac00 \uae30\uc900\uc73c\ub85c \uc9c0\uc9c0\ub97c \ud655\uc778\ud558\uac70\ub098, 382.16 \uc704\uc5d0\uc11c \ud3c9\uade0 \uc774\uc0c1 \uac70\ub798\ub7c9\uc73c\ub85c \uc885\uac00 \ub3cc\ud30c\ud558\uace0 \uc989\uc2dc \ubc18\ub77d\ud558\uc9c0 \uc54a\uc744 \ub54c\ub9cc \uc815\ub2f9\ud654\ub41c\ub2e4. \uc870\uac74\uc774 \ucda9\uc871\ub418\uba74 \ubd80\ubd84 \uc2a4\ud0c0\ud130\ub294 \uac00\ub2a5\ud558\uc9c0\ub9cc \ud604\uc7ac \ud589\ub3d9\uc740 WAIT\uc774\ub2e4.\",\n  \"exit_logic\": \"\uae30\uc874 \ubcf4\uc720\ubd84\uc740 \uc911\uae30 \uc0c1\uc2b9 \uad6c\uc870\uac00 \uc720\uc9c0\ub418\ub294 \ud55c \ubcf4\uc720\ud558\ub418, \uc704\ud5d8 \uc2e0\ud638\ub294 \ub2e8\uacc4\uc801\uc73c\ub85c \uc801\uc6a9\ud55c\ub2e4. \uc911\ub9bd \ubd84\uc11d\uac00\uc758 \uc81c\uc548\ucc98\ub7fc 362 \uc544\ub798 \uc885\uac00\uac00 RSI \uc57d\ud654, MACD \ud788\uc2a4\ud1a0\uadf8\ub7a8 \uc545\ud654, \ubd84\uc0b0 \uac70\ub798\ub7c9\uacfc \ud568\uaed8 \ub098\ud0c0\ub098\uba74 \uc804\uc220 \ub178\ucd9c\uc744 \ubd80\ubd84 \ucd95\uc18c\ud558\uac70\ub098 \uc7ac\uac80\ud1a0\ud55c\ub2e4. 352 \uc544\ub798 \uc885\uac00\ub294 50\uc77c \ud3c9\uade0\uacfc \uac70\ub798\ub7c9\uac00\uc911\ud3c9\uade0 \uc9c0\uc9c0 \ud074\ub7ec\uc2a4\ud130 \ubc0f April \ubc18\ub4f1 \uad6c\uc870\ub97c \ud6fc\uc190\ud558\ubbc0\ub85c \ub354 \uac15\ud55c \ucd95\uc18c \ub610\ub294 \uc804\uc220 \uccad\uc0b0 \uc2e0\ud638\ub85c \ubcf8\ub2e4. 345-348 \ub3cc\ud30c \uad6c\uac04\uc774 \uc2e4\ud328\ud558\uba74 \ucd5c\uadfc \ubaa8\uba58\ud140 \uae30\ubc18 \ube44\uc911 \ud655\ub300 \ub17c\ub9ac\ub97c \uc7ac\ud3c9\uac00\ud55c\ub2e4. AI \uc8fc\ubb38, \uc120\ub2e8\uacf5\uc815 \uac00\ub3d9\ub960, \ub9c8\uc9c4, \uc790\uc720\ud604\uae08\ud750\ub984, \ud574\uc678 \ud339 \ube44\uc6a9\uc5d0 \ub300\ud55c \uac00\uc815\uc774 \uc545\ud654\ub420 \uacbd\uc6b0\uc5d0\ub3c4 \uc911\uae30 \ubc30\ubd84\uc744 \ub0ae\ucd98\ub2e4.\",\n  \"position_sizing\": \"ATR\uac00 \uc57d 12.5\ud3ec\uc778\ud2b8, \uc8fc\uac00\uc758 \uc57d 3% \uc218\uc900\uc774\ubbc0\ub85c \uc2e0\uaddc \ud3ec\uc9c0\uc158\uc740 \uc804\ub7c9 \uc9c4\uc785\uc774 \uc544\ub2c8\ub77c \ub2e8\uacc4\uc801\uc73c\ub85c\ub9cc \uc9d1\ud589\ud55c\ub2e4. \ud655\uc778 \uc2e0\ud638\uac00 \ub098\uc624\uba74 \ucd5c\uc18c 1 ATR \uc774\uc0c1\uc758 \uc704\ud5d8 \ud3ed\uc744 \uae30\uc900\uc73c\ub85c \uc791\uc740 \uc2a4\ud0c0\ud130\ub97c \uc0ac\uc6a9\ud558\uace0, \uc131\uacf5\uc801\uc778 \uc7ac\uc2dc\ud5d8 \ub610\ub294 \ucd94\uac00 \uc0c1\uc2b9 \ud655\uc778 \uc774\ud6c4\uc5d0\ub9cc \uc99d\uc561\ud55c\ub2e4. \uae30\uc874 \ubcf4\uc720\uc790\ub294 \ube44\uc911 \ud655\ub300 \ub178\ucd9c\uc744 \uc720\uc9c0\ud560 \uc218 \uc788\uc9c0\ub9cc, 375-382 \uc800\ud56d\ub300\uc5d0\uc11c\ub294 \uacf5\uaca9\uc801 \ucd94\uac00 \ub9e4\uc218\ub97c \ud53c\ud55c\ub2e4. Taiwan Strait, \uacf5\uae09\ub9dd, \uace0\uac1d \uc9d1\uc911, \ubc38\ub958\uc5d0\uc774\uc158 \uac2d, \ud574\uc678 \ud339 \ub9c8\uc9c4 \uc555\ubc15\uc744 \ubc18\uc601\ud574 \uc77c\ubc18\uc801\uc778 \ubc18\ub3c4\uccb4 \uae30\uc220\uc8fc\ubcf4\ub2e4 \ucd1d \ube44\uc911 \uc0c1\ud55c\uc744 \ub354 \ubcf4\uc218\uc801\uc73c\ub85c \ub454\ub2e4.\",\n  \"risk_limits\": \"\uc77c\uc0c1 \ubcc0\ub3d9\uc131 \uc548\uc5d0 \uc788\ub294 \ucd18\ucd18\ud55c \uc190\uc808\uc740 \ud53c\ud55c\ub2e4. 362 \uc544\ub798 \uc885\uac00\uc640 \uc57d\ud55c \ubaa8\uba58\ud140\uc740 \uc2e0\uaddc \ub9e4\uc218\ubd84 \ub610\ub294 \uc804\uc220 \ube44\uc911\uc758 1\ucc28 \uac10\ucd95 \uac80\ud1a0\uc120\uc774\ub2e4. 352 \uc544\ub798 \uc885\uac00\ub294 \ud575\uc2ec \uc804\uc220 \uc704\ud5d8 \ud55c\ub3c4\uc774\uba70, 345-348 \uc2e4\ud328\ub294 \ub3cc\ud30c \uc2e4\ud328 \ubc0f \uc911\uae30 \ub17c\ub9ac \uc7ac\uac80\ud1a0 \uc2e0\ud638\ub2e4. \ubcf4\uc218\uc801 \ubd84\uc11d\uac00\uac00 \uac15\uc870\ud55c \uac83\ucc98\ub7fc \uc9c0\uc815\ud559\uc801 \ub274\uc2a4\ub294 \uae30\uc220\uc801 \uc885\uac00 \uc190\uc808\uc744 \ub6f0\uc5b4\ub118\ub294 \uac2d \uc704\ud5d8\uc744 \ub9cc\ub4e4 \uc218 \uc788\uc73c\ubbc0\ub85c \ub2e8\uc77c \uc885\ubaa9 \uc190\uc2e4 \ud55c\ub3c4\uc640 \ucd1d \ud3ec\ud2b8\ud3f4\ub9ac\uc624 \uc9d1\uc911\ub3c4\ub97c \uc0ac\uc804\uc5d0 \uc81c\ud55c\ud55c\ub2e4.\",\n  \"catalysts\": [\n    \"Q1 2026 \uc774\uc775\uc774 58% \uc99d\uac00\ud588\uace0 \uc2e4\uc801\uacfc Q2 \ub9e4\ucd9c \uc804\ub9dd\uc774 \uae30\ub300\ub97c \uc6c3\ub3cc\uc558\ub2e4\ub294 \uc810\uc740 \uacf5\uaca9\uc801 \ubd84\uc11d\uac00\uc640 \ud2b8\ub808\uc774\ub354\uac00 \uacf5\ud1b5\uc73c\ub85c \uc81c\uc2dc\ud55c \ud575\uc2ec \uadfc\uac70\ub2e4.\",\n    \"Q1 \ub9e4\ucd9c \uc57d NT$1.13\uc870, \uc57d US$35.6 billion, \uc804\ub144 \ub300\ube44 \uc57d 35% \uc99d\uac00\uc640 March \ub9e4\ucd9c 45.2% \uc99d\uac00\ub294 \uc218\uc694 \uac15\ub3c4\ub97c \ub4b7\ubc1b\uce68\ud55c\ub2e4.\",\n    \"AI \uce69 \uc218\uc694\uc640 3nm \ubc0f 5nm \uace0\uac00\ub3d9\ub960\uc740 \uac00\uaca9 \uacb0\uc815\ub825\uacfc \ub9c8\uc9c4 \uc9c0\uc18d\uc131\uc744 \uc9c0\uc9c0\ud55c\ub2e4.\",\n    \"\uc57d 69.9% \uae00\ub85c\ubc8c \ud30c\uc6b4\ub4dc\ub9ac \uc810\uc720\uc728\uc740 TSM\uc758 \uc804\ub7b5\uc801 \ubcd1\ubaa9\uc131\uacfc \uace0\uac1d \uc758\uc874\ub3c4\ub97c \uac15\ud654\ud55c\ub2e4.\",\n    \"\uac00\uaca9\uc774 \uc0c1\uc2b9 \uc911\uc778 50\uc77c \ud3c9\uade0\uacfc 200\uc77c \ud3c9\uade0 \uc704\uc5d0 \uc788\uace0 RSI\uac00 55.38\ub85c 50 \uc704, MACD\uac00 7.10\uc73c\ub85c \uc591\ud638\ud558\ub2e4\ub294 \uc911\ub9bd \ubd84\uc11d\uac00\uc758 \uadfc\uac70\ub294 \ucd94\uc138 \uc720\uc9c0 \ud310\ub2e8\uc744 \ub4b7\ubc1b\uce68\ud55c\ub2e4.\"\n  ],\n  \"invalidators\": [\n    \"352-353 \uc544\ub798 \uc885\uac00\ub294 April \ubc18\ub4f1 \uad6c\uc870\uc640 50\uc77c \ud3c9\uade0 \ubc0f \uac70\ub798\ub7c9\uac00\uc911\ud3c9\uade0 \uc9c0\uc9c0 \ud074\ub7ec\uc2a4\ud130\ub97c \ud6fc\uc190\ud55c\ub2e4.\",\n    \"RSI\uac00 50 \uc544\ub798\ub85c \ub0b4\ub824\uac00\uace0 MACD \ud788\uc2a4\ud1a0\uadf8\ub7a8\uc774 \uc545\ud654\ub418\uba74 \uac74\uac15\ud55c \uc870\uc815\uc774 \uc544\ub2c8\ub77c \ubaa8\uba58\ud140 \uc0c1\uc2e4\ub85c \ud574\uc11d\ud55c\ub2e4.\",\n    \"AI \uc8fc\ubb38 \ub454\ud654, \uace0\uac1d \uc7ac\uace0 \uc870\uc815, \uc120\ub2e8\uacf5\uc815 \uac00\ub3d9\ub960 \uc57d\ud654, \uac00\uc774\ub358\uc2a4 \ud558\ud5a5\uc740 \ud504\ub9ac\ubbf8\uc5c4 \uc131\uc7a5 \ub17c\ub9ac\ub97c \uc57d\ud654\uc2dc\ud0a8\ub2e4.\",\n    \"Taiwan Strait \uae34\uc7a5 \uace0\uc870\ub098 \ud575\uc2ec \uc18c\uc7ac \uacf5\uae09 \ucc28\uc9c8\uc740 \uc911\ub9bd \ubc0f \ubcf4\uc218 \ubd84\uc11d\uac00\uac00 \uac15\uc870\ud55c \ub300\ub85c \ud560\uc778\uc728\uacfc \uac2d \uc704\ud5d8\uc744 \ube60\ub974\uac8c \ub192\uc778\ub2e4.\",\n    \"\ud574\uc678 \ud339 \ud655\uc7a5\uc774 \ub9c8\uc9c4 \ub610\ub294 \uc790\uc720\ud604\uae08\ud750\ub984\uc744 \uc758\ubbf8 \uc788\uac8c \uc555\ubc15\ud55c\ub2e4\ub294 \uc99d\uac70\uac00 \ub098\uc624\uba74 \ubc38\ub958\uc5d0\uc774\uc158 \uc815\ub2f9\uc131\uc774 \uc57d\ud574\uc9c4\ub2e4.\"\n  ],\n  \"watchlist_triggers\": [\n    \"\ub9e4\uc218 \uac00\ub2a5 \uc870\uc815: TSM\uc774 362-365\ub97c \uc2dc\ud5d8\ud55c \ub4a4 \uc885\uac00 \uae30\uc900\uc73c\ub85c \uc9c0\uc9c0\ub97c \ud655\uc778\ud558\uac70\ub098 10\uc77c \uc9c0\uc218\uc774\ub3d9\ud3c9\uade0 \ubd80\uadfc\uc744 \uc9c0\ud0a4\uace0 \uac70\ub798\ub7c9\uc774 \uac74\uc124\uc801\uc73c\ub85c \uc720\uc9c0\ub420 \ub54c.\",\n    \"\ub3cc\ud30c \uc870\uac74: TSM\uc774 382.16 \uc704\uc5d0\uc11c \ud3c9\uade0 \uc774\uc0c1 \uac70\ub798\ub7c9\uc73c\ub85c \uc885\uac00 \ub9c8\uac10\ud558\uace0 \uc989\uc2dc \ubc18\ub77d\ud558\uc9c0 \uc54a\uc744 \ub54c.\",\n    \"1\ucc28 \uc704\ud5d8 \uc870\uac74: TSM\uc774 362 \uc544\ub798\uc5d0\uc11c \ub9c8\uac10\ud558\uace0 RSI \uc57d\ud654, MACD \ud788\uc2a4\ud1a0\uadf8\ub7a8 \uc545\ud654, \ubd84\uc0b0 \uac70\ub798\ub7c9\uc774 \ub3d9\ubc18\ub420 \ub54c.\",\n    \"\ud575\uc2ec \uc704\ud5d8 \uc870\uac74: TSM\uc774 352 \uc544\ub798\uc5d0\uc11c \uc885\uac00 \ub9c8\uac10\ud558\uac70\ub098 345-348 April \ub3cc\ud30c \uad6c\uac04 \uc7ac\uc2dc\ud5d8\uc5d0 \uc2e4\ud328\ud560 \ub54c.\",\n    \"\ub274\uc2a4 \uc870\uac74: \uacbd\uc601\uc9c4 \ubc1c\uc5b8\uc774 AI \uc218\uc694 \uc9c0\uc18d\uc131, \uc120\ub2e8\uacf5\uc815 \uac00\uaca9 \uacb0\uc815\ub825, \uc790\ubcf8\uc9c0\ucd9c \uaddc\uc728, \ud574\uc678 \ud339 \ub9c8\uc9c4 \uc601\ud5a5\uc744 \ud655\uc778\ud558\uac70\ub098 \ubc18\ub300\ub85c \uc57d\ud654\uc2dc\ud0ac \ub54c.\"\n  ],\n  \"data_coverage\": {\n    \"company_news_count\": 5,\n    \"disclosures_count\": 2,\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 a constructive medium-term thesis: Q1 revenue and profit growth, positive Q2 outlook, AI/advanced-node demand, high margins, strong FCF, and price above rising 50-day and 200-day averages. Immediate entry is not confirmed because price is near 375-382 resistance after a gap-driven rally, momentum is cooling, and good earnings were met with selling. Wait for either a controlled pullback holding 362-365 with renewed volume support, or a daily close above 382.16 on above-average volume.\",\n  \"exit_logic\": \"For existing exposure, maintain while price holds above the short-term defense area near 362.5 and the core trend zone at 352.5-352.8. Reduce or step aside on a daily close below 352, especially if accompanied by weak volume breadth or RSI below 50. Reassess fully if the 345-348 breakout zone fails or if earnings guidance, AI demand, or margin expectations deteriorate.\",\n  \"position_sizing\": \"Use conservative sizing because ATR is about 12.5 points, roughly 3% of price. For new exposure, prefer staged entries rather than a full allocation at resistance; start only after the trigger confirms, then add on successful retests or continuation. Existing holders can remain overweight but should avoid adding aggressively before confirmation.\",\n  \"risk_limits\": \"Do not use tight stops inside normal daily noise. Keep single-position risk modest, size around at least a 1 ATR stop distance, and cap exposure to account for Taiwan Strait, supply-chain, and valuation-gap risk. Treat a close below 352 as the main tactical risk limit and a failure of 345-348 as a thesis-warning level for recent momentum.\",\n  \"catalysts\": [\n    \"Q1 2026 profit reportedly up 58% with results above expectations and Q2 revenue outlook above consensus\",\n    \"Q1 revenue around NT$1.13 trillion, roughly US$35.6 billion, up about 35% year over year; March revenue up 45.2% year over year\",\n    \"AI chip demand from major customers and high utilization in 3nm and 5nm nodes support pricing power and margin durability\",\n    \"Global foundry leadership and reported 69.9% market share reinforce TSM as a strategic AI infrastructure bottleneck\",\n    \"US technology and AI risk appetite remains supportive while price stays above rising 50-day and 200-day averages\"\n  ],\n  \"invalidators\": [\n    \"Daily close below 352-353, where the 50-day average and VWMA cluster, would damage the April rebound structure\",\n    \"RSI falling below 50 with MACD histogram deterioration would imply momentum loss rather than healthy consolidation\",\n    \"Guidance cuts, AI order slowdown, customer inventory correction, or weaker advanced-node utilization would undermine the growth premium\",\n    \"Escalation in Taiwan Strait or critical materials supply disruption would raise the geopolitical discount quickly\",\n    \"Evidence that overseas fab expansion materially compresses margins or FCF would weaken the premium valuation case\"\n  ],\n  \"watchlist_triggers\": [\n    \"Buyable pullback: price tests 362-365 and closes back above or holds the 10-day EMA with constructive volume\",\n    \"Breakout trigger: daily close above 382.16 with volume above recent average and no immediate reversal\",\n    \"Risk trigger: daily close below 352 or failed retest of 345-348 after the April gap breakout\",\n    \"Momentum trigger: RSI holds above 50 while MACD remains positive during consolidation\",\n    \"News trigger: follow-up management commentary on AI demand, advanced-node pricing, capex intensity, and overseas fab margin impact\"\n  ],\n  \"data_coverage\": {\n    \"company_news_count\": 5,\n    \"disclosures_count\": 2,\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\": 0.74,\n  \"time_horizon\": \"medium\",\n  \"entry_logic\": \"TSM\uc758 \uc911\uae30 \ubc30\ubd84 \uad00\uc810\uc740 \uae0d\uc815\uc801\uc774\ub2e4. \uacf5\uaca9\uc801 \ubd84\uc11d\uac00\ub294 Q1 \uc774\uc775 58% \uc99d\uac00, \ub9e4\ucd9c \uc57d NT$1.13\uc870, \uc804\ub144 \ub300\ube44 \uc57d 35% \uc131\uc7a5, March \ub9e4\ucd9c 45.2% \uc99d\uac00, 3nm\uc640 5nm \uace0\uac00\ub3d9\ub960, \uc57d 69.9% \ud30c\uc6b4\ub4dc\ub9ac \uc810\uc720\uc728\uc744 \uadfc\uac70\ub85c AI \uc778\ud504\ub77c \ud575\uc2ec \ubcd1\ubaa9 \uc790\uc0b0\uc774\ub77c\uace0 \ud3c9\uac00\ud588\ub2e4. \uc911\ub9bd \ubd84\uc11d\uac00\ub3c4 \uac00\uaca9\uc774 10\uc77c \uc9c0\uc218\uc774\ub3d9\ud3c9\uade0 \ubd80\uadfc\uc778 362.5, 50\uc77c \ud3c9\uade0\uacfc \uac70\ub798\ub7c9\uac00\uc911\ud3c9\uade0 \ud074\ub7ec\uc2a4\ud130\uc778 352.5-352.8, 200\uc77c \ud3c9\uade0 295.6 \uc704\uc5d0 \uc788\uc5b4 \ucd94\uc138\uac00 \ud6fc\uc190\ub418\uc9c0 \uc54a\uc558\ub2e4\uace0 \ubcf4\uc558\ub2e4. \ub2e4\ub9cc \ubcf4\uc218\uc801 \ubd84\uc11d\uac00\uac00 \uc9c0\uc801\ud55c \ub300\ub85c 316.50\uc5d0\uc11c 375.10\uae4c\uc9c0 \ube60\ub974\uac8c \ubc18\ub4f1\ud588\uace0 379.89-382.16 \uc800\ud56d\uc5d0 \uadfc\uc811\ud588\uc73c\uba70, \uac15\ud55c \uc2e4\uc801 \uc774\ud6c4 \ub9e4\ub3c4\uac00 \ub098\uc628 \uc810\uc740 \ub2f9\uc77c \uc2e0\uaddc \uc9c4\uc785\uc758 \uc704\ud5d8\uc744 \ub192\uc778\ub2e4. \ub530\ub77c\uc11c \uc624\ub298\uc740 \ucd94\uaca9 \ub9e4\uc218\ud558\uc9c0 \uc54a\uace0 \ub300\uae30\ud55c\ub2e4. \uc2e0\uaddc \uc9c4\uc785\uc740 TSM\uc774 362-365 \uad6c\uac04\uc744 \ud1b5\uc81c\ub41c \uc870\uc815\uc73c\ub85c \uc2dc\ud5d8\ud55c \ub4a4 \uc885\uac00 \uae30\uc900\uc73c\ub85c \uc9c0\uc9c0\ub97c \ud655\uc778\ud558\uac70\ub098, 382.16 \uc704\uc5d0\uc11c \ud3c9\uade0 \uc774\uc0c1 \uac70\ub798\ub7c9\uc73c\ub85c \uc885\uac00 \ub3cc\ud30c\ud558\uace0 \uc989\uc2dc \ubc18\ub77d\ud558\uc9c0 \uc54a\uc744 \ub54c\ub9cc \uc815\ub2f9\ud654\ub41c\ub2e4. \uc870\uac74\uc774 \ucda9\uc871\ub418\uba74 \ubd80\ubd84 \uc2a4\ud0c0\ud130\ub294 \uac00\ub2a5\ud558\uc9c0\ub9cc \ud604\uc7ac \ud589\ub3d9\uc740 WAIT\uc774\ub2e4.\",\n  \"exit_logic\": \"\uae30\uc874 \ubcf4\uc720\ubd84\uc740 \uc911\uae30 \uc0c1\uc2b9 \uad6c\uc870\uac00 \uc720\uc9c0\ub418\ub294 \ud55c \ubcf4\uc720\ud558\ub418, \uc704\ud5d8 \uc2e0\ud638\ub294 \ub2e8\uacc4\uc801\uc73c\ub85c \uc801\uc6a9\ud55c\ub2e4. \uc911\ub9bd \ubd84\uc11d\uac00\uc758 \uc81c\uc548\ucc98\ub7fc 362 \uc544\ub798 \uc885\uac00\uac00 RSI \uc57d\ud654, MACD \ud788\uc2a4\ud1a0\uadf8\ub7a8 \uc545\ud654, \ubd84\uc0b0 \uac70\ub798\ub7c9\uacfc \ud568\uaed8 \ub098\ud0c0\ub098\uba74 \uc804\uc220 \ub178\ucd9c\uc744 \ubd80\ubd84 \ucd95\uc18c\ud558\uac70\ub098 \uc7ac\uac80\ud1a0\ud55c\ub2e4. 352 \uc544\ub798 \uc885\uac00\ub294 50\uc77c \ud3c9\uade0\uacfc \uac70\ub798\ub7c9\uac00\uc911\ud3c9\uade0 \uc9c0\uc9c0 \ud074\ub7ec\uc2a4\ud130 \ubc0f April \ubc18\ub4f1 \uad6c\uc870\ub97c \ud6fc\uc190\ud558\ubbc0\ub85c \ub354 \uac15\ud55c \ucd95\uc18c \ub610\ub294 \uc804\uc220 \uccad\uc0b0 \uc2e0\ud638\ub85c \ubcf8\ub2e4. 345-348 \ub3cc\ud30c \uad6c\uac04\uc774 \uc2e4\ud328\ud558\uba74 \ucd5c\uadfc \ubaa8\uba58\ud140 \uae30\ubc18 OVERWEIGHT \ub17c\ub9ac\ub97c \uc7ac\ud3c9\uac00\ud55c\ub2e4. AI \uc8fc\ubb38, \uc120\ub2e8\uacf5\uc815 \uac00\ub3d9\ub960, \ub9c8\uc9c4, \uc790\uc720\ud604\uae08\ud750\ub984, \ud574\uc678 \ud339 \ube44\uc6a9\uc5d0 \ub300\ud55c \uac00\uc815\uc774 \uc545\ud654\ub420 \uacbd\uc6b0\uc5d0\ub3c4 \uc911\uae30 \ubc30\ubd84\uc744 \ub0ae\ucd98\ub2e4.\",\n  \"position_sizing\": \"ATR\uac00 \uc57d 12.5\ud3ec\uc778\ud2b8, \uc8fc\uac00\uc758 \uc57d 3% \uc218\uc900\uc774\ubbc0\ub85c \uc2e0\uaddc \ud3ec\uc9c0\uc158\uc740 \uc804\ub7c9 \uc9c4\uc785\uc774 \uc544\ub2c8\ub77c \ub2e8\uacc4\uc801\uc73c\ub85c\ub9cc \uc9d1\ud589\ud55c\ub2e4. \ud655\uc778 \uc2e0\ud638\uac00 \ub098\uc624\uba74 \ucd5c\uc18c 1 ATR \uc774\uc0c1\uc758 \uc704\ud5d8 \ud3ed\uc744 \uae30\uc900\uc73c\ub85c \uc791\uc740 \uc2a4\ud0c0\ud130\ub97c \uc0ac\uc6a9\ud558\uace0, \uc131\uacf5\uc801\uc778 \uc7ac\uc2dc\ud5d8 \ub610\ub294 \ucd94\uac00 \uc0c1\uc2b9 \ud655\uc778 \uc774\ud6c4\uc5d0\ub9cc \uc99d\uc561\ud55c\ub2e4. \uae30\uc874 \ubcf4\uc720\uc790\ub294 OVERWEIGHT \ub178\ucd9c\uc744 \uc720\uc9c0\ud560 \uc218 \uc788\uc9c0\ub9cc, 375-382 \uc800\ud56d\ub300\uc5d0\uc11c\ub294 \uacf5\uaca9\uc801 \ucd94\uac00 \ub9e4\uc218\ub97c \ud53c\ud55c\ub2e4. Taiwan Strait, \uacf5\uae09\ub9dd, \uace0\uac1d \uc9d1\uc911, \ubc38\ub958\uc5d0\uc774\uc158 \uac2d, \ud574\uc678 \ud339 \ub9c8\uc9c4 \uc555\ubc15\uc744 \ubc18\uc601\ud574 \uc77c\ubc18\uc801\uc778 \ubc18\ub3c4\uccb4 \uae30\uc220\uc8fc\ubcf4\ub2e4 \ucd1d \ube44\uc911 \uc0c1\ud55c\uc744 \ub354 \ubcf4\uc218\uc801\uc73c\ub85c \ub454\ub2e4.\",\n  \"risk_limits\": \"\uc77c\uc0c1 \ubcc0\ub3d9\uc131 \uc548\uc5d0 \uc788\ub294 \ucd18\ucd18\ud55c \uc190\uc808\uc740 \ud53c\ud55c\ub2e4. 362 \uc544\ub798 \uc885\uac00\uc640 \uc57d\ud55c \ubaa8\uba58\ud140\uc740 \uc2e0\uaddc \ub9e4\uc218\ubd84 \ub610\ub294 \uc804\uc220 \ube44\uc911\uc758 1\ucc28 \uac10\ucd95 \uac80\ud1a0\uc120\uc774\ub2e4. 352 \uc544\ub798 \uc885\uac00\ub294 \ud575\uc2ec \uc804\uc220 \uc704\ud5d8 \ud55c\ub3c4\uc774\uba70, 345-348 \uc2e4\ud328\ub294 \ub3cc\ud30c \uc2e4\ud328 \ubc0f \uc911\uae30 \ub17c\ub9ac \uc7ac\uac80\ud1a0 \uc2e0\ud638\ub2e4. \ubcf4\uc218\uc801 \ubd84\uc11d\uac00\uac00 \uac15\uc870\ud55c \uac83\ucc98\ub7fc \uc9c0\uc815\ud559\uc801 \ub274\uc2a4\ub294 \uae30\uc220\uc801 \uc885\uac00 \uc190\uc808\uc744 \ub6f0\uc5b4\ub118\ub294 \uac2d \uc704\ud5d8\uc744 \ub9cc\ub4e4 \uc218 \uc788\uc73c\ubbc0\ub85c \ub2e8\uc77c \uc885\ubaa9 \uc190\uc2e4 \ud55c\ub3c4\uc640 \ucd1d \ud3ec\ud2b8\ud3f4\ub9ac\uc624 \uc9d1\uc911\ub3c4\ub97c \uc0ac\uc804\uc5d0 \uc81c\ud55c\ud55c\ub2e4.\",\n  \"catalysts\": [\n    \"Q1 2026 \uc774\uc775\uc774 58% \uc99d\uac00\ud588\uace0 \uc2e4\uc801\uacfc Q2 \ub9e4\ucd9c \uc804\ub9dd\uc774 \uae30\ub300\ub97c \uc6c3\ub3cc\uc558\ub2e4\ub294 \uc810\uc740 \uacf5\uaca9\uc801 \ubd84\uc11d\uac00\uc640 \ud2b8\ub808\uc774\ub354\uac00 \uacf5\ud1b5\uc73c\ub85c \uc81c\uc2dc\ud55c \ud575\uc2ec \uadfc\uac70\ub2e4.\",\n    \"Q1 \ub9e4\ucd9c \uc57d NT$1.13\uc870, \uc57d US$35.6 billion, \uc804\ub144 \ub300\ube44 \uc57d 35% \uc99d\uac00\uc640 March \ub9e4\ucd9c 45.2% \uc99d\uac00\ub294 \uc218\uc694 \uac15\ub3c4\ub97c \ub4b7\ubc1b\uce68\ud55c\ub2e4.\",\n    \"AI \uce69 \uc218\uc694\uc640 3nm \ubc0f 5nm \uace0\uac00\ub3d9\ub960\uc740 \uac00\uaca9 \uacb0\uc815\ub825\uacfc \ub9c8\uc9c4 \uc9c0\uc18d\uc131\uc744 \uc9c0\uc9c0\ud55c\ub2e4.\",\n    \"\uc57d 69.9% \uae00\ub85c\ubc8c \ud30c\uc6b4\ub4dc\ub9ac \uc810\uc720\uc728\uc740 TSM\uc758 \uc804\ub7b5\uc801 \ubcd1\ubaa9\uc131\uacfc \uace0\uac1d \uc758\uc874\ub3c4\ub97c \uac15\ud654\ud55c\ub2e4.\",\n    \"\uac00\uaca9\uc774 \uc0c1\uc2b9 \uc911\uc778 50\uc77c \ud3c9\uade0\uacfc 200\uc77c \ud3c9\uade0 \uc704\uc5d0 \uc788\uace0 RSI\uac00 55.38\ub85c 50 \uc704, MACD\uac00 7.10\uc73c\ub85c \uc591\ud638\ud558\ub2e4\ub294 \uc911\ub9bd \ubd84\uc11d\uac00\uc758 \uadfc\uac70\ub294 \ucd94\uc138 \uc720\uc9c0 \ud310\ub2e8\uc744 \ub4b7\ubc1b\uce68\ud55c\ub2e4.\"\n  ],\n  \"invalidators\": [\n    \"352-353 \uc544\ub798 \uc885\uac00\ub294 April \ubc18\ub4f1 \uad6c\uc870\uc640 50\uc77c \ud3c9\uade0 \ubc0f \uac70\ub798\ub7c9\uac00\uc911\ud3c9\uade0 \uc9c0\uc9c0 \ud074\ub7ec\uc2a4\ud130\ub97c \ud6fc\uc190\ud55c\ub2e4.\",\n    \"RSI\uac00 50 \uc544\ub798\ub85c \ub0b4\ub824\uac00\uace0 MACD \ud788\uc2a4\ud1a0\uadf8\ub7a8\uc774 \uc545\ud654\ub418\uba74 \uac74\uac15\ud55c \uc870\uc815\uc774 \uc544\ub2c8\ub77c \ubaa8\uba58\ud140 \uc0c1\uc2e4\ub85c \ud574\uc11d\ud55c\ub2e4.\",\n    \"AI \uc8fc\ubb38 \ub454\ud654, \uace0\uac1d \uc7ac\uace0 \uc870\uc815, \uc120\ub2e8\uacf5\uc815 \uac00\ub3d9\ub960 \uc57d\ud654, \uac00\uc774\ub358\uc2a4 \ud558\ud5a5\uc740 \ud504\ub9ac\ubbf8\uc5c4 \uc131\uc7a5 \ub17c\ub9ac\ub97c \uc57d\ud654\uc2dc\ud0a8\ub2e4.\",\n    \"Taiwan Strait \uae34\uc7a5 \uace0\uc870\ub098 \ud575\uc2ec \uc18c\uc7ac \uacf5\uae09 \ucc28\uc9c8\uc740 \uc911\ub9bd \ubc0f \ubcf4\uc218 \ubd84\uc11d\uac00\uac00 \uac15\uc870\ud55c \ub300\ub85c \ud560\uc778\uc728\uacfc \uac2d \uc704\ud5d8\uc744 \ube60\ub974\uac8c \ub192\uc778\ub2e4.\",\n    \"\ud574\uc678 \ud339 \ud655\uc7a5\uc774 \ub9c8\uc9c4 \ub610\ub294 \uc790\uc720\ud604\uae08\ud750\ub984\uc744 \uc758\ubbf8 \uc788\uac8c \uc555\ubc15\ud55c\ub2e4\ub294 \uc99d\uac70\uac00 \ub098\uc624\uba74 \ubc38\ub958\uc5d0\uc774\uc158 \uc815\ub2f9\uc131\uc774 \uc57d\ud574\uc9c4\ub2e4.\"\n  ],\n  \"watchlist_triggers\": [\n    \"\ub9e4\uc218 \uac00\ub2a5 \uc870\uc815: TSM\uc774 362-365\ub97c \uc2dc\ud5d8\ud55c \ub4a4 \uc885\uac00 \uae30\uc900\uc73c\ub85c \uc9c0\uc9c0\ub97c \ud655\uc778\ud558\uac70\ub098 10\uc77c \uc9c0\uc218\uc774\ub3d9\ud3c9\uade0 \ubd80\uadfc\uc744 \uc9c0\ud0a4\uace0 \uac70\ub798\ub7c9\uc774 \uac74\uc124\uc801\uc73c\ub85c \uc720\uc9c0\ub420 \ub54c.\",\n    \"\ub3cc\ud30c \uc870\uac74: TSM\uc774 382.16 \uc704\uc5d0\uc11c \ud3c9\uade0 \uc774\uc0c1 \uac70\ub798\ub7c9\uc73c\ub85c \uc885\uac00 \ub9c8\uac10\ud558\uace0 \uc989\uc2dc \ubc18\ub77d\ud558\uc9c0 \uc54a\uc744 \ub54c.\",\n    \"1\ucc28 \uc704\ud5d8 \uc870\uac74: TSM\uc774 362 \uc544\ub798\uc5d0\uc11c \ub9c8\uac10\ud558\uace0 RSI \uc57d\ud654, MACD \ud788\uc2a4\ud1a0\uadf8\ub7a8 \uc545\ud654, \ubd84\uc0b0 \uac70\ub798\ub7c9\uc774 \ub3d9\ubc18\ub420 \ub54c.\",\n    \"\ud575\uc2ec \uc704\ud5d8 \uc870\uac74: TSM\uc774 352 \uc544\ub798\uc5d0\uc11c \uc885\uac00 \ub9c8\uac10\ud558\uac70\ub098 345-348 April \ub3cc\ud30c \uad6c\uac04 \uc7ac\uc2dc\ud5d8\uc5d0 \uc2e4\ud328\ud560 \ub54c.\",\n    \"\ub274\uc2a4 \uc870\uac74: \uacbd\uc601\uc9c4 \ubc1c\uc5b8\uc774 AI \uc218\uc694 \uc9c0\uc18d\uc131, \uc120\ub2e8\uacf5\uc815 \uac00\uaca9 \uacb0\uc815\ub825, \uc790\ubcf8\uc9c0\ucd9c \uaddc\uc728, \ud574\uc678 \ud339 \ub9c8\uc9c4 \uc601\ud5a5\uc744 \ud655\uc778\ud558\uac70\ub098 \ubc18\ub300\ub85c \uc57d\ud654\uc2dc\ud0ac \ub54c.\"\n  ],\n  \"data_coverage\": {\n    \"company_news_count\": 5,\n    \"disclosures_count\": 2,\n    \"social_source\": \"news_derived\",\n    \"macro_items_count\": 1\n  }\n}"
}