TSMC Board Approves NT$1.34 Trillion Capex Budget, Plans Up to $1 Billion Investment in OpenAI and Anthropic

Taiwan Semiconductor Manufacturing Company (TSMC) held a board meeting on November 10, 2026, approving a capital budget of approximately $40.927 billion (equivalent to NT$1.34 trillion). This budget covers advanced process nodes, advanced packaging, upgrades to mature and special process capacities, factory construction, and R&D for 2027. Simultaneously, the board passed a strategically significant resolution: to subscribe to Anthropic common stock and OpenAI preferred stock with a maximum limit of $500 million each, totaling an investment ceiling of $1 billion. Additionally, up to $500 million was approved for establishing a semiconductor ecosystem strategic investment company. It is crucial to note that these are approved limits, not yet actual expenditures or completed subscriptions.

This move marks an extension of TSMC's participation in the AI industry. Previously, TSMC primarily served as a foundry for chip designers like Nvidia and AMD; now, it plans to hold direct equity stakes in AI model developers. TSMC expects capital expenditures for 2026-2028 to increase significantly compared to the previous three years, reflecting the continuous push of AI computing demand on the simultaneous expansion of high-end processes and packaging technologies. Through equity investments, TSMC may aim to more closely bind top-tier AI customers and ensure visibility of future high-end capacity demand.

However, the market should interpret this signal with caution. The long-term capital budget approved by the board cannot be directly viewed as new spending in 2026, and the two equity investments have not been settled. This transition from 'manufacturing partner' to 'shareholder' reflects TSMC's intent to seek deeper strategic binding in the AI wave, but its actual execution effect and specific impact on the industry landscape remain to be observed.