➀ Morgan Stanley predicts that Samsung will outsource its HBM4 base technology to TSMC in 2026; ➁ TSMC is expected to achieve a CAGR of 15%-20% in the next five years; ➂ TSMC is actively expanding its capacity due to strong demand; ➃ TSMC's capital expenditure is expected to increase to $38 billion in 2025.