Correction: The Foundry Floorplan: TSMC 3Q26 Earnings Preview; UMC Preliminary 2027 Positives

This is the Foundry Floorplan series report, covering the semiconductor foundry industry, centered on TSMC's 3Q26 earnings preview and UMC's preliminary 2027 positives. TSMC: we expect it to raise full-year revenue guidance to the low-to-mid-40% range Y/Y, implying 4Q26 revenue up 10%-15% Q/Q amid very strong 3nm demand; 3Q26 gross margin should surpass the high end of guidance to reach 67.5%; we expect capex at US$64bn for 2026 and US$75bn-80bn for 2027. On 2027 wafer price hikes, we see leading edge (7nm and below) up 5%-10% and mature nodes up 0%-3%, with gross margin approaching 70% in 2027; we raise our TSMC price target by 3% to NT$3,088. The report also discusses CoWoS/CoPoS vs Intel EMIB-T advanced packaging competition, TSMC's capacity roadmap and 2nm demand. On UMC: we raise our price target by 36% to NT$188 on AI networking (SiPh) business upside; management indicated AI revenue of US$300mn this year, potentially more than tripling to US$1bn in three years;