JPMorgan Chase released a research report, lowering TSMC's target price from NT$1,500 to NT$1,300, and giving it an "overweight" rating. JPMorgan predicts that TSMC's revenue in the second quarter of this year will grow by 5% to 8% quarter-on-quarter, driven by strong demand for N4/N5 and N3 processes, some rush orders for old processes, and continued growth in advanced packaging business. However, under the influence of tariffs and the global economic slowdown, TSMC's management may lower its revenue growth guidance for fiscal 2025 from about 25% to a mid-to-low range of 20%. JPMorgan currently predicts that its full-year revenue will grow by 23% (in US dollars).