Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. TSMC (TSM) upgraded to Conviction Buy from Buy at Goldman Sachs with analyst Bruce Lu saying after a re-examination of industry capacity builds and order revisions, he thinks he's underestimating the positive impacts on TSMC arising from trade uncertainty. 2. Wells Fargo (WFC) upgraded to Buy from Hold at Argus with analyst Stephen Biggar citing the company's appointment of Charlie Scharf as its new CEO. 3. Cigna (CI) upgraded to Outperform from Market Perform at BMO Capital with analyst Matthew Borsch claiming that the current 8-times his expected forward earnings valuation multiple is "attractive" as the stock represents a "better hedge" against political and health policy uncertainty. 4. Bed Bath & Beyond (BBBY) upgraded to Outperform from Neutral at Wedbush with analyst Seth Basham saying turning around declining retailers is a very difficult task, particularly amidst unfavorable secular trends and soft industry sales growth, but Bed Bath & Beyond has a "good chance of stabilization" in earnings over the next two years as its changes take hold. 5. Restaurant Brands (QSR) upgraded to Neutral from Underperform at Longbow with analyst Alton Stump saying after calls with U.S. Burger King franchisees, he believes same-store sales for Restaurant Brands' Burger King concept were up 4.5%-5.0% in Q3 ahead of his prior estimate of 2.0% growth and consensus at up 3.4%. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

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Apple (AAPL) supplier TSMC (TSM) has unveiled its A16 chip manufacturing technology featuring nanosheet transistors with "backside power rails" meant for producing its ultra-advanced 1.6nm chips by 2026, Nikkei Asia's Cheng Ting-Fang reports. TSMC says the introduction of the technology can "greatly improve logic density and performance." Reference Link

Ansys (ANSS) announced a collaboration with TSMC (TSM) on multiphysics software for TSMC's Compact Universal Photonic Engines. COUPE is a cutting-edge Silicon Photonics integration system and Co-Packaged Optics platform that mitigates coupling loss while significantly accelerating chip-to-chip and machine-to-machine communication. TSMC COUPE, along with Ansys multiphysics solutions that are integrated with Synopsys' 3DIC Compiler unified exploration-to-signoff platform, enables the next generation of silicon photonics and co-packaged optics designs for applications in AI, datacenter, cloud, and HPC communications. The work spans multiple areas, including fiber-to-chip coupling, integrated electronic-photonic chip design, power integrity verification, high-frequency electromagnetic analysis, and critical thermal management.