Development of TSMC's 7nm technology is well on track, and the process will be ready for risk production in the second quarter of 2017, company co-CEO Mark Liu said at an October 13 investors meeting.

TSMC expects to have more than 20 customers for the 7nm process, which will target production for both mobile and high-performance computing applications, said Liu. TSMC is on schedule for 7nm with volume production planned for 2018, Liu reiterated.

Besides, TSMC has been engaged in the development of 5nm process technology, Liu noted. TSMC expects to ramp its 5nm process, which will also target mobile products and high-performance computing, in 2019.

As for TSMC's 10nm process which will focus mainly on mobile devices, volume production is set to kick off at the end of 2016, Liu indicated.

In addition, TSMC raised its revenue forecast for 2016 to 11-12% growth from the 5-10% estimated previously. In US dollar terms, TSMC expects its 2016 revenues to grow about 10%.