Technology / Semiconductor / Internet Research

Nicolas Baratte

Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>Reports of Samsung securing 2nm customers (Nvidia, Qualcomm), but AMD is saying that TSMC has the best and only 2nm, Nvidia saying there’s no alternative to TSMC CoWoS.   </li>
<li>Competition at 2nm / 18A is already over. Chips tape-out are rolling out. If Intel, Samsung can gain Foundry customers, it is for the next node 14A in 2027-28.</li>
<li>The difficulty for Intel and Samsung is that TSMC is a lot faster to develop PDK, qualify process, tape-out chips. The total cost of chipdesign at US$0.5-1bn is another hurdle.  </li>
</ul>


Reports of Samsung securing 2nm customers (Nvidia, Qualcomm), but AMD is saying that TSMC has the best and only 2nm, Nvidia saying there’s no alternative to TSMC CoWoS.   
Competition at 2nm / 18A is already over. Chips tape-out are rolling out. If Intel, Samsung can gain Foundry customers, it is for the next node 14A in 2027-28.
The difficulty for Intel and Samsung is that TSMC is a lot faster to develop PDK, qualify process, tape-out chips. The total cost of chipdesign at US$0.5-1bn is another hurdle.  


Just Listen to Jensen (And Lisa): TSMC, Intel, Samsung

Podcast On the Business of Semiconductors, The Circuit

The Circuit

Podcast On the Business of Semiconductors

A Podcast On the Business of Semiconductors. With Jay Goldberg and Ben Bajarin

Thematic (Sector/Industry)

<ul><li>Semiconductor industry expected to grow by 10%</li><li>US semiconductor manufacturing expansion faces challenges</li><li>Trump and China agree to a 90-day pause on new tariffs, with uncertainty about future outcomes</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Semiconductor industry expected to grow by 10%US semiconductor manufacturing expansion faces challengesTrump and China agree to a 90-day pause on new tariffs, with uncertainty about future outcomesThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Episode 118: Weekly Update (Tariffs), AI Budget Spend, Semis and Saudi's

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

<ul>
<li>Global semiconductor sales for the month of March 2025 amounted to $55.9 billion, up 1.8% MoM and up 21.8% YoY</li>
<li>TSMC last week announced that revenue for the month of April amounted to NT$349.57 billion, up 22.2% MoM, up 48.1% YoY and a all time record monthly high</li>
<li>The latest monthly Taiwan semi revenues show little signs of a semi slowdown. Lagging edge remains sluggish, wafer inventories are still too high but leading edge continues to rule</li>
</ul>


Global semiconductor sales for the month of March 2025 amounted to $55.9 billion, up 1.8% MoM and up 21.8% YoY
TSMC last week announced that revenue for the month of April amounted to NT$349.57 billion, up 22.2% MoM, up 48.1% YoY and a all time record monthly high
The latest monthly Taiwan semi revenues show little signs of a semi slowdown. Lagging edge remains sluggish, wafer inventories are still too high but leading edge continues to rule


Key Indicator Updates: Semi Sales, WFE Forecast, Latest Taiwan Monthlies & A Blow Out April For TSMC

Taiwan Tech Focused Senior Analyst

Patrick Liao

TSMC (Taiwan Semiconductor Manufacturing) - ADR / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>
<a href="https://www.smartkarma.com/entities/taiwan-semiconductor-sp-adr" target="_blank" data-smartkarma-citation="entities:8587:1" rel="noopener">Taiwan Semiconductor (TSMC) - ADR (TSM US)</a>’s 2nm process is said to be comparable to <a href="https://www.smartkarma.com/entities/intel-corp" target="_blank" data-smartkarma-citation="entities:16764:1" rel="noopener">Intel Corp (INTC US)</a>’s 18A technology.</li>
<li>It is reported that Intel has placed orders for TSMC’s 2nm capacity, as we previously highlighted, due to its timely availability.</li>
<li>Nonetheless, Intel continues to invest in its own manufacturing roadmap, targeting risk production of the 14A node around 2027.</li>
</ul>



Taiwan Semiconductor (TSMC) - ADR (TSM US)’s 2nm process is said to be comparable to Intel Corp (INTC US)’s 18A technology.
It is reported that Intel has placed orders for TSMC’s 2nm capacity, as we previously highlighted, due to its timely availability.
Nonetheless, Intel continues to invest in its own manufacturing roadmap, targeting risk production of the 14A node around 2027.


TSMC (2330.TT; TSM.US): Intel Appears to Have Delayed the Foundry Competition to 14A.

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

<ul>
<li>
TSMC’s Next Generation 2nm Node is Experiencing Unprecedented Customer Demand</li>
<li>
Showdown Heats Up Between Qualcomm &amp; Mediatek's Next Generation of Mobile Phone SoCs -- And All Roads Lead to TSMC's Process Technology</li>
<li>
Hyperscale Capex Is Maintained or Increased No Cuts or Postponement Capacity Constrain at AMZN GOOG</li>
</ul>



TSMC’s Next Generation 2nm Node is Experiencing Unprecedented Customer Demand

Showdown Heats Up Between Qualcomm &amp; Mediatek's Next Generation of Mobile Phone SoCs -- And All Roads Lead to TSMC's Process Technology

Hyperscale Capex Is Maintained or Increased No Cuts or Postponement Capacity Constrain at AMZN GOOG


Taiwan Tech Weekly: TSMC's Next Gen Node Unprecedented Demand; QCOM/Mediatek Chips' Peformance Leaks

United States

Advanced Micro Devices, Inc. (AMD) produces semiconductor products and devices. The Company offers products such as microprocessors, embedded microprocessors, chipsets, graphics, video and multimedia products and supplies it to third-party foundries, as well as provides assembling, testing, and packaging services. AMD serves customers worldwide.

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Advanced Micro Devices (AMD US)

Just Listen to Jensen (And Lisa): TSMC, Intel, Samsung

Samsung allegedly secures 2nm customers. AMD claims TSMC has the only 2nm. Competition at 2nm is over, chips rolling out. Intel, Samsung face...

Nicolas Baratte

Episode 118: Weekly Update (Tariffs), AI Budget Spend, Semis and Saudi's

The semiconductor industry is anticipated to grow by 10%, but US manufacturing expansion faces challenges and restrictions on Chinese chip makers,...

The Circuit

Key Indicator Updates: Semi Sales, WFE Forecast, Latest Taiwan Monthlies & A Blow Out April For TSMC

The latest monthly Taiwan semi revenues show little signs of a semi slowdown. Lagging edge remains sluggish, wafer inventories are still too high...

William Keating

TSMC (2330.TT; TSM.US): Intel Appears to Have Delayed the Foundry Competition to 14A.

TSMC's 2nm process rivals Intel's 18A technology, with Intel ordering capacity from TSMC while also investing in its own manufacturing roadmap.

Patrick Liao

Taiwan Tech Weekly: TSMC's Next Gen Node Unprecedented Demand; QCOM/Mediatek Chips' Peformance Leaks

TSMC's 2nm node sees high demand, Qualcomm and Mediatek compete using TSMC's technology, Amazon and Google maintain or increase hyperscale capex.

Vincent Fernando, CFA

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Just Listen to Jensen (And Lisa): TSMC, Intel, Samsung

​Samsung allegedly secures 2nm customers. AMD claims TSMC has the only 2nm. Competition at 2nm is over, chips rolling out. Intel, Samsung face...

Nicolas Baratte

Episode 118: Weekly Update (Tariffs), AI Budget Spend, Semis and Saudi's

The semiconductor industry is anticipated to grow by 10%, but US manufacturing expansion faces challenges and restrictions on Chinese chip makers,...

The Circuit

Key Indicator Updates: Semi Sales, WFE Forecast, Latest Taiwan Monthlies & A Blow Out April For TSMC

The latest monthly Taiwan semi revenues show little signs of a semi slowdown. Lagging edge remains sluggish, wafer inventories are still too high...

William Keating

TSMC (2330.TT; TSM.US): Intel Appears to Have Delayed the Foundry Competition to 14A.

​TSMC's 2nm process rivals Intel's 18A technology, with Intel ordering capacity from TSMC while also investing in its own manufacturing roadmap.

Patrick Liao

Taiwan Tech Weekly: TSMC's Next Gen Node Unprecedented Demand; QCOM/Mediatek Chips' Peformance Leaks

​TSMC's 2nm node sees high demand, Qualcomm and Mediatek compete using TSMC's technology, Amazon and Google maintain or increase hyperscale capex.

Vincent Fernando, CFA

Samsung allegedly secures 2nm customers. AMD claims TSMC has the only 2nm. Competition at 2nm is over, chips rolling out. Intel, Samsung face...

TSMC's 2nm process rivals Intel's 18A technology, with Intel ordering capacity from TSMC while also investing in its own manufacturing roadmap.

TSMC's 2nm node sees high demand, Qualcomm and Mediatek compete using TSMC's technology, Amazon and Google maintain or increase hyperscale capex.