Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing)

<ul><li>The Taiwan Semiconductor Manufacturing Company, commonly referred to as TSMC, provided an earnings overview for the second quarter of 2025, demonstrating significant financial and operational insights.</li><li>The revenue for the quarter showcased an 11.3% sequential increase in New Taiwan dollars, driven by strong demand for TSMC’s advanced 3-nanometer and 5-nanometer technologies.</li><li>However, the positive revenue growth was somewhat countered by unfavorable exchange rate impacts.</li></ul>

The Taiwan Semiconductor Manufacturing Company, commonly referred to as TSMC, provided an earnings overview for the second quarter of 2025, demonstrating significant financial and operational insights.The revenue for the quarter showcased an 11.3% sequential increase in New Taiwan dollars, driven by strong demand for TSMC’s advanced 3-nanometer and 5-nanometer technologies.However, the positive revenue growth was somewhat countered by unfavorable exchange rate impacts.

2330 TT - TSMC Advanced Node Secrets: Will N2 Become the Profit Engine of the Future?

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> has raised wafer prices, with 2nm wafers expected to cost at least 50% more—exceeding USD 30,000 per wafer.   </li>
<li>Rapidus plans to begin 2nm engineering production in 1Q26 and target mass production by 2027, likely one node behind TSMC.</li>
<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> is expected to be ready for iPhone 17 production.</li>
</ul>



Taiwan Semiconductor (TSMC) - ADR (TSM US) has raised wafer prices, with 2nm wafers expected to cost at least 50% more—exceeding USD 30,000 per wafer.   
Rapidus plans to begin 2nm engineering production in 1Q26 and target mass production by 2027, likely one node behind TSMC.

Taiwan Semiconductor (TSMC) - ADR (TSM US) is expected to be ready for iPhone 17 production.


TSMC (2330.TT; TSM.US): TSMC Has Raised Wafer Prices; Rapidus Provides 2nm Milestone.

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: 26.2% Premium; Historically Extreme Level to Open Fresh Short of the Spread</li>
<li>UMC: +1.0% Premium: Wait for More Extreme Level Before Going Long or Short</li>
<li>ASE: +2.7% Premium; Open Fresh Longs of ADR Spread Closer to Parity</li>
</ul>


TSMC: 26.2% Premium; Historically Extreme Level to Open Fresh Short of the Spread
UMC: +1.0% Premium: Wait for More Extreme Level Before Going Long or Short
ASE: +2.7% Premium; Open Fresh Longs of ADR Spread Closer to Parity


Taiwan Dual-Listings Monitor: TSMC Premium at Historically Extreme Level; ASE Bounces Off Parity

<ul>
<li>Intel Down But Not Out -- Reportedly Wins Major Microsoft Foundry Contract; Significant Interest from Nvidia and Google</li>
<li>AMD CEO Lisa Su Presents to U.S. Senate -- Taiwan is America’s Key Ally in the AI Chip Race</li>
<li>Mediatek Approaching Potential Share Catalyst at Computex Taiwan; Nvidia PC PC Announcement Expected</li>
</ul>


Intel Down But Not Out -- Reportedly Wins Major Microsoft Foundry Contract; Significant Interest from Nvidia and Google
AMD CEO Lisa Su Presents to U.S. Senate -- Taiwan is America’s Key Ally in the AI Chip Race
Mediatek Approaching Potential Share Catalyst at Computex Taiwan; Nvidia PC PC Announcement Expected


Taiwan Tech Weekly: Intel Foundry Gains Big Tech Interest; AMD CEO Champions Taiwan in D.C

<ul>
<li>Samsung’s potential Intel stake highlights need for packaging know-how, not customers, and provides a hedge if its 2nm yields or production slip.</li>
<li>TSMC extends lead with stable N3, on-track N2, AI packaging dominance, and customer migrations, while Samsung’s foundry share declines below 8%.</li>
<li>Implications: Positive for TSMC (2330 TT), negative signal for Samsung (005930 KS), validating for Intel (INTC US) though regulatory and governance constraints remain important.</li>
</ul>


Samsung’s potential Intel stake highlights need for packaging know-how, not customers, and provides a hedge if its 2nm yields or production slip.
TSMC extends lead with stable N3, on-track N2, AI packaging dominance, and customer migrations, while Samsung’s foundry share declines below 8%.
Implications: Positive for TSMC (2330 TT), negative signal for Samsung (005930 KS), validating for Intel (INTC US) though regulatory and governance constraints remain important.


Samsung’s Intel Gambit: A Signal of TSMC’s Widening Lead

Taiwan

Taiwan Semiconductor Manufacturing Company Ltd. manufactures integrated circuits based on its proprietary designs.  The Company offers a comprehensive set of integrated circuit fabrication processes to manufacture CMOS logic, mixed-mode, volatile and non-volatile memory and BiCMOS chips.  Taiwan Semiconductor is an affiliate of Philips Electronics N.V.

TSMC (Taiwan Semiconductor Manufacturing) - ADR (TSM US)

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TSMC (Taiwan Semiconductor Manufacturing) - ADR (TSM US)

2330 TT - TSMC Advanced Node Secrets: Will N2 Become the Profit Engine of the Future?

The Taiwan Semiconductor Manufacturing Company, commonly referred to as TSMC, provided an earnings overview for the second quarter of 2025,...

Baptista Research

TSMC (2330.TT; TSM.US): TSMC Has Raised Wafer Prices; Rapidus Provides 2nm Milestone.

TSMC raises wafer prices for 2nm chips, with costs exceeding $30,000 per wafer, positioning itself ahead of Rapidus in production timeline and...

Patrick Liao

Taiwan Dual-Listings Monitor: TSMC Premium at Historically Extreme Level; ASE Bounces Off Parity

We analyze the premium and discount levels of dual-listed Taiwan companies, suggesting potential spread trading levels based on historical trends.

Vincent Fernando, CFA

Taiwan Tech Weekly: Intel Foundry Gains Big Tech Interest; AMD CEO Champions Taiwan in D.C

Intel secures Microsoft contract, AMD emphasizes Taiwan alliance in AI chip race, Mediatek poised for growth at Computex Taiwan.

Vincent Fernando, CFA

Samsung’s Intel Gambit: A Signal of TSMC’s Widening Lead

Samsung's potential Intel stake underscores the importance of packaging know-how over customers, serving as a hedge for production issues, while...

Vincent Fernando, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

2330 TT - TSMC Advanced Node Secrets: Will N2 Become the Profit Engine of the Future?

The Taiwan Semiconductor Manufacturing Company, commonly referred to as TSMC, provided an earnings overview for the second quarter of 2025,...

Baptista Research

TSMC (2330.TT; TSM.US): TSMC Has Raised Wafer Prices; Rapidus Provides 2nm Milestone.

​TSMC raises wafer prices for 2nm chips, with costs exceeding $30,000 per wafer, positioning itself ahead of Rapidus in production timeline and...

Patrick Liao

Taiwan Dual-Listings Monitor: TSMC Premium at Historically Extreme Level; ASE Bounces Off Parity

We analyze the premium and discount levels of dual-listed Taiwan companies, suggesting potential spread trading levels based on historical trends.

Vincent Fernando, CFA

Taiwan Tech Weekly: Intel Foundry Gains Big Tech Interest; AMD CEO Champions Taiwan in D.C

​Intel secures Microsoft contract, AMD emphasizes Taiwan alliance in AI chip race, Mediatek poised for growth at Computex Taiwan.

Vincent Fernando, CFA

Samsung’s Intel Gambit: A Signal of TSMC’s Widening Lead

​Samsung's potential Intel stake underscores the importance of packaging know-how over customers, serving as a hedge for production issues, while...

Vincent Fernando, CFA

TSMC raises wafer prices for 2nm chips, with costs exceeding $30,000 per wafer, positioning itself ahead of Rapidus in production timeline and...

Intel secures Microsoft contract, AMD emphasizes Taiwan alliance in AI chip race, Mediatek poised for growth at Computex Taiwan.

Samsung's potential Intel stake underscores the importance of packaging know-how over customers, serving as a hedge for production issues, while...