Equity Long-Short Analyst

Pyari Menon

Equity Bottom-Up

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

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>Shares of <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> surged on a robust results and raised revenue outlook, driven by strength in AI related demand.</li>
<li>Markets are overlooking the fact that many AI companies and solutions are unnecessary, unsustainable and will lead to blowups and consolidation.</li>
<li>We make the case for why TSMC is over valued and investors will likely get better entry levels.</li>
</ul>


Shares of Taiwan Semiconductor (TSMC) - ADR (TSM US) surged on a robust results and raised revenue outlook, driven by strength in AI related demand.
Markets are overlooking the fact that many AI companies and solutions are unnecessary, unsustainable and will lead to blowups and consolidation.
We make the case for why TSMC is over valued and investors will likely get better entry levels.


TSMC: Trading as if Valuations Don't Matter

Technology / Semiconductor / Internet Research

Nicolas Baratte

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>The price of ASML EUV machine is increasing as thruput (wafer / hour) is increasing. </li>
<li>TSMC 3nm is fully booked in 2025. Here is the list of clients / chips. </li>
<li>SiC and MCU over-investments in China? Very likely. China is limiting SiC investments. </li>
</ul>


The price of ASML EUV machine is increasing as thruput (wafer / hour) is increasing. 
TSMC 3nm is fully booked in 2025. Here is the list of clients / chips. 
SiC and MCU over-investments in China? Very likely. China is limiting SiC investments. 


Tech News This Week. ASML, TSMC, Intel, SiC Capacity, MCU in China

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

ASE Technology Holding   / Equity Bottom-Up

<ul><li>CoWoS packaging meets global demand for advanced technology, with efficient design for integration.</li><li>Taiwan reveals breakthrough in tiny quantum computer technology, impacting the tech industry.</li><li>LGES secures multi-billion deal with Mercedes-Benz for EV batteries, boosting electric vehicle industry.</li></ul>

CoWoS packaging meets global demand for advanced technology, with efficient design for integration.Taiwan reveals breakthrough in tiny quantum computer technology, impacting the tech industry.LGES secures multi-billion deal with Mercedes-Benz for EV batteries, boosting electric vehicle industry.

Tech Supply Chain Tracker (18-Oct-2024): CoWoS packaging global capacity

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 Delivers Strong 3Q24 Revenue and Margin Growth; Margin Guidance Climbs</li>
<li>Management Says Believes AI Demand is Not Hyped... Companies Extracting ROIs</li>
<li>TSMC – Structural Long Rating Maintained; NT$1,515 Price Target Suggests 46% Upside</li>
</ul>


TSMC Delivers Strong 3Q24 Revenue and Margin Growth; Margin Guidance Climbs
Management Says Believes AI Demand is Not Hyped... Companies Extracting ROIs
TSMC – Structural Long Rating Maintained; NT$1,515 Price Target Suggests 46% Upside


TSMC 3Q24: Capex & Margin Guidance Remains Strong; Explains Why AI Demand Not Overhyped; Stay Long

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>Q424 revenue forecast of $26.5 billion, up 13% QoQ and the highest Q3 to Q4 revenue jump since Q4 2017</li>
<li>Demand for AI acceleration is real and just beginning. According to a key customer of theirs, "demand right now is just insane"</li>
<li>Overseas fabs progressing well with Arizona yielding well and on track for high volume production in early 2025</li>
</ul>


Q424 revenue forecast of $26.5 billion, up 13% QoQ and the highest Q3 to Q4 revenue jump since Q4 2017
Demand for AI acceleration is real and just beginning. According to a key customer of theirs, "demand right now is just insane"
Overseas fabs progressing well with Arizona yielding well and on track for high volume production in early 2025


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)

TSMC: Trading as if Valuations Don't Matter

TSMC’s stock is overvalued as markets price in AI hype without accounting for potential overbuild and any chance of fading demand. Investors will...

Pyari Menon

Tech News This Week. ASML, TSMC, Intel, SiC Capacity, MCU in China

ASML price increase in 2025. TSMC 3nm Order Surge Expected in 2025. Intel's Next-Gen Panther Lake CPUs Handed to Lenovo. China restrictions on SiC...

Nicolas Baratte

Tech Supply Chain Tracker (18-Oct-2024): CoWoS packaging global capacity

Taiwan's technological advancements in quantum computing, electric vehicles, and AI servers present promising opportunities for growth and...

Tech Supply Chain Tracker

TSMC 3Q24: Capex & Margin Guidance Remains Strong; Explains Why AI Demand Not Overhyped; Stay Long

TSMC reports strong revenue and margin growth in 3Q24, with belief in sustainable AI demand and maintaining a positive long-term outlook.

Vincent Fernando, CFA

TSMC Q324 Earnings Key Takeaways

Q424 revenue forecast of $26.5 billion, up 13% QoQ and the highest Q3 to Q4 revenue jump since Q4 2017. According to a key customer, demand for AI...

William Keating

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

TSMC: Trading as if Valuations Don't Matter

TSMC’s stock is overvalued as markets price in AI hype without accounting for potential overbuild and any chance of fading demand. Investors will...

Pyari Menon

Tech News This Week. ASML, TSMC, Intel, SiC Capacity, MCU in China

ASML price increase in 2025. TSMC 3nm Order Surge Expected in 2025. Intel's Next-Gen Panther Lake CPUs Handed to Lenovo. China restrictions on SiC...

Nicolas Baratte

Tech Supply Chain Tracker (18-Oct-2024): CoWoS packaging global capacity

Taiwan's technological advancements in quantum computing, electric vehicles, and AI servers present promising opportunities for growth and...

Tech Supply Chain Tracker

TSMC 3Q24: Capex & Margin Guidance Remains Strong; Explains Why AI Demand Not Overhyped; Stay Long

​TSMC reports strong revenue and margin growth in 3Q24, with belief in sustainable AI demand and maintaining a positive long-term outlook.

Vincent Fernando, CFA

TSMC Q324 Earnings Key Takeaways

Q424 revenue forecast of $26.5 billion, up 13% QoQ and the highest Q3 to Q4 revenue jump since Q4 2017. According to a key customer, demand for AI...

William Keating

TSMC reports strong revenue and margin growth in 3Q24, with belief in sustainable AI demand and maintaining a positive long-term outlook.