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

Equity Bottom-Up

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

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>TSMC: +23.4% Premium; Consider Shorting ADR Spread at Current Level</li>
<li>UMC: 1.5% Premium; Wait for More Extreme Premium Before Going Short the Spread</li>
<li>ASE: +4.4% Premium; Wait for Higher Premium Before Going Short</li>
</ul>


TSMC: +23.4% Premium; Consider Shorting ADR Spread at Current Level
UMC: 1.5% Premium; Wait for More Extreme Premium Before Going Short the Spread
ASE: +4.4% Premium; Wait for Higher Premium Before Going Short


Taiwan Dual-Listings Monitor: TSMC Premium Break Out Is at Historically High End of Range

Quantitative Researcher, MRM Research

Nico Rosti

Quantitative Researcher

MRM Research

Quantitative Research

Equity Derivatives

TSMC (Taiwan Semiconductor Manufacturing) / Equity Derivatives

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>As reported by <a href="https://www.smartkarma.com/profiles/patrick-liao" target="_blank" data-smartkarma-citation="accounts:29986" rel="noopener">Patrick Liao</a> ,<a href="https://www.smartkarma.com/entities/taiwan-semiconductor-manufacturing-company" target="_blank" data-smartkarma-citation="entities:11230:1" rel="noopener">Taiwan Semiconductor (TSMC) (2330 TT)</a> held its shareholders meetings on June 3rd, read the insight for the details.</li>
<li>The bottom lines emerging from the meeting are: no fear of tariffs, no fear of appreciation of the NT dollar, no fear of having their tech stolen in foreogn-based factories.</li>
<li>The stock rallied from June 3rd, closing at 998 on Thursday. <strong>Our model say the stock is not yet overbought, could rally higher. </strong>
</li>
</ul>


As reported by Patrick Liao ,Taiwan Semiconductor (TSMC) (2330 TT) held its shareholders meetings on June 3rd, read the insight for the details.
The bottom lines emerging from the meeting are: no fear of tariffs, no fear of appreciation of the NT dollar, no fear of having their tech stolen in foreogn-based factories.
The stock rallied from June 3rd, closing at 998 on Thursday. Our model say the stock is not yet overbought, could rally higher. 



TSMC (2330.TT) Outlook: Bullish After Shareholders Meetings

Taiwan Tech Focused Senior Analyst

Patrick Liao

<ul>
<li>There’s nothing TSMC can do about U.S. tariffs but keep working hard and ensure TSMC's technology remains the best in the world.</li>
<li>Recently, the NT dollar has strengthened by 8%, and our operating margin has dropped by over 3% due to exchange rate fluctuations.</li>
<li>If our technology could be stolen so easily, TSMC wouldn’t be where it is today.</li>
</ul>


There’s nothing TSMC can do about U.S. tariffs but keep working hard and ensure TSMC's technology remains the best in the world.
Recently, the NT dollar has strengthened by 8%, and our operating margin has dropped by over 3% due to exchange rate fluctuations.
If our technology could be stolen so easily, TSMC wouldn’t be where it is today.


TSMC (2330.TT; TSM.US): Holds Shareholders’ Meeting on June 3rd.

Technology / Semiconductor / Internet Research

Nicolas Baratte

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

<ul>
<li>IDC has revised down 2025 Smartphone unit growth from 2.3% to 0.6%; increased PC from 3.7% to 4.5% but expects a decline in 2026. </li>
<li>The positive for Mediatek is AI in Mobile chips, but it’s a secondary driver compared to AI ASIC design. Mediatek stock is more expensive than TSMC despite lower visibility.</li>
<li>I don’t see any stock for which PC is a positive. The risk remain over-estimating replacement demand ahead of Windows 10 end-of-support in Oct-25.</li>
</ul>


IDC has revised down 2025 Smartphone unit growth from 2.3% to 0.6%; increased PC from 3.7% to 4.5% but expects a decline in 2026. 
The positive for Mediatek is AI in Mobile chips, but it’s a secondary driver compared to AI ASIC design. Mediatek stock is more expensive than TSMC despite lower visibility.
I don’t see any stock for which PC is a positive. The risk remain over-estimating replacement demand ahead of Windows 10 end-of-support in Oct-25.


Smartphone 2025 Shipments Revised Down, PC Revised Up (IDC). Mediatek a Tad Expensive, TSMC Cheaper.

<ul>
<li>A N3 wafer costs US$20k. Taiwan news mention N2 price at $30k, 16A at $45k. That’s a bit inflated but price increase at each node will be a hefty ~30-40%. </li>
<li>It will become difficult for PC, Smartphone to absorb a US$40k wafer cpst, or to use the chip's performance in these devices. The addressable market will shrink: AI, Networking, Server. </li>
<li>TSMC’s growth will come more from wafer price increase than from volume growth. It's already the case! Could be a problem for Semi Production Equipment vendors: scale will be smaller.</li>
</ul>


A N3 wafer costs US$20k. Taiwan news mention N2 price at $30k, 16A at $45k. That’s a bit inflated but price increase at each node will be a hefty ~30-40%. 
It will become difficult for PC, Smartphone to absorb a US$40k wafer cpst, or to use the chip's performance in these devices. The addressable market will shrink: AI, Networking, Server. 
TSMC’s growth will come more from wafer price increase than from volume growth. It's already the case! Could be a problem for Semi Production Equipment vendors: scale will be smaller.


TSMC Wafer Price Increase ~30-40% at Each Node (N2-A16-A14), that Will Eventually Limit Demand

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)

Taiwan Dual-Listings Monitor: TSMC Premium Break Out Is at Historically High End of Range

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

Vincent Fernando, CFA

TSMC (2330.TT) Outlook: Bullish After Shareholders Meetings

Taiwan Semiconductor (TSMC) remains unfazed by tariffs, currency appreciation, and tech theft concerns, with stock rallying post-shareholders...

Nico Rosti

TSMC (2330.TT; TSM.US): Holds Shareholders’ Meeting on June 3rd.

TSMC faces challenges from US tariffs and exchange rate fluctuations, but remains focused on maintaining technological superiority.

Patrick Liao

Smartphone 2025 Shipments Revised Down, PC Revised Up (IDC). Mediatek a Tad Expensive, TSMC Cheaper.

IDC revises 2025 Smartphone growth down to 0.6%, PC growth up to 4.5% but expects decline in 2026. Mediatek's AI in Mobile chips is positive, but...

Nicolas Baratte

TSMC Wafer Price Increase ~30-40% at Each Node (N2-A16-A14), that Will Eventually Limit Demand

The rising cost of semiconductor wafers could impact end-demand which could be limited to AI, networking, and server markets. TSMC's growth will...

Nicolas Baratte

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Taiwan Dual-Listings Monitor: TSMC Premium Break Out Is at Historically High End of Range

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

Vincent Fernando, CFA

TSMC (2330.TT) Outlook: Bullish After Shareholders Meetings

​Taiwan Semiconductor (TSMC) remains unfazed by tariffs, currency appreciation, and tech theft concerns, with stock rallying post-shareholders...

Nico Rosti

TSMC (2330.TT; TSM.US): Holds Shareholders’ Meeting on June 3rd.

​TSMC faces challenges from US tariffs and exchange rate fluctuations, but remains focused on maintaining technological superiority.

Patrick Liao

Smartphone 2025 Shipments Revised Down, PC Revised Up (IDC). Mediatek a Tad Expensive, TSMC Cheaper.

​IDC revises 2025 Smartphone growth down to 0.6%, PC growth up to 4.5% but expects decline in 2026. Mediatek's AI in Mobile chips is positive, but...

Nicolas Baratte

TSMC Wafer Price Increase ~30-40% at Each Node (N2-A16-A14), that Will Eventually Limit Demand

​The rising cost of semiconductor wafers could impact end-demand which could be limited to AI, networking, and server markets. TSMC's growth will...

Nicolas Baratte

Taiwan Semiconductor (TSMC) remains unfazed by tariffs, currency appreciation, and tech theft concerns, with stock rallying post-shareholders...

TSMC faces challenges from US tariffs and exchange rate fluctuations, but remains focused on maintaining technological superiority.

IDC revises 2025 Smartphone growth down to 0.6%, PC growth up to 4.5% but expects decline in 2026. Mediatek's AI in Mobile chips is positive, but...

The rising cost of semiconductor wafers could impact end-demand which could be limited to AI, networking, and server markets. TSMC's growth will...