Technology / Semiconductor / Internet Research

Nicolas Baratte

Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>Apple’s AI struggle. Google’s Gemini has won? TSMC ex-Chairman is joining Micron’s board</li>
<li>SK Hynix out of image sensors. Korean Gvt launch US$100bn fund for strategic industries</li>
<li>Stargate first data center is under way. Close to 100k Nvidia GPU in 2026. Hon Hai makes the servers.</li>
</ul>


Apple’s AI struggle. Google’s Gemini has won? TSMC ex-Chairman is joining Micron’s board
SK Hynix out of image sensors. Korean Gvt launch US$100bn fund for strategic industries
Stargate first data center is under way. Close to 100k Nvidia GPU in 2026. Hon Hai makes the servers.


Tech News This Week. Apple AI, TSMC, Korea's Giga-Fund, Stargate

<ul>
<li>TSMC’s first 3 Fabs (capacity 80k wafer/month for US$65bn) start production from 2025 to 2030. The newly announced next 3 Fabs (90k, $100bn) should roll  out over 2030-35.</li>
<li>Given Capex in the US is 70% higher than in Taiwan, wafer price will be ~45% higher.</li>
<li>That’s probably why only 12% of TSMC EUV capacity will be in the US by 2030. Customers want more supply security but cost matters.</li>
</ul>


TSMC’s first 3 Fabs (capacity 80k wafer/month for US$65bn) start production from 2025 to 2030. The newly announced next 3 Fabs (90k, $100bn) should roll  out over 2030-35.
Given Capex in the US is 70% higher than in Taiwan, wafer price will be ~45% higher.
That’s probably why only 12% of TSMC EUV capacity will be in the US by 2030. Customers want more supply security but cost matters.


TSMC US$100bn Investment in Arizona: Some Context

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

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

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>TSMC just held a press conference this evening in Taiwan regarding its expanded U.S. investment plans. TSMC said it won't impact Taiwan investments; it is actually accelerating its Taiwan investments.</li>
<li>Additionally, we see TSMC's aggressive U.S. expansion significantly weakening Intel's ability to compete, as it removes one of Intel’s major differentiators--domestic U.S. production.</li>
<li>Maintain Structural Long rating on TSMC -- Expanded U.S. investment fortifies the company’s global leadership. ALSO -- Positive news for semiconductor manufacturing equipment companies internationally and in Taiwan. ASML, etc.</li>
</ul>


TSMC just held a press conference this evening in Taiwan regarding its expanded U.S. investment plans. TSMC said it won't impact Taiwan investments; it is actually accelerating its Taiwan investments.
Additionally, we see TSMC's aggressive U.S. expansion significantly weakening Intel's ability to compete, as it removes one of Intel’s major differentiators--domestic U.S. production.
Maintain Structural Long rating on TSMC -- Expanded U.S. investment fortifies the company’s global leadership. ALSO -- Positive news for semiconductor manufacturing equipment companies internationally and in Taiwan. ASML, etc.


TSMC Addresses U.S. Expansion Concerns: Strengthens TSMC Position & Positive for Semi Industry Capex

Taiwan Tech Focused Senior Analyst

Patrick Liao

<ul>
<li>TSMC Chairman Dr. CC Wei pointed out that TSMC builds production lines everywhere to meet customers' demands. TSMC has never gone against this principle.  </li>
<li>On the 3rd of March, U.S. President Trump and TSMC Chairman jointly announced at the White House that TSMC would reinvest at least $100 billion in the U.S.</li>
<li>Regarding concerns from the public that TSMC might gradually shift its production focus to the U.S., TSMC made it clear that this would not happen.</li>
</ul>


TSMC Chairman Dr. CC Wei pointed out that TSMC builds production lines everywhere to meet customers' demands. TSMC has never gone against this principle.  
On the 3rd of March, U.S. President Trump and TSMC Chairman jointly announced at the White House that TSMC would reinvest at least $100 billion in the U.S.
Regarding concerns from the public that TSMC might gradually shift its production focus to the U.S., TSMC made it clear that this would not happen.


TSMC (2330.TT; TSM.US): TSMC Held Press Conference Regarding Further Investment of USD$100bn in US.

<ul>
<li>TSMC's Latest Global Expansion Plans, Visualized; Taiwan Manufacturing Will Continue to Remain One Generation Ahead of Overseas</li>
<li>TSMC (2330.TT; TSM.US): Invest Further in US up to 100bn; Intel Foundry Service Gets Direct Clients.</li>
<li>Memory Monitor: Nanya Tech Soared on DRAM Recovery and Custom HBM News </li>
</ul>


TSMC's Latest Global Expansion Plans, Visualized; Taiwan Manufacturing Will Continue to Remain One Generation Ahead of Overseas
TSMC (2330.TT; TSM.US): Invest Further in US up to 100bn; Intel Foundry Service Gets Direct Clients.
Memory Monitor: Nanya Tech Soared on DRAM Recovery and Custom HBM News 


Taiwan Tech Weekly: TSMC's Expansion Visualized; Implications of New U.S. Investment; New HBM Memory

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)

Tech News This Week. Apple AI, TSMC, Korea's Giga-Fund, Stargate

Apple AI adopting Google Gemini. TSMC ex-Chairman joins Micron board. SK Hynix exits image sensors, Korean Govt launches $100bn fund. Stargate...

Nicolas Baratte

TSMC US$100bn Investment in Arizona: Some Context

TSMC's expansion plans in the US will result in higher wafer prices due to higher Capex, only 12% of capacity in the US by 2030. Supply security...

Nicolas Baratte

TSMC Addresses U.S. Expansion Concerns: Strengthens TSMC Position & Positive for Semi Industry Capex

TSMC explained how it is accelerating Taiwan investments while also increasing its expansion in the U.S.. Highly positive news for semiconductor...

Vincent Fernando, CFA

TSMC (2330.TT; TSM.US): TSMC Held Press Conference Regarding Further Investment of USD$100bn in US.

TSMC Chairman reaffirms commitment to meeting customer demands globally, including $100 billion reinvestment in the U.S. Production focus will not...

Patrick Liao

Taiwan Tech Weekly: TSMC's Expansion Visualized; Implications of New U.S. Investment; New HBM Memory

TSMC plans additional $100bn for the U.S., but Taiwan will remain one generation ahead of overseas manufacturing; Nanya targeting new custom High...

Vincent Fernando, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Tech News This Week. Apple AI, TSMC, Korea's Giga-Fund, Stargate

​Apple AI adopting Google Gemini. TSMC ex-Chairman joins Micron board. SK Hynix exits image sensors, Korean Govt launches $100bn fund. Stargate...

Nicolas Baratte

TSMC US$100bn Investment in Arizona: Some Context

​TSMC's expansion plans in the US will result in higher wafer prices due to higher Capex, only 12% of capacity in the US by 2030. Supply security...

Nicolas Baratte

TSMC Addresses U.S. Expansion Concerns: Strengthens TSMC Position & Positive for Semi Industry Capex

​TSMC explained how it is accelerating Taiwan investments while also increasing its expansion in the U.S.. Highly positive news for semiconductor...

Vincent Fernando, CFA

TSMC (2330.TT; TSM.US): TSMC Held Press Conference Regarding Further Investment of USD$100bn in US.

​TSMC Chairman reaffirms commitment to meeting customer demands globally, including $100 billion reinvestment in the U.S. Production focus will not...

Patrick Liao

Taiwan Tech Weekly: TSMC's Expansion Visualized; Implications of New U.S. Investment; New HBM Memory

​TSMC plans additional $100bn for the U.S., but Taiwan will remain one generation ahead of overseas manufacturing; Nanya targeting new custom High...

Vincent Fernando, CFA

Apple AI adopting Google Gemini. TSMC ex-Chairman joins Micron board. SK Hynix exits image sensors, Korean Govt launches $100bn fund. Stargate...

TSMC's expansion plans in the US will result in higher wafer prices due to higher Capex, only 12% of capacity in the US by 2030. Supply security...

TSMC explained how it is accelerating Taiwan investments while also increasing its expansion in the U.S.. Highly positive news for semiconductor...

TSMC Chairman reaffirms commitment to meeting customer demands globally, including $100 billion reinvestment in the U.S. Production focus will not...

TSMC plans additional $100bn for the U.S., but Taiwan will remain one generation ahead of overseas manufacturing; Nanya targeting new custom High...