Market Movements - US stock index futures are all down ahead of the market opening, with Dow futures down 0.10%, S&P 500 futures down 0.06%, and Nasdaq futures unchanged [1] - European indices show positive movement, with Germany's DAX up 0.22%, UK's FTSE 100 up 1.17%, France's CAC40 up 0.64%, and the Euro Stoxx 50 up 0.27% [2][3] - WTI crude oil is down 0.58% at $67.98 per barrel, while Brent crude oil is down 0.48% at $69.85 per barrel [3][4] Federal Reserve Insights - The Federal Reserve's meeting minutes reveal policy disagreements, with some members supporting a potential rate cut as early as July, while others prefer to hold rates steady for the year [5] - Citigroup maintains its expectation for a possible rate cut in September, citing a current unemployment rate of 4.1% as making a July cut "extremely unlikely" [5] Economic Risks - Goldman Sachs warns that the optimistic "Goldilocks" scenario for US stocks faces three key risks: stagflation, turmoil in long-term bond markets, and a sharp decline in the dollar [6] - The firm suggests that leading indicators and business cycle scores indicate a slowdown in US economic growth, advising a more cautious approach to equities [6] Regional Bank Stocks - US regional bank stocks have seen a strong rebound but may face short-term pullback risks as earnings season approaches [7] - The SPDR S&P Regional Banking ETF (KRE) has risen over 8% in the past month, nearly double the S&P 500's gain, but analysts suggest caution ahead of earnings reports [7] Copper Market Reaction - President Trump's announcement of a 50% tariff on imported copper has shocked the market, with JPMorgan and Morgan Stanley predicting further decoupling of US copper prices from international prices [8] - JPMorgan expects LME copper prices to decline to $9,100 per ton by Q3 2025, while Morgan Stanley anticipates a significant premium for COMEX prices over LME prices [8] Company Earnings - Delta Air Lines reported Q2 earnings that exceeded expectations, with adjusted revenue of $15.51 billion and EPS of $2.10, leading to a positive outlook for the full year [9] - Tesla plans to expand its Robotaxi service to the San Francisco Bay Area within one to two months, pending regulatory approval, highlighting its commitment to commercializing autonomous driving technology [10] - TSMC's Q2 revenue grew by 39%, driven by sustained demand for AI chips, exceeding market expectations [11] Amazon's Prime Day Performance - Amazon's extended Prime Day promotion faced challenges, with sales on the first day down 41% year-over-year, raising concerns about consumer behavior during longer promotional periods [12] Acquisition News - WK Kellogg is reportedly receiving a $3 billion acquisition offer from Ferrero, with a significant short position in WK Kellogg's stock potentially amplifying price reactions [13]

Core Viewpoint - The article discusses the increasing anxiety within Taiwan's semiconductor ecosystem, particularly around TSMC, due to ongoing tariff threats from the Trump administration, prompting significant investment plans to mitigate these impacts [1][2]. Group 1: TSMC's Investment Strategy - TSMC has announced plans to invest over $100 billion (approximately 137 trillion KRW) to address the tariff policies introduced by the Trump administration [1]. - Since 2020, TSMC's total investment in the U.S. has reached $165 billion (around 240 trillion KRW), with an initial commitment of $65 billion (about 94 trillion KRW) for three factories in Arizona, later increasing this by an additional $100 billion for production facilities [2]. Group 2: Industry Response and Concerns - The Taiwanese manufacturing sector, including TSMC's supply chain partners, is formulating strategies to cope with U.S. tariffs, expressing concerns about potential adverse effects on their operations [1]. - There is a growing sentiment of dissatisfaction among industry players regarding the ongoing tariff situation, with fears that excessive tax rates could severely impact their competitiveness [1]. - Samsung Electronics and SK Hynix are also developing strategies in response to the tariff threats, with Samsung building a foundry in Texas and SK Hynix planning a semiconductor packaging facility in Indiana, although they have not disclosed specific investment plans related to memory semiconductor production [2][3].

This has been an interesting year so far for stocks. At the time of writing, the broad market is up around 7%, which would normally be considered a stellar performance for the first half of the year. A lot has happened between the start of 2025 and now, and there are some questions about how much further the market can rise.Still, I think there are a few excellent investment options out there that are poised to deliver strong multi-year growth, making them great buys now, even if they appear a little expens ...

Core Viewpoint - Long-term investing in Taiwan Semiconductor Manufacturing (TSMC) is recommended due to its strong market position, continuous innovation, and substantial growth potential. Group 1: Company Strengths - TSMC is the world's leading contract chip manufacturer with a strong client base including major companies like Nvidia and Apple, making it difficult for clients to replace TSMC as a supplier [3] - The company has a culture of continuous innovation, with upcoming launches of 2 nanometer chips later this year and 1.6 nanometer chips in 2026, positioning TSMC as a leader in advanced technology [4] - TSMC achieves high chip yields of 90% or greater, significantly outperforming competitors who struggle with yields around 50%, which enhances its competitive edge [5] Group 2: Risk Mitigation - TSMC is diversifying its production facilities globally, investing $165 billion in the U.S. and establishing facilities in Japan and Germany to reduce risks associated with its proximity to mainland China [6] - The potential threat from China is mitigated by TSMC's global customer base, making a market crash unlikely in the event of geopolitical tensions [7] Group 3: Growth Projections - TSMC's management anticipates a 45% compound annual growth rate (CAGR) in AI-related revenue and nearly 20% CAGR in total revenue over the next five years, indicating strong growth prospects [8] - The long-term outlook remains positive due to the increasing demand for technology, ensuring continued demand for TSMC's chips [9] Group 4: Financial Performance - TSMC consistently achieves profit margins greater than 40%, resulting in substantial cash flows for reinvestment, stock repurchase, or dividends [10][12] - The company offers a solid dividend yield of 1.2%, which has been consistently increased over the years, contributing to the investment thesis [13][15] - TSMC's stock is trading at 24.9 times forward earnings, which is comparable to the broader market's 23.2 times, making it a fair investment given its growth potential [16][18]

Core Insights - TSMC reported a 40% increase in half-year revenue, reaching NT$1.77 trillion (US$60.8 billion), driven by strong demand for AI technology [2][5] - The company anticipates record earnings for the year, attributing this to sustained high demand for artificial intelligence [2] - Recent sales growth was influenced by companies stockpiling chips in response to potential tariffs from the US [2][3] Company Performance - TSMC's revenue growth reflects its position as the world's largest contract chip manufacturer, serving major clients like Nvidia and Apple [2] - The company expects continued strong performance despite potential impacts from tariffs, indicating resilience in its business model [3] Market Context - The surge in demand for chips is linked to the broader economic reliance on semiconductor technology across various sectors [1] - TSMC's proactive measures, including increased investment in the US and enhanced defense spending, aim to mitigate the impact of US tariffs [4]

美股盘前，台积电涨超1%，公司二季度销售额超预期。 ...

Core Insights - TSMC's June sales reached NT$263.71 billion, a 26.9% increase year-over-year, despite a 17.7% month-over-month decline [2][3] - For Q2, TSMC's sales were NT$933.796 billion (approximately US$31.95 billion), significantly exceeding company guidance and market expectations, with a year-over-year growth of 38.6% [2][3] - Cumulative sales for the first half of the year totaled NT$1,773.046 billion, reflecting a 40.0% increase compared to the same period last year [2][3] Financial Performance - TSMC's Q2 revenue surpassed analyst expectations, with LSEG SmartEstimate predicting NT$927.831 billion [4] - Morgan Stanley forecasts a 17% quarter-over-quarter growth in Q2 revenue, driven by strong demand for 3nm and 5nm processes, despite currency pressures [4] - TSMC's CEO reaffirmed a 20% sales growth target in USD for 2025, alongside a commitment to invest US$100 billion to expand manufacturing capabilities in the U.S., Japan, and Germany [4] Market Dynamics - The strong demand for AI chips from major companies like NVIDIA and increasing outsourcing orders from Intel are key drivers for TSMC's sales performance [5] - Despite challenges in the mobile and consumer sectors, TSMC's annual sales growth target of 25% remains achievable [5] - Concerns about tariffs and their impact on the global economy and electronics industry persist, affecting investor sentiment [5]

The monthly sales are strong, so it gives the market confidence. Not that that was an great doubt, but it demonstrates to the market that things remain on track with demand for AI and high performance computing continuing to drive the top line for TSMC. So I think the market can take comfort that the company remains on track despite the currency pressure that's there at the moment, because remember that their products are priced in US dollars.So a stronger Taiwan dollar is actually a slight headwind for the ...

TSMC's revenue rose a better-than-anticipated 39% in the June quarter, buoying expectations for a sustained post-ChatGPT boom in AI spending https://t.co/ekuJCRJFOQ ...

智通财经7月10日电，台积电6月销售额2637.1亿元台币，同比增长26.9％。台积电1-6月累计销售额1.77 万亿元台币，同比增长40%。 | | | | | | | | (UNICIA I 2 Million) | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Period | June | May | M-o-M Increase | June | Y-o-Y Increase | January to | January to | Y-0-Y Increase | | | 2025 | 2025 | (Decrease) | 2024 | (Decrease) | June | June | (Decrease) | | | | | % | | % | 2025 | 2024 | % | | Net Revenue | 263,709 | 320,516 | (17.7) | 207,869 | 26.9 | 1,773,046 | 1,266,154 | 40.0 | ...