My last article on Taiwan Semiconductor Manufacturing Company Limited ( TSM ) was right after DeepSeek day. My perception was that the selloff was just creating a buying opportunity. Since then, the stock has reached new heights and has risen more than 40%. InEquity Research Analyst with a broad career in the financial market, covered both Brazilian and global stocks. As a value investor, my analysis is primarily fundamental, focusing on identifying undervalued stocks with growth potential. Feel free to rea ...

Core Viewpoint - Both Taiwan Semiconductor Manufacturing (TSMC) and ASML are positioned to benefit from the booming demand for chips driven by artificial intelligence (AI) data center buildout, but TSMC is expected to outperform in 2026 due to its pricing power and market position [2][14]. TSMC Overview - TSMC is the world's leading semiconductor contract manufacturer and one of only three companies capable of producing advanced chips at small node sizes, which enhances power efficiency [3][5]. - TSMC's market capitalization is $1,519 billion, with a current stock price of $296.51 and a gross margin of 57.75% [4][5]. - The company is expected to increase prices by 3% to 10% next year due to strong pricing power stemming from competitors' yield issues [6]. - TSMC projects a 40% compound annual growth rate (CAGR) for AI chip demand, particularly for graphics processing units (GPUs) [6]. ASML Overview - ASML holds a monopoly in the production of extreme ultraviolet (EUV) lithography machines, essential for manufacturing advanced chips, with no competitive alternatives available [8]. - ASML's market capitalization is $430 billion, with a current stock price of $1,107.46 and a gross margin of 52.70% [10][11]. - The company has developed next-generation High-NA EUV technology, which will further reduce node sizes, with new machines costing around $400 million each [11]. - A potential concern for ASML is the pull forward in demand for its older deep ultraviolet (DUV) machines from China, which may lead to fewer sales in 2026 [12]. Comparative Analysis - TSMC is trading at a forward price-to-earnings (P/E) ratio of under 23.5 times, while ASML's ratio exceeds 36.5 times, indicating TSMC is relatively cheaper [7]. - Both companies are expected to benefit from the proliferation of advanced chips, with AI being a current driver and future potential in areas like robotaxis and quantum computing [13]. - TSMC's stock is considered better positioned for 2026 due to its strong AI tailwind and competitive pricing, while ASML may face challenges due to earlier demand pull-forward [14].

"Wafer-scale computing was considered impossible for fifty years, and together with TSMC we proved it could be done,†said Dhiraj Mallick, COO, Cerebras Systems. Share "Wafer-scale computing was considered impossible for fifty years, and together with TSMC we proved it could be done,†said Dhiraj Mallick, COO, Cerebras Systems. "Since that initial milestone, we've built an entire technology platform to run today's most important AI workloads more than 20x faster than GPUs, transforming a semiconductor breakth ...

来源：中国基金报 【导读】美股上涨，白银价格继续暴涨创新高，中概股大涨，背后三大利好消息 | 索威尔 | 0.967 | +12.03% | | --- | --- | --- | | us LHSW.OQ | | | | 奇梦岛 | 5.53 | +11.39% | | us HERE.OQ | | | | 叮咚买菜 | 2.15 | +10.33% | | us DDL.N | | | | 虎牙 | 3.03 | +8.04% | | US HUYA.N | | | | 亿咖通科技 | 2.09 | +7.47% | | us ECX.OQ | | | | 百度 | 124.84 | +5.15% | | us BIDU.OQ | | | | 新氧 | 3.26 | +4.66% | | us SY.OQ | | | | Epsium Enterprise Limited | 3.98 | +4.46% | | us EPSM.OQ | | | | 万国数据 | 35.18 | +4.14% | | us GDS.OQ | | | | 信也科技 | 5.21 | +3.99% | | us FINV.N ...

The artificial intelligence megatrend will remain the major story for tech stocks as we head into 2026.This has been a dynamic year for the stock market. Despite trade conflicts, tariff wars, rising prices, and a softening labor market, the stock market is on track to post another positive year, led by the growth of artificial intelligence and the tech sector.December means it's time to look at your portfolio and do some housekeeping to prepare it for 2026 -- tasks like rebalancing positions, doing some tax ...

Group 1 - The market continues to underestimate Taiwan Semiconductor Manufacturing Company Limited (TSM), which has been undervalued for years due to a lack of recognition of its uniqueness [1] - TSM is identified as a company with exceptional caliber, capable of reinvesting capital for impressive returns, with a long-term capability of capital compounding [1] - The ideal scenario for TSM is to demonstrate a high enough compound annual growth rate to potentially deliver tenfold returns or greater [1] Group 2 - The investment strategy focuses on maintaining a long-term perspective, which is believed to generate higher returns compared to the market index [1] - A conservative investment strategy is primarily adopted, with occasional pursuits of opportunities that have a favorable risk-reward ratio [1] - Careful consideration is given to ventures with substantial upside potential and limited downside, ensuring overall portfolio stability [1]

The market continues to underestimate Taiwan Semiconductor Manufacturing Company Limited ( TSM ). The company has been undervalued for years because the market does not recognize its uniqueness. No other company can deliver theMy primary area of concentration will be on identifying companies of exceptional caliber, with a proven ability to reinvest capital for impressive returns. The ideal scenario is for these companies to demonstrate a long-term capability of capital compounding, with a high enough compou ...

Taiwan Semiconductor's growth is key to the health of the AI investment trend.Recently, the AI debate seems to be centered on whether the computing units from Nvidia or Alphabet are the best option, with maybe Advanced Micro Devices or custom AI accelerators from Broadcom sneaking in as well. While the discourse around these companies' different approaches is good, I think it misses a key point.The primary fact that investors should be taking from this recent debate is that AI spending isn't going anywhere. ...

Group 1 - The core viewpoint of the article is that the semiconductor market is expected to grow significantly, driven by major players like TSMC, with a projected growth of 20% in the wafer foundry market next year and TSMC's revenue expected to grow by 22% to 26% [2][3] - The global semiconductor market is anticipated to reach $890 billion by 2026, with a growth rate of 11%, and could challenge the $1 trillion mark by 2028 [2] - The computing market is expected to grow by 18%, making it the largest application area for semiconductors, accounting for 46% of the overall market [2] Group 2 - The traditional wafer foundry and non-memory integrated device manufacturing (IDM) markets are projected to grow by approximately 14% by 2026 [3] - The mature process segment is recovering, with capacity utilization expected to remain above 80% due to strong demand from AI data centers [3] - China's wafer foundry capacity is expected to surpass Taiwan by 2028, driven by domestic policies and resource allocation [3] Group 3 - The IC design market in China is projected to surpass Taiwan by 2025, becoming the leader in the Asia-Pacific region [3] - The global packaging and testing market is expected to grow by 11% by 2026, with advanced packaging capacity increasing by 72% [3] - The semiconductor revenue is expected to grow by 22.5% in 2025 and by 26.3% in 2026, reaching $975 billion [5][6] Group 4 - The Americas region is expected to see the most significant growth in semiconductor revenue, with a projected increase of 34.4% [6] - The demand for logic chips is expected to grow by 37.1% in 2025, making it the largest product category in terms of revenue growth [5] - The third quarter of 2025 saw a significant increase in global chip sales, driven by demand for various semiconductor products [7]

台积电标识 资料图 图源：台媒 台"中央社"报道称，台积电晶圆厂建在索诺兰沙漠上，占地465公顷，耗资1650亿美元，"堪称全球最昂 贵工程之一"。美国自2013年以来就缺乏建设大型国内晶圆厂的经验，因此必须依赖大量外部援助。 来源：环球网 【环球网报道】据台湾"中央社"等台媒5日报道，台积电将美国亚利桑那州凤凰城打造成半导体重镇， 同时凸显在美国执行大型建设工程的困难。《纽约时报》记者日前以"在美国兴建晶圆厂为何如此困难 的1.8万个理由"为标题撰写专题报道，提到台积电在凤凰城面临美国繁复法规、人力不足与高成本等挑 战。 报道还提到，台积电在台湾建厂只需当局单一的许可，但在亚利桑那州需面对市、郡、州及联邦多层法 规，动辄数千项审批，甚至被迫自行制定1.8万条规定，耗资3500万美元。 凤凰城虽拥有广阔的土地，且少有自然气候灾害，但最大的挑战是水资源短缺，台积电为此承诺建造废 水处理厂，目标是回收几乎所有用水。 此外，芯片制造需高精度设备与熟练人员，台积电两年前曾引进500多名台湾技工，引发美国工会反 对，并引起美籍员工指控台湾主管排他、沟通使用中文、并忽视安全警示。台积电表示将致力营造安 全、包容的工作环境 ...