Taiwan Semiconductor: Highly Wanted Advanced Technology

PonyWang Investment thesis We have covered the stock before, and as we expected, the inventory correction cycle is over, demand for smartphones and PCs is better than before, mass production of 3nm chips has started successfully, and financial results were in line with our expectations of $41.2 bn (+4% YoY) and reached $41 bn (+3% YoY). Since our last report, ADR prices have risen more than 15% and our BUY recommendation was correct. We expect demand for 3nm chips to grow strongly in 2024, and in addition t ...