Momentum investing revolves around the idea of following a stock's recent trend in either direction. In "long context," investors will be essentially be "buying high, but hoping to sell even higher." With this methodology, taking advantage of trends in a stock's price is key; once a stock establishes a course, it is more than likely to continue moving that way. The goal is that once a stock heads down a fixed path, it will lead to timely and profitable trades.Even though momentum is a popular stock characte ...

研究所： 证券分析师： 陈梦竹 S0350521090003 chenmz@ghzq.com.cn 联系人 ： 邱怡瑄 S0350124070030 qiuyx@ghzq.com.cn [Table_Title] 2025Q4 业绩&2026Q1 指引超预期， 资本支出攀升进入加速扩产期 ——台积电（TSM）2025Q4 财报点评 2026 年 01 月 21 日 公司研究 评级：买入(维持) 2026 年 1 月 15 日，台积电发布 2025 年 Q4 财报：2025Q4，公司实现 收入 10,460.9 亿元新台币/337.3 亿美元（新台币价值 QoQ+5.7%， YoY+20.5% ） ； 归 母 净 利 润 5,057.4 亿 元 新 台 币 （ QoQ+11.8% ， YoY+35.0%）；晶圆季出货量（等效 12 英寸晶圆）396.1 万片（QoQ-3.0%， YoY+15.9%）。 | 表现 | 1M | 3M | 12M | | --- | --- | --- | --- | | TSM.N | 13.2% | 10.2% | 56.7% | | 标普 500 | -0.6% | 0.9% ...

January 20, 2026 05:00 AM GMT Capital Goods | Europe Read-across from cross-sector results. Signs of life, but is it all linked back to AI in the end? There are green shoots, but much of it is linked to semis (and Industry View In-Line ultimately AI). Old world industries like Construction are still subdued. We are less convinced on a positive read-across to Siemens (EW) from Yaskawa, and would avoid Assa (EW) into 4Q on Sika comments. We still like Atlas (OW) for 1H26. Backdrop. We have had some early resu ...

Summary of Semiconductor Capital Equipment Conference Call Industry Overview - The conference call focused on the **Semiconductor Capital Equipment** industry, specifically discussing the **Wafer Fabrication Equipment (WFE)** market forecasts for 2026 and 2027, driven by demand from **DRAM** and **TSMC** [1][2]. Key Points and Arguments 1. **Market Forecast Revision**: - The WFE market forecast for 2026 has been revised from **$129 billion** (up **11%** year-over-year) to **$136 billion** (up **16%**), and for 2027 from **$145 billion** (up **13%**) to **$161 billion** (up **19%**) [2][22]. - The revisions include an increase in foundry logic by **$6 billion** and DRAM/NAND by **$1 billion** for 2026, and for 2027, foundry logic is revised up by **$11 billion**, DRAM by **$3 billion**, and NAND by **$1 billion** [2][22]. 2. **Growth Drivers**: - The growth in foundry logic is primarily driven by **TSMC** and **Samsung**, with leading-edge foundry logic capital expenditures expected to rise by **26%** in 2026, followed by a conservative estimate of **12%** growth in 2027 [3][31]. - The DRAM market is seeing increased activity due to **Samsung** accelerating wafer additions and **Micron's** acquisition of **PSMC's P5 fab**, leading to an increase in greenfield wafer additions from **220/270 kwpm** to **225/320 kwpm** for 2026/2027 [3][23]. 3. **NAND Market Insights**: - NAND WFE estimates have been slightly increased due to adjustments in greenfield wafer start assumptions for **Kioxia/Sandisk's Yokkaichi Fab 7**. However, the overall NAND WFE thesis remains unchanged, with lower smartphone bit growth assumptions offsetting the strength in enterprise SSD demand [3][33]. - AI-related bits are projected to rise from **8%** of total bits in 2025 to **20%** in 2027, contributing significantly to incremental bit growth [3][34]. 4. **Signs of Strength**: - Companies like **ASMI** and **ICHR** have reported strong order books, and **TSMC's** 2026 capex guidance has exceeded expectations, indicating a robust outlook for WFE growth in 2026 and 2027 [4]. 5. **Regional Insights**: - The WFE revenue forecast by region shows significant contributions from **China**, **Korea**, and **Taiwan**, with **China's** WFE revenue expected to grow from **$41.5 billion** in 2025 to **$46.7 billion** in 2027 [21]. Additional Important Insights - The call highlighted the potential for capacity shortages in foundry logic, particularly for **3 nm** technology, which could create bottlenecks in AI-related applications [29][31]. - The overall sentiment is optimistic, with analysts suggesting that the demand for semiconductor capital equipment is likely to outpace supply in the coming years, particularly in the foundry segment [4][31]. This summary encapsulates the critical insights and forecasts discussed during the conference call, providing a comprehensive overview of the semiconductor capital equipment landscape for 2026 and 2027.

January 20, 2026 12:12 PM GMT OVERVIEW Global Technology Webcast M O R G A N S T A N L E Y R E S E A R C H Global Semiconductors – Key Debates and Top Picks Europe MORGAN STANLEY & CO. INTERNATIONAL PLC+ Shawn Kim Equity analyst Shawn.kim@morganstanley.com +44207677-1018 MORGAN STANLEY & CO. LLC Joseph Moore Equity analyst Joseph.Moore@morganstanley.com +1 212 761 7516 MORGAN STANLEY TAIWAN LIMITED+ Charlie Chan Equity Analyst Charlie.Chan@morganstanley.com MORGAN STANLEY & CO. LLC Shane Brett Equity Analys ...

Core Viewpoint - Wall Street is optimistic about Taiwan Semiconductor Manufacturing Company (TSMC), viewing it as a key player in the AI revolution and a strong investment opportunity due to its significant role in the semiconductor industry [1][4][16] Industry Overview - The semiconductor industry is crucial for the development of generative AI models, serving as the foundational hardware for technologies like ChatGPT [2] - TSMC is positioned at the intersection of technology and infrastructure, making it a vital component in the ongoing AI supercycle [4][10] Company Performance - TSMC is the largest chip manufacturer by revenue, surpassing competitors like Samsung and Intel, and is integral to the supply chains of major chip designers [9][10] - In Q4 2025, TSMC reported revenue of $33.7 billion, a 25% year-over-year increase, with a gross margin of 62%, up from 59% earlier in the year [12][13] - The company is experiencing increased demand driven by larger capital expenditures from hyperscalers, which enhances its pricing power and profit margins [13] Future Growth Potential - TSMC's CEO indicated plans for geographic expansion, suggesting that new facilities could contribute to growth by the end of the decade, aligning with the long-term AI megatrend [14] - Analysts are overwhelmingly bullish on TSMC, with 17 out of 18 rating the stock as a buy, and an average price target of $408, indicating a potential 19% upside [15] Investment Outlook - TSMC is seen as a compelling long-term investment due to its ability to grow revenue and profitability amid the ongoing AI infrastructure supercycle [16]

Key Takeaways TSM's 2025 revenues rose 35.9% to $122.42B as EPS climbed 51.3% to $10.65.TSM's growth was driven by higher 3nm and 5nm chip orders for AI servers and high-performance computing.TSM is expanding fabs globally to meet AI demand and target 2026 growth.Taiwan Semiconductor Manufacturing Company (TSM) , also known as TSMC, continues to benefit from the global surge in demand for artificial intelligence (AI) chips. In 2025, the company’s revenues jumped 35.9% year over year to $122.42 billion, whil ...

Core Viewpoint - Taiwan Semiconductor Manufacturing Company Limited (TSM) is experiencing a slowdown in stock momentum after a significant rally, indicating potential shifts in market dynamics [1]. Group 1: Company Performance - The stock of TSM was previously rated as a "buy" on October 23rd, 2025, suggesting a positive outlook prior to the observed slowdown [1].

The logo of the Taiwan Semiconductor Manufacturing Company (TSMC) is seen at its 2-nanometer fabrication plant at Nanzih Technology Industrial Park in Kaohsiung on December 23, 2025. (Photo by I-Hwa Cheng / AFP via Getty Images)AFP via Getty ImagesOver the past year, Taiwan Semiconductor Manufacturing Company (NYSE: TSM) has experienced one of the most impressive rallies among global technology stocks, with its share price increasing approximately 65% as investors adapted to the positive effects of artifici ...

Leonardo's chairman on Tuesday rowed back on comments he made about a possible merger with Italian shipbuilder Fincantieri , dismissing them as a light-hearted quip. ...