Core Viewpoint - Taiwan Semiconductor Manufacturing Company (TSMC) is the leading manufacturer of AI chips, and Intel is not expected to pose a challenge to TSMC in the near future according to J.P. [1] Company Summary - TSMC holds a dominant position in the AI chip market, indicating its strong competitive advantage and market leadership [1] - Intel's current capabilities and strategic direction suggest that it will not be able to compete effectively with TSMC in the AI chip sector in the short term [1]

Key Takeaways TSM shares reached a 52-week high after surging 54.7% in a year, far outpacing the broader tech sector.TSM is benefiting from AI chip demand, with 3nm and 5nm nodes driving strong revenue and EPS growth.TSM faces near-term risks from soft PC and smartphone markets, higher fab costs and geopolitical tensions.Taiwan Semiconductor Manufacturing Company (TSM) , also known as TSMC, shares hit a 52-week high of $333.08 yesterday before closing at $327.43. TSM stock has soared 57.9% over the past yea ...

January 6, 2026 09:50 AM GMT Global Technology | Asia Pacific M Foundation Global Tech Outlook 2026 Morgan Stanley & Co. International plc+ Shawn Kim Equity Analyst Shawn.Kim@morganstanley.com +44 20 7677-1018 Lee Simpson Equity Analyst Lee.Simpson@morganstanley.com +44 20 7425-3378 Nigel van Putten Equity Analyst Nigel.Putten@morganstanley.com +44 20 7425-2803 Morgan Stanley Asia Limited+ Duan Liu Equity Analyst Duan.Liu@morganstanley.com +852 2239-7357 Morgan Stanley does and seeks to do business with com ...

Summary of TSMC Conference Call Company Overview - **Company**: TSMC (Taiwan Semiconductor Manufacturing Company) - **Industry**: Semiconductor Manufacturing Key Points and Arguments Revenue Growth Projections - TSMC is expected to achieve **30% USD revenue growth in 2026**, driven by increased demand for N3 technology, a stronger ramp of N2, and growth in advanced packaging [1][11] - Revenue growth is projected to continue at **20+% in 2027**, supported by tight capacity in leading-edge nodes and ongoing investments in AI [1][11] Gross Margins and Financial Performance - Gross Margins (GMs) are anticipated to remain around **60% through 2026**, aided by a favorable product mix and higher yields from N3 technology [1][11][36] - GMs are expected to be elevated in **1H26** due to high demand for expedited wafer orders, which carry a significant price premium [1][36] Capacity Expansion and Capital Expenditure - TSMC is entering a **capex upcycle**, with expected capital expenditures of **$48 billion in 2026** and **$55 billion in 2027**, focusing on N2, N3, and US fab expansions [1][51] - N3 capacity is projected to reach **147k wafers per month by the end of 2026**, with significant contributions from capacity conversions and new builds [1][19][57] Datacenter AI Revenue Growth - Datacenter AI revenue is forecasted to grow at a **57% CAGR from 2024 to 2029**, driven by strong demand for GPUs and ASICs, larger die sizes, and higher wafer ASPs [1][29] - By 2029, Datacenter AI could represent over **40% of TSMC's total revenues**, up from mid-teens in 2024 [1][31] Market Position and Competitive Landscape - TSMC is expected to maintain a **95% market share in AI accelerators** during the N2 era, despite competition from Intel and Samsung [1][49] - The company is not experiencing any significant share loss in leading-edge technology, with strong momentum in N2 tapeouts [1][42][49] Risks and Challenges - Key upside risks include stronger-than-expected gross margins and continued demand for N2 and N3 technologies [1] - Downside risks involve potential weakness in AI capital expenditures and increasing competition from Intel [1][11] Upcoming Guidance and Expectations - For **1Q26**, TSMC is expected to guide for flattish revenues quarter-over-quarter, with GMs projected to remain in the **61-63% range** [1][70] - The company will announce its **4Q25 results** on January 15, with expectations for revenues to exceed guidance [1][69] Additional Important Insights - Non-wafer revenues are expected to grow by **44% and 29% in 2026 and 2027**, respectively, driven by CoWoS expansion and increased adoption of advanced packaging technologies [1][21] - TSMC's aggressive capacity expansion plans are in response to strong demand from major clients like NVDA and Apple, indicating robust future growth potential [1][51][68]

US stock futures tilted lower on Wednesday, backing away from record highs as investors absorbed a promised deal to send Venezuela oil to the US and waited for fresh jobs data to lead in the all-important monthly report. Contracts on the tech-heavy Nasdaq 100 (NQ=F) slipped 0.3%, while those on the S&P 500 (ES=F) nudged down 0.1%, coming off a record-high close for the benchmark. Meanwhile, Dow Jones Industrial Average futures (YM=F) traded broadly flat after the blue-chip index closed above 49,000 for th ...

Core Insights - Taiwan Semiconductor Manufacturing Company Limited (TSM) is currently priced at approximately $325, while fundamental analysis suggests a fair price of $358, indicating a potential mispricing in the market [1] Group 1: Company Overview - TSM is a leading semiconductor manufacturer, and its valuation is influenced by key inflection points that the market may not be fully recognizing [1] Group 2: Analyst Background - Sandeep Gupta, a technology investment analyst, specializes in semiconductor companies and AI infrastructure, bringing a strategic perspective to technology investments [1] - Gupta has extensive experience in technology consulting, having worked with major firms like Ernst & Young and Accenture, advising Fortune 500 companies on technology strategy and operational efficiency [1] Group 3: Investment Philosophy - The investment philosophy focuses on fundamental analysis that combines technical product evaluation, competitive positioning, financial metrics, and market dynamics [1] - The emphasis is on identifying companies with sustainable competitive advantages and significant growth potential in high-value markets, rather than pursuing short-term momentum [1] Group 4: Analysis Approach - The analysis aims to provide in-depth insights into technology companies, examining product roadmaps, competitive dynamics, and industry trends to aid investors in making informed decisions [1] - The goal is to bridge the gap between complex technology developments and investment implications, making sophisticated analysis accessible to individual investors [1]

Taiwan Semiconductor Manufacturing Company Limited ( TSM ) is currently priced at around $325, but fundamental analysis indicates a fair price of $358 since markets are consistently mispricing three key inflection points: First, theSandeep Gupta is a technology investment analyst and writer specializing in semiconductor companies, AI infrastructure providers, and enterprise technology markets, bringing a strategic business perspective to evaluating technology investments and market opportunities with an MBA ...

Core Viewpoint - Taiwan Semiconductor Manufacturing Co. (TSMC) is experiencing a stock rally due to a one-year U.S. export license approval for importing chipmaking equipment for its operations in China, alongside bullish forecasts from Goldman Sachs regarding AI growth as a key driver for the company [1][2]. Group 1: Stock Performance and Market Capitalization - TSMC's stock rose 5.17% on Friday, increasing its market capitalization to approximately $1.66 trillion, surpassing Meta Platforms Inc. and Broadcom Inc. [4] - The stock has increased by over 52% in the past year, making TSMC the sixth-largest company globally by market capitalization [4]. Group 2: Analyst Forecasts and Company Strategy - Goldman Sachs analysts raised their price forecast for TSMC by 35% to 2,330 New Taiwanese dollars, citing AI as a "multi-year growth engine" for the company [2]. - TSMC plans to invest approximately $150 billion over the next three years to expand its capacity, which is expected to improve profit margins [3]. Group 3: Strategic Partnerships and Developments - Nvidia is strengthening its ties with TSMC to increase chip capacity in Taiwan, driven by rising demand, particularly from China [5]. - CEO Jensen Huang of Nvidia is expected to visit Taiwan this month to meet with officials and partners, potentially announcing a new Taipei headquarters [5].

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on 05-Jan-2026 4 January 2026 EU Semiconductors EU Semis: 2026 outlook - Upgrading ASML to Outperform and Top Pick David Dai, CFA +852 2918 5704 david.dai@bernsteinsg.com Carmine Milano +44 20 7762 1857 carmine.milano@bernsteinsg.com 4F2 migration is still a concern for EUV as feature size would increase, but it is likely to be postponed as suppliers prioritize manufacturability over cost in an up cycle. Advanced logic will be another driver with TSMC reportedly expanding 3nm capacity to 180-200kwpm to addr ...