Core Insights - Taiwan Semiconductor Manufacturing Company Limited (TSMC) is recognized as one of the 10 most profitable stocks over the last five years [1] - The company reported a revenue of approximately TWD 330.98 billion for September 2025, reflecting a slight decline of 1.4% from August 2025 but a significant increase of 31.4% compared to September 2024 [2] - For the period from January to September 2025, TSMC's revenue reached TWD 2,762.96 billion, marking a 36.4% increase compared to the same period in 2024 [2] Company Overview - TSMC is a Taiwanese multinational company specializing in semiconductor contract manufacturing and design, producing, packaging, and testing integrated circuits for various industries [3]

Group 1 - Taiwan Semiconductor Manufacturing Company Limited (NYSE: TSM) is being closely monitored by Wall Street, with concerns raised about its position amid geopolitical tensions, particularly regarding potential conflicts involving China [1] - Steve Weiss, chief investment officer of Short Hills Capital Partners, has reduced his position in Taiwan Semiconductor due to market incongruities, despite it remaining his largest investment [1] - The company faces challenges related to onshoring plans, as it may not be able to export products without incurring tariffs, leading to a downsizing of its multi-billion dollar plans [1] Group 2 - Taiwan Semiconductor is recognized for its leadership in leading node manufacturing, which enables it to capture market share and benefit from strong demand in high-performance computing and AI infrastructure [2] - While Taiwan Semiconductor is seen as a potential investment, some analysts believe that certain AI stocks may offer better returns with lower downside risk [2]

Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) is among the 11 Best Semiconductor Stocks with Huge Upside Potential. Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) is the world’s largest dedicated contract chip producer, or foundry, with a mid-60% market share in 2024. It uses its clients’ distinct IC designs to create integrated circuits for them. The shift of semiconductor companies worldwide from integrated device manufacturers to fabless designers has long benefited the fi ...

Group 1 - Brown Advisory's "Global Leaders Strategy" aims to deliver strong long-term performance by investing in a focused portfolio of companies that solve customer problems and provide good returns for shareholders [1] - The strategy outperformed its benchmark in the second quarter of 2025, primarily due to investment selection in Information Technology and Industrials [1] - The investor letter highlights Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) as a key stock, noting its significant one-month return of 12.43% and a 52-week gain of 51.56% [2] Group 2 - Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) is recognized for its leadership in leading node manufacturing, which allows it to capture market share and benefit from strong demand in high-performance computing and AI infrastructure [3] - As of the end of the second quarter, TSM was held in 187 hedge fund portfolios, indicating its popularity among institutional investors [4] - Despite its strong position, some analysts suggest that other AI stocks may offer greater upside potential and less downside risk compared to TSM [4]

Macquarie Asset Management, an investment management company, released its “Macquarie Core Equity Fund” investor letter for the second quarter of 2025. A copy of the letter can be downloaded here. The US large-cap equity market surged in Q2 2025, with the S&P 500® Index rising 10.94%. The equity market’s strength was due to reduced concerns over the possibility of President Trump quickly imposing harsh tariffs. Later, the administration put a pause on the tariff implementation. In this environment, the Macq ...

Group 1 - Taiwan Semiconductor Manufacturing Company Limited (TSM) is recognized as a high growth mega cap stock with significant investment potential over the next three years [1][2] - Integrity Alliance LLC increased its position in TSM by 418.6% in the first quarter, acquiring 5,697 shares valued at $1,172,000 [1] - TSM's year-to-date return exceeds the market's return by 20.85%, and its three-year return outperforms the market by 171.55% [2] Group 2 - TSM's strong performance is attributed to aggressive reinvestment, a solid balance sheet, and leadership in research and development [2][3] - The company recently launched an AI chip R&D center in Germany, indicating a clear strategic focus on AI technology [3] - TSM aims to become the most trusted technology company in the semiconductor industry, having been incorporated in 1987 [4]

Investment Rating - The report indicates a cautious outlook on near-term growth momentum despite a strong GDP print, suggesting the need for more policy stimulus to boost investment demand and support the labor market [6]. Core Insights - China's 2Q25 GDP grew by 5.2% year-on-year, slightly below the 5.4% growth in 1Q25, but above market consensus of 5.1% [1][8]. - Industrial production (IP) showed a surprising increase to 6.8% in June, driven by resilient export activities, with manufacturing IP accelerating to 7.4% [3][8]. - Retail sales growth moderated to 4.8% in June, lower than the previous month and consensus expectations, indicating potential weakness in domestic demand [4][8]. - Fixed asset investment (FAI) growth slowed to 2.8% year-to-date, with a significant contraction in property investment at -11.2% year-on-year [5][8]. - The urban unemployment rate remained stable at 5.0% in June, with disposable income per capita increasing by 5.1% year-on-year [10][11]. Summary by Sections Economic Growth - 2Q25 GDP growth was reported at 5.2% year-on-year, with a sequential increase of 1.1% quarter-on-quarter [1][8]. - In the first half of 2025, real GDP growth reached 5.3%, surpassing the annual policy target of "around 5%" [1]. Industrial Production - IP growth rose to 6.8% in June from 5.8% in May, with manufacturing IP accelerating to 7.4% [3][8]. - Growth was observed in 36 out of 41 industries, with notable increases in industrial robots and integrated circuits [3]. Retail Sales - Retail sales increased by 4.8% year-on-year in June, down from 6.3% in May, influenced by earlier promotions and subsidy halts [4][8]. - Catering services saw a significant slowdown, with growth dropping to 0.9% year-on-year [4]. Fixed Asset Investment - FAI growth moderated to 2.8% year-to-date, with a single-month growth of only 0.5% year-on-year [5][8]. - Property investment continued to decline sharply, with a contraction of -11.2% year-on-year [5]. Labor Market and Income - The urban unemployment rate remained unchanged at 5.0% in June, with average weekly hours worked at 48.5 [10][11]. - Disposable income per capita reached RMB 9,661 in 2Q, reflecting a 5.1% year-on-year increase [11].

General Provisions - Jiangsu Maxscend Microelectronics Co., Ltd. is established as a joint-stock company in accordance with the Company Law and other relevant regulations [1][2] - The company was approved by the China Securities Regulatory Commission for its initial public offering of 25 million shares on May 24, 2019, and was listed on the Shenzhen Stock Exchange on June 18, 2019 [1][2] - The registered capital of the company is RMB 534.858936 million [1][2] Business Objectives and Scope - The company's mission is to be a practitioner of technology, exploring the boundaries of physical resources and expanding human access to information [3] - The business scope includes integrated circuit production, technology research and development, technical services, and import-export business [3] Shares - The company's shares are issued in the form of stocks, with each share having equal rights [4][6] - The total number of shares issued at the establishment of the company was 75 million, with a par value of RMB 1 per share [4][6] - The company has issued 534.858936 million shares, all of which are ordinary shares [6] Shareholder Rights and Responsibilities - Shareholders have the right to receive dividends and participate in decision-making processes, including the right to request meetings and supervise the company's operations [10][11] - Shareholders are required to comply with laws and regulations, pay for their subscribed shares, and not abuse their rights to harm the company or other shareholders [14][15] Shareholder Meetings - The company holds annual and temporary shareholder meetings, with the annual meeting occurring within six months after the end of the previous fiscal year [18][19] - Shareholder meetings can be convened by the board of directors or by shareholders holding more than 10% of the shares [20][21] - The notice for shareholder meetings must include the time, place, and agenda, and must be sent out in advance [23][24] Voting and Resolutions - Resolutions at shareholder meetings can be ordinary or special, with ordinary resolutions requiring a simple majority and special resolutions requiring two-thirds approval [29] - Shareholders can exercise their voting rights in person or through proxies, and each share carries one vote [29][30]

Group 1: Nvidia and Market Trends - Nvidia stock reached all-time highs, contributing to the Nasdaq-100-tracking QQQ ETF achieving new records [1] - Wall Street's optimism is driven by cooling Middle East tensions and expectations of a cease-fire agreement between Israel and Iran [1][2] - The technology sector is experiencing a rally, with investors encouraged to buy strong technology stocks benefiting from the artificial intelligence boom [2] Group 2: Rockwell Automation (ROK) - Rockwell Automation is focused on industrial automation and digital transformation, providing solutions across Intelligent Devices, Software & Control, and Lifecycle Services [4] - ROK is integrating advanced AI and robotics technologies into its automation solutions, enhancing manufacturing efficiency [6] - The company exceeded Q2 FY25 earnings estimates and provided positive guidance, projecting a 16% increase in adjusted earnings for FY26 [7][8] Group 3: Credo Technology Group (CRDO) - Credo Technology designs high-speed connectivity solutions that are in high demand due to investments in artificial intelligence [14] - The company reported a 126% revenue growth for fiscal 2025, with adjusted earnings rising from $0.09 to $0.70 [16] - CRDO is projected to grow adjusted earnings by 111% in fiscal 2026, with revenue expected to increase from around $200 million in FY24 to nearly $1 billion in FY27 [18]

Summary of the Semiconductor Industry Conference Call Industry Overview - The semiconductor industry is the fourth-largest by market capitalization, following high tech, life sciences, and media and entertainment [3] - Semiconductors are essential for various sectors, including consumer electronics, automotive, and aerospace, and are critical for national security technologies [3] Key Points on Tariffs and Trade Measures - Recent geopolitical tensions have led to significant tariffs, with the U.S. imposing reciprocal tariffs exceeding 100% on imports from China [7] - China, producing about 95% of gallium and germanium, has announced export restrictions on these materials, increasing supply vulnerabilities for semiconductor companies [7] - The U.S. updated import tariffs for products from approximately 90 countries, maintaining a 10% tariff during a 90-day pause for implementation [10] - The China Semiconductor Industry Association has changed customs declarations, affecting integrated device manufacturers (IDMs) with production in the U.S. [10] Impact of Tariffs on the Semiconductor Value Chain - Companies face a dilemma of whether to absorb tariff costs or pass them on to consumers, with a focus on supply chain assessments to enhance resilience [9] - Tariffs on semiconductor components could raise costs for end devices, potentially leading to higher retail prices and reduced competitiveness [28] - Demand elasticity varies by product category; for example, budget phones may see reduced demand due to price increases, while data center servers may maintain demand despite higher costs [30][31] Strategies for Semiconductor Companies 1. **Absorb or Pass Through Tariff Costs**: Companies may raise retail prices or absorb costs to maintain market share, especially in industries with inelastic demand [34][35] 2. **Reconfigure Supply Chain and Customer Portfolios**: Companies could shift manufacturing to non-tariffed countries and redesign supply chains to optimize costs [38][39] 3. **Augment Government Affairs Efforts**: Semiconductor companies should engage with public and private sectors to educate stakeholders on the complexities of the semiconductor supply chain and collaborate on trade policies [43][44] Conclusion - The semiconductor industry is navigating a dynamic environment with evolving tariffs, requiring proactive planning and strategic adjustments to maintain competitiveness [46][47]