Core Viewpoint - Platinum International Technology Fund outperformed its benchmark in Q4 2025, achieving a return of 3% for the quarter and 13.1% for the year, compared to the benchmark returns of 2.5% and 12.4% respectively [1] Group 1: Fund Performance - The fund's performance was negatively impacted by U.S. Dollar depreciation in Australian dollar terms during 2025 [1] - The market environment was characterized as 'risk-on', with defensive sectors like Real Estate and Consumer Staples underperforming [1] - The firm anticipates a similar investment environment for 2026, focusing on macroeconomic trends and AI, while remaining cautious about unexpected adverse outcomes [1] Group 2: Taiwan Semiconductor Manufacturing Company Limited (TSM) - TSM is highlighted as a significant contributor to the fund's performance, being the world's leading manufacturer of integrated circuits and semiconductor devices [2][3] - As of March 30, 2026, TSM's share price was $316.50, with a one-month return of -10.37% and a 52-week gain of 87.68% [2] - TSM has a market capitalization of $1.64 trillion and is expanding its manufacturing capabilities both in Taiwan and internationally, particularly in the U.S. [3] Group 3: Hedge Fund Interest - TSM ranks 6th among the 40 most popular stocks among hedge funds heading into 2026, with 224 hedge fund portfolios holding TSM at the end of Q4, an increase from 194 in the previous quarter [4] - While TSM is recognized for its potential, the company is compared to certain AI stocks that may offer greater upside potential and less downside risk [4]

Taiwan Semiconductor Manufacturing Co. Ltd. (NYSE:TSM) is one of the 10 High Growth Mega Cap Stocks to Buy and Hold for Next 10 Years. Reuters reported on March 24 that, as per an executive at Broadcom, the company’s manufacturing partner, Taiwan Semiconductor Manufacturing Co. Ltd. (NYSE:TSM), is operating near full capacity as demand for AI chips continues to surge. The executive added that the broader industry is also facing supply chain constraints. He pointed out shortages in areas such as printed cir ...

Core Insights - The VanEck Fabless Semiconductor ETF (SMHX) was launched on August 27, 2024, with total assets under management (AUM) of $150 million and an expense ratio of 0.35% [2][29] - SMHX focuses on a narrow subset of US-listed fabless semiconductor companies, tracking the MarketVector US Listed Fabless Semiconductor Index [3][6] - The portfolio is highly concentrated, with the top two holdings, NVIDIA Corporation and Broadcom, accounting for one-third of the total portfolio [7][8] Portfolio Characteristics - SMHX consists of only 22 semiconductor stocks, leading to potential concentration effects [7] - The average market capitalization of the portfolio is approximately $151.95 billion, with a significant emphasis on giant-cap stocks, which make up 33.38% of the portfolio [10] - Over 90% of the portfolio is composed of growth stocks, indicating a focus on companies with strong sales and earnings growth [11] Performance Metrics - SMHX has an annualized volatility of approximately 38.87%, which is more than double the average volatility of other ETFs [15][16] - The ETF's tracking error is nearly 4%, significantly higher than the median ETF tracking error of 1.36% [20] - In 2025, SMHX experienced a worst quarterly performance of -20.11% and a best quarterly performance of +34.28% [17] Investment Suitability - SMHX is suitable for investors interested in capital-light, innovative fabless technology companies, particularly those involved in AI chip design [22] - The ETF is appealing to those willing to accept higher volatility and concentration risk for potential high-growth opportunities [29] - Investors should note that SMHX's yield is very low at 0.02%, making it one of the lowest-yielding semiconductor ETFs [21] Comparison with Other ETFs - SMHX is the only US-listed ETF focused solely on fabless semiconductor stocks, while alternatives like the State Street SPDR S&P Semiconductor ETF (XSD) and Invesco PHLX Semiconductor ETF (SOXQ) offer broader coverage [25][26] - XSD includes 43 stocks and employs an equal-weighting strategy, reducing concentration risk, while SOXQ has a lower expense ratio of 0.19% and higher daily trading volume [27][28]

Core Insights - The article discusses the risks associated with high investor enthusiasm in the tech sector, particularly regarding generative AI and related technologies, which may lead to overvaluation of companies [2][6][25] - It highlights the historical context of tech bubbles, such as the dot-com era, where many companies failed despite the underlying technology's success [3][4][8] - The article emphasizes the importance of distinguishing between the success of technology and the survival of companies, suggesting that many investors may misunderstand their investments [5][25] Group 1: Technology and Market Dynamics - Investor enthusiasm has driven up valuations in the tech sector, especially for companies involved in chips, cloud infrastructure, and generative AI, with Goldman Sachs estimating a potential 7% boost to global GDP from generative AI over the next decade [2][3] - The dot-com bubble serves as a historical example where many internet companies collapsed despite the internet's transformative impact on the economy, illustrating the disconnect between technology success and company viability [3][4][8] - The International Monetary Fund warns that AI is reshaping financial markets, potentially increasing the speed and scale of price movements, which can lead to mispricing of assets [9] Group 2: Investment Strategies and Challenges - Investors face the challenge of not only identifying successful technologies but also determining which companies will translate that success into sustainable profits [10][25] - The article notes that even professional investors struggle to consistently identify long-term winners in emerging sectors, particularly early in a technology's lifecycle [11] - Diversification is emphasized as a key strategy for managing risk in uncertain environments, especially in rapidly evolving sectors like AI [19][26]

Core Viewpoint - TSMC's stock has increased over 93% in the past three years, making it a strong investment opportunity due to its competitive advantages in manufacturing capabilities [1][3]. Group 1: Competitive Moat - TSMC's competitive moat lies in its advanced manufacturing capabilities, allowing it to produce smaller and more powerful semiconductors efficiently [3]. - The company has higher yields and can operate at a larger scale compared to its competitors, making it the preferred chip manufacturer for major tech firms like Nvidia, Apple, Amazon, and AMD [4]. Group 2: Financial Performance - TSMC's current market capitalization stands at $1.8 trillion, with a current stock price of $339.56 [5]. - The company's gross margin is reported at 58.73%, and it offers a dividend yield of 1.17% [6]. - TSMC's pricing power enables it to maintain high margins, as companies recognize that opting for cheaper manufacturers would compromise speed and scale [6]. Group 3: Long-term Outlook - TSMC's dominant position in the semiconductor industry suggests a strong likelihood of sustained success, with a positive long-term trajectory for its stock price [7].

Semiconductor chips have remained red-hot amid the ongoing artificial intelligence (AI) boom. According to the Semiconductor Industry Association, global annual chip sales grew by 25.6% to more than $791 billion in 2025. Rising AI spending could bump that to $1 trillion this year. While that will eventually hit a short-term peak, continued innovation and AI's inevitable expansion beyond data centers to personal devices, robotics, and self-driving vehicles will likely foster long-term growth. Will AI crea ...

Perhaps the most unexpected industrial casualty is helium, a gas that is essential for cooling the supermagnets used to make semiconductor chips https://t.co/4YIChpftbg ...

Group 1 - Semiconductor firms in Malaysia are monitoring risks from helium supply disruptions due to the conflict in the Middle East, although there have been no operational interruptions reported so far [1][1][1] - Helium prices have increased sharply due to disruptions in natural gas processing in Qatar, which is linked to the U.S.-Israel war against Iran, affecting global supplies critical for industries like semiconductors and medical imaging [1][1][1] - The president of the Malaysia Semiconductor Industry Association stated that most global chipmakers, including those in Malaysia, have inventories and diversified sourcing to mitigate immediate risks [1][1][1] Group 2 - Malaysian chipmakers are managing risks through diversified sourcing, inventory buffers, and supply chain engagement, similar to their regional peers [1][1][1] - Companies focused on packaging, testing, and assembly in Malaysia are less exposed to helium supply risks and can operate primarily with nitrogen [1][1][1] - Malaysia accounts for about 7% of the world's semiconductor trade and approximately 13% of global chip assembly, testing, and packaging [1][1][1] Group 3 - Fitch Ratings indicated that Asia's semiconductor supply chain faces rising risks from helium supply strains as the conflict in Iran continues, with potential credit risk worsening if shortages exceed inventory buffers [1][1][1]

Core Viewpoint - Nvidia is set to pay its first dividend of 2026, amounting to $0.01 per share, on April 1, 2026, maintaining the same payout as in December 2025 [1][2]. Dividend Details - The next estimated dividend payment is $0.01 per share, with a pay date of April 1, 2026, and it will be distributed quarterly [2]. - Investors holding 100 shares will receive a total of $1 in dividends for this quarter [2]. - Annual dividend payments are projected at $4 for every 100 shares, assuming no increases throughout the year [3]. Investment Perspective - Nvidia's dividend is considered a symbolic reward rather than a primary reason for stock ownership, as most investors are attracted to the company's growth potential in the AI sector [3][4]. - The company is focused on significant revenue growth, with CEO Jensen Huang projecting $1 trillion in revenue by 2027, highlighting its strategic emphasis on reinvestment over income distribution [4][5]. Financial Metrics - Nvidia's forward dividend yield is approximately 0.02%, which is significantly lower than the technology sector average of around 1.37% [5]. - The forward payout ratio stands at just 0.37%, indicating that the dividend is minimal relative to the company's earnings [7]. Market Behavior - Nvidia's shares typically recover within about 2.5 days following the ex-dividend date, suggesting limited appeal for short-term dividend capture strategies [8]. - Overall, the dividend is viewed as a minor aspect of Nvidia's investment appeal, especially when compared to higher-yielding equities [9].

Group 1: Microsoft and AI Integration - Microsoft CEO Satya Nadella indicated that up to 30% of Microsoft's code was written by AI last year, with expectations that this percentage has increased [1] - Nadella stated that the amount of code written by AI is steadily increasing, with predictions that by 2030, 95% of the company's code might be AI-generated [2] Group 2: Taiwan Semiconductor Manufacturing - Taiwan produces 60% of the world's semiconductor chips and 90% of advanced semiconductor chips (7 nm or smaller), essential for high-end AI programs [4] - Taiwan Semiconductor Manufacturing (TSMC) is a "pure foundry" company with a dominant 72% market share in the semiconductor space as of Q3 2025, significantly ahead of Samsung at 7% [9] - TSMC is crucial for the semiconductor chip market and the AI data center hardware market, as it does not design chips but produces them on contract [7] Group 3: Nvidia and Market Dynamics - Nvidia controls 92% of the data center GPU market, with its GPUs being manufactured by TSMC, highlighting the interdependence between these companies [5] - Nvidia's top-of-the-line Blackwell chip is produced at a TSMC factory in Arizona, showcasing TSMC's role in supporting leading technology firms [6]