7 August 2025 U.S. Semiconductors and Semiconductor Capital Equipment U.S. Semiconductors - The age of TACO is over, the time of the Tariff has come... Stacy A. Rasgon, Ph.D. +1 213 559 5917 stacy.rasgon@bernsteinsg.com Alrick Shaw +1 917 344 8454 alrick.shaw@bernsteinsg.com Arpad von Nemes +1 917 344 8461 arpad.vonnemes@bernsteinsg.com For some time we have been awaiting the resolution of the 232 investigation that was to bring semiconductor-specific tariffs to the industry. And on Wednesday afternoon Trum ...

Core Viewpoint - The article discusses the investment potential of Taiwan Semiconductor Manufacturing (TSM), particularly in light of Cathie Wood's recent significant stake acquisition, and the broader market dynamics affecting the semiconductor industry. Group 1: Company Overview - Taiwan Semiconductor Manufacturing (TSM) is currently trading at $195.62, with a 52-week range of $133.57 to $226.40 and a P/E ratio of 27.77 [2][10] - The company plays a critical role in the chip supply chain, being essential for many technology firms, including NVIDIA [6][7] Group 2: Market Dynamics - Recent trade tariff agreements between the U.S. and China may alleviate some pressures on the semiconductor market, potentially increasing demand for chips [5][9] - Institutional investors, including Cathie Wood's fund, are showing confidence in TSM, which may indicate a bullish outlook for the stock [3][12] Group 3: Investment Sentiment - TSM's stock forecast suggests a potential upside of 9.15%, with a target price of $212.00 based on analyst ratings [10] - There has been a notable decline in short interest, with up to 15.5% of short positions decreasing over the past month, indicating a shift in investor sentiment towards a more bullish outlook [11][12] Group 4: Institutional Activity - AllianceBernstein has increased its stake in TSM by 31.5%, amounting to $1.5 billion, reflecting growing institutional confidence in the company [13] - The article notes that while TSM has a Moderate Buy rating, other stocks are being recommended by top analysts, suggesting a competitive investment landscape [15][16]