TSM

It is kind of incredible to see TSMC’s margin trajectory over the last five years. Their current operating margin is now basically same as their gross margins pre-pandemic. What is even more remarkable is how they were able to expand margins so much despite a persistent headwind from ramping

You can listen to this Deep Dive here On my Semiconductor Primer, I mentioned the following quote from the book “Chip War” to substantiate the pervasiveness of chips in modern world: “Last year, the chip industry produced more transistors than the combined quantity of all goods produced by all other