TSM

Yesterday’s TSMC earnings call was yet another confirmation that the AI momentum right now is one-way street: up and to the right! TSMC’s CEO C.C. Wei in his prepared remarks encapsulated the sentiment around AI (emphasis mine): “AI-related demand continues to be extremely robust. The shift from

A Programming Note: I will take a personal day tomorrow, so there won’t be any new post tomorrow. TSMC’s 4Q’25 call was quite reassuring for AI bulls. Many investors look at TSMC as an important barometer for assessing the cycle as TSMC is deeply incentivized to ensure

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