UMC - Taiwan Semiconductor: Feeding The Global Appetite For 5G And High-Performance Computing

• TSM continues to see high levels of utilization across virtually all nodes.  Rapidly-accelerating demand across 5-nanometer and HPC product offerings are expected to persist for several years.
• By far the largest player in the semiconductor industry, TSMC is able to fuel innovation, and then scale in a timely manner.  The N5 ramp-up has begun.
• TSM management reiterated the $17.5B estimated capital expenditures guidance for 2020.  Consensus analyst estimates expect a similar spend in 2021.
• I'm "very bullish" on TSM, with a five-year price target of $179 on the stock.

For further details see: