2024-05-02 10:30:00 ET
Summary
- During the quarter, we added to our TSMC investment, which we initiated in May of last year.
- We view TSMC as the “toll road” of the semiconductor industry, particularly for AI compute.
- We believe TSMC has significant untapped pricing power which can be levered to offset (if not expand) its already admirable returns on capital.
The following segment was excerpted from this fund letter.
Taiwan Semiconductor Manufacturing Company Limited ( TSM )
During the quarter, we added to our TSMC investment, which we initiated in May of last year. TSMC is coming off its worst year since the Global Financial Crisis, and in the years to come we see a combination of cyclical recovery plus structural growth in AI demand fueling substantial earnings growth for the company....
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For further details see:
Third Point - Taiwan Semiconductor: The 'Toll Road' For AI Compute