Taiwan Semiconductor Manufacturing Company LimitedTSM Taiwan Semiconductor Manufacturing Company Limited fair value $376–$734

TSM is the dominant global semiconductor foundry, leading in advanced nodes. Massive AI-driven demand from customers like Nvidia and AMD is driving strong near-term revenue growthRevenue growthYear-over-year change in revenue, expressed as a percentage. The starting point for any forward-earnings model and the lens through which scale, mix, and pricing power become visible. and high CapExCapital expendituresCash spent on acquiring or upgrading property, plant, and equipment. Splits into maintenance capex (sustaining current capacity) and growth capex (expanding capacity)., securing its position as vital infrastructure.

• Process technology leadership (dominant in
  Process technology leadership (dominant in 3nm/2nm).
• Massive capital scale creating insurmountable
  Massive capital scale creating insurmountable barriers to entry.
• Bull thesis
  The massive $554 mid-point relies heavily on near-term AI forward earnings visibility.