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Overview of Taiwan Semiconductor Manufacturing Co.

Potential for Stock Growth

(Bloomberg) — With Taiwan Semiconductor Manufacturing Co. still trading at pedestrian valuations even after surging to a record high, there is potential for its upcoming results to drive the stock even higher.

Some market observers see a possibility that the world’s largest chip foundry will raise its revenue and capital expenditure forecasts for the year following its better-than-expected sales for the latest quarter. This would provide evidence that the strong growth fueled by artificial intelligence will be sustained.

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Beneficiary of the AI Boom

As the key maker of chips designed by Nvidia Corp. and others, TSMC is seen as a prime beneficiary of the AI boom. While the current outlook for smartphones and other consumer products remains cloudy, the industry’s continual upgrades to ever-finer circuitry are another positive.

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Market Performance and Expectations

TSMC’s shares have more than doubled from an October 2022 low, adding $330 billion to the market capitalization of Asia’s largest stock.

The Taiwanese chipmaker is currently budgeting capex of $28 billion to $32 billion for the full year and expects its revenue to grow at least 20%, reversing 2023’s slight decline.

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Geopolitical Considerations

“TSMC is undervalued as the firm’s dominant position in cutting-edge chips is sometimes overshadowed by geopolitical risks,” said Phelix Lee, an analyst at Morningstar Inc.

These concerns were “partially addressed” by recent news that TSMC is receiving $11.6 billion in grants and loans for factories in Arizona under the US Chips Act.

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Conclusion

Overall, TSMC’s upcoming results and growth potential in the AI industry suggest a positive outlook for the company’s stock performance.

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