AI and Global Deep Tech, Mint Finance

Uttkarsh Kohli

AI and Global Deep Tech

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

Equity Bottom-Up

Taiwan Semiconductor (TSMC) - ADR / Equity Bottom-Up

<ul>
<li>TSMC reported Q3 revenue of NT$759.69 billion, marking a 39% year-over-year increase, surpassing the guidance range of NT$724-750 billion, driven by strong AI demand.</li>
<li>The company’s net income reached NT$325.3 billion, up 54% from last year and exceeding LSEG's estimate of NT$300.2 billion, reflecting strong operational performance.</li>
<li>TSMC’s gross margin improved to 57.8%, an increase of 4.6% from Q2, highlighting enhanced profitability from advanced chip production amid growing AI applications.</li>
</ul>


TSMC reported Q3 revenue of NT$759.69 billion, marking a 39% year-over-year increase, surpassing the guidance range of NT$724-750 billion, driven by strong AI demand.
The company’s net income reached NT$325.3 billion, up 54% from last year and exceeding LSEG's estimate of NT$300.2 billion, reflecting strong operational performance.
TSMC’s gross margin improved to 57.8%, an increase of 4.6% from Q2, highlighting enhanced profitability from advanced chip production amid growing AI applications.


TSMC Shares Surge 11% as Q3 Earnings Soar on AI Demand, Revenue Up 39% YoY

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

<ul>
<li>Hua-Where? Hua-Who? Report: Apple's iPhone 16 Pro &amp; Pro Max Sales Surge 44% in China; A Strong Start Amidst Competition</li>
<li>Samsung Under Siege: Facing Major Challenges Across Verticals as TSMC Tightens Foundry Grip</li>
<li>TSMC 3Q24: Guidance Remains Strong; Explains Why AI Demand Not Overhyped; Stay Long... TSMC is Working with All AI Innovators</li>
</ul>


Hua-Where? Hua-Who? Report: Apple's iPhone 16 Pro &amp; Pro Max Sales Surge 44% in China; A Strong Start Amidst Competition
Samsung Under Siege: Facing Major Challenges Across Verticals as TSMC Tightens Foundry Grip
TSMC 3Q24: Guidance Remains Strong; Explains Why AI Demand Not Overhyped; Stay Long... TSMC is Working with All AI Innovators


Taiwan Tech Weekly: IPhone 16 Sales Surge in China; Samsung's Strength Diluted Against TSMC’s Focus

Equity Long-Short Analyst

Pyari Menon

<ul>
<li>Shares of <a href="https://www.smartkarma.com/entities/taiwan-semiconductor-sp-adr" target="_blank" data-smartkarma-citation="entities:8587:1" rel="noopener">Taiwan Semiconductor (TSMC) - ADR (TSM US)</a> surged on a robust results and raised revenue outlook, driven by strength in AI related demand.</li>
<li>Markets are overlooking the fact that many AI companies and solutions are unnecessary, unsustainable and will lead to blowups and consolidation.</li>
<li>We make the case for why TSMC is over valued and investors will likely get better entry levels.</li>
</ul>


Shares of Taiwan Semiconductor (TSMC) - ADR (TSM US) surged on a robust results and raised revenue outlook, driven by strength in AI related demand.
Markets are overlooking the fact that many AI companies and solutions are unnecessary, unsustainable and will lead to blowups and consolidation.
We make the case for why TSMC is over valued and investors will likely get better entry levels.


TSMC: Trading as if Valuations Don't Matter

Technology / Semiconductor / Internet Research

Nicolas Baratte

Taiwan Semiconductor (TSMC) / Equity Bottom-Up

<ul>
<li>The price of ASML EUV machine is increasing as thruput (wafer / hour) is increasing. </li>
<li>TSMC 3nm is fully booked in 2025. Here is the list of clients / chips. </li>
<li>SiC and MCU over-investments in China? Very likely. China is limiting SiC investments. </li>
</ul>


The price of ASML EUV machine is increasing as thruput (wafer / hour) is increasing. 
TSMC 3nm is fully booked in 2025. Here is the list of clients / chips. 
SiC and MCU over-investments in China? Very likely. China is limiting SiC investments. 


Tech News This Week. ASML, TSMC, Intel, SiC Capacity, MCU in China

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

<ul>
<li>September 2024 revenues of NT$251.87 billion, an increase of 0.4% MoM and an increase of 39.6% YoY.</li>
<li>Year to date revenue through September 2024 now totals NT$2,025.85 billion, an increase of 31.9% YoY.</li>
<li>Anticipating Q4 revenue forecast of $25.7 billion, up 10% QoQ. This would mean full year 2024 revenues of $88.8 billion, a 28.3% YoY increase</li>
</ul>


September 2024 revenues of NT$251.87 billion, an increase of 0.4% MoM and an increase of 39.6% YoY.
Year to date revenue through September 2024 now totals NT$2,025.85 billion, an increase of 31.9% YoY.
Anticipating Q4 revenue forecast of $25.7 billion, up 10% QoQ. This would mean full year 2024 revenues of $88.8 billion, a 28.3% YoY increase


Taiwan

Taiwan Semiconductor Manufacturing Company, Ltd. manufactures and markets integrated circuits. The Company provides the following services: wafer manufacturing, wafer probing, assembly and testing, mask production, and design services. TSMC's ICs are used in computer, communication, consumer electronics, automotive, and industrial equipment industries.

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Taiwan Semiconductor (TSMC) (2330 TT)

TSMC Shares Surge 11% as Q3 Earnings Soar on AI Demand, Revenue Up 39% YoY

TSMC's Q3 revenue soars 39% YoY to NT$759.69 billion, driven by strong AI demand, with net income reaching NT$325.3 billion and gross margin...

Mint Finance

Taiwan Tech Weekly: IPhone 16 Sales Surge in China; Samsung's Strength Diluted Against TSMC’s Focus

Apple's iPhone 16 Pro & Pro Max sales surging in China, Samsung faces challenges from multiple fronts as TSMC tightens grip in foundry, TSMC gives...

Vincent Fernando, CFA

TSMC: Trading as if Valuations Don't Matter

TSMC’s stock is overvalued as markets price in AI hype without accounting for potential overbuild and any chance of fading demand. Investors will...

Pyari Menon

Tech News This Week. ASML, TSMC, Intel, SiC Capacity, MCU in China

ASML price increase in 2025. TSMC 3nm Order Surge Expected in 2025. Intel's Next-Gen Panther Lake CPUs Handed to Lenovo. China restrictions on SiC...

Nicolas Baratte

TSMC Q324 Earnings Preview

September 24 revenues of NT$251.87 billion, +0.4% MoM & +39.6% YoY. YTD revenue NT$2,025.85 billion, +31.9% YoY. Anticipating FY2024 revenues of...

William Keating

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

TSMC Shares Surge 11% as Q3 Earnings Soar on AI Demand, Revenue Up 39% YoY

​TSMC's Q3 revenue soars 39% YoY to NT$759.69 billion, driven by strong AI demand, with net income reaching NT$325.3 billion and gross margin...

Mint Finance

Taiwan Tech Weekly: IPhone 16 Sales Surge in China; Samsung's Strength Diluted Against TSMC’s Focus

​Apple's iPhone 16 Pro & Pro Max sales surging in China, Samsung faces challenges from multiple fronts as TSMC tightens grip in foundry, TSMC gives...

Vincent Fernando, CFA

TSMC: Trading as if Valuations Don't Matter

TSMC’s stock is overvalued as markets price in AI hype without accounting for potential overbuild and any chance of fading demand. Investors will...

Pyari Menon

Tech News This Week. ASML, TSMC, Intel, SiC Capacity, MCU in China

ASML price increase in 2025. TSMC 3nm Order Surge Expected in 2025. Intel's Next-Gen Panther Lake CPUs Handed to Lenovo. China restrictions on SiC...

Nicolas Baratte

TSMC Q324 Earnings Preview

September 24 revenues of NT$251.87 billion, +0.4% MoM & +39.6% YoY. YTD revenue NT$2,025.85 billion, +31.9% YoY. Anticipating FY2024 revenues of...

William Keating

TSMC's Q3 revenue soars 39% YoY to NT$759.69 billion, driven by strong AI demand, with net income reaching NT$325.3 billion and gross margin...

Apple's iPhone 16 Pro & Pro Max sales surging in China, Samsung faces challenges from multiple fronts as TSMC tightens grip in foundry, TSMC gives...