Taiwan Semiconductor Manufacturing Company
TSM
position
long
Gavin Baker, Atreides Management
Thesis
Taiwan Semiconductor is a crucial supplier for leading technology companies, including Nvidia and Apple, and trades at a lower multiple than its customers. The geopolitical risks associated with the stock are similar to those faced by its customers, making it a compelling investment as AI demand grows.
Did it work?
worked
confidence: high
The stock pitch for Taiwan Semiconductor has significantly outperformed expectations, with a return of +365.2% over 43 months. The thesis highlighted the company's critical role in the tech supply chain and its attractive valuation relative to customers, which has proven to be valid as demand for AI has surged. The geopolitical risks mentioned have not deterred investor confidence, further supporting the long position.
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