Asks Kim for major takeaways from TSMC earnings report.
Marley Kayden
Kim Forrest
TSMC's 40% increase in capital expenditures should put to rest concerns that AI spending is a bubble.
Asks what TSMC's willingness to spend $50B+ says about demand from customers beyond Nvidia.
Marley Kayden
Kim Forrest
Demand for compute power extends beyond data centers to edge/nodes, and TSMC is putting money where its mouth is.
Asks about durability of TSMC's margin profile as HPC becomes more than half of revenue.
Marley Kayden
Kim Forrest
Smaller nanometer chips should allow margins to hold up due to demand for better, faster, stronger chips with less energy consumption.
Asks if 2026 will be another breakout year for AI servers and if TSMC remains the cleanest way to play the AI theme.
Marley Kayden
Kim Forrest
Instead of picking individual chip companies, go to chip makers or further downstream to equipment makers like ASML.