TSMC Q2 25 - top 10 holding-- the AI factory
Summary of TSMC Q2 25 results call Strong revenues and profitability growth. Better than my numbers. Some negatives from FX. Negatives for FX and dilution from new overseas fabs are expected to continue (fabs at previously disclosed rates). TSM commented that they are confident in operating metrics despite unfavourable FX-ie will hold profitability despite Taiwanese costs increasing in USD. Growth in AI-derived demand continues to increase revenues, increasing to expected +30% (I had 25%) for FY2025 and at higher valued nodes, which should assist margins. Continued positive progress on various overseas FABs is very encouraging, as is the development of further complex nodes required to advance AI. Growth in Taiwanese FABs continues as well. TSM appears to be pulling further ahead, and Samsung and Intel do not appear as real competition at this time. TSM's execution and ability to leverage their scale and technological advantages and optionality make them difficult to comp...