Fund Update: 332,404 TAIWAN SEMICONDUCTOR MANUFACTURING (TSM) shares added to Sarasin & Partners LLP portfolio - Quiver Quantitative

Taiwan Semiconductor Manufacturing Company (TSMC), as the world's leading semiconductor foundry, continues to attract significant attention in the financial markets. According to SEC 13F filings, Sara... Read original →

Institutional purchases of TSMC shares by firms like Sarasin reflect a strategic bet on the irreplaceability of its 3nm and EUV ecosystems—not merely financial positioning. This reinforces ASML’s equipment dominance upstream while forcing downstream AI chipmakers into higher foundry premiums, cementing a tech-capital feedback loop. Geopolitical compliance costs are rising: U.S. CHIPS Act subsidies demand localized production, compelling TSMC to dilute capital efficiency with parallel fabs in Arizona and Japan. Samsung and Intel’s 2nm efforts remain at least 12 months behind in yield ramp, unable to challenge TSMC’s HPC pricing power. Over the next 24 months, institutional divergence will widen—long-term investors anchor on technological moats, while short-term players trade geopolitical volatility. Further U.S. export controls on EUV tools could trigger capacity reallocation at TSMC’s Nanjing fab, destabilizing global HPC supply chains.