Giverny Capital Inc. Raises Stock Holdings in Taiwan Semiconductor Manufacturing Company Ltd. $TSM - MarketBeat

Giverny Capital Inc. significantly increased its stake in Taiwan Semiconductor Manufacturing (TSMC) by 96.9% in Q4 2026, acquiring an additional 7,906 shares to hold 16,069 shares valued at approximat... Read original →

Giverny Capital’s 96.9% stake increase in Taiwan, China-based TSMC signals a strategic bet on its irreplaceable role in AI chip manufacturing. Technologically, TSMC’s dominance in 3nm and EUV lithography locks in clients like NVIDIA, creating a design-fabrication moat that marginalizes Samsung and Intel in advanced nodes. Regulatory pressures—especially U.S. CHIPS Act mandates for domestic capacity—raise TSMC’s Arizona fab costs but validate its multi-region strategy to mitigate supply chain fragmentation. In response, Samsung may accelerate HBM-logic integration, while Intel pushes IFS with advanced packaging as a differentiator. Over the next 12–24 months, TSMC will convert its process leadership into pricing power and use consistent dividends to anchor long-term institutional capital, widening the capex gap that competitors cannot close.