GMT Capital Corp Sells 3,600 Shares of Taiwan Semiconductor Manufacturing Company Ltd. $TSM - MarketBeat

GMT Capital Corp reduced its stake in Taiwan Semiconductor Manufacturing Company (TSMC) by 34% in Q4 2026, selling 3,600 shares, leaving it with 7,000 shares valued at approximately $2.13 million. Des... Read original →

GMT Capital’s modest TSMC stake reduction reflects tactical profit-taking at elevated valuations, not a strategic retreat—evidenced by Fisher and Van Eck simultaneously increasing positions. Technologically, surging demand for AI chips is tightening EUV capacity, compelling NVIDIA and AMD to pre-commit to 3nm/2nm wafers through 2027, raising barriers for rivals. Geopolitically, U.S. CHIPS Act ‘guardrails’ inflate TSMC’s Arizona fab costs, yet its Taiwan, China-based mature-node fabs remain irreplaceable. Samsung and Intel may undercut on price, but lack TSMC’s CoWoS packaging ecosystem critical for HBM4 integration. Over the next 18 months, as AI infrastructure spending shifts toward edge deployment, TSMC’s yield leadership and advanced packaging dominance will sustain premium margins, justifying its 35x P/E in investors’ eyes.