Taiwan Semiconductor (TSM) Boosted Giverny Capital Asset Management’s Performance in Q1 - Yahoo Finance

In Q1 2026, Taiwan Semiconductor Manufacturing Company (TSMC) emerged as a key contributor to Giverny Capital Asset Management's portfolio performance, significantly boosting its overall results. Whil... Read original →

TSMC’s outsized contribution to Giverny’s Q1 2026 performance signals a structural re-rating of AI value chains—from chip design to advanced manufacturing. Its dominance in 3nm and EUV processes has locked in NVIDIA, Apple, and Broadcom, reinforcing a closed-loop dependency that elevates foundry economics. Geopolitical friction persists, yet TSMC’s multi-regional fab strategy (Arizona, Japan) mitigates supply chain fragility at manageable cost. With Samsung and Intel racing to close the 3nm yield gap, TSMC is fortifying its moat via CoWoS packaging—a critical bottleneck for next-gen AI accelerators. Over the next 12–24 months, as B100/B200 adoption surges, manufacturing scarcity will amplify pricing power, making its historically discounted P/E a relic of pre-AI-era valuation frameworks.