“Round one winners from new tech demand like data centers, hyperscalers, and chip makers are well-owned already. Further investments in those beneficiaries should be made contingent on a realistic path to expand the power supply. In other words, the big new digital darlings can still win, but the ruddy old real world may have to win first.”

 “TSMC’s shares remain attractive, as artificial intelligence-related demand continues to pleasantly surprise us, and there is limited downside to sentiment for the automotive and industrial markets... TSMC’s disciplined approach to capital spending this year and possibly in the next few years reduces oversupply risks.”

 “Every time US/China trade restriction news comes out, the semi group (including TSMC) generally gets punished. In reality the opposite is happening... This 'inefficiency' has been estimated to likely create an additional ~10% in equipment demand over time.”

 “Each large language model upgrade cycle requires roughly 100 times more in compute capacity upgrades... It would be an attractive set-up to be long the stock if its valuation goes back to that 20.3 PE price-to-earnings ratio, and assuming the above AI trend plays out.”

 “Intel is a big iconic semiconductor company which has been the leader for many years. And I think it’s a company that is worth trying to save, and they have to come back to competitiveness.”

 “I think everyone has been hearing them say the next quarter will be better for two, three years now.”