Taiwan Semiconductor Manufacturing Co Ltd

TSMC is producing leading-edge chips in Arizona identical to its Taiwan output and will expand further, with the current administration supporting rather than undermining CHIPS Act investments due to their bipartisan origins.

TSMC is producing leading-edge chips in Arizona at parity with its Taiwan fabs and plans to expand further, with bipartisan support ensuring the CHIPS Act survived the political transition.

Despite CHIPS Act progress, chips made in Arizona still go to Taiwan for advanced packaging, ~30% of printed circuit boards come from China, and nearly all chemical inputs for chipmaking originate in Asia.

TSMC is producing leading-edge chips in Arizona at parity with its Taiwan fabs, and the current administration is supporting rather than hindering expansion. The U.S. is on path to reach 20% of global leading-edge chip capacity by 2030.

Despite CHIPS Act progress, chips fabricated in Arizona still return to Taiwan for advanced packaging. Roughly 30% of U.S. printed circuit boards come from China, and nearly all chemicals and substrates for chipmaking come from China or Asia.

NVIDIA generates ~$160B in revenue and ~$100B in earnings as the sole profitable player in the AI compute stack, while all downstream inference providers lose money on every query served.

Taiwanese GDP rose at a 23.6% annualized rate last quarter — the fastest annual growth in 50 years — with GDP up nearly 23% since ChatGPT's launch, driven almost entirely by semiconductor demand flowing through TSMC.