Artisan Focus Fund on Taiwan Semiconductor Manufacturing Company Limited
Thesis
TSMC is part of Artisan's Compute Infrastructure theme, which targets the physical infrastructure required for the next generation of computing. The fund believes AI has become a multi-trillion-dollar capital cycle, with hyperscaler capital expenditure and global AI investment still rising sharply. Because the bottleneck has shifted from connectivity toward computation, semiconductor leaders exposed to advanced compute should benefit from the expanding infrastructure buildout.
“The constraint is no longer connectivity—it is computation.”
Key risks
- Large capital formation cycles can include periods of excessive or uneconomic investment
- Rapid technological change can alter competitive positions