Artisan Focus Fund on Taiwan Semiconductor Manufacturing Company Limited
Thesis
Taiwan Semiconductor is a named Compute Infrastructure holding and contributed meaningfully during Q2. Artisan's thesis is that the AI capital cycle has expanded the opportunity from network infrastructure into semiconductors, compute, power, cooling and related data-center systems. The team believes computation has become the central constraint as token demand and data-center capacity expand rapidly. TSMC participates directly in the semiconductor capacity required to support that buildout.
“Taiwan Semiconductor, Applied Materials, Analog Devices, NVIDIA, Astera Labs and Seagate contributed meaningfully as part of our Compute Infrastructure theme.”