Artisan Partners Limited Partnership - Antero Peak Strategy on Taiwan Semiconductor Manufacturing Co Ltd
Thesis
Taiwan Semiconductor is owned within the strategy's Compute Infrastructure theme. The fund believes AI has evolved into a multi-trillion-dollar capital formation cycle, with the constraint in digital infrastructure shifting from connectivity toward computation. Hyperscaler capital expenditures are expected to rise from roughly $146 billion in 2021 to nearly $900 billion by 2027, while global AI-related investment is approaching $1 trillion annually. This creates sustained demand across semiconductors, compute, power, cooling and related infrastructure, positioning Taiwan Semiconductor as a participant in a structural rather than purely cyclical investment cycle.
“Taiwan Semiconductor, Applied Materials, Analog Devices, NVIDIA, Astera Labs and Seagate contributed meaningfully as part of our Compute Infrastructure theme.”