BAMCO, Inc. - Baron Emerging Markets Fund on Taiwan Semiconductor Manufacturing Company Limited
Thesis
TSMC sits at the center of the AI supply chain as the world's largest contract chipmaker and leading advanced logic manufacturer. AI demand is consuming leading-edge capacity and management raised its outlook and capital spending. Baron believes its manufacturing monopoly, pricing power and 2-nanometer roadmap support multi-year earnings power.
“and view its leading-edge manufacturing monopoly, pricing power, and 2-nanometer technology roadmap as durable advantages”