Gabelli International Growth Fund Inc. on Taiwan Semiconductor Manufacturing Co. Ltd.
Thesis
TSM is the world's largest semiconductor contract manufacturer and has dominant share in leading-edge production. The company is a major beneficiary of AI data-center infrastructure spending because it manufactures advanced chips for leading technology customers. Capacity expansion outside Taiwan is intended to improve geopolitical dependability.
“TSM boasts dominant market share in semiconductor manufacturing for the most leading edge.”
Key risks
- Geopolitical concentration in Taiwan