Sands Capital Management, LLC - Select Growth on Taiwan Semiconductor Manufacturing Company
Thesis
Taiwan Semiconductor occupies a bottleneck position in leading-edge semiconductor manufacturing and is the scaled manufacturing partner for many advanced AI chips. Demand remains robust across leading-edge nodes and advanced packaging, while first-quarter gross margin exceeded consensus expectations. Sands sees the company retaining pricing power because customers continue to rely on its manufacturing scale, technology, and ecosystem. Its strategic role in the AI supply chain is expected to support durable long-term growth.
“We believe Taiwan Semiconductor’s manufacturing leadership, pricing power, and strategic position in the AI supply chain should continue to support durable long-term growth.”