Sands Capital Management, LLC - Technology Innovators on Taiwan Semiconductor Manufacturing Company
Thesis
Taiwan Semiconductor remains a bottleneck in leading-edge semiconductor manufacturing and a scaled production partner for advanced AI chips. First-quarter gross margin exceeded consensus expectations and guidance pointed to continued strength. Demand is robust across leading-edge nodes and advanced packaging. Sands expects manufacturing leadership, pricing power, and strategic importance in the AI supply chain to support durable 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.”