Sustainable Growth Advisers, LP - Global Growth Composite on Taiwan Semiconductor Manufacturing Company Limited
Thesis
SGA continues to hold an above-average weight in TSMC and views it as a primary beneficiary of sustained demand for advanced logic and compute. Customers across AI accelerators and CPUs continue to require additional leading-edge capacity, while the company's scale and technology leadership reinforce its competitive advantage. Growth is diversified across high-performance computing, smartphones, automotive, and AI applications. SGA believes deep customer entrenchment and the global requirement for advanced semiconductor manufacturing can sustain strong double-digit revenue and earnings growth.
“Given TSMC’s dominant competitive position, deep customer entrenchment, and the continued global need for advanced compute, TSMC remains well-positioned to deliver strong double-digit revenue and earnings growth over the coming years.”