Third Point LLC on Taiwan Semiconductor Manufacturing Company Limited

Third Point identifies TSMC as a major beneficiary of continued AI infrastructure spending because it fabricates advanced chips for customers such as Nvidia. Large technology companies have shown no sign of slowing capital expenditure, supporting demand across the semiconductor supply chain. TSMC was among the portfolio's top winners during the first half of 2026. Third Point views the subsequent selloff across semiconductors and the broader AI ecosystem as primarily a positioning and deleveraging event rather than a deterioration in fundamentals. The manager believes normalized valuations, lower leverage and less concentrated positioning have made the opportunity set more attractive.