Taiwan Semiconductor: High Ground Versus Low Ground
Taiwan Semiconductor Manufacturing Co., or TSMC, is at a "choke point" in the semiconductor supply chain, where the company can benefit from the rigidity of industry capacity expansion to meet demand surge.TSMC’s high-ground scenario includes possessing the most advanced high-end technology, the largest and still rising market share, and 15% annual revenue growth from $28 billion capex.If considering both the high-ground and low-ground cases, TSM is reasonably valued at the current $110’s lev