TSMC (TSM) Earnings: Where the Stock Stands in the Semiconductor Industry

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TSMC 실적은 AI 수요 강세로 대체로 긍정적이나 가이던스를 상향하지 못해 주가 약세. 자동차 부문 약세와 중국 매출 성장 둔화(약 9%, 전년 두 자릿수 대비)가 상쇄 요인. 고성능 컴퓨팅(AI) 수요는 지속 강세 전망. AI 칩 경쟁에서 TSMC는 엔비디아·AMD 모두의 파운드리로 위험이 분산되어 2~3순위 선호 종목으로 언급. 중국의 자체 칩 육성은 리스크 요인으로 거론.

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01. welcome back to trading 360 Taiwan semi reported its numbers we're taking a look at this name closely George silis is with us Schwab Network senior markets correspondent Matthew Bryson senior vice president equity research at wed Bush Securities I was just talking to C3 AI CEO and I was saying that Taiwan semi beat and at least it was helped in part by demand for semiconductors that are used in AI applications tell me more uh about that over at wed Bush uh what's the call here Matt on Taiwan semi how do we feel about the stock today yeah so I I'm still really positive on Taiwan semi and it in part comes down to um the the the AI side of things where um they are the primary supplier to all of the the companies making AI chips um and you look at uh how they talked about the year um I I think there had been some hope that they were going to lift their guide above that low 20 to mid2 uh Revenue growth that they' previously given us um they weren't able to do that um but what they basically said is AI is is stronger than we anticipated um there's a bit of an offset in other segments predominantly Auto um but ai's been once driving this Market um and I think as long as we're going to see uh that that strength in AI uh the TSM is is going to work right understood um George your thoughts here quickly on TSM 13355 today yeah I mean if you look at the uh the guidance I think that's all that the culbert in terms of why we're seeing the stock down I think maybe the move is appropriate considering that they didn't raise the guidance and to add to uh to this if you look at the uh the smartphone markets obviously they Peak around fourth quarter because of seasonality but I think some of the guidance um that they didn't raise or the reason maybe on top of the automotive markets include the smartphone markets which are which have been relatively weak high performance Computing markets have been very strong are expected to continue to be strong associated with artificial intelligence and I think one other thing that's underneath this is China there's also sales contractions in China they denoted about 9% sales uh growth in China whereas last year it was uh in the double digits around 15% so I think that's another one of the reasons why they're seeing some weakness in terms of the guidance but nonetheless they did come in and reaffirm expected guidance they just didn't increase it and you know Matt you were saying that this is a primary supplier for AI chips what where does it stand I don't know what your target is on Taiwan semi against Nvidia AMD um some of the other names that mu Intel what's the order of your favorites uh yeah so actually my my friend right now is is Western Digital and that has um has a little bit to do with AI has a whole lot to do with uh n pricing going up and hard drive shipments uh increasing substantially into Q2 uh but from an AI standpoint um TSM is is right up there um it's either you know second or third favorite name in the space in part because you don't have to worry about who ends up winning on the a AI front so I I think Nvidia obviously has a great position um but if AMD is able to take some share and I think they are the next best position company uh in the space uh TSM Fabs for them if it's the cloud service providers building their own silicon TSM faps for them and so you get rid of that competitive Dynamic with TSM and if in general compute shifts from that that traditional AI uh that traditional Intel chip over to an AI ch well that's all good for TSM because the one the one company that they don't really support is Intel yeah and quickly George we just have about 10 seconds left but I think about the chips act I think about the competition with China final thoughts well I think you know that's something to bring up in terms of being some issues with Taiwan semi in particularly because of China really focusing on developing their own chipset markets but I I agree I I think TSM is across the board more insulated than the OS syncratic risks uh associated with one particular company across multiple Technologies uh this company is systematically important to the to the world's technology thank you both Matthew Bryson of wed Bush George silis thank you