저자: 미상 · 외국인
요약 보기
영상은 Bill Ackman의 투자 철학과 퍼싱스퀘어(PSH) 분석을 소개한 뒤, 후반부에서 AI 관련주 TSMC, Dell, ON Semiconductor를 추천한다. 주장 근거로 TSMC 시장점유율 54%와 4월 매출 59.6% 증가, Dell AI 서버·스토리지 성장, ON의 SiC 반도체 및 EV/ADAS 수요, 2025년 예상 PER 19배(TSMC)·16.9배(Dell)를 제시한다. 목표주가는 TSMC 300달러, Dell 300달러, ON 150달러다. 대상 자산 목록에 포함된 종목 중 TSMC·Dell·ON은 없으므로 추출 대상이 아니다.
다듬은 글
I think you can do very well as a stock market investor if you find really high quality companies and you buy them at attractive prices, and I think today is a pretty good time, a pretty good point of entry.
Now, it's no secret that this year has been rough for investors in the stock market. Stocks entered a so-called bear market this year, as prices fell more than 20% from their highs. The S&P 500 was down as much as 25%, the Dow Jones was down as much as 20%, and the tech-heavy NASDAQ has been hit the hardest of them all, down 35% from its high.
Now, that sounds like pretty scary stuff for stock market investors, right? What if I told you that now is actually a great buying opportunity? This isn't coming from me. This is coming from billionaire investor Bill Ackman. In this video, we're going to examine why Ackman thinks now is a great time to be buying stocks. We're also going to reveal Ackman's four-step checklist to picking great stocks to invest in. But first, make sure to like this video and subscribe to the channel if you aren't already, because it's my goal to make you a better investor by studying the world's greatest investors.
Welcome back to part two of our Pershing Square Holdings analysis. In this video, we'll be doing a deep analysis on PSH and deciding whether we feel it is a good investment at the moment.
Pershing Square Holdings, ticker symbol PSH, is Bill Ackman's investment fund that trades on the London Stock Exchange. Pershing Square owns significant stakes in blue-chip U.S. companies such as Lowe's, Hilton, Starbucks, Chipotle, and others. The fund's net asset value is around 8.8 billion as of September 30, 2020, or 44.7 USD per share, versus a share price of 33.75.
It is a closed-end fund, which means it's a portfolio of pooled assets that raises a fixed amount of capital through an IPO and then lists the shares for trade on a stock exchange. This means they have permanent capital, rather than a typical hedge fund that invests client money and earns a management fee. This mitigates the risk that investors or clients will pull their money out in times of distress, which would kill the majority of investing approaches, but especially Ackman's long-term hold approach. As Ackman said in his interview we covered in the previous video, he sees Pershing Square as an investment holdings company that owns businesses with great runways for growth ahead and with real equity value, not just another fund.
Before we dive deep into PSH, if we're to invest in Bill Ackman's company, let's first look at who Bill Ackman is and what his investment record looks like. Bill Ackman is both celebrated and criticized for his confidence and tenacity when it comes to making big bets on a handful of positions. His all-or-nothing approach has led to some of the greatest, most rewarding calls for investors.
This is a golden opportunity to invest in AI stocks. Now could yield substantial gains in the coming months and years. Today we bring you the top three AI stocks worth considering for your portfolio to ride the wave of this technological revolution.
Top of our list is chipmaker Taiwan Semiconductor Manufacturing, ticker symbol TSM. Since November 2023, TSM has been on an extraordinary bull run, with its stock soaring from 85 to 150. We believe there are more gains around the corner, with another 100% upside possible. TSM's robust technological capabilities, significant expansion outside of Taiwan, and crucial role in the semiconductor supply chain make it an excellent AI investment.
Despite potential risks from geopolitical tensions between Taiwan and China, these concerns are often overweighted by analysts. TSM's chairman Mark Liu has emphasized that any conflict would render their advanced facilities inoperable due to reliance on global supply chains, highlighting the lower odds of this risk materializing.
Why we believe in TSM is because it dominates the industry with a 54% market share, producing the world's most advanced chips, including 2-nanometer and 3-nanometer nodes. They supply major tech giants like Apple, Qualcomm, and Nvidia. To mitigate geopolitical risks, TSMC has adopted a "Taiwan plus one" strategy, expanding its operations to the United States, Japan, and Germany. This diversification is crucial as demand for AI-driven technology soars. The company's April revenue surged 59.6%, reflecting this high demand.
The strategic importance of TSMC extends beyond Taiwan. U.S. Secretary of Commerce Gina Raimondo has warned that Chinese control over TSM would be, quote unquote, "absolutely devastating" for the U.S. economy, which relies heavily on TSM for advanced chips. The Biden administration has supported TSM's expansion in Arizona with 11.6 billion dollars in financial aid, further solidifying TSM's global strategic importance.
Demand for AI, IoT, and cloud computing will continue to grow, and TSMC is well positioned to meet this demand with upcoming advancements like their 2-nanometer chips. The company's leading position in the semiconductor industry, though challenged by global tensions over chip access, will sustain its technological superiority and supply chain leadership. With a 2025 forward price-to-earnings ratio of just 19 times, TSMC is undervalued despite its superior capabilities. The company's strong partnerships with major tech companies and its strategic expansions make it a solid buy. We believe it's still not too late to enter TSM, and we have a target price of 300 for this stock.
Our next AI stock is Dell Technologies, ticker symbol DELL. Since August 2023, Dell has been on a tear, virtually tripling in value from 50 to 150 in less than a year. As extraordinary as these gains look, the company is still undervalued, with 2025 forward P/E earnings of just 16.9 times.
Dell is a compelling AI stock to consider, bolstered by its strategic consolidation of PC and server businesses and its significant market presence. Despite a 14.3% decline in revenue growth in 2023, Dell's diversified portfolio positions it well for future growth. During its latest earnings briefing, Dell highlighted AI servers, AI storage, and AI PCs as key growth drivers. The company's focus on AI-powered servers, storage solutions, and commercial AI PCs is expected to drive substantial growth in the coming years, making it an attractive investment opportunity.
Dell's servers and networking segment is poised for significant growth due to the integration of AI technologies. Dell servers, including high-performance, general-purpose, and AI-optimized servers, are designed to handle AI model training, fine-tuning, and inferencing across various environments. Despite a slight decline in market share from 17.6% in 2016 to 15.6% in 2021, Dell remains a well-established server vendor with a stable market share. The company's AI-powered servers, such as the PowerEdge XE9680 equipped with Nvidia H100 accelerators, exhibit excellent performance in various AI tasks, showcasing Dell's competitiveness in the AI server market. Additionally, Dell's investments in AI-enhanced servers are expected to optimize data center operations, reduce energy consumption, and improve reliability, positioning the company to capitalize on the growing demand for AI-driven technologies.
Dell's storage segment is another area where AI integration is driving growth. Dell's storage solutions, including all-flash arrays, scale-out file storage, object platforms, and software-defined storage, are essential for supporting AI workloads. AI workloads require high-speed, scalable storage to handle large amounts of unstructured data efficiently. Dell's PowerScale, for instance, offers enhanced performance and scalability for AI modeling and training. PowerScale's smart scale-out capability improves GPU utilization, leading to faster storage throughput for AI tasks.
The Client Solutions Group segment, encompassing notebooks, desktops, workstations, and branded peripherals, also stands to benefit from AI advancements. Despite a decline in PC shipments in 2023, Dell remains optimistic about the impact of AI on the PC market. The introduction of AI PCs equipped with neural processing units, or NPUs, positions Dell as a front-runner in this emerging market. NPUs offer greater efficiency for AI-related tasks and complement CPUs and GPUs by specializing in AI-driven functions. Dell's focus on AI PCs is expected to drive future growth, with the AI PC market projected to grow at a CAGR of 67.1% from 2023 to 2027.
Overall, Dell Technologies' strategic focus on AI-powered servers, storage solutions, and PCs makes it a compelling AI stock to buy. We have increased our target price for Dell from 200 to 300 for the next 12 months.
Our final AI pick is ON Semiconductor Corporation, ticker symbol ON, rebranded as onsemi. The company stands out as a promising AI stock, particularly for investors seeking value in the semiconductor manufacturing space. Despite a challenging period marked by a 33% stock decline since July 2023 due to cyclical downturns in the auto and industrial markets, onsemi's long-term prospects remain strong. The company's strategic focus on high-growth markets such as electric vehicles and advanced driver-assistance systems, or ADAS, positions it well for future success.
Onsemi's emphasis on intelligent power and sensing solutions tailored for automotive and industrial applications aligns perfectly with the accelerating adoption of AI technologies. Its diverse product portfolio includes intelligent power solutions for longer-range EVs, fast-charging battery systems, and solar inverters, as well as intelligent sensing solutions for ADAS, self-driving cars, and factory automation. These segments are expected to outgrow the broader semiconductor market, driven by the increasing integration of AI in various applications. The company's focus on high-value, high-margin products, particularly in the silicon carbide, or SiC, semiconductor space, further enhances its growth potential. SiC semiconductors, known for their superior performance in EVs and other power-intensive applications, are a key area of growth, with onsemi already achieving rapid revenue growth and a strong market position in this sector.
Financially, onsemi is well positioned to weather current market challenges, with a solid cash reserve of 2.6 billion dollars and a manageable debt-to-equity ratio of 42.9%. The company's strategic divestment of sub-scale fabs and investment in a new 300mm fab in East Fishkill, New York, reflect its commitment to improving manufacturing efficiency and expanding margins. Additionally, long-term supply agreements, or LTSAs, with major customers provide revenue stability and help mitigate the cyclicality of its end markets. As onsemi continues to capitalize on the growing demand for AI-driven technologies, its robust financial health and strategic initiatives make it a compelling investment for those looking to profit from the AI revolution in the semiconductor industry. We have a target price of 150 for onsemi, and we consider it a compelling buy for those seeking investment in AI.
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