Taiwan Semiconductor Q1 FY12/23 Earnings Review

Not exciting but the TSMC juggernaut rolls on.

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Unstoppable Save For Invasion

For as long as China doesn't look to be actually invading Taiwan, we believe TSMC can be owned for the long term.  It is almost a monopoly in the fabrication of advanced semiconductor devices, and if you're wondering what can keep its moat in pace, $36bn of trailing twelve month capital expenditure goes a long way to answering that.  Furthermore, chip production is nasty, brutish and difficult and chip designers - meaning fabless companies like Nvidia et al - don't like to switch providers lightly. 

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