Shares of Taiwan Semiconductor (TSM, Financial) (TSMC) traded higher during the quarter on signs that its total addressable market was poised to expand. Intel announced that it was facing delays in the manufacture of its next-generation chips and may contract out the work to third parties, opening the door for a large-scale chip "foundry" like TSMC to pick up some of the business. Foundries make chips designed and named by other companies; TSMC already produces certain chips for Intel.
From First Eagle Investment (Trades, Portfolio)'s Global Income Builder Fund third-quarter 2020 commentary.
