David Rolfe Comments on Taiwan Semiconductor

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Jul 20, 2022
  • A top detractor.
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Taiwan Semiconductor (TSM, Financial) detracted from performance despite business performance that saw revenue accelerate to over +30% growth. The Company is one of the few fabs in the world that is capable of manufacturing leading-edge integrated circuits (IC). The Company’s leading-edge capacity is being absorbed by high-performance computing applications, particularly by Apple, which has become an integrated circuit powerhouse over the past decade. The Company’s aggressive investment in leading-edge equipment, tight development with fabless IC designers, and embrace of open development libraries, should continue to foster a superior competitive position and attractive long-term growth.

From David Rolfe (Trades, Portfolio)'s Wedgewood Partners second-quarter 2022 letter.


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