Taiwan Semiconductor Manufacturing Co.’s US$420 billion equity rally this year will get a valuation test next week when it reports earnings, with analysts expecting the chipmaker to raise full-year sales forecasts.
David Sekera, chief U.S. market strategist for Morningstar, joins BNN Bloomberg to discuss how to set up an investing playbook for earnings season.
Just like Nvidia Corp., TSMC has become a favourite artificial intelligence-bet for investors with few other competitors able to duplicate its cutting-edge technology. That’s giving it the bargaining power to raise prices for its advance chips as demand blossoms. Analysts have been playing catchup in valuation and price targets, with the company surging to hit a $1 trillion market capitalization in the U.S. earlier this week.
On Wednesday, TSMC indicated that sales in the second quarter had jumped by 40 per cent, compared with the average forecasts for a 36 per cent rise. That’s helping to drive expectations among investors. Investors will be scrutinizing TSMC’s tone at the earnings call for further clues on the recovery in the chip market and AI demand trends. The AI chip orders have helped make up for lackluster smartphone sales, which are only just recovering from a slump. Shares of TSMC traded 0.3 per cent higher in New York trading at 9:46 a.m. on Friday.
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