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2021-04-15

Yes

TSMC Is On Fire. Just Beware of the Flames

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Just Beware of the Flames","url":"https://stock-news.laohu8.com/highlight/detail?id=1165601522","media":"Bloomberg","summary":"The company’s incredible confidence in its technology means signing big checks to buy increasingly m","content":"<blockquote>\n The company’s incredible confidence in its technology means signing big checks to buy increasingly more expensive equipment.\n</blockquote>\n<p>Just three months after Taiwan Semiconductor Manufacturing Co. shocked investors with a record spending plan, the world’s most important chipmaker doubled down with an even bigger budget.</p>\n<p>Apparently an eye-watering $25 billion to $28 billion in capital expenditure just wasn’t enough to satiate global demand, so the Hsinchu-based company raised it to $30 billion. The maker of chips for Apple Inc., Qualcomm Inc. and Nvidia Corp. backed up this aggressive view by raising its revenue growth outlook this year to 20% from 15%.</p>\n<p>Driving that optimism is demand for high-performance computing and smartphones. These two categories require the latest semiconductors, which are a combination of powerful, small and energy-efficient. High-performance computing is a grab bag that includes artificial intelligence and machine learning, yet also games consoles, servers and telecommunications base stations. While the automotive industry has been loud in its complaints about chip shortages, TSMC got just 4% of its revenue from that sector last quarter, and sees the shortfall greatly reduced by next quarter.</p>\n<p>Yet caution is warranted throughout TSMC’s earnings statement. That impressive top-line growth forecast definitely helps justify a bigger spending plan, but management also admits that capital intensity — a metric that charts spending against sales — will stay higher than average for a few years. With depreciation being the major contributor to costs, the end result will likely be downward pressure on gross margin. We’ve already seen this in the company’s second-quarter outlook announced Thursday, with predictions the figure may fall below 50% for the first time in almost two years.</p>\n<p></p>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>TSMC Is On Fire. 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Just Beware of the Flames\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-15 19:38 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/opinion/articles/2021-04-15/tsmc-earnings-signing-big-checks-to-buy-expensive-equipment-could-backfire?srnd=premium-asia><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The company’s incredible confidence in its technology means signing big checks to buy increasingly more expensive equipment.\n\nJust three months after Taiwan Semiconductor Manufacturing Co. shocked ...</p>\n\n<a href=\"https://www.bloomberg.com/opinion/articles/2021-04-15/tsmc-earnings-signing-big-checks-to-buy-expensive-equipment-could-backfire?srnd=premium-asia\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSM":"台积电"},"source_url":"https://www.bloomberg.com/opinion/articles/2021-04-15/tsmc-earnings-signing-big-checks-to-buy-expensive-equipment-could-backfire?srnd=premium-asia","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1165601522","content_text":"The company’s incredible confidence in its technology means signing big checks to buy increasingly more expensive equipment.\n\nJust three months after Taiwan Semiconductor Manufacturing Co. shocked investors with a record spending plan, the world’s most important chipmaker doubled down with an even bigger budget.\nApparently an eye-watering $25 billion to $28 billion in capital expenditure just wasn’t enough to satiate global demand, so the Hsinchu-based company raised it to $30 billion. The maker of chips for Apple Inc., Qualcomm Inc. and Nvidia Corp. backed up this aggressive view by raising its revenue growth outlook this year to 20% from 15%.\nDriving that optimism is demand for high-performance computing and smartphones. These two categories require the latest semiconductors, which are a combination of powerful, small and energy-efficient. High-performance computing is a grab bag that includes artificial intelligence and machine learning, yet also games consoles, servers and telecommunications base stations. While the automotive industry has been loud in its complaints about chip shortages, TSMC got just 4% of its revenue from that sector last quarter, and sees the shortfall greatly reduced by next quarter.\nYet caution is warranted throughout TSMC’s earnings statement. That impressive top-line growth forecast definitely helps justify a bigger spending plan, but management also admits that capital intensity — a metric that charts spending against sales — will stay higher than average for a few years. With depreciation being the major contributor to costs, the end result will likely be downward pressure on gross margin. 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