Taiwan Semiconductor (TSMC) is one of the most important companies in the modern economy. It manufactures the tiny silicon chips that act as the “brains” inside smartphones, data centres, electric vehicles and the fast-growing world of artificial intelligence. These chips are built on ultra-thin silicon wafers and contain microscopic circuits that allow devices to process information and make calculations. TSMC’s ability to produce these chips reliably and at scale has supported strong earnings growth across a range of market conditions. It has also created an unusual concentration risk because large parts of the global economy now depend on TSMC’s uninterrupted operations… to view the full article, please click here.
