Bible 1Q25 – Foundries: Upside at TSMC, others at risk.
Today, we are publishing the Foundries section of our 27th Tech Infrastructure Quarterly Bible. The Tech Bible is a must-read for any tech investor, as it summarizes the quarterly earnings reports from the over 140 companies we track, providing an update on our key perspectives and convictions.Tariffs didn’t trigger any guide down for 2025, although all flag macro as a risk into the second half of the year. TSMC maintained a 25% growth outlook, implying limited sequential growth in 2H despite AI, share gains, and cycles bottoming. We see room for upside. We are more cautious on the broader market; the 12% growth expected for other foundries looks optimistic.
United Microelectronics is principally engaged in the manufacture or fabrication of integrated circuits, semiconductor parts and components across industries, including communication, consumer electronics, computer, and others. Through its subsidiaries, Co. is also engaged in investment holding; selling and manufacturing of solar power batteries and solar power cell; designing and manufacturing of light-emitting diode (LED); involving in insurance industries; provision of solar engineering integrated design services; operating photovoltaic power plant.
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New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:
- Pan European Telecom Services and Cable
- US Telecoms, Cable, Satellite and Towers
- Global Emerging Market Telecoms
- Japan Telecoms
- Asian Internet
- Pan European Healthcare
- Global healthcare thematic research
We provide debt research on:
- Pan European Telecom Services and Cable
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