TSMC: $100bn in 2025? Who will buy all these wafers?
We expect TSMC’s revenues to strongly rebound and reach $100bn in 2025, for a simple reason: Inherently to its business model, TSMC controls its return on capital, and the amount they are spending this year reflects a high visibility on revenues to come.In this note we comfort our conviction from a bottom-up perspective, looking at how TSMC’s top customers, which we all know very well, will contribute to such growth. The bottom up analysis supports well our two-year forecast and TSMC’s strong secular growth outlook.
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