ទំហំអក្សរ
TSMC manufactures all of Nvidia’s advanced AI semiconductors.
I-Hwa Cheng / Bloomberg
Nvidia may get most of the AI spoils this year, not Taiwan Semiconductor Manufacturing.
Investors have piled into
TSMC shares
(ticker: TSM) as a way to benefit from the rising demand for artificial intelligence chips. But now, Wall Street analysts are telling their clients to temper expectations. TSMC’s exposure to the AI trend might be limited this year.
Last week, TSMC shares jumped by 12% a day after
nvidia បាន
(NVDA) provided a revenue forecast for the July quarter way above expectations. Nvidia uses the Taiwan-based foundry to manufacture all of its advanced AI semiconductors.
On Wednesday, J.P. Morgan analyst Gokul Hariharan cautioned he estimates only about 5% of TSMC’s revenue will come from AI for 2023.
“Given AI exposure is still quite small…and demand improvement in other areas remain quite sluggish, we are unlikely to see EPS upgrades for TSMC in [the second half of 2023],” he wrote.
The analyst said that while TSMC has all of Nvidia’s AI business, he sees overall volumes being not large at 1.6 million to 1.8 million units this year. Nvidia sells the AI chips at a much higher price markup than what the company pays TSMC for manufacturing and packaging, Hariharan noted.
The other issue: TSMC is so dominant with about 59% of the market share in the third-party chip-manufacturing business, according to TrendForce. It is too large to be immune from the overall semiconductor downturn.
There is no evidence TSMC’s key end markets of smartphones and PCs—which accounted for 34% and 44% of its revenue in the first quarter, respectively—will rebound soon. After growing revenue by more than 60% year over year in some months last year, TSMC started reporting double-digit sales declines in March and April, the last two reported months, meaning the downturn may have further to go.
“Though NVIDIA is the main AI processor provider & TSMC is the sole foundry supplier of these chips, the contribution is diluted by TSMC’s broad customer base,” Bernstein analyst Mark Li wrote Thursday.
Li, too, estimated AI would be a low-single-digit percentage of TSMC’s revenue in the near term. The analyst said Nvidia generates more value beyond its hardware by offering the most comprehensive set of software tools and programming platform ecosystem.
សរសេរទៅ Tae Kim នៅ [អ៊ីមែលការពារ]
Source: https://www.barrons.com/articles/nvidia-taiwan-semi-stock-ai-boom-61d38d1a?siteid=yhoof2&yptr=yahoo