📊Executive Summary

TSMC has raised its global semiconductor market forecast to exceed US$1.5 trillion by 2030, driven by increased demand for AI and high-performance computing. The company plans to expand its production capacity significantly, with nine new wafer fabs and packaging phases in the U.S., Japan, and Germany. This expansion reflects a strategic shift in the semiconductor supply chain, responding to customer and government demands for diversified supply sources. However, the capital-intensive nature of this expansion poses execution risks, especially as TSMC competes with peers like Samsung and Intel. The focus on AI chips ties TSMC's fortunes closely to a limited number of large customers, making it vulnerable to fluctuations in their spending....