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- Taiwan Semiconductor (NYSE:TSM) was in focus on Tuesday as Bank of America reiterated its Buy rating after the company’s annual shareholder meeting.
- “Echoing our positive read-through from NVIDIA earnings, management stated that AI is expanding from datacenter to more edge applications (including PCs, smartphones, auto, and IoT) and that the increasing the complexity of AI models drives demand of hardware and semi content growth,” analyst Brad Lin wrote in a note to clients. “In addition to supporting AI development, TSMC is also utilizing AI in manufacturing to improve operating efficiency and ROI. TSMC is well positioned to benefit from the industry megatrends of 5G, AI, and HPC with TSMC’s tech leadership in both advanced nodes/packaging and global expansions.”
- Lin reiterated his $220 price target on Taiwan Semiconductor as well.
- Shares rose 1% in late morning trading.