值得一提的是，台积电美股相对台股溢价升至24%以上，创下12月初以来的最高水平，原因是台积电在台北上市和纽约上市披露的业绩存在差异。 The analysis suggests that the O3 model proves that AI has not slowed down, and without having to pick winners or technologies, Taiwan Semiconductor is the best way to participate in the AI theme, and the valuation is reasonable.
As enthusiasm for AI investment remains strong, Taiwan Semiconductor's stock price is reaching historical highs.
On Tuesday, Taiwan Semiconductor's stock price on the Peking stock market rose by 1.4% at one point, surpassing the closing record high set in November.
It is worth mentioning that the premium of Taiwan Semiconductor's US stocks relative to its Peking stocks has risen to over 24%, reaching the highest level since early December, due to the discrepancies in the performance disclosed on its listings in Taipei and New York.
Overnight, chip stocks like NVIDIA surged in the US market. The reason is the continued enthusiasm of investors for AI Trade.$Taiwan Semiconductor (TSM.US)$The US stock market closed up over 5%; so far this year, Taiwan Semiconductor's US stock price has accumulated a rise of about 102%.
Analysis indicates that this shift is due to an increased demand for exposure to Taiwan Semiconductor's growth in the global market, as the chip manufacturer continues to play a key role in Semiconductors and AI suppliers. Even amidst regional volatility, investor interest in Taiwan Semiconductor's role in advanced chip production in high-growth areas such as AI-driven technology has remained strong.
This surge highlights the extent of global investors' attention on companies likely to benefit from the AI boom; Taiwan Semiconductor's clients also include Apple and AMD, which are major beneficiaries of the AI spending surge. The company expects sales in the December quarter to grow by 36%, with a gross margin of 58.3%, marking the highest level since 2022.
Taiwan Semiconductor's growth trend is inseparable from the market's optimistic view on the accelerated development of AI.
Previous analysis by the information equity public account indicated that the narrative of AI is strengthened and not weakened.
First, it must be acknowledged that o3 at least proves that AI has not slowed down. The o1 preview was only 3 months before the o1 pro release, and shortly after comes o3. Just looking at the 'test time calculation,' there is huge potential. The problem is also very obvious, the costs are high, and it is a 'mathematician specialized in targeted training,' but cost and delay are the least important. With giants like NVIDIA iterating once a year, costs and delays will definitely shrink rapidly.
Secondly, for investors concerned about catalysts and future expectations, there is an invisible narrative that starting from o3, OpenAI in 2025 will use all means to prove itself is infinitely close to 'AGI.' Because this will free it from Microsoft's control and renegotiate investment agreements. According to previous investment agreements: once AGI is achieved, Microsoft will lose its rights to use OpenAI's technology.
Kevin Net, the head of Asian Stocks at Financiere de L Echiquier, stated:
For us, Taiwan Semiconductor is the best way to participate in the AI theme without having to pick winners or technologies, and the valuation is reasonable. The next catalysts to watch are NVIDIA's presentation at CES 2025 next month and the upcoming earnings and guidance announcements from Taiwan Semiconductor.
A previous article stated that NVIDIA founder Jensen Huang will deliver a speech at CES 2025 on January 6 at 6:30 PM Pacific Time, which is January 7 at 10:30 AM in Peking, where the RTX 5000 series GPU will be the main highlight of the keynote speech.
Related Reading:On January 7, Huang Renxun will deliver a major keynote speech at CES, with the RTX 5000 series GPU as the main highlight.
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