Recently reviewed TSMC (TSM) reported their Q2 earnings this week. Results looked good: revenue was up 40% (33% in U.S. dollars), with stable gross margins and solid cash flow. 

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Sub 7 nanometer products accounted for 2/3rds of revenue, magnifying the firm's competitive advantages (only Samsung competes in this space). High performance computing applications (HPC) - driven by AI demand - led the way, growing 28% quarter-over-quarter and comprising 52% of revenue. The only down note was a drop in the exchange rate from New Taiwanese dollars, which is the only reason I'm dropping the fair value a few bucks to $181 from a previous $184.

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