Taiwan Semiconductor Manufacturing (TSM): Leopold Aschenbrenner Takes Bearish View

Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) is simply a caller summation to the 13F portfolio of Situational Awareness LP. The money declared a caller involvement successful the institution successful filings for the archetypal 4th of 2026. This involvement consists of PUT bets worthy adjacent to 1.5 cardinal shares. Previously, Leopold Aschenbrenner had bought a involvement successful this spot elephantine successful the 3rd 4th of 2025. This presumption consisted of PUT bets worthy 270,000 shares and was sold disconnected wholly by the adjacent quarter. TSM manufactures, packages, tests, and sells integrated circuits and different semiconductor devices. It is simply a large spot manufacturing spouse for NVIDIA, the biggest AI institution successful the world. Leopold Aschenbrenner has a bearish outlook connected some companies, per the latest securities filings.

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Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) has been forced to fulfill Western governmental demands and diversify the proviso chain. As portion of this, it is gathering costly foundries extracurricular of Taiwan, astir notably successful Arizona, Japan, and Germany. In the Q1 2026 update, TSM absorption announced they are pushing their full-year 2026 superior expenditures to the implicit precocious extremity of their $52 cardinal to $56 cardinal range. Building precocious fabrication plants successful the United States and Europe is mathematically little efficient. Internal operation and operational costs successful Arizona are estimated to beryllium 4x to 5x higher than gathering identical fabs successful Hsinchu oregon Tainan. TSM absorption explicitly admitted that overseas fab expansions and the archetypal ramp-up of next-generation nodes volition trigger an contiguous 2% to 3% gross borderline dilution starting successful the second fractional of 2026 and extending into 2027.

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