TSM - Taiwan Semiconductor Manufacturing Company

Noted as 4% overvalued relative to intrinsic value.

Manufactures 90% of data center chips; EPS and revenue trending up with a fair P/E. Risk of China/Taiwan conflict is a key downside risk.

Manufactures roughly 90% of data center chips and is now on sale.

"Very bullish TSM" - listed as cream of the crop, undervalued with strong growth prospects.

TSM shows strong revenue and EPS growth as the manufacturer of ~90% of data center chips, indicating robust demand.

Brad prefers Taiwan Semi over memory names as a 'big and boring' way to play AI infrastructure, benefiting from leading-edge manufacturing without binary memory risk.

Listed by the host as an example of the durable high-quality dividend stocks recommended in Porter's book portfolio.

Tepper bought 24% more TSMC; it is now his third-largest position at about 10% of the portfolio.

TSMC is a quality business with high returns on capital, but its free cash flow is consistently below net income and the stock trades at 62x free cash flow. At $419, it's above the host's fair value estimate based on FCF, so the price is too high.

The host lists TSMC as a company targeting the same bottlenecks as Leopold's private positions, but notes valuation concerns.