TSMC struggles to impress despite supply dominance
• TSMC reported mediocre 2022 financials despite being the largest manufacturer of AI processors and supplying major customers like Apple, Nvidia, and AMD
• TSMC dominates the foundry market with 58.8% share in 2022, but Intel aims to become a competing foundry by 2025 with advanced 2nm fabrication
• TSMC, Samsung, and Intel compete on leading sub-7nm node production and roadmaps to 2nm chips, with TSMC currently ahead
• Intel plans to advance to 2nm chips by 2025 using high-NA lithography equipment, aiming to catch up and leapfrog TSMC
• TSMC remains a strong buy due to foundry dominance and leadership in advanced wafer capacity, though Intel has strongly outperformed TSMC shares over the past year