TSM Research Note — Proof Meets Expectations
TSMC delivered the operating evidence. September will test whether investors still reward it.
Semiconductors
TSM Deep Coverage Review — Analysis as of August 14, 2026
TSMC’s operating record remains strong, while weak reactions to good AI-infrastructure news raise the burden of proof for September.
TSM Research Note — Capacity Meets the Macro Test
TSMC’s margins and revenue remain strong today, while macro risk and capital conversion define the next test for the foundry’s premium valuation.
TSM Deep Coverage Review — Analysis as of August 7, 2026
TSMC’s operating record remains strong, while CPI, parity and capital conversion define the next test for its record margin and full utilization.
SMH Research Note — Margins Set the Test
SMH has rebounded on firm demand evidence, but AMD showed why Nvidia and Broadcom margin quality will decide whether the recovery broadens.
SMH Deep Coverage Review — Analysis as of August 7, 2026
SMH retains firm demand support, but concentration and the AMD margin reaction leave the rebound dependent on Nvidia and Broadcom confirmation.
AVGO Research Note — Two Engines, One Test
Broadcom’s AI semiconductor engine is strong, but infrastructure software must confirm the September two-engine thesis.
AVGO Deep Coverage Review — Analysis as of August 7, 2026
Broadcom’s AI semiconductor engine remains powerful, while infrastructure software makes the September report a two-engine evidence test.
NVDA Research Note — Proof Returns to Center Stage
NVIDIA’s growth and margins remain exceptional, but July’s break below the 200-day average leaves customer budgets and earnings at center stage.
NVDA Deep Coverage Review — Analysis as of July 31, 2026
NVIDIA’s operating record remains exceptional, but weak technology breadth and a break below the 200-day average raise the August evidence bar.