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Castellano, is president of The Information Network Most of the data, as well as tables and charts I use in my articles, come from my market research reports. On the basis of TSMC's financials, the stock would be a buy.Дr. Thus, my recommendation for TSMC is a hold until this issue is resolved. This INVERSE relation has been valid for only one month, and it may move back to a more normal DIRECT relationship. Since mid-2020, the Nasdaq-100 Technology Sector has been DIRECTLY proportional to the 10-year Treasury Rate until late December 2021. As shown in Chart 10, the Nasdaq-100 Technology Sector has been INVERSELY proportional to the 10-year Treasury Rate since late December 2021.ДЄccording to a News article in Seeking Alpha, technology stocks are officially in correction territory after a late Wall Street selloff on January 19, 2022.Д«ut if we look at Chart 11 for a 3-YEAR, that assumption falls apart.

Tech stocks appear to suffer disproportionately as the Fed becomes more hawkish for a 3-MONTH period. Investors can no longer rely on the soaring liquidity that has boosted the entire industry for the past few years. In recent years, the Federal Reserve has helped the run up in semiconductor stocks with expansionist policies, but it is currently moving in the opposite direction.ДЄs a result, capital is already moving away from tech to other sectors that benefit from higher interest rates. With the recent sell-off in tech stocks, chip investors are increasingly focusing on steady growers with more moderate valuations. Intel claims it can catch up to TSMC by 2024, and, Samsung claimed it can do so by 2030. We are in the midst of a semiconductor shortage, and as long as the chip shortage persists, the added capacity through strong capex spend should add to the top and bottom lines. TSMC Battle at 7nm continues to drop, and it is obvious that the $44 billion in capex spend will be largely directed at /=14nm nodes, which is the subject of a future article. In 2021, 19% of TSMCвЂ™s revenues came from chips made at the 5nm node. Table 2 is showing how TSMC is re-defining the technology roadmap by making chips at nodes thought impossible a decade ago because of scaling limitations. The main competition for TSMC at nodes /=14nm nodes, which are also listed in Table 1. The capex will be used to increase its production capacity for 5nm and 7nm wafers, as well as developing its newer 2nm and 3nm nodes. To put things in perspective, Table 1 shows that TSMC's capex already rose 67% year over year to $30 billion in 2021, and it plans to boost its annual capex another 54% to 44 billion this year. One of the announcements getting everyoneвЂ™s attention is that TSMC would spend between $40 billion and $44 billion on capital expenditures. For the first-quarter 2022, TSMC said it expects to generate between $16.6 billion and $17.2 billion in revenue, with gross margins between 53% and 55%, while operating profit margins are expected to be between 42% and 44%.

Taiwan Semiconductors ( NYSE: TSM) (TSMC) revenue rose 24% year over year in 4Q 2021 to $15.74 billion, which beat estimates by $70 million, as its earnings grew 19% to $1.15 per ADR and topped expectations by four cents.

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