TSMC's Margins in Uncharted Territory
Taiwan Semiconductor Manufacturing Co (TSMC) posted a 66.2% gross margin in Q1, the weakest quarterly level on record yet still above the usual seasonal dip. Revenue rose 6.4% sequentially to $35.9 billion, beating its own guidance. The margin gain of 3.9 percentage points came from cost‑improvement initiatives, high fab utilization and a favorable foreign‑exchange environment. Smartphone sales fell 11% quarter‑over‑quarter, pulling the margin down despite the improvements.
The Agentic Computer: New S-Curve or Another iPad?
The article argues that a new class of desktop‑sized AI machines—dubbed the "agentic computer"—could launch the next S‑curve in client computing. Nvidia’s DGX Spark, AMD’s Agent Computer, and Perplexity’s Mac‑Mini‑style AI workstations illustrate vendors’ push to house always‑on AI agents on...