Taiwan Semiconductor Manufacturing Company Limited (TSM) Stands to Benefit From Rising Demand for Advanced AI Chips

What happened: Baillie Gifford's Q3 2026 investor letter for its International Concentrated Growth Strategy highlighted Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM), citing ongoing interest in the semiconductor supply chain and Why it matters: The letter argues that falling AI costs can coexist with rising demand for supporting infrastructure, which it says explains continued interest in the semiconductor supply chain. It states that more capable processors require more sophisticated manufacturing and faster data access, capabilities it describes as difficult to replicate. Market: -2.5% today ($419.43), +31.9% YTD, 1.4x vol — as of 15:47 UTC

Baillie Gifford's Q3 2026 investor letter for its International Concentrated Growth Strategy highlighted Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM), citing ongoing interest in the semiconductor supply chain and

The letter argues that falling AI costs can coexist with rising demand for supporting infrastructure, which it says explains continued interest in the semiconductor supply chain. It states that more capable processors require more sophisticated manufacturing and faster data access, capabilities it describes as difficult to replicate. Market: -2.5% today ($419.43), +31.9% YTD, 1.4x vol — as of 15:47 UTC