MONEY MASTER

Quick Summary TSMC’s January revenue jumped 37% YoY , beating expectations AI-driven demand  is keeping capacity tight and sales strong Potential US tariff exemptions  could further boost demand from Big Tech Stock is already  up 17% year-to-date What’s Driving TSMC Higher Taiwan Semiconductor Manufacturing Co  reported  January revenue of NT$401.6 billion (US$12.7bn) : +20% quarter-on-quarter +37% year-on-year The pace of growth is  ahead of TSMC’s own ~30% full-year growth guidance , reinforcing its central role in the global semiconductor supply chain. AI Demand Keeps Capex Elevated TSMC recently announced: Up to US$56 billion in capex for 2026 , +30% vs last year High investment levels expected for the next three years The spending spree reflects  relentless demand for AI chips , particularly from hyperscalers and data-centre operators. Tariff Relief: A Possible Bonus According to the  Financial Times ,  major US tech firms may be exempt ...

Summary Wall Street investors are increasingly  rotating money out of US equities and into global markets , drawn by  lower valuations, policy stimulus abroad, and a weaker US dollar . While the US remains a core holding, its dominance is no longer seen as unchallenged. What’s Driving the Shift After years of heavy concentration in US mega-cap tech, investors are broadening their horizons as  America’s valuation premium narrows . Key catalysts include: Fiscal stimulus in Japan Surging defence and infrastructure spending in Europe Attractive valuations across emerging markets A weaker US dollar boosting foreign equity returns Keith Lerner of Truist summed it up:  “It’s no longer just a US story.” Global Markets Take the Lead Several international benchmarks have  outperformed US indexes in 2026 so far , including: Stoxx Europe 600 Kospi MSCI Emerging Markets Index Japan’s rally gained further momentum after Prime Minister  Sanae Takaichi  secured a deci...