Toward the end of last year, I brought up a question here: was TSM being undervalued because of geopolitical risk, or had the market already priced that risk in pretty fairly?
It sparked some really good discussions at the time. Fast forward to today, and TSM just hit another all-time high at $316.
I still think the geopolitical risk around Taiwan hasn’t gone away it’s a real factor in TSM’s valuation. So here’s another way to think about it: if that risk were ever meaningfully reduced or removed, how much higher could TSM’s valuation actually go?