Sarah Kunst of Cleo Capital eyes TSMC, global chips beyond Nvidia

Summary

Sarah Kunst, Managing Director at Cleo Capital, discusses the semiconductor investment landscape. She argues AI chip leaders are not yet ramping capex, favors global and non-U.S. chip names, and is particularly bullish on South Korean chipmakers and TSMC. She also highlights retail access constraints, rotation away from U.S. volatility, and longer-term questions about the AI trade.

• Sarah Kunst says AI chip leaders are not making large new manufacturing capacity commitments.
• She sees retail investor demand for hard-to-access non-U.S. chip names.
• She is bullish on South Korean chipmakers, naming Samsung and SK hynix.
• She continues to like TSMC, citing reasonable pricing and memory space opportunity.
• She expects demand for non-U.S. names to rotate investors away from U.S. volatility.
• She flags longer-term uncertainty about whether the AI trade stays as hot.
• She likes the trend of long-established companies becoming AI-era winners again.