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Alphabet and Taiwan Semiconductor Manufacturing (TSM) are positioned as long-term growth investments, with each company benefiting from competitive advantages in its core market.
Alphabet continues to lead online search, with Google holding a market share of around 90%. The company has built a moat around search by controlling two major internet access points: the Chrome browser and the Android mobile operating system, where Google is the default search engine. In those respective areas, Google commands market shares of about 70%.
Alphabet also benefits from a search revenue-sharing arrangement with Apple, which helps keep Google as the default search engine on Apple devices and supports its share of the broader search market.
Competition from AI chatbots such as OpenAI’s ChatGPT has introduced a new challenge for Google Search. However, Alphabet has responded by developing Gemini, one of its foundational AI models, trained using its custom Tensor Processing Unit (TPU) chips.
By relying on its own TPU hardware—described as costing significantly less than Nvidia’s GPUs—Alphabet has gained a structural cost advantage versus competitors in AI. The company has also embedded new AI features into Google Search, which it says is helping accelerate growth in the unit.
Alphabet’s cloud computing business has been expanding rapidly, with revenue growth of 48% year over year in the last quarter. The article attributes part of this momentum to Alphabet’s TPU cost advantage and notes that the company is set to ramp up spending on AI infrastructure this year to reinforce its position.
With a broader AI stack, Alphabet is presented as a long-term AI-focused holding.
Taiwan Semiconductor Manufacturing is described as the largest chip foundry in the world, with near monopoly power in manufacturing the most advanced chips. Producing advanced chips with few defects requires significant technical expertise, and the article states that TSMC is the only company able to achieve high yields at scale.
This manufacturing capability makes TSMC a key part of the semiconductor value chain and an important partner for leading chip designers. The article also links TSMC’s position to strong pricing power, which has supported higher gross margins.
As AI infrastructure demand grows, TSMC is increasing spending to build additional fabs and expand production capacity. The article frames this as a response to surging chip demand, supported by both higher capacity and higher prices.
Overall, TSMC is presented as a long-term stock to own based on its manufacturing scale, pricing power, and ongoing capacity buildout.
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