🏦 Equity Research

TSM — Research Report (2026-07-14)

What it is: The world's largest contract chip factory ("pure-play foundry") — it manufactures chips designed by Apple, Nvidia, AMD and others, but sells nothing under its own brand. · Overall take: A genuine monopoly on leading-edge chip-making, firing on AI demand, priced richly but not absurdly — the risk is a map coordinate, not the business.

2026-07-14 · 🇰🇷 한국어

NVDA — Research Report (2026-07-13)

What it is: NVIDIA designs the GPUs, networking, and CUDA software that run essentially all serious AI training — the world's most valuable company at ~[$5.1T market cap](https://companiesmarketcap.com/nvidia/marketcap/). · My take: the best business model in tech, now at a historically *reasonable* price (~21–24× forward earnings) — the risk is no longer valuation froth, it's whether AI capex keeps compounding.

2026-07-13

ASML — Research Report (2026-07-12)

2026-07-12