Guillaume Serdan @Gserdan: "Hi everyone, As promised, here are..."

United Kingdom

Hi everyone, As promised, here are my personal notes regarding the earnings report from $TSM (Taiwan Semiconductor Manufacturing Co Ltd - ADR) released this week: The company has delivered a record Q2 2025 earnings with a 60.7% year-over-year surge in net profit to T$398.3 billion ($13.5 billion), well above analyst expectations. With no surprise, the strong performance was driven by increasing demand for AI chips, especially from key customers like Nvidia which we also have in our portfolio. The company raised its full-year revenue growth outlook to around 30% (up from mid-20s), and forecasted up to 40% revenue growth for Q3 alone. Despite this optimism, TSMC mentioned that a stronger Taiwan dollar and an increased investment in U.S. and Japanese facilities are likely to pressure margins, with Q3 gross margin expected to drop to 55.5–57.5%, down from 58.6%. I remain confident that the management will navigate around those issues. I also take seriously the warning from the management that future earnings could face pressure from potential U.S. semiconductor-specific tariffs, which may hit as soon as Q4. I continue to see TSMC as a key investment in our portfolio. Regarding earnings report from $GOOG (Alphabet) , the company reported strong Q2 2025 results, beating expectations with revenue of $96.43 billion (vs. $94 billion expected) and earnings per share of $2.31 (vs. $2.18 expected). This marks a 14% year-over-year revenue increase, outperforming Wall Street’s forecast of 10.9% growth. The company’s net income increased by almost 20% to $28.2 billion, while YouTube ad revenue reached $9.8 billion and Google Cloud revenue increased by 32% year-over-year to $13.62 billion. The core advertising business remains solid, with overall ad revenue up 10.4% to $71.34 billion and Search bringing in $54.19 billion. I am overall really impressed by those figures. Following the figures that I have mentioned above, I continue to view Alphabet as a core investment with a long-term potential. I am considering investing in $ONON (On Holding AG) , have you tried their shoes ? Have a nice weekend. Guillaume Serdan

I wear ON Shoes, love it

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I don't like ON Shoes

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Never tried !

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