BizTechia

$TSM posts 66% gross margin and +61.9% operating income growth, AI demand still accelerating TSMC delivered a strong quarter with $35.9B revenue, beating estimates, and net income of $18.1B vs $17.0B expected. Margins continue to expand. Gross margin reached 66%, operating margin 58%, and net margin 51%, all moving higher YoY. Cost discipline is visible, with SG&A at just 2% of revenue and R&D at 6%, both improving as a percentage. High Performance Computing now represents 61% of revenue, driven by AI workloads and agentic compute demand. Advanced nodes below 7nm account for 74% of wafer revenue, reinforcing TSMC’s pricing power at the leading edge. Guidance remains strong, with Q2 revenue expected at $39–$40.2B, ahead of consensus. The key question is whether margins can hold at this level. Free cash flow margin declined to 30.7%, down 4.4pp YoY, while capex reached $11.1B in Q1 and is expected toward the high end of a $52–$56B full-year plan. AI demand is strong, but capital intensity is rising alongside it. Looking deeper, execution remains tight. Gross margin expanded +7.5pp YoY, operating income grew nearly +62%, and EPS reached $0.70. HPC continues to offset weakness in smartphones, while IoT shows strong momentum at +38% YoY. Automotive declined, but remains a small portion of revenue. AI demand is pushing utilization and pricing power higher, supporting margins at levels rarely seen in manufacturing. The trade-off is heavier investment to sustain leadership in N3, N2, and advanced packaging. The stock reaction was muted at -1.3%, suggesting expectations were already elevated.

SK Hynix is fast-tracking its US ADR listing for a June-July 2026 window, aiming to expand global investor access. The move likely includes a $10B share issuance to fund massive AI and fab investments, as the company looks to close its valuation gap with US peers like $MU and $SNDK.

INVITACIÓN ACEPTADA 🇭🇺🇮🇱 Magyar invita a Netanyahu, el odiado por la UE, a Hungría para celebrar el 70 aniversario de la Revolución Húngara. El primer ministro electo de Hungría, Péter Magyar, invitó a Benjamin Netanyahu a visitar Budapest para participar en las ceremonias del 70 aniversario de la Revolución Húngara de 1956, que derrocó al gobierno afín a la URSS, y el mandatario israelí aceptó de inmediato la invitación mientras propuso además una reunión intergubernamental en Jerusalén. En una conversación telefónica calificada de “cálida”, Magyar subrayó su deseo de mantener “la estrecha relación” entre ambos países, confirmando que, pese al cambio de gobierno, Hungría continuará la línea pro-Israel de Viktor Orbán. Netanyahu ya visitó Budapest en abril de 2025, invitado por Orbán, desafiando la orden de arresto emitida por el Tribunal Penal Internacional por crímenes de guerra y contra la humanidad en Gaza.

🚨🇺🇸 BREAKING: Tucker Carlson says Trump is the Antichrist.

Argentina’s inflation comes in at a RED HOT 32.6%/yr. NO SURPRISE. Argentina’s money supply is growing at 31.8%/yr. That's WELL ABOVE Hanke's Golden Growth Rate of 14.8%/yr, a rate consistent with hitting its de-facto 10%/yr inflation target. INFLATION = MILEI'S ACHILLES HEEL.

El fin del dólar como moneda universal de intercambio

Raoul Pal: “The entire banking system will go to ETH” Raoul explains: “I find it hilarious that 1.5-2 years ago people were like, ‘ETH is dead.’ I’m like, 'No, the entire banking system will go to ETH.' That doesn’t mean it’s a mono-chain world, but I know how banks work… It’s really for them about Lindy effects — things that survive; things that you don’t get fired for; things that are proven — because nobody wants to lose their jobs over new technology.” Etherealize co-founder Danny Ryan adds to Raoul’s point: “I had to learn this. We’ve worked for a decade to make sure Ethereum is resilient, multi-client, is distributed across the world, has 100% uptime. And I had no idea until I talked to the banks: I’ve found a customer of decentralization. They just don’t know it. They care about uptime. They care about resilience. They care about the thing that’s been around for the longest. They care about the thing that no one can turn off. You just have to translate the language to them. And yes, the ‘no one gets fired for picking Microsoft’ dynamic is very real, and it’s in Ethereum’s favor.” Raoul points to Ethereum’s developer network effect as well.