L3
Pure-Play Foundry
Contract chip manufacturers. Fabless designers send GDSII files; foundries manufacture on their process nodes. TSMC dominates at leading edge, with GlobalFoundries and UMC holding lagging-edge share.
mid↑
HYPOTHESIS
TSMC will be the dominant return driver of this layer. Its HBM/CoWoS capacity is the physical bottleneck for Nvidia GPU supply. Expect high β_SOXX but TSMC-specific idiosyncratic risk from geopolitical premium.
CAPITAL CYCLE
Capex/Depreciation: 2.1x
TSMC alone is spending $40B+ annually on capex. Cycle is mid-expansion — risk is 2026-2027 if AI capex plateaus.
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BETA SPY
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BETA SOXX
4
CONSTITUENTS
4
OPTIONS ELIGIBLE
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INTRA-LAYER CORRELATION
Single constituent — intra-layer correlation not applicable.
CONSTITUENTS
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| TICKER | COMPANY | LAST | CHG% | β SPY | β SOXX | SIGNALS | TAGS | |
|---|---|---|---|---|---|---|---|---|
| TSM | Taiwan Semiconductor The most strategically important company in global technology. Sole manufacturer of Apple, Nvidia, A... | ... | ... | — | — | OPTIONS | ai_infrastructurelongpackaging_play | |
| GFS | GlobalFoundries Third-largest pure-play foundry. Focused on differentiated, non-leading-edge nodes for automotive, I... | ... | ... | — | — | OPTIONS | capital_cycle | |
| UMC | United Microelectronics Mature-node foundry competing on price and reliability. Lagging-edge specialist — 28nm and above. Be... | ... | ... | — | — | OPTIONS | capital_cycle | |
| TSEM | Tower Semiconductor Specialty analog and mixed-signal foundry. Niche positioning in image sensors, power management, and... | ... | ... | — | — | OPTIONS | analog_moatoptical |
SEMILENS v0.1 · Data via Tradier Production API · Not financial adviceBeta research: 5Y daily · Loading...