TSM
Taiwan Semiconductor Manufacturing Company Ltd.
stock NYSE ADR

# Imagine if China lands on Taiwan during the TSM earnings call LMAO 🤌

Shoot, this was supposed to be a reply to another commenter here.
Here’s my go at the question. DRAM tracks SK Hynix on the South Korean stock exchange, not the US IPO from today. Prices can track differently across different exchanges. Look at TSM and its Taiwan market version: TPE 2330. Same company, but US shares have done worse.
Inverse is happening here. Other posts from today say SKHY/V seems to be trading at a high premium relative to the Korean shares, so it’s likely that today’s rise in the US shares is IPO hype and a price pullback could happen.

TSM needs to run up to earnings, we pray for a beat and semis are saved until next week again.

I have everything on TSM 437.5 C. Please god let me hit 

ASML and TSM will be interesting and could affect other big names in the chip/memory/storage space. Crush expectations please!

Thoughs on AEHR, ASML, TSM? need your up or down thoughts for each

NFLX calls are so obvious. Therefore ours are the play. ASML and TSM have already pumped to infinity. So calls on those.

TSM 440 7/17

That trade I showed is easy. Just have \~430k or so worth of TSM and sell calls above cost basis.

Not as free as you think. TSM's ADR trades between a 15-20% premium to the Taiwan listing. Both TAIEX and KOSPI are classified as emerging market indices which means that investment firms have mandated maximum exposure to them. The arbitrage opportunity is limited to the price discovery to find the correct level of premium.

NVDA, GOOGL, TSM

TSM in US and in EUROPE have the exact same price, so wrong exemple

They are limiting issuance of the ADR. So if this happens to long traders cannot convert ADR to local listing anymore and the ADR could start trading with a long term premium like TSM ADR for example

He's being a dick but you don't have to get ragebaited into giving wrong information neither lol, ADR contains ADS but they are extremely different.
SK Hynix is basically doing what TSMC is doing under the TSM stock listed on NYSE; you're essentially still buying individual stocks and owning them under your brokerage account, but at a ratio to their original stock. For clarity TSM is 1:5, meaning 1 TSM stock = 5 shares of 2330(their primary listing in Taiwan). In SK Hynix's case, it's 10:1, 10 share of SKHY = 1 share of 000660. Which make sense because 660 is trading at 1.45k usd converted on KSX, they're basically listing it cheaper to attract investors.
ADS functions the same as any stocks you'd buy on NYSE and NASDAQ, ADR doesn't unless it's sponsored(listing company works with banks). Also ADR is a receipt of a bundle of ADS that you bought but is held by a depository bank, meaning it's under the bank and not you. People interchange it because they don't know the difference, not because it's the same.

I suspect there are many buyers of the ADR today who don't quite understand this company is already public and have an established valuation. They think they're getting in on the ground floor of an issue that is becoming publicly available for the first time and valuation is being discovered and it could potentially boom.
SMH is more or less flat. People are selling MU and DRAM to buy SKHYV.
Also note that domestic stock and foreign ADR don't always map 1:1.
2330 on TWSE has outperformed TSM on NYSE. My understanding is in Taiwan, TSMC is viewed as a natural treasure and pride of the country. As such the locals all want to own a piece, and perhaps foreign investment is more difficult so with more limited options they flock to 2330 and bid it up.
Also, since the markets in Asia have no time overlap with the US there is no natural arbitrage mechanism to close the gap.

Why isn’t TSM rebounding? Earnings are in a week and every source says it’s a strong buy with 20% upside. Just killing my calls 

TSM and Nvidia opposite - literally haven’t seen that before

A few reasons. 1. I enjoy stock picking 2. I can set my own weights (eg NVDIA/TSM too heavy in SMH) 3. I can pick up on momentum stocks like MU earlier than an ETF. 4. Some stocks are at a discount while others are at an all time high

I split semis into AI compute(NVDA/AMD), memory(MU), and infrastructure/capex(TSM/ASML/AMAT/LRCX). Infrastructure feels like the best risk/reward right now; AI compute is already priced for “no slowdown.” I’m holding what I have, but waiting for a clearer correction before adding more.

GOOG, TSM, MSFT, MBX, and SCHG