CHIP SUPPLIERS CAUGHT IN TARIFFS — WATCH FOR MARGIN COMPRESSION The headlines today are flashing trouble for semiconductor suppliers, with the latest tariffs on Brazilian coffee potentially spilling over to impact TSMC's (TSM) chip exports. reported Q4 revenue of $32.7B, up 7.9% year-over-year, but net margins compressed from 26.8% to 24.9% as the company faced higher input and logistics costs. , , and others touting chip plays need to take this macro risk seriously. The easy money in chips may be behind us.

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