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- 📈 TSMC Weathering Tariff Storm
📈 TSMC Weathering Tariff Storm
FTC sues Uber, DHL suspends shipments over $800 to US customers, Baker Tilly and Moss Adams merge for $7B, Regulators approve $35B Capital One and Discover merger, Chip giant TSMC stands firm while others waver
Evelio Silvera
April 22, 2025
Good morning.
⚡ The Fast Five → FTC sues Uber, DHL suspends shipments over $800 to US customers, Baker Tilly and Moss Adams merge for $7B, Regulators approve $35B Capital One and Discover merger, Chip giant TSMC stands firm while others waver
🔎 Market Trends → Wall St ends sharply lower following Trump's anti-Powell tirade; US Futures Point to Losses at the Open
🚨 Special Announcement → FINTECH.TV Acquires Bull Street Media to Expand Digital Financial News Offering.
FINTECH.TV, a global media platform focused on finance and innovation, today announced the acquisition of Bull Street Media, a fast-growing digital financial news company known for its popular newsletters targeting young professionals and investors. The acquisition was finalized at FINTECH.TV's headquarters at the New York Stock Exchange.
"This partnership allows us to accelerate our growth plans while maintaining our unique voice and continuing to serve our community of independent investors, aspiring wealth builders, entrepreneurs, and financial professionals," explained Evelio Silvera, Co-Founder of Bull Street Media.
In the days to come we will be launching new video and podcast content as well as welcoming new insights and voices to Bull Street.
And now…
⏱️ Your 5-minute briefing for Tuesday, April 22, 2025:
MARKET BRIEF
Before the Open
As of market close 04/21/2025.
Pre-Market
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Fear & Greed
Markets in Review
Markets Dip as Trump Turns Up Heat on the Fed — But Gold Glitters
The Dow slid 2.5% to 38,170.4, and the Nasdaq dropped 2.6% to 15,870.9, marking a fourth straight day of losses. The S&P 500 fell 2.4% to 5,158.2, with all sectors closing lower, led by tech and consumer discretionary.
The Big Picture:
Markets opened the week on shaky footing as President Trump escalated pressure on Fed Chair Jerome Powell to slash rates “immediately,” warning of an economic slowdown. Trump insists inflation is low—but Fed watchers say elevated expectations and policy credibility could push the central bank in the opposite direction.
Even amid rate tension, the macro picture isn’t broken. Treasury yields remain relatively tame, and corporate earnings season is underway—with heavyweight names like Tesla (TSLA) and Alphabet (GOOG) set to report later this week. Investors are understandably cautious—but not fleeing the market.
Commodities:
Gold surged 3.1% to $3,431/oz, hitting a new high on tariff fears and a weakening dollar. Oil fell 2.1% to $63.34, while silver added 0.6% to $32.67.
Market Movers:
Nvidia (NVDA) and Amazon (AMZN) led the Dow lower, down 4.5% and 3.1%, respectively, as tech names broadly sold off.
Blackstone (BX) fell 7.8% after Goldman and Deutsche cut their price targets.
Uber (UBER) dropped 3.1% after the FTC sued the company over alleged deceptive practices in its Uber One service.
What They’re Saying:
“We can’t rule out a rate hike in September,” said Macquarie’s Thierry Wizman and Gareth Berry, warning that the Fed may push back against Trump’s calls if inflation remains sticky.
WHAT WE’RE WATCHING
Events
There are no events scheduled for today.
Earnings Reports
Today: Tesla, Verizon, Capital One, Kimberly-Clark, 3M, Lockheed Martin, GE Aerospace, Novartis
Tomorrow: AT&T, IBM, Chipotle, Philip Morris, Boeing, Texas Instruments, Thermo Fisher, ServiceNow, Discover
MARKET BRIEF
Leading News
TSMC: The AI Power Play That's Weathering Trump's Tariff Storm
Photo Credit: TSMC
Why it matters:
Taiwan Semiconductor's unwavering mid-20% growth forecast despite tariff uncertainties signals remarkable resilience in the AI supply chain, offering investors a potential harbor in turbulent markets.
Zoom Out:
The electricity-hungry nature of AI computing creates an unprecedented moat for semiconductor manufacturers like TSMC (TSM). Morgan Stanley analysts project AI-driven power consumption will grow tenfold by 2028, creating durable demand regardless of broader economic conditions.
This fundamental shift makes chip manufacturers less cyclical than in previous eras. While industrial demand might wobble short-term from tariff pressures, the voracious appetite of data centers represents an inelastic demand curve that defies traditional recession patterns.
Key Insights:
Reshoring tailwinds: Trump's manufacturing policies may paradoxically strengthen TSMC's position as semiconductor production increasingly shifts to American soil. The company's Arizona fabrication plants position it uniquely to benefit from this geopolitical realignment.
Hyperscaler spending remains robust: Tech giants need AI superiority more than they need short-term profits. Meta, Amazon and Alphabet continue aggressively investing in AI infrastructure that requires TSMC's advanced chips, creating a customer base willing to pay premium prices.
Valuation adjustment: Bank of America maintained its "Buy" rating despite trimming 2026-27 earnings estimates by ~5%, suggesting recent price corrections have already baked in tariff headwinds.
Market Pulse:
"TSMC continues to guide for mid-20% revenue growth in USD terms in 2025, on strong AI momentum," notes BofA, highlighting management's confidence despite macroeconomic fog.
Bull’s Take:
Savvy investors recognize TSMC isn't just another cyclical semiconductor play—it's the picks-and-shovels foundation of the AI gold rush. When quality companies experience temporary price dislocations while maintaining their growth trajectory, history suggests patient capital is often rewarded.
Headlines
FTC sues Uber, alleging ‘deceptive’ Uber One charges and cancellations (link)
Aerial Images Of Tesla's Giga Texas Hint At Cybercab Prototype Production (link)
DHL suspends global shipments of more than $800 to US customers (link)
Toyota Eyes US Assembly Of RAV4 In Kentucky As A Shield Against Trump's Tariffs (link)
Advisory firms Baker Tilly and Moss Adams set to merge in $7 billion deal (link)
Regulators approve $35bn merger of Capital One and Discover Financial (link)
CRYPTO
Fear & Greed
Headlines
DAILY SHARE
On the Socials
*Hat-tip to weirddalle