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How They Make Money
๐Ÿ“Š PRO: This Week in Visuals
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๐Ÿ“Š PRO: This Week in Visuals

TSM, UNH, BLK

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App Economy Insights
Jan 18, 2025
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๐Ÿ“Š PRO: This Week in Visuals
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Welcome to the Saturday PRO edition of How They Make Money.

Over 170,000 subscribers turn to us for business and investment insights.

In case you missed it:

  • ๐Ÿ’ก WTF is an ETF?

  • ๐Ÿฆ US Banks: Profits Surge


Our PRO coverage includes timely updates on the recent big earnings.

  • ๐Ÿ“ง Free subscribers get our Friday articles and sneak peeks.

  • ๐Ÿ’Œ Premium subscribers get:

    • Tuesday articles.

    • Access to our archive.

    • Monthly reports with 200+ companies covered.

  • ๐Ÿ’ผ PRO members get all of the above, plus our Saturday coverage.


Today at a glance:

  1. โš™๏ธ TSMC: AI Boom Accelerates

  2. ๐Ÿ’ผ UnitedHealth: Medical Costs Pressure

  3. ๐Ÿ“ˆ BlackRock: Record Inflows


1. โš™๏ธ TSMC: AI Boom Accelerates

TSMC delivered a record-breaking Q4, with revenue up 37% Y/Y to $26.9 billion ($0.9 billion beat) and net profit surging 57% to $11.6 billion. High-Performance Computing (HPC) now makes up 53% of total revenue, up from 43% last year, driven by AI chip demand. 3nm technology contributed 26% of wafer revenue, up from 20% last quarter, while 5nm reached 34%, reinforcing TSMCโ€™s dominance in advanced chipmaking.

Looking ahead, management expects AI-related revenue to double in 2025 after more than tripling in 2024. Revenue from AI accelerators was in the mid-teens percentage of total revenue. The company raised its capex forecast to $38 to $42 billion (compared to $30 billion in FY24), signaling aggressive investment in future capacity.

Despite headwinds from US export controls, TSMC sees manageable risks and is securing permits for affected clients. Meanwhile, its Arizona fab has entered high-volume production, ensuring continued supply for leaders like NVIDIA, Apple, and AMD.


2. ๐Ÿ’ผ UnitedHealth: Medical Costs Pressure

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