TMTB: TSM Susq +ve; 3p roundup (CVNA, CRM); HUBS Jeff says $5B in revs; NIO dg at Barclays; DUOL JPM +ve; NTES MS/Citi neg

Good morning. QQQs -50bps on a v slow news/research day. BTC is falling 6% at 65k, Crude is rallying 1.5% now in the mid 80s, China is up 60bps and yields are ticking up again. Still awaiting TSLA delivery #s (Q4 release came out at 8:40am est.) Not a lot to call out this morning, but let’s get to it:

TSMC: Susq raises PT to 180 from 160

Susq increases estimates driven by better wafer ASP's (driven by increased demand for leading edge) and raised its target due to EPS power moving up toward $10 and continued valuation re-rating since “All AI roads originate from TSM.” Despite continued weakness/flattish ASP trends in trailing edge, strength in leading edge is driving ASPs higher as TSMC’s customers need leading edge to ramp new AI products for Cloud/DC application.

Also out re: TSM: TSM may start trial production for its new AZ fab in mid-Apr and get all the preparation for mass production ready by end-2024 (earlier than previous plan of 1H’25)(Economic Daily)

3p Roundup:

CVNA: Hearing…