How Deep Is the Moat? Reading TSMC, SK Hynix, and Micron Through Their SEC Filings
Series: AI Compute Supply Chain | Part 3 of 5 The previous article built a framework. This one tests it with documents. Before writing this piece, I set aside the analyst summaries and went to the source: TSMC’s 2024 20-F filed with the SEC on April 17, 2025; Micron’s most recent 10-K and two 10-Q filings; and SK Hynix earnings call transcripts for the past three quarters. I have a habit with regulatory filings that I developed over the years of reading them for investment and business decisions. Summaries tell you the conclusion someone chose to highlight. The original document tells you something different: which number was emphasised, which risk was disclosed only because the regulation required it, and what the company is most careful about saying exactly right. ...