Brown Advisory states that TSMC's capital expenditure plans are supported by demand from NVIDIA and other leading AI customers. Although Brown Advisory's Global Leaders strategy underperformed its benchmark in Q2, partly due to an underweighting in semiconductors and technology hardware, the strategy benefited from its AI infrastructure-related holdings. The firm also noted that TSMC is popular among hedge funds, with 234 hedge fund portfolios holding TSMC shares at the end of Q1, up from 224 in the previous quarter. However, Brown Advisory also believes that other AI stocks may offer higher returns in a shorter timeframe.