Zaid Admani

Now, if you guys have a gamer friend, they're probably complaining about this nonstop.

The price of RAM has just absolutely skyrocketed over the last few months.

Now that might be great news for memory makers like SanDisk and Micron, but it could force PC and smartphone companies to raise prices, which may slow down demand, and that would be bearish for TSMC.

Also, Apple alone made up roughly 20% of TSMC's revenue in 2025.

If Apple sees a slowdown, it could also lead to a slowdown at TSMC.

So those are some of the risks that TSMC faces moving forward.

Overall, though, TSMC's numbers are very encouraging.

They suggest that the AI spending is showing no signs of slowing down, but investors should keep an eye on the memory bottleneck and see if it leads to a meaningful slowdown at TSMC.

Let's keep it moving and talk about earnings from investment banks, starting with Goldman Sachs.

Goldman Sachs had a monster quarter thanks to their record-breaking equities trading.

The bank made $4.3 billion in equity trading revenue in Q4, which was up 25% from last year.

When markets get choppy like they did in Q4, it's great for traders at these big banks.

But beyond just trading, Goldman also saw investment banking fees increase 25% to $2.6 billion, thanks to an increase in M&A activity and debt underwriting.

Overall, the bank saw their profits increase by 12% to $4.6 billion.

Now I should mention that Goldman's revenues did drop by 3% in Q4, but that was because they offloaded the Apple card loan portfolio and credit card business to JP Morgan.

Honestly though, Goldman Sachs getting out of the consumer credit card business right before a potential 10% credit card rate cap might be great timing.

So overall Q4 was a huge quarter for Goldman Sachs and their stock is up around 2% this morning.

Now let's talk about Morgan Stanley.

They also had a great quarter, especially their investment banking division.

Total investment banking revenues jumped 47% in Q4, driven by a wave of companies rushing to issue debt, especially tied to AI data centers.