Wavvus Issues 33.5 Billion KRW in Bonds - Strategic Move or Desperate Capital Grab?
Another day, another corporate bond offering hits the market
The Funding Gambit
Wavvus drops 33.5 billion won in bond issuance - because when traditional revenue streams falter, why not just print debt? The move signals either aggressive expansion plans or concerning cash flow gaps that need plugging.
Market Mechanics
Corporate bonds continue flowing while investors chase yield in an increasingly crowded space. The 33.5 billion figure represents significant market confidence - or perhaps just another case of easy money finding a home.
Financial Reality Check
Another 33.5 billion won joins the corporate debt pile - because nothing says financial health like needing to borrow your way to prosperity. The bond market remains the corporate world's favorite credit card, and everyone's maxing out their limits.
TSMC lifts 2025 forecast and details performance of advanced chips
Wei told investors that TSMC had raised its 2025 revenue forecast to the mid-30% range, compared to its earlier estimate of 30% made in July. The company’s high-performance computing division, which covers AI and 5G applications, brought in 57% of total sales for the July–September quarter.
The company said that chips sized 7-nanometer or smaller accounted for 74% of total wafer revenue. These are the most advanced nodes TSMC produces, and they FORM the backbone of today’s AI infrastructure. Analyst William Li from Counterpoint Research said:
“TSMC’s robust earnings are a direct reflection of the strong traction at 3nm as well as high utilization at 4/5nm – both of which are being driven by ongoing orders from AI GPU and HPC customers and premium smartphone platforms.”
According to CNBC, TSMC’s factories are the primary source of the chips that run the largest machine learning systems and next-gen smartphones. And despite current supply chain challenges, TSMC has maintained steady utilization rates across its advanced nodes.
TSMC faces U.S. trade pressure and export restrictions
TSMC also addressed the U.S. tariff situation in the earnings report, confirming that it is watching policy discussions closely as Taiwan negotiates for a lower reciprocal rate. In Wei’s words:
“We understand there are uncertainties and risks from the potential impact of tariff policies, especially in consumer-related and price-sensitive market segments.”
TSMC said it WOULD continue to plan accordingly. To reduce exposure to tariffs, the company has increased its investments in U.S.-based facilities, a move aimed at localizing more of its operations. But new challenges are emerging. The U.S. government has revoked the company’s Validated End User (VEU) waiver, which had previously allowed it to export chipmaking equipment to its Nanjing plant in China without a special license. That privilege will officially end on December 31.
The VEU waiver had been granted shortly after the U.S. Commerce Department began restricting exports of U.S.-origin chipmaking tools in 2022. Now, all such shipments to TSMC’s Chinese facilities will need export licenses. “While we are evaluating the situation and taking appropriate measures, including communicating with the U.S. government, we remain fully committed to ensuring the uninterrupted operation of TSMC Nanjing,” the company said.
Other chipmakers have been affected too. South Korea’s SK Hynix and Samsung both lost their VEU privileges in the same round of actions. The Bureau of Industry and Security said it was closing what it called the “Biden-era loophole” for all foreign semiconductor producers, tightening control over advanced chip exports to China.
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