Taiwan Semiconductor Manufacturing Company (TSMC) said Friday it plans to sell up to 152 million shares in Vanguard International Semiconductor through a block trade to institutional investors, reducing its ownership stake as the world’s largest contract chipmaker sharpens its focus on core operations tied increasingly to the global artificial intelligence boom.

The move will lower TSMC’s holding in Vanguard International Semiconductor, commonly known as VIS, to roughly 19% from about 27.1% on a fully diluted basis.

At current market prices, the shares are worth around 26.8 billion Taiwan dollars, or approximately $850 million.

TSMC said the divestment would not affect its relationship with VIS, emphasizing that existing cooperation agreements involving semiconductor packaging and gallium nitride technology licensing would remain intact.

The company added that the transaction forms part of a broader effort to concentrate resources on its primary business activities, a statement that analysts interpret as further evidence of how aggressively TSMC is reallocating capital and management attention toward advanced chip manufacturing driven by surging AI demand.

The sale comes at a time when the semiconductor industry is undergoing one of its most significant structural shifts in decades. The global race to build artificial intelligence infrastructure has triggered massive investment into cutting-edge chips, advanced packaging technologies, and next-generation fabrication facilities. As a result, companies across the semiconductor supply chain are increasingly reassessing capital allocation priorities and exiting non-core holdings.

For TSMC, that transition has been particularly dramatic. The company has emerged as one of the most strategically important firms in the world because it manufactures the advanced processors powering AI systems developed by companies such as Nvidia, Advanced Micro Devices, Apple, and Qualcomm.

The AI boom has pushed demand for TSMC’s advanced manufacturing capacity to unprecedented levels, forcing the company into enormous spending cycles involving new fabrication plants, advanced lithography systems, and sophisticated packaging technologies. Against that backdrop, reducing exposure to non-core equity investments may reflect a broader effort to preserve financial flexibility and streamline strategic focus.

TSMC stressed that the VIS share sale does not signal a breakdown in operational cooperation. The company said it would continue outsourcing interposer production to VIS and maintain technology licensing arrangements involving gallium nitride, or GaN, semiconductors.

Interposer technology has become increasingly important in the AI era because it helps connect advanced chips and memory components within high-performance computing systems. Meanwhile, gallium nitride technology is gaining traction in power electronics, telecommunications, and energy-efficient computing applications.

The continued partnership suggests TSMC still sees value in VIS as a manufacturing and technology partner even while reducing its ownership exposure.

The divestment also appears consistent with a gradual distancing process already underway between the two companies. In June 2024, TSMC ceased to hold representation on VIS’s board of directors, reducing its direct governance role within the company. That earlier step hinted that TSMC may have already begun reassessing how closely it wanted to remain tied to VIS strategically.

VIS operates primarily in mature-node semiconductor manufacturing, producing chips used in automotive electronics, industrial systems, display drivers, and consumer devices. While those products remain critical to the global economy, investor attention and industry capital expenditure have increasingly shifted toward advanced AI-related semiconductors, where profit margins and growth rates are substantially higher.

The semiconductor industry has been seeing an emerging divide. Companies are being positioned directly within the AI infrastructure boom, particularly advanced logic and memory producers. On the other hand, there are mature-node manufacturers that continue serving large but slower-growing industrial and consumer markets.

TSMC’s decision to reduce its stake may therefore pinpoint an industry-wide reprioritization toward areas most directly benefiting from explosive AI spending. The timing is also notable because semiconductor firms globally are facing mounting geopolitical and financial pressures. The industry is simultaneously dealing with U.S.-China technology tensions, export controls, supply chain diversification efforts, and growing government intervention in chip manufacturing.

TSMC itself sits at the center of those geopolitical pressures because of Taiwan’s strategic importance in global semiconductor production. The company is currently investing tens of billions of dollars in expanding manufacturing capacity in Taiwan, the United States, Japan, and Europe as governments push for greater supply chain resilience and reduced dependence on concentrated production hubs.

That global expansion requires enormous capital commitments. As a result, investors increasingly expect major semiconductor firms to concentrate resources tightly around businesses offering the strongest strategic returns.

Against that backdrop, the VIS share sale may be viewed less as a retreat from partnership and more as part of a broader optimization strategy in an industry being reshaped rapidly by artificial intelligence and geopolitical competition.

Analysts believe the block trade could also increase liquidity and broaden ownership within VIS itself. The company remains an important player in mature-node manufacturing, especially as global shortages periodically emerge in legacy chips used across automotive and industrial sectors.

Still, the larger market narrative remains dominated by AI. The semiconductor industry is increasingly separating into two parallel investment stories: advanced AI infrastructure on one side and mature-node industrial manufacturing on the other.

TSMC’s latest move suggests the company is determined to align its resources ever more tightly with the first category, where the technological arms race surrounding artificial intelligence is generating unprecedented demand, pricing power, and influence.

President Donald Trump announced on Friday that China has committed to purchasing 200 Boeing aircraft, with the potential to expand the order to as many as 750 planes.

The deal will deliver a significant commercial and political victory for the U.S. planemaker after nearly a decade of limited access to the world’s second-largest aviation market.

“The deal includes approximately 200 planes and a promise of up to 750 if they do a good job,” Trump told reporters.

The aircraft will be powered by GE Aerospace engines. While full specifications on the mix of narrowbody and widebody jets were not immediately released, the scale of the potential order would rank among the largest in aviation history.

The announcement, made during Trump’s high-profile visit to Beijing, was accompanied by senior executives from Boeing and GE Aerospace, underscoring the importance both sides placed on the outcome.

A Long-Awaited Return for Boeing

The deal represents Boeing’s most substantial opening in China since trade tensions and regulatory issues effectively sidelined the American manufacturer. Airbus has aggressively captured market share in recent years, building a strong backlog with Chinese carriers, while Boeing faced headwinds from the 737 MAX crisis, production bottlenecks, and geopolitical friction.

The order provides critical momentum at a challenging time for Boeing. The company has been grappling with safety scrutiny, supply chain issues, and labor tensions. Securing a large Chinese commitment not only boosts its order book but also signals improving relations that could stabilize future deliveries.

From China’s perspective, the purchase addresses pressing capacity needs. Its domestic champion, COMAC, has struggled to scale production of the C919 narrowbody jet, falling well short of targets due to technical, certification, and supply chain limitations. The Boeing order allows China’s three major state-owned carriers to continue expanding their fleets to meet robust domestic and international travel demand.

Aviation consultancy IBA estimated the firm’s 200-aircraft portion at approximately $17–19 billion, assuming a heavy weighting toward 737 MAX jets. If widebody aircraft make up a larger share, the value could climb toward $25 billion. Should China ultimately exercise options up to 750 planes, the total deal could exceed $60–70 billion, potentially becoming the largest commercial aircraft order ever placed.

The agreement offers tangible benefits on both sides of the Pacific. In the U.S., it supports hundreds of thousands of jobs across Boeing’s extensive supply chain, spanning manufacturing hubs in Washington state, South Carolina, and dozens of supplier states. For China, it provides reliable access to proven, high-efficiency aircraft while its own industry matures.

Political Win Amid Trade Tensions

For President Trump, the deal delivers a visible trade success story at a time when his broader tariff strategy has yet to significantly reduce the U.S. trade deficit with China. It also sets the stage for potential follow-on orders during Xi Jinping’s planned reciprocal visit to Washington in September.

However, analysts caution that China has a pattern of bundling new orders with previously announced backlog aircraft when announcing major packages tied to diplomatic summits. The exact split between new business and existing commitments remains unclear.

Despite the optimism, significant risks remain. Chinese aviation expert Li Hanming highlighted deep-seated concerns over long-term support.

“The reason China isn’t buying is very simple: no one wants to buy something without guaranteed after-sales maintenance and support. Last May, the U.S. was still threatening export restrictions on parts. If they impose parts embargoes like that, who would still dare to buy Boeing?” Li said.

There is also concern that geopolitical volatility could still disrupt the deal. Past experience shows that U.S.-China tensions can quickly lead to regulatory delays, certification hurdles, or delivery pauses. Boeing will need to navigate these risks carefully to convert the memorandum into firm, executable contracts.

Market reaction was muted. Boeing shares fell about 2.6% on Friday after dropping nearly 4% the day before, as the initial 200-plane figure came in below some analysts’ expectations of 500+ narrowbodies plus widebodies.

This potential mega-order highlights commercial aviation’s enduring role as a key pillar of U.S.-China economic engagement. Even amid fierce competition in technology, semiconductors, and military affairs, both nations recognize the mutual benefits of stable cooperation in civil aerospace.

Success in China remains vital for Boeing and GE Aerospace’s long-term growth. For Beijing, balancing its “self-reliance” goals with pragmatic purchases of Western aircraft allows it to sustain rapid aviation expansion while COMAC continues its long development journey.

Berkshire Hathaway has returned to the airline industry with a multibillion-dollar investment in Delta Air Lines, marking a striking reversal from Warren Buffett’s decision during the COVID-19 pandemic to completely abandon the sector after warning that air travel had been permanently altered.

According to a new regulatory filing, the Omaha-based conglomerate built a Delta stake worth more than $2.6 billion by the end of March, making the airline Berkshire’s 14th-largest equity holding.

The investment represents one of the clearest signs yet that Berkshire’s portfolio strategy is evolving following Buffett’s decision to step down as chief executive after more than six decades leading the company. It also suggests Berkshire now sees renewed long-term value in the airline sector after years of avoiding an industry Buffett once famously criticized for destroying shareholder capital.

The move is especially notable because Buffett stunned investors in 2020 when Berkshire sold its entire U.S. airline portfolio at the height of the pandemic. At the time, Berkshire liquidated stakes worth more than $4 billion across Delta, United Airlines, American Airlines, and Southwest Airlines after the collapse in global travel demand.

Buffett argued then that the pandemic had fundamentally changed consumer behavior and raised deep uncertainty about the future economics of the airline business. The abrupt exit was viewed as one of the most dramatic reversals of Buffett’s career because Berkshire had only recently embraced airlines after decades of skepticism toward the industry.

Now, six years later, Berkshire is returning through Delta, widely viewed as one of the strongest U.S. carriers because of its premium customer base, operational reliability, and higher-margin corporate travel exposure.

Berkshire Repositions for a New Era

The Delta investment comes during a broader reshaping of Berkshire’s sprawling equity portfolio as leadership transitions toward new CEO Greg Abel and the company adjusts to a changing investment environment.

Buffett remains chairman and continues to play an active advisory role, with Abel saying he still consults Buffett on investment decisions and capital allocation. Yet Berkshire’s latest filing suggests the company is entering a period of strategic recalibration. Alongside the Delta purchase, Berkshire significantly increased its position in Alphabet, making the Google parent its seventh-largest holding. The move deepens Berkshire’s growing exposure to artificial intelligence and digital infrastructure at a time when technology companies are increasingly dominating global capital markets.

Berkshire also initiated a smaller new position in Macy’s valued at approximately $55 million at the end of the first quarter. Meanwhile, the conglomerate trimmed its stake in Chevron, continuing a gradual reduction in one of Berkshire’s largest energy investments even as oil prices remain elevated amid geopolitical tensions.

The changes collectively indicate a portfolio becoming more concentrated around dominant technology and consumer franchises while selectively re-entering cyclical industries viewed as undervalued.

Todd Combs’ Departure Still Reshaping the Portfolio

A major portion of Berkshire’s recent trading activity also appears linked to the departure of longtime investment manager Todd Combs. Combs, who also served as chief executive of Berkshire-owned insurer Geico, left the company at the end of 2025 to join JPMorgan Chase.

He had been one of the two portfolio managers recruited by Buffett to help oversee Berkshire’s massive equity investments alongside Ted Weschler.

The latest filing strongly indicates Berkshire has begun unwinding several positions associated with Combs’ investment style. Among the most prominent sales were Mastercard and Visa, which were among the earliest stocks Combs purchased after joining Berkshire and closely resembled holdings from his former hedge fund, Castle Point Capital.

Berkshire also fully exited Amazon after reducing the position late last year. The Amazon investment had long been viewed by investors as another Combs-driven trade that reflected a more technology-oriented approach than Buffett had historically preferred.

Additional sales included positions in UnitedHealth Group, Aon, Pool Corporation, Domino’s Pizza, and Charter Communications. The broad reduction in those holdings indicates Berkshire may be simplifying the portfolio while consolidating capital into larger, higher-conviction investments.

Berkshire’s Cash Mountain Nears $400 Billion

The portfolio adjustments come as Berkshire continues struggling with one of the company’s biggest long-term challenges: finding attractive opportunities large enough to deploy its enormous cash reserves.

Berkshire’s cash pile has ballooned to nearly $400 billion, a record level that increasingly reflects Buffett’s cautious view of market valuations and acquisition opportunities.

Speaking recently about the investment environment, Buffett acknowledged frustration with the limited availability of compelling deals.

“It isn’t our ideal surrounding area — or environment, I should say — in terms of deploying cash for Berkshire,” Buffett said.

The comment underpinned Berkshire’s longstanding difficulty in deploying massive amounts of capital efficiently as the company’s size continues to expand. At nearly $1 trillion in market value, Berkshire has become so large that only a relatively small universe of investments can materially impact overall performance.

That reality partly explains why Berkshire has increasingly focused on major publicly traded companies with dominant market positions and durable cash flows.

The Delta investment, therefore, carries a heavier weight beyond airlines alone. It suggests Berkshire may be becoming more willing to revisit sectors it once abandoned if valuations become attractive enough relative to long-term earnings potential.

Why Delta May Appeal to Berkshire Again

Delta’s business profile aligns with several characteristics Berkshire traditionally favors. The airline has historically generated stronger margins than many competitors, benefited from a premium customer mix, and maintained one of the industry’s more disciplined operational models.

The carrier also emerged from the pandemic with stronger pricing power as travel demand recovered sharply and capacity constraints helped support higher fares.

Corporate travel, international routes, and premium seating categories have all rebounded more strongly than many analysts initially expected. At the same time, the airline industry itself has become structurally different from the era that Buffett long criticized.

Years of consolidation reduced excessive competition among major U.S. carriers, while improved capacity discipline and ancillary revenue streams strengthened profitability. The post-pandemic environment has also produced periods of unusually strong pricing power for airlines due to constrained aircraft supply and rising travel demand.

Berkshire may therefore view Delta less as a speculative cyclical bet and more as a mature transportation franchise with stronger economics than the industry historically delivered.

A Symbolic Shift Beyond Buffett

The latest filing also reflects how Berkshire is evolving beyond the classic Buffett-era investment playbook.

For decades, Buffett largely avoided technology investments and maintained deep skepticism toward industries requiring heavy capital expenditure, including airlines. Now Berkshire is increasing exposure to AI-linked technology companies, re-entering aviation, and restructuring positions tied to younger investment managers.

The transformation does not necessarily mean Berkshire is abandoning Buffett’s philosophy of investing in durable businesses with strong competitive advantages. Rather, it suggests the definition of those advantages is evolving in an economy increasingly shaped by artificial intelligence, digital infrastructure, and shifting consumer behavior.

The Delta purchase may ultimately prove less important for its size than for what it signals about Berkshire’s next chapter. Under Abel and Berkshire’s newer generation of investment leadership, the conglomerate appears increasingly willing to revisit old assumptions, rotate into sectors once considered untouchable, and adapt its portfolio to a rapidly changing economic landscape.