Munger Mode rating: 4 out of 5 — Buy. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
Price at time of writing: US$434.58 (September 9, 2026 close) Market capitalization: approximately US$2.25 trillion Verdict in one paragraph. This is one of the five or six most important businesses on earth and, by our reckoning, one of the widest-moated. It manufactures roughly three-quarters of the world's outsourced logic chips and effectively all of the leading-edge ones, it earns returns on equity above 40% while carrying net cash of some US$83 billion, and it is run by engineers who have never cut a dividend, never diluted a shareholder, and who tell customers to their face that they will not gouge them. The business is wonderful. The price is fair, not cheap: about 31 times trailing earnings and roughly 25 times what we expect for 2026, struck in a quarter when gross margin hit an all-time high of 67.7%.
Recent filings analysed: 6-K (2026-08-14), 6-K (2026-05-15), 20-F (2026-04-16), 6-K (2026-04-10).
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