► Subscribe to the Financial Times on YouTube: http://bit.ly/FTimeSubs<br /><br />TSMC’s sales grew 50 per cent in the first quarter, but falling manufacturing cost savings and a shift to cheaper smartphones could hit margins. Lex still likes the Taiwanese microchip maker. Robert Armstrong explains why.<br /><br />► FT Comment: http://bit.ly/1ImtZ8r<br /><br />► Lex: http://bit.ly/1I14JZF<br /><br />For more video content from the Financial Times, visit http://www.FT.com/video<br /><br />Twitter https://twitter.com/ftvideo<br />Facebook https://www.facebook.com/financialtimes
