12
Does the China revenue exposure scare anyone here at current valuation?
TSMC
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29
Geopolitical risk is the single biggest thing you cannot diversify out of. Arizona fab is a hedge but it is years late.
17
CapEx guide bumped to $42B for the year. Demand visibility from advanced node customers strong.
39
Margins inflecting as N3 yields normalize. Free cash flow story re-emerges in 2H.
0
N3/N2 leadership is unchallenged. Apple, NVDA, AMD all anchor capacity through 2027.