Asks Ben for takeaways and if he agrees AI bubble concerns are put to rest.
Marley Kayden
Ben Bajarin
TSMC's earnings are an extremely bullish signal for the industry during a monumental buildout moment.
Asks how much of margin expansion is structural AI/HPC shift vs cyclical tight supply.
Marley Kayden
Ben Bajarin
It's all structural - larger dies per wafer, ability to charge more, and this trend won't go away.
Asks about TSMC's competitive moat with 2nm chips ramping.
Marley Kayden
Ben Bajarin
TSMC has significant moat with demand exceeding capacity by 20-25%+, will remain capacity constrained for foreseeable future.