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Summary

TSM's growth is powered majorly by the high-performance computing segment, which is growing very well as demand for silicon chips rises in tandem with demand for AI compute.

I expect ~32% YoY revenue growth in FY2026, above management's guidance, due to their excellent track record in outperforming expectations.

Gross margins face temporary but meaningful pressure from the 2nm ramp and overseas fabs, with a potential peak headwind of up to about 700 basis points.

Large customers like Apple are exploring Intel and Samsung. And Elon Musk's Terafab is also working with Intel’s foundry.…