AIBearishStratechery · 4h ago7/10
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TSMC Earnings, New N3 Fabs, The Nvidia Ramp
TSMC's recent earnings report reveals management skepticism toward near-term AI growth projections, despite industry enthusiasm. The company's cautious capital allocation for new N3 fab capacity suggests internal doubts about the sustainability and timeline of AI-driven semiconductor demand, contrasting sharply with Nvidia's aggressive expansion narrative.
🏢 Nvidia