TSMC (TSM) Deep Research: The Physical Monopolist of the AI Era
TSMC is the only physical chokepoint of the AI era — over 90% of advanced AI chips pass through its fabs. Q1 2026: record 66.2% gross margin, HPC at 61% of revenue, $52–56B capex locking in the N2/A16 and CoWoS moat. Geopolitics remains the only tail risk worth respecting.
