$Taiwan Semiconductor(TSM.US) Most customers have agreed to increase foundry prices in exchange for reliable supply. This will drive TSMC's gross margin to climb further.

Unlike the high volatility of AI stocks such as Micron and Nvidia, whether it's the improvement in Cowos packaging capacity utilization on the cloud AI path, the increase in 5-7nm wafer manufacturing capacity utilization, or the improvement in the most advanced node capacity utilization brought by Apple's replacement story in edge AI, or the erosion of Intel's foundry business by AI PC wafer manufacturing under the logic of Windows on ARM replacing Wintel, TSMC, as an AI infrastructure stock, seems to be more stable both in terms of fundamental performance and narrative logic. Although the increase is not as crazy as Micron and Nvidia's surge, it is obvious that the "steady happiness" holding experience is also more friendly.