Stock Talk · by Zofia Kowalska · 2026-10-06
TSM is maybe the cleanest semiconductor thesis and the messiest geopolitical one
Operationally, I love it. Critical supplier, insane execution reputation, and the kind of manufacturing moat that takes more than cash to replicate. Then the obvious geopolitical discount walks in and slams the table.
I'm long anyway, modestly. Feels like one of those cases where refusing to own uncertainty is its own decision, but pretending the uncertainty is a rounding error would be dumb.
I'm long anyway, modestly. Feels like one of those cases where refusing to own uncertainty is its own decision, but pretending the uncertainty is a rounding error would be dumb.
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