Mandeep, good to be checking in with you. So what jumps out for you about the TSMC release? I mean, it's a nice sequential acceleration from their second quarter earnings. So remember, they gave us monthly data and, you know, 45% growth when they guided to low to mid 20% growth for the full year. It just goes to show that, you know, the lead times probably are increasing and that's good for someone like TSMC because they are the only ones when it comes to leading node chip manufacturing. And I think all that talks about in video chip delays probably are not getting reflected here. And so clearly they are seeing a ton of demand when it comes to how much, you know, R&D. I think a lot of people outside the industry don't understand how much production TSMC does for other companies, right? So like in video doesn't make its own

chips and sends them orders to TSMC, and they do it. How much do they do in terms of, you know, the outsourcing of chip manufacturing? Yeah. So the best way to think about it is all the leading node GPUs, whether it's five nanometer or seven nanometer, most of the production right now is being done by TSMC. For the trailing node chips, you've got other foundries. Now we know Intel isn't doing well as a foundry, so clearly they are losing business. And typically, you know, TSMC was skewed more towards Apple smartphone business. I mean, that was the biggest portion of their revenue. But right now, it's definitely shifting towards NVIDIA and, you know, the server chips, and it's hard to kind of have a firm read-through on what this print means for Apple, because right now the demand on the server side is just insatiable. And that's what's driving a lot of the

ASP growth for TSMC. You answered my question. I was going to ask you about the Apple exposures, but you went right there. So what about in terms of the broader semi space, which we have seen? You know, some would say the group had gone into a bear market. If you look about where how much it's pulled back since kind of early July. What does it tell you about where we are in the semi cycle? I mean, when I see accelerating growth and given they give us monthly data points and it's trending in the, you know, the higher direction, to me, we're nowhere close to any sort of moderation when it comes to leading node chips. And look, we'll find out from Nvidia a couple of weeks from now that clearly I think they will kind of beat and raise. The question is how much visibility they have when it comes to the customer orders. And look, this is for building inventory, whatever TSMC manufacturing

is for building the inventory. At some point, that inventory build, that will be more than sufficient. I don't think we are there any anytime close, at least this year, but it will probably be a 2025 event.

Taiwan Semiconductor Sales Soar 45% in July

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Taiwan Semiconductor Sales Soar 45% in July

Taiwan Semiconductor Sales Soar 45% in July

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