TSMC’s 4Q25 results confirm what we have been saying for months: the AI infrastructure buildout is not slowing down, and TSMC sits at the center of it. Revenue of $33.7B beat the high end of guidance. Gross margin of 62.3% exceeded the guide by over 100 basis points. Management guided to close to 30% USD…

Note: I had the chance to attend both the CES 2026 Financial Analyst QA and the Industry Analyst QA, as well as time with management. I’m sharing nuggets learned from the QA and my meetings, as well as things from the NVIDIA CES 2026 announcements and management commentary that stood out and are telling about…

Note for paid subscribers: As we kick off the Dilligence Stack, I felt we needed to publish some anchor reports to set the foundation we will build upon. So, this report is quite long but has needed depth in each section. Each section will get its own deep dive in the coming months as well.…

There is perhaps no more consequential debate around the technology industry today than whether the current AI infrastructure buildout represents a bubble destined for collapse or the logical, sustainable deployment of mature technology. The numbers are indeed staggering, a root cause of people’s anxiety: hyperscalers are spending north of >$200 billion annually (and growing) on…

The Architecture Graphics Built For decades, GPUs existed to generate images fast enough to feel real. This requirement forced a very specific kind of silicon—hardware capable of running the same mathematical operation across massive amounts of data in parallel, repeatedly, without stalling. Graphics was never really about “drawing pictures.” It was a continuous simulation under…

The semiconductor industry has experienced cycles of varying magnitude throughout its history. The PC era brought sustained growth. The smartphone revolution created what many called a supercycle. The cloud computing buildout extended that expansion further. What is happening now is something categorically different. The artificial intelligence infrastructure buildout represents the largest total addressable market expansion…