$TSM

some thoughts on $TSM vs NVDA: the cleaner margin expansion story is probably TSMC, not Nvidia. TSMC is seeing a richer mix as AI becomes a larger share of revenue. AI/HPC is already around 60%+ of revenue, advanced nodes are dominating the mix, and gross margin is running in the mid-60s. The key poin is that TSMC is getting AI volume at the most supply-constrained, highest-value part of the stack: leading-edge wafers + advanced packaging. Nvidia still has extraordinary margins, but the next leg of growth is increasingly rack-scale systems, networking, cooling, and full infrastructure platforms. That may be strategically powerful but it also introduces mix dilution risk versus pure accelerator margins. TL;DR: - TSMC margins can stay structurally elevated as AI mix rises. - Nvidia marg