Caroline Hyde

As you mentioned, ASML is one of the big beneficiaries.

Its shares were up to a record today.

Applied Materials, up today to a record.

KLA is also up to a record.

So you see that these chip equipment makers are definitely benefiting from this.

But as you suggested, CC Wei in the call afterwards was not exuberant about this.

He was not reassuring in all respects about the AI trade.

Somebody asked him directly, do you think that we're in an AI bubble at this point?

And he said, yes, you're asking us whether the AI demand is real.

So beyond the capital spending, is demand on the other side?

He said, I'm very nervous about this.

He said, we're investing 52 to $56 billion.

If we don't do it carefully, there could be a big disaster for TSFC.

Just to be clear, TSMC is the one that's spending tens of billions of dollars for these new fabs that are going to come online two or three years down the line.

NVIDIA is not doing that.

NVIDIA is just buying chips from them.

As is Apple.

It makes its chips via TSMC, one of its biggest revenue drivers, and is also trying to steer us as to where the memory story goes as well.

Peter, how did you hear about whether or not that's going to impact high-end phones at least?

Yeah, you touched on a very important point.