Rory Driscoll

But I always think the guys running TSMC are sharp.

And they've been around a long time.

You know, they're cynical, which I mean, you know, I'm sure you all saw that piece about 12 months ago.

They were fairly...

skeptical when Altman's talking about we're going to need to raise a trillion dollars.

They're like, yeah, yeah, yeah, go away, AI boy, right?

They just did their earnings call.

And the comment was, basically, demand for compute is effectively infinite right now.

And they're raising their CapEx.

Remember, these are not kind of

These are folks who say, I'm going to spend $50 billion.

Peak before was 40, so low was $22 billion two years ago.

They're raising their capex budget for next year.

And they're basically saying, we think the demand is real right now.

And to me, that's the, because there's been a lot of,

we've all been wrestling with it.

Is there going to be a day when everyone says, well, we're not going to invest as much anymore.

We're going to slow down just a little because you're so far out there on the, going back to the Brexcommon in 21, we're so underwriting hyper growth that even the slightest slowdown would be kind of pretty brutal for the markets.

And this was the biggest tell of all, because these are the guys who spend the CapEx with a two or three year lead cycle that services NVIDIA, that services the hyperscalers, that service OpenAI, that service the AI company.

So it's the first step in the AI pyramid.