$台積電(TSM)$  The market is crazy and short-sighted. The moat owned by TSM is a battleground in international regional politics. With such a deep moat, almost all the chips required for the future industrial revolution come from this company. TSM will eventually become a multinational enterprise. In order to avoid regional risks, it will invest and set up factories in all major countries. At present, the major shareholders are almost all capital from Europe, the United States, Japan and Taiwan, and are not just local companies in Taiwan. If Intel is willing to spin off the factory, maybe TSM can jointly establish a US branch with Intel, just like TSM did in Japan, establishing a joint venture with Japanese large companies to establish jasm. If Trump wants America to be great again, TSM will fully cooperate without worrying about cost issues, because only one advanced semiconductor company can provide high quality, high yield, and sufficient output, and TSM has the full ability to raise prices. Looking further, the semiconductor industry is very complex, with many upstream and downstream industries. Overall, if we expand the scope of advanced technology, TSM’s market share is also very reasonable. The United States, Europe, and Japan have all made a lot of money from TSM’s upstream and downstream industries. money.