$Taiwan Semiconductor Manufacturing(TSM)$ They are capacity constrained and almost always fully booked. This means that despite Nvidia $NVIDIA Corp(NVDA)$ going from 2B quarterly profit to 12B in 1 year, TSM only benefits from Nvidia booking a larger share of their capacity at the expense of another client, which doesn't increase profits that much because it's a zero sum game.
This isn't necessarily a bear case, but it puts into perspective why the TSM price isn't going ballistic like Nvidia did.
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