TSM

Taiwan Semiconductor Manufacturing Company Limited

research_scan theme='chips-compute'; value_chain_position='upstream-enabler'; Foundry monopoly at N3/N3P and CoWoS-S/L advanced-packaging — the binding 2026-2028 sub-bottleneck on Blackwell/Rubin shipment cadence. Capacity at Arizona Fab 21 phase 2 (N3, 2026-2028 ramp) is the friend-shoring leg. Earns rent regardless of which accelerator-silicon vendor wins. Primary IR fetch blocked this cycle; baseline anchored in BPA Essay 04 chip-stack discussion.