How TSMC Might Spend $28 Billion

Jon Y · 29 Jan 2021

Jon Y did not write this page.

Every claim below was made in this piece, quoted word for word and numbered in the order the piece makes them, so you can read it there rather than take our word for it. The sentence above each quote is our reading of the claim, not their wording. Each quote was checked against a stored copy of the page at build time; where the two differ, the quote is the fact.

Our reading
TSMC's 2021 capital spending was far larger than the industry expected, and the size of the jump was the news rather than the profit.

Their wordsWell, this $20 billion in retrospect was far too little.
Our reading
TSMC's real advantage over its foundry rivals is that it can outspend them, not that it is technically ahead.

Their wordsUnlike Chartered and SMIC, they have the power of the purse and they leverage it like few other companies can.
Our reading
TSMC raises capital spending when it believes a wave of demand is coming, rather than after the demand has arrived.

Their wordsI think TSMC thinks a fat pitch is coming.

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