My understanding is that TSMC always takes a highly cautious approach to capacity expansion. Unless there's a dramatic industry reversal in the short term, it's not easy to see significant order reductions (variations in the low to mid-single digits are considered reasonable, as no one can predict future demand with pinpoint accuracy.) Last year, at the height of AI and Nvidia market optimism, Nvidia pushed TSMC to expand its monthly CoWoS capacity to 100,000 wafers—a request that TSMC rejected.

Incidentally, using this as an example, if outsiders had obtained Nvidia's optimistic request—a common practice when customers push for expansion during bullish markets—some market participants might overestimate TSMC's capacity or Nvidia's orders based on the leaked information, generating market chatter.$Taiwan Semiconductor(TSM.US) $NVIDIA(NVDA.US) 

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