The core logic behind $Taiwan Semiconductor(TSM.US) recent performance remains the continued surge in AI demand, transforming it from a traditional cyclical stock into a kind of "quasi-infrastructure."

Many still understand it through the lens of smartphone and PC cycles, but what truly impacts valuation now is advanced process capacity and advanced packaging. Issues like CoWoS capacity shortages are essentially bottlenecks in AI computing power supply, not typical semiconductor inventory cycles.

The problem is that the market has already partially priced in long-term AI growth; going forward, stock prices will depend more on execution, such as N2 progress, yield rates at the US plant, and capital expenditure control.