$Taiwan Semiconductor(TSM.US)

Context:

TSM has had a great run and honestly this is where holding becomes harder than buying.

The AI story is still strong. Demand for advanced chips remains high and TSMC is pushing ahead with 2nm capacity. What caught my attention most is that customers still need TSMC even when advanced chips become more expensive. To me, that says a lot about how difficult it is to replace TSMC at the leading edge.

But I am not ignoring the risks. The stock has already moved a lot, expectations are high and TSMC is spending heavily to build new capacity overseas. A good company does not mean the share price can only go up.

My trade:

I am still holding my TSM position. I am not rushing to sell just because the stock has done well, but I am also not chasing it aggressively at this level. I want to see whether 2nm demand and stronger pricing can keep supporting earnings.

Takeaway:

If I could do one thing differently, I would have bought more during the periods when people were worried about TSMC instead of waiting until the AI story became obvious. Those uncomfortable moments usually look much better in hindsight.