The theme for "punishment" (aka excuse for profit taking) this year for the AI trade is consistent - concerns on ROI of capex. In this case TSMC is up nearly 40% YTD and institution players may simply used the capex headline as an excuse to lock in gains. Fact is that TSMC builds capacity against pre-paid customer (APPL, NVDA, AMD) commitments. With full-year revenue outlook raised from "above 30%" to 40%+ (abv Wall St consensus of 35%) and demand structurally locked in through 2030 due to emergence of agentic AI.