TSMC
The Capex Hike Is the Story: Why TSMC's $60 Billion Signal Is About Scarcity, Not Boom
Taiwan Semiconductor lifted its 2026 capital budget to $60-64 billion from $52-56 billion, a 15 percent mid-year raise that the market read as an AI demand endorsement. That reading has the causal arrow reversed. The capex hike is a scarcity signal, not a demand signal. When a monopoly foundry