The AI Trade Is Entering Its Cash-Discipline Phase.
A near-perfect quarter that still sold off tells you the market’s question has changed. Our thesis on the AI trade’s next phase, and the falsifier that would prove it wrong.
TSMC Proved the Demand. The Market Changed the Question.
A record beat that still sold off is a signal. The AI trade is moving from a growth phase to a cash-discipline phase. What that means, and how to act.
TSMC Beat Records and Raised Guidance. So Why Did the Stock Fall 4%?
TSMC smashed records and raised its forecast, and the stock fell 4% anyway, pulling the AI-chip complex down with it. What happened, and what spooked investors.