AI Isn't Slowing -- It's Bottlenecked. TSMC Just Told Us Where.

Some assume that Taiwan Semiconductor Manufacturing Company's (NYSE: TSM) slower growth rate is the first sign of fading artificial intelligence (AI) demand. The numbers point to a different truth.When quarterly revenue climbs past $30 billion -- as TSMC's has -- percentage growth loses its meaning. Each 10% increase now equals more than $3 billion in new business. The scale alone makes the growth look smaller than it is. Analysts still expect mid-teens- to 20-plus-percent growth into 2026, a sign that demand continues to run ahead of supply. This is a big-numbers illusion, not a shift in appetite for compute.The real constraint is not the silicon itself; it is the work that follows. If the wafer is a stack of printed pages, then packaging is the binding that turns them into a finished book. Chip-on-wafer-on-substrate (CoWoS) is the limited‑edition boxed set, the version collectors try to claim before it disappears.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool