Okay, so everyone’s talking about AI stocks. It’s exhausting. And honestly, the whole thing feels…performative. Like we’re all supposed to be impressed by these companies building the future, but nobody stops to think about who actually makes the stuff? It’s like a magician’s assistant getting no credit. You see the flashy tricks, but who’s holding the doves? It’s always someone else.
Taiwan Semiconductor Manufacturing (TSM +4.62%). They don’t shout about it. They just…make the chips. And that, frankly, is infuriating. Not because they’re not good at it – they’re clearly good at it – it’s the lack of fanfare. It’s like they’re deliberately trying to be invisible. And then you realize, without them, all these AI geniuses are just…talking. All talk. They’d be stuck with chips that are, frankly, embarrassing. It’s a whole system built on quiet competence, and it’s just…wrong.
What They’ve Accomplished (And Why It Bothers Me)
The last decade? Fine. They’ve done well. Revenue up 350%? Okay, good for them. But let’s be real, a rising tide lifts all boats. They just happened to be building the boats. And the pandemic? A gift, essentially. Suddenly everyone needs chips, and Taiwan Semi is just…there. Waiting. It’s not ingenuity; it’s timing. And I resent it, frankly.
And the cost control? Don’t even get me started. Gross profit up 460%? It’s just…efficient. It lacks drama. Where’s the struggle? Where’s the near-collapse followed by a heroic recovery? It’s just…smooth. It’s like watching someone parallel park on the first try. It’s unsettling. And the margins? Nearly 60%? It feels…greedy. Like they’re hoarding all the good stuff.
They haven’t “skimped” on R&D, they say. Careful with overhead. It’s just…responsible. It’s infuriatingly sensible. Operating income up seven times? Operating margin up almost 13 percentage points? It’s like they’re deliberately trying to be boring. And net income up 475%? It’s just…too much success. It feels…unearned.
Return on equity jumped to 35.4%. Dividend distributions up 29%. Cash and marketable securities up 27%. It’s just…competence piled upon competence. It’s exhausting. It’s like they’re mocking the rest of us who struggle to find matching socks.
Where Is This Growth Coming From? (And Why I Don’t Trust It)
Okay, so AI is a big driver. Fine. But everyone’s jumping on the AI bandwagon. It’s predictable. Automotive chips up 34%? IoT up 15%? Smartphones up 11%? It’s diversification. It’s…safe. It’s like they’re afraid to take risks. What happened to innovation? What happened to the wild, unpredictable spirit of entrepreneurship?
What They Need to Keep Soaring (And Why I’m Still Suspicious)
The share price is soaring. Of course it is. Everyone loves a winner. But it’s all based on projections. It’s all based on hope. And hope, frankly, is a terrible investment strategy. The third article in this series is going to focus on their prospects for the future. And I’m already bracing myself for more competence. More efficiency. More…success. It’s going to be a long read. And I’m going to need a very strong cup of coffee. And maybe a therapist.
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2026-02-24 20:14