Buy TSM by Jun 13, 2026.

I've been thinking about concentration risk in the AI trade and I keep coming back to the same bottleneck that nobody prices in. ([AGI Industrial Chain](https://www.bearbull.io/blog/Deep-Dive/AGI-Industrial-Chain)) Every major AI accelerator - NVIDIA H100s, Google TPUs, Amazon Trainium - is fabless. They design the chips but outsource manufacturing entirely. TSMC produces roughly 90% of the world's leading-edge semiconductors, and their advanced fabs are almost entirely in Taiwan, 180 km from mainland China. The hyperscalers (Microsoft, Google, Meta, Amazon) have committed a …