Everyone’s saying "AI is cooling off"... so why is TSM still printing money?

Counterpoint says foundry revenue was up 17% YoY, mostly thanks to AI chips.

TSM alone grew 41%, pushing its market share to 39%, and with NVDA, AMD, and AVGO orders, their 3nm and 4/5nm lines are basically maxed out.

Meanwhile, other foundries only grew about 6%.

Doesn’t really feel like AI demand is slowing more like TSM is the only one that can actually crank out these AI chips at scale.

I don’t really buy the whole “AI hype is fading” story.

Feels more like TSM is hitting capacity limits, not that orders are drying up.

Short-term growth might slow a bit, but long-term? Hard to imagine AI scaling without TSM.

Is the market seriously underestimating TSM’s dominance in AI chip manufacturing?

Or am I just biased because I’m holding TSM?