Is TSM actually undervalued because of geopolitical risk, or is the market pricing it pretty fairly already?

A lot of people say TSM is undervalued right now because of geopolitical risk. There’s no question TSM is a great company. But the market keeps focusing on worst-case scenarios, and I think it’s worth discussing whether that uncertainty is already being priced in too much.

From a fundamentals perspective, TSM still has clear strengths in advanced process nodes, capital efficiency, global foundry market share, and pricing power. Its long-term competitive position hasn’t really changed.

If geopolitical risk is something that’s always there but low probability, does today’s valuation actually offer a margin of safety? Or is this the kind of risk that shouldn’t be ignored at all?

Curious to hear what others think is TSM undervalued here, or is the market pricing it fairly?