TSMC just raised full-year growth guidance to "slightly more than 40%" after a blowout Q2. Who's still worried about AI demand?

Q2 revenue came in at $40.2B, up 34% YoY, beating estimates. Net income up 74% YoY. Gross margin at 67.7%. These aren't soft numbers.

The part that caught my attention: HPC revenue jumped to 66% of sales, up from 61% last quarter. N2 node already contributing 3% in its debut quarter. Management then raised full-year growth guidance from "more than 30%" to "slightly more than 40%", and bumped capex to $60-64B. They also added another $100B to the Arizona commitment, bringing total US investment to $265B.

Been watching $TSM for a while and the bear case keeps shifting. First it was demand destruction, then it was margin compression from overseas fabs, now it's valuation. Pulled the chart on moomoo and the setup looks like the selloff already priced in execution risk on N2 ramp costs.

Q3 guidance is $44.6-45.8B, roughly 37% YoY. At what point does "valuation concern" stop being a reason to stay out?

I'm still long but the N2 ramp dilution and Arizona cost drag are real risks worth watching. Anyone trimming here or adding into the print?

https://preview.redd.it/yk9t65wl8sdh1.png?width=1600&format=png&auto=webp&s=63df266b45d121fd7f5d4df67dda2292680b0841

https://preview.redd.it/kf6v7mam8sdh1.png?width=1600&format=png&auto=webp&s=683ffce55b2ef40761c6c1328e8004442d2d03f1

https://preview.redd.it/31qll7pm8sdh1.png?width=1600&format=png&auto=webp&s=5f2198d5307574a3febc1ea0d725fb25a989e0d8

https://preview.redd.it/9laaqi8n8sdh1.png?width=1600&format=png&auto=webp&s=97105eeefe76e241385f9e7d13eed90a4c0ecf25