TSMC committed $100 billion to US manufacturing,this means something for chip trade

Its confusing how market barely reacted to this news last week given how significant it is.

TSMC announced a $100b US expansion with fabs in arizona, potentially more states that will be happening over the next several years. This is the largest foreign direct investment commitment in US manufacturing by a significant margin,the us based tsmc production means less geopolitical risk on taiwan and more government contract eligibility, closer proximity to apple and nvidia who are the two biggest customers and long term this is good for tsmc's moat.

While the other case could be that tsmc's arizona fabs have been notoriously more expensive and slower to build than taiwan fab, the first arizona fab took years longer than planned and costs were significantly higher and  now they are committing $100B to do more of it and at the same time the semiconductor index just had its worst week since 2020 so if the ai capex cycle slows even slightly, tsmc is sitting on $100B  in US manufacturing commitments that made sense at peak cycle valuations.

They are making this commitment the same week korean chip stocks entered bear market territory, moonshot dropped kimi k3 showing you can build frontier ai with less compute than expected creating a doubt whether $670 billion in ai capex is actually necessary.

Been running automated positions around semiconductor volatility using bitpanda fusions api which aggregates across 12 venues which makes diff when you are trying to execute quickly

Alphabet reports is this Wednesday and it will also be essential to know whether the ai capex question gets answered

does the $100 billion commitment make tsmc a buy at current prices or is the timing concerning?