There is probably no better time for TSMC's competition to step up. TSMC's gross margins keep going up each decade (except for 2000 decade). For the first time, TSMC's weighted avg GM hit 50%+ in 2020s decade. With 10 percentage points of headwinds from temporary factors such as new node ramps, TSMC's GM has a lot of headroom to grow once they go away. Not to mention the growing pricing power.
Source: Sravan Kundojjala
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