Today, $Taiwan Semiconductor(TSM.US) released its earnings report.

Profits surged 77%, revenue hit a record high, and the full-year guidance was raised.

Yet the stock price fell 2.32%.

A perfect earnings report, but it led to a decline.

Many say the market has gone crazy, but I think —

For the first time, the market has started to seriously do the math.

Behind this is a judgment:

The money burned by AI won't disappear; it will only migrate.

The real question isn't "Is AI profitable?"

It's whose pockets this money will ultimately flow into.

TSMC is the "shovel seller," so money goes into its pocket first.

But making money ≠ keeping money —

It raised its capex to over 60 billion,

Turning the profits earned back into steel and concrete at construction sites.

(Amazon's free cash flow dropped from 25.9 billion to 1.2 billion, all poured into data centers)

The real big test is in 2027:

When the peak of depreciation meets real revenue, we'll know if it's truly profitable.

Don't ask if AI will crash,

Ask whose pockets the money will end up in.

One chart to understand this "Great Capital Migration" 👇

Related research targets: $Taiwan Semiconductor(TSM.US) $NVIDIA(NVDA.US) $ASML(ASML.US)