🏇 TSMC raised 2026 revenue growth guidance to above 40% and lifted capex to $60 to 64 billion. Market pushback wasn't on demand, it was N2's 3 to 4 point margin dilution and a second straight quarter of rising inventory days. At the same time, Kimi K3 closed the US-China frontier model gap to weeks and pushed token prices down through architecture and China's cheaper power. The model layer is commoditizing fast. Neither one is bearish for the chip layer. A cheaper model still runs on massive weights and communication-intensive inference, which still needs advanced nodes, rack-scale systems, and cloud buildout. TSMC's capex guide and Kimi's price collapse are the same cycle viewed from opposite ends of the stack. The value is moving down the stack, from who has the best model to who owns the infrastructure it runs on. 🔗FULL FREE PDF: https://t.co/yrXHB1zwjW