$TSM 's Q2 days inventory outstanding jumped to 76.5 days from 70.5, the kind of move that usually gets read as demand cooling. Management's explanation runs the other way: the buildup reflects the N2 production ramp and staging for next-generation AI chip shipments, not orders softening. That distinction matters because N3 capacity is still running 30 to 50% short of what customers are asking for, which is a strange place to see inventory accumulate if the read is weakening demand. So the question worth asking isn't whether TSMC's headline numbers were good. It's whether rising inventory across the AI chip supply chain right now is the front edge of restocking into genuine shortage, or the first sign that shortage is starting to close. We checked that by comparing inventory growth against revenue growth across TSMC, Micron, ASML, Lam Research, and Nvidia, since that ratio is what actually separates a healthy cycle from an overhang. 🔗 Full report: https://t.co/nLSiPBhcr0