When Google builds custom AI chips to reduce Nvidia dependence, it creates a new TSMC order. So, TSMC captures both sides of the AI architecture competition. Three competing chip CEOs - Nvidia's Jensen Huang, AMD's Lisa Su, and Intel's Lip-Bu Tan - flew to Taiwan separately in late May. TSMC hit a new high at the same time. Management raised in Q1 the long-term gross margin floor to 56% while disclosing what I believe to be the company's biggest dilution schedule.