Apple would buy GF long before they ever get the chance to buy TSMC (which I'm sure they would do if they could). GF has a decent 14/12nm node and they've basi

Apple would buy GF long before they ever get the chance to buy TSMC (which I'm sure they would do if they could). GF has a decent 14/12nm node and they've basically said they have given up going smaller. That slashes their long term projections and valuation. Apple comes in with a decent, but not great, offer while GF is still getting orders for their mature process. Then Apple does what only it can do, spend billions without blinking. Apple take 5 years to refine a 4nm node while using TSMC in the interim. R&D costs are offset with (1) whatever customers GF has, (2) building whatever it can on GF's 12nm node.