Keep in mind that TSMC also gains a position where they are the only superpower in fabs. They can duplicate the N5 fab and sell at any price they want. Apple pa

Keep in mind that TSMC also gains a position where they are the only superpower in fabs. They can duplicate the N5 fab and sell at any price they want. Apple pays R&D. Imagine a world where someone up-front pays your R&D, pre-pays batches at a profit for you, and lets you sell to anyone else while making you the best in the world. They gain basically more than Apple does from this.