TSMC is is only going to give Intel unused capacity, essentially lowest priority for a few reasons. 1. Intel will drop TSMC the moment their fabs start working

TSMC is is only going to give Intel unused capacity, essentially lowest priority for a few reasons. 1. Intel will drop TSMC the moment their fabs start working as expected - so you don't want to depend on Intel orders at all. High margin orders one quarter that are gone the next will not help TSMC's business long term. 2. TSMC has enough demand from other companies - they even turned down NVIDIA for most of their GPUs 3. A weaker Intel allows TSMC to command higher margins long term. helping keep Intel while it's still a massive competitor makes no strategic sense.