I think you're right, but also a little bit backward on things. TSMC is conservative, but, with the continued guaranteed high-dollar buys from Apple, they have

I think you're right, but also a little bit backward on things. TSMC is conservative, but, with the continued guaranteed high-dollar buys from Apple, they have tremendous freedom to invest in R&D in an almost fearless way that any company would envy. This is also why people trying to give all credit to TSMC for the performance of A-series chips are also selling Apple short on that side of the ball there too. TSMC would not be in the position they are right now without Apple's partnership powering their capital investments. So in short, Apple's backing isn't proof that TSMC 5nm is good, it's actually a large part of why TSMC 5nm is good, and even exists in the first place.