Question is, is TSMC spending more money than it can print. It's dumping 100s of billions in offshore capex that triggered after Sino-US tensions trying to move

Question is, is TSMC spending more money than it can print. It's dumping 100s of billions in offshore capex that triggered after Sino-US tensions trying to move semi off island. Surprise capex that IMO it never had intention to expand considering it already announced record capex expenditures year prior. Subsidies only go so far. And semi demand will eventually normalize after covid19 disruptions, or do we expect TSMC to be insulated from the bust cycle