Do they forbid adding capacity? I thought they basically finance the capacity in trade for the right to do first bid on any capacity for a certain timeframe. An

Do they forbid adding capacity? I thought they basically finance the capacity in trade for the right to do first bid on any capacity for a certain timeframe. And they have the margins to just pay more than any competitor. AND they are also supply constraint. Ie it’s not that they buy stuff and then _not_ use it (on the contrary they are well known for carrying nearly no inventory) If some other company is willing (or really: able) to make a competing offer, I’m not aware of TSMC not being interested in that. It just happens that the number of companies with the margins to spend what probably amounts to the GDP of a small nation is approximately zero (or one if you count Apple)