This is almost equivalent to private investment, and will allow TSMC to borrow money to invest in growth. Apple wants to be anti-competitive. I'm surprised Ap

This is almost equivalent to private investment, and will allow TSMC to borrow money to invest in growth. Apple wants to be anti-competitive. I'm surprised Apple don't invest directly (e.g. bonds) given that TSMC is so capital intensive and Apple has the money (and this capacity reservation contract concentrates risk, not diversifies it).