Masahiro Wakasugi

1. FACT: Analysts note that Nvidia's shift from AI training to AI inference will drastically increase demand not just for HBM, but for conventional DRAM, NAND flash, and advanced packaging (like hybrid copper bonding). 2. BRIDGE: The entire Asian semiconductor supply chain is being pulled higher by Nvidia's $1T forecast. While Samsung and SK Hynix are direct memory beneficiaries, TSMC is the foundational foundry manufacturing these advanced inference chips and packaging solutions. 3. VERDICT: LONG. TSMC remains the ultimate tollbooth for the exploding AI inference and advanced packaging market. 4. KEY RISK: Geopolitical escalation in the Taiwan Strait or a sudden cyclical downturn in non-AI semiconductor demand (smartphones/PCs).