TSM beat earnings and everyone's still calling the top. Am I missing something?

TSMC posts a solid earnings beat and the bears come out saying it's going straight down. Seen this play out a few times already this cycle, ngl. The AI capex story isn't going anywhere. Every hyperscaler keeps hiking their spend forecasts, and TSMC sits at the center of all of it. Hard to argue the fundamentals are broken here. That said, been watching the tape on moomoo and the options flow has been choppy post-earnings, some big put positioning that's hard to ignore. Could be hedges, could be someone who actually knows something. Scalp traders fading the pop after earnings makes sense short term. But the bear case on TSM being a structural unwind? That feels like a stretch. The thesis hasn't changed. Still long here but genuinely curious who's taking the other side and why. Anyone positioned for a real pullback or is this just noise?