The more aggressively Nvidia and AMD fight, the more TSMC may earn.

We don’t yet know who will win in AI chips, but before the outcome is decided, everyone has to pay the same company first.
TSMC’s June revenue was about $13.8 billion, up 67.9% year over year;
second-quarter revenue was about $39.6 billion, up 36%, again setting a record high.
These numbers are more than just evidence of strong AI demand.
Nvidia continues to expand its GPUs, AMD speeds up its pursuit, Broadcom takes on more custom chips, and cloud companies are also developing their own ASICs.
The more routes there are and the faster they iterate, the greater the demand for advanced process technology and advanced packaging.
TSMC doesn’t need to correctly bet on which chip will win ahead of time.
The risk of product roadmaps is borne by customers; it only needs to sell its scarce capacity to everyone who could potentially become the winner.
Chipmakers compete for market share, and profits may be siphoned off by competition; with advanced capacity in hand, TSMC can instead get paid in every round of competition.
The most stable way to profit from AI right now may be to make all the contenders for the crown use your capacity.