With TSM having the clear leader in most of the semi technologies and expanding it, it gives TSM the advantage of being able to use its knowledge and equipment base for a longer period of time, lowering its cost compared to others substantially. On top of this is its economies of scale in just about everything, lowering its costs even further. Also being the clear leader in technology and the fact that it doesn't compete with its customers, lowers its marketing costs, which I suspect are also the lowest in the industry, the advantages TSM has been overwhelming, and the leads in these areas will only increase. I haven't even covered all the advantages TSM has or the fact that TSM knows how to use compounding of resources on a scale unmatched perhaps in manufacturing history and the only way for the rest to catch up or for TSM to make some major mistakes. TSM has become a compounding and utilization machine unmatched in manufacturing history, much as Henry Ford revolutionized manufacturing in transportation. Any thoughts, comments, or additions solicited and welcome.