I was actually a bit surprised this morning to see TSMC's stock down so much to be honest. I felt TSMC sufficiently addressed their major concerns (Intel and Taiwan's water shortage) during the stockholder's meeting.
Other highlights (
my interpretation 
):
1. TSMC indicated that they believe Intel will
INCREASE outsourcing their products in the future to TSMC in order to compete.
"
...let me say that in our long-term forecast, we continue to see the IDMs outsourcing continue to increase. And so we prepare the capacity for that also. And we don't think that IDM tried to expand their own capacity will result in overcapacity situation because of we -- technology is the most important thing, let me say that. And we expand our capacity based on the customers' need. And we saw the technology leadership that provided their product to be very competitive in the market. So they are all happy to work with TSMC in developing their product for now, for the future. And so as a result, we continue to see the increased outsourcing from IDMs."
My translation: TSMC does not believe Intel will surpass TSMC in terms of technology. It is TSMC's view that Intel will be a forced to become a
captive customer in order to compete against AMD, Nvidia, Qualcomm, etc.. Not exactly what Pat said verbally a few weeks ago.
2. Expanding a bit on hist78's 3rd point...C.C. Wei (TSMC CEO) stated that customer demand in the 5nm/3nm nodes is HUGE! Many different customers.
“
Compared to three months ago, we have certainly made some progress in engaging with customers to get their commitment to work with TSMC on 5nm and 3nm. Whether this is indication of TSMC’s technology leadership, I’d be happy to say yes.”
My speculation:
Qualcomm's business seem very likely to return to TSMC from Samsung Foundry.
Nvidia's HPC business seems likely to expand for TSMC. There's speculation that Nvidia's consumer product business may return as well.
Both AMD's consumer/HPC business is growing.
Amazon seem likely to expand their business partnership with TSMC.
TSMC's (most important) relationship with Apple appears to be solid and growing.
Big questions...will grab TSMC grab Samsung's business from Tesla & Google in the future? What about Microsoft's plans for its custom chips?
3. Customers have stated technology NOT location is the most important criteria when choosing a foundry
Jeff Su (analyst) asked if customers want "geographic diversification" C.C stated customers were happy about the Arizona fab but TSMC's technology, manufacturing and efficiency were the most important factors.
investor.tsmc.com
