My read on $TSM: Terafab could turn a push for chip independence into demand for TSMC's manufacturing expertise. Musk has confirmed preliminary discussions. Japan offers a useful precedent: Sony, Denso and Toyota invested in JASM, TSMC's majority-owned manufacturing venture. Funding a factory is only part of the job. Producing reliable chips at scale requires process knowledge and experience improving yield: the share of chips that work. If the talks produce a deal, my base case is customer capital and demand paired with TSMC's manufacturing capabilities. That could expand TSMC's production revenue. Who pays for the capacity and commits to buying its output will determine how attractive the business becomes.