$TSM Confidence Signal TSMC announced it plans to sell up to 152 million shares of Vanguard to focus capital on its core business. You only divest a decades-long strategic position when your own business is more profitable than anything else you could hold. VIS operates in mature nodes. 28nm and above. Decent business. Stable margins. But structurally capped on upside. It is also a confidence signal. You only monetize a long held strategic stake when you are absolutely certain your own pipeline is more valuable than the optionality that stake provided. TSMC held that VIS position for decades. Letting it go now says one thing clearly: the internal roadmap is so capital intensive and so profitable that maintaining a 27% minority position in a partner they no longer sit on the board of is just dead weight on the balance sheet. The timing also matters. TSMC is simultaneously ramping N2 in Taiwan, building fabs in Arizona, Kumamoto, and Dresden, and scaling CoWoS capacity for NVIDIA, Apple, and AMD simultaneously. Capital is not just useful right now. It is urgently needed. So yes. You divest the non-core stake when your own business is generating the kind of returns that make everything else look like a distraction. That is exactly what this is.