90% Market Share, 214x Interest Coverage, and a 5% Discount: Why I'm Buying TSM Here

The Impossible Chokepoint Every investor in artificial intelligence is making the same bet whether they know it or not. They're betting that one company in Hsinchu, Taiwan, can keep converting sand into the most complex objects humanity has ever manufactured, at margins that would make a luxury goods CEO jealous. That company is Taiwan Semiconductor Manufacturing, and it just printed its strongest March in history. I don't say that casually. ( TSM ) reported March 2026 revenue of NT$415.19 billion, up 45.2% from a year ago. First quarter sales hit NT$1.134 trillion, landing at the very top of the company's own guidance range. This isn't a beat driven by accounting tricks or one-time items. It's raw demand from customers who have no alternative supplier for the chips powering the AI buildout. Here's what caught my attention: while the rest of the semiconductor industry outside of AI spent the last year flat or contracting, TSMC added the equivalent of a mid-cap foundry's entire annual revenue to its quarterly run rate. In twelve months. That acceleration signals something structural, not cyclical.