TSMC Founder Morris Chang

9772.58 - 9797.578 Ben Gilbert

If they're looking around at competitors at other foundries and saying, okay, how much can we invest? They can invest more than anyone else because they have the most volume. And then on top of that, they are also spending in a separate bucket of R&D on the technology for their manufacturing processes. And that's how you get co-ops, which is the technology that they use for packaging for AI chips.