TSMC's planned fab spending and the risk of overestimating AI demand

A commentator argues TSMC's AI-demand forecasts merit attention because it pays to build expensive fabs that could sit underused for years if demand is overestimated. They say TSMC plans to spend $60–64 billion in 2026, with heavier aggregate investment over the next three years, because AI demand keeps exceeding its expectations. They contrast that risk with Nvidia's potential valuation hit and cite $279 billion in disclosed supply and capacity commitments for Nvidia.