The money printing press that is chip maker TSMC
Company that solves hard problems in key industry gets high profit margins, news at 11.The longer I've worked in tech, the more it becomes obvious why traditional business school approaches do not work in innovative fields.  Between 2000 and 2016 Semi firms focused on outsourcing the expensive and high risk portion of their product to firms like TSMC, starting around 2016 a lot of companies looked at the risks and costs of further node shrinks in what they believed was a commodity business - shrugged their shoulders and decided they wouldn't chase after it.In 2022, TSMC is effectively the only game in town for the latest generation of chips - and isn't letting up.  Anyone who wants to "catch-up" is now stuck with the daunting prospect of spending ~100 billion dollars to re-create a commodity business.