Taiwan Semiconductor posted earnings today that beat estimates and raised its full-year revenue guidance to over 30% growth, up from previous projections. The Iran war, the Hormuz blockade, none of it dented the AI chip pipeline.

TSMC makes the silicon that powers Nvidia's Blackwell GPUs, and those are sold out through mid-year with a backlog from Microsoft, Meta, Amazon, and Google. Last time TSMC upgraded guidance mid-cycle like this was early 2024, right before the AI trade went parabolic.

The question now is whether this strength stays concentrated in semis or starts pulling broader tech along. Feels like the AI capex story is running on its own gravity at this point.