AI semiconductor demand is still growing, but TSM looks like a better value play than AMD or Nvidia right now. AMD just reported a 50% revenue increase for Q2, and Nvidia expects a 95% jump later this month. While both are growing fast, they rely on TSM to manufacture their chips. TSM also makes chips for Apple, Amazon, and Microsoft. Their revenue is up 37% this year and they hold a 73% market share in the foundry space. Because of this dominance, they are planning to raise prices next year. Valuation is the main difference. TSM trades at a forward P/E of 25. AMD is at 63 and the broader semiconductor ETF is around 67. TSM seems like a cheaper way to get exposure to the whole AI supply chain.