TSMC’s 2nm ramp is now a capacity question

TSMC is pushing 2-nanometre production toward a larger share of capacity this year. AI accelerators and high-bandwidth memory are taking the wafers, the advanced packaging and the EUV hours. Foundry and logic capital spending is rising for the first time since 2022. That is a change in who the capacity is for. It is not a new consumer cycle.

Consumer, industrial and automotive silicon are still heavy with inventory. Equipment suppliers are in both markets at once: lithography for AI is booked, and much of the subsystem business is not. Emissions per chip are rising as packaging gets more complex. The same profit-and-loss account is carrying a boom and a glut.