TSMC's performance is off the charts! But pre-market trading is down 1.7%—what exactly is the market afraid of? Net profit: $23.6 billion, up 68.7% year-over-year. Revenue: $46.7 billion, up 50.9% year-over-year. The only tiny flaw: gross margin guidance at 66.4%, slightly below the expected 66.5%. The reason? Early-stage production yield for 2nm. But this is unavoidable—every time there's a generational shift in manufacturing processes, there's a ramp-up period with fewer qualified products, which drags down gross margins. This is a normal cost, not a demand issue. AI demand is still far beyond expectations. C.C. Wei specifically emphasized the growing demand for Agent AI CPUs and mentioned ongoing discussions with Elon Musk about using Terafab to aggressively expand production! Following the principle of "less is more," capital expenditure details haven't been disclosed yet—better to say less and avoid mistakes!