Core Insights - TSMC shareholders have experienced significant volatility in share prices, primarily due to rising trade protectionism and uncertainties surrounding the sustainability of AI capital expenditures [1] Group 1: Market Conditions - Concerns over escalating trade protectionism have negatively impacted TSMC's stock performance [1] - Questions regarding the sustainability of AI capital expenditure have contributed to the decline in TSMC shares [1] Group 2: Investment Perspective - The focus is on identifying market asymmetries that offer a positive reward-to-risk ratio, particularly in high-quality, wide-moat companies that generate strong cash flow [1]

Core Viewpoint - U.S. President Donald Trump expressed his disapproval of Apple building products in India, urging the company to focus on production in the United States instead [2][4]. Group 1: Trump's Comments on Apple - Trump mentioned a previous conversation with Apple CEO Tim Cook, highlighting his dissatisfaction with Apple's plans to expand production in India while the company has committed to a $500 billion investment in the U.S. [2][4]. - The President emphasized that Apple should prioritize building in the U.S. rather than in India, stating that "we want you to build here" [4]. Group 2: Apple's Production Strategy - Apple is increasing its production in India, aiming to manufacture around 25% of global iPhones in the country in the coming years, as part of its strategy to reduce reliance on China, where approximately 90% of iPhones are currently assembled [3]. - The company has not disclosed specific details regarding the increase in production in the U.S. as mentioned by Trump [4]. Group 3: Trade Relations and Tariffs - Trump discussed broader trade relations with India, labeling it as "one of the highest tariff nations in the world" and mentioning a potential deal where India would charge no tariffs on U.S. goods [5]. - Under the White House's trade protectionist policies, a reciprocal tariff of 26% has been imposed on Indian goods, which has been temporarily lowered until July [5].