TSMC's capex guidance climbed to $62B midpoint as hyperscalers lock in multi-year AI chip capacity, yet AMD's pending 10% price hike signals the foundry's own cost pressure is now flowing downstream. Six overbought technicals flash caution while Morningstar sees 21% upside to fair value—the valuation gap hinges on whether 3nm/2nm margin expansion can offset customer concentration risk if top-four clients hit structural demand ceilings.TSMC's capex guidance climbed to $62B midpoint as hyperscalers lock in multi-year AI chip capacity, yet AMD's pending 10% price hike signals the foundry's own cost pressure is now flowing downstream. Six overbought technicals flash caution while Morningstar sees 21% upside to fair value—the valuation gap hinges on whether 3nm/2nm margin expansion can offset customer concentration risk if top-four clients hit structural demand ceilings.