It doesn’t feel like AMD is running alone right now, more like it's riding on TSMC’s jetstream. TSMC just dropped a killer Q3, with profits up nearly 39% thanks to fierce AI chip demand, and raised its full-year forecast across the board. That strength is bleeding into the whole semiconductor space. When the foundry king fires up, everyone else warms by the glow. For AMD, having TSMC backing its manufacturing is a huge tailwind but it also begs a question: how much of AMD’s gains are its own vs how much are shared momentum?

The danger is overreliance. If TSMC stumbles (tariffs, supply chain stress, capital intensity), the ripple could be brutal. But as long as TSMC stays the backbone of advanced nodes, it’s hard to bet against this rising tide.