TSMC’s pricing power in the AI era, a brief history of TSMC’s culture and CapEx decisions, and ongoing capacity constraints that should be pushing tech companies to build up competitors. Then: Thoughts on Netflix after Ben’s interview with co-CEO Greg Peters, including Wall Street’s concerns despite enormous success, whether and how the Warner Brothers acquisition could be a counter to YouTube, and the difference between Netflix content and user generated YouTube content. At the end: Questions about the Curt Cignetti of tech, a victory lap on OpenAI, advertising in chatbots, advertising as a force for good, and Andrew’s Starbucks habit.