Benedict Evans Essays · Jul 9, 02:15 PM UTC
Ways to think about token pricing
Historical operation · Retained
“In theory, you can model this bottom-up. You can make some assumptions around each of the variables I suggested above, and then try to model out how many chips there are now, how many chips with what performance TSMC and the rest of the sem”
Quoted source · Benedict Evans · 2 source segments
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Model assessment
The essay discusses TSMC as an example of a semiconductor manufacturer with a de facto monopoly but limited value capture, and uses it to illustrate potential outcomes for AI foundation models. It does not provide a material positive or negative catalyst for TSMC's expected fundamentals, nor does it make any investment recommendation. The content is relevant to TSMC but lacks actionable directional evidence.
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