Nvidia for example recently left the idea of a future Samsung Fab behind, which we believe is likely due to a far superior Wafer Yield that's obtained with TSM. Not only does Nvidia solely rely on TSM's production, but so does virtually the whole world, making us puzzled about the recent divergence in TSM's valuation compared to Nvidia. And even with TSM building a fab in the United States, we expect it to be years behind when it comes online. TSM's CEO Morris Chang himself even states that the fab would be 2-2.5x more expensive, and labor costs 50% higher. In addition, we see Nvidia playing out quite similar to how Tesla (TSLA) played out in 2023 in a sense that, we see downside risks to margins once supply finally catches up with demand and any additional competition enters the space. Similar to Nvidia, Tesla also had the privilege of being years ahead of competitors in terms of EV production and expertise, which allowed them to expand gross margins to a record of 29.11% in Q1 2022.