Find XO: TSMC Smiles While Valve Screams, the Semiconductor Supercycle Bill Comes with Hardware (bloomberg.com)

- The week TSMC's Q2 revenue jumped 36% year-over-year, Valve engineers said the memory crisis is still worsening, and Steam Machine prices, which have exceeded $1,000, could rise further. - The benefits of the supercycle go to foundries, while the costs hit hardware teams' BOM. - Since Valve also cannot secure memory at desired prices, the weapon for emerging hardware teams is not purchasing power but designs that operate with less DRAM.