TSMC wins the second-source slot by default

The chain runs through procurement policy rather than through engineering. Once a buyer mandates dual sourcing, the second supplier's volume is set by contract rather than won on benchmark, and pricing follows the constraint rather than the comparison. Two procurement disclosures make the case. Both of the largest buyers have now confirmed multi-vendor accelerator strategies in their own filings, and neither framed it as a cost decision. The position: long on TSMC, entry locked at publication and the exit dated rather than open-ended. The target is stated in the call block above and the horizon with it. Sized to the catalyst rather than to conviction, with the invalidation written into the kill-switch card instead of left implicit. The risk is a demand shock large enough to make the supply argument irrelevant. If end demand rolls over, a packaging queue stops being a constraint and starts being idle capacity, and the mix argument goes with it.