TSMC is really undervalued at current price. The high-end chips made by TSMC are perpetually in demand! No worries about glut - it only apply to those making low-end chips.
TSMC technology is 3 years ahead of Intel - producing 3nm while Intel still in 7nm. It is all about how advance your chips are compared to your competitors.
TSMC shares slide, as Taiwan plays down Intel's $20 billion expansion challenge