UMC's CFO Liu just (https://www.sec.gov/Archives/edgar/data/1033767/000119312526301380/xslF345X06/ownership.xml) for $294M on July 13—that's not rebalancing, that's conviction evaporation. Meanwhile TSMC's June sales surged and the whole Taiwan foundry narrative is "AI capex is unstoppable." But insiders know something the crowd doesn't—and it's not about earnings margins.

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