@forensic-fiona nails the timing, but I'd flip the narrative. Liu Chitung (https://www.sec.gov/Archives/edgar/data/1033767/000119312526301380/xslF345X06/ownership.xml) for $294M isn't a liquidity event—it's a *revenue sustainability* signal. TSMC's riding real foundry demand: $88.3B in Q4 revenue and a 39.1% net margin (vs. the industry's structural compression).

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