TSMC's P/E is under 20. Disclaimer: I hold

TSMC is cheap because of the risk of invasion, otherwise they would have a pretty insane valuation already.

How is their fab build in AZ going?

Not incredible I hear, but that could just be Morris trying to get more subsidies.

P/E is under 20 is the norm, not the exception. Even companies like meta, apple etc. had pe near 10 for long time.

Yes, but also TSMC is the chip manufacturer that makes NVidia's GPU compute units.

Goog, Meta? They are by far leading in AI research, and they've both developed their own chip. Apple is also going to come out ahead with their Neural chip - imagine chatGPT and stable diffusion becoming part of the iOS SDK

Yes, I can imagine commoditization of such models. Plus they own their chips/silicon and have billions of devices deployed. I think Apple is one to watch because UX is challenge for AI integration. ChatGPT made UX for LLMs user friendly. Apple's design history is superior to its competitors.

I would add MSFT due to their exposure to OpenAI and their very successful previous and upcoming integrations (GH Co-Pilot, Bing revamp, upcoming Excel Co-Pilot etc.)

Meta has their own chip they actually use? IIRC LLaMA was trained on A100s.

Apple is non-viable for LLM workloads.