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Acquired
Deep company histories that reconstruct strategy, ownership, competition, unit economics, and the decisions behind enduring businesses.
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TSMC founder Morris Chang
Ben GilbertDavid RosenthalMorris Chang
TSMC’s structural moat is neutrality: it manufactures customers’ chips without competing in product design, while Taiwan’s dense ecosystem compounds scale, trust, and learning-curve advantages.Chang’s 28nm bet lifted annual capex to nearly $6 billion, and Apple’s 20nm detour briefly gave Samsung a 16nm lead, highlighting the capital-allocation trade-offs behind leading-edge dominance.