Asked repeatedly about challengers on its early-2026 call, TSMC's CEO C.C. Wei returned four pillars: technology leadership, manufacturing excellence, customer trust, "no shortcuts." On Intel: formidable but the rule never changes. Structural version: a fab takes 2-3 years to build and 1-2 more to ramp, so the incumbent's base survives parity for years. Venue note: the filing names no competitor; the call names Intel and Samsung — opposite the usual reliability ranking.