Per the annual filing: Fab 1 entered high-volume manufacturing end-2024, Fab 2 (3nm, H2 2027) under construction, Fab 3 commenced 2025, more land acquired 2026 — all 100% TSMC-owned, backed by $6.6B CHIPS grants, up to $5B loans, 25% tax credit. Headcount doubled to 5,000+. CEO expresses "much more confidence" on cost structure; an analyst calls it "more and more strategic." A hedge doesn't need a third fab and more land — a second manufacturing center does.