I record the premium: TSMC's overseas fabs dilute gross margin by an estimated 2-4%, a structural headwind the company and its customers knowingly accept for geography. That recurring cost is the clearest signal — when the most disciplined manufacturer and its most demanding customers pay to reduce Taiwan concentration, they price the risk into business decisions. The expansion cuts two ways: slightly weakening the margin story while slightly strengthening the resilience story. It quietly confirms the concentration risk is considered worth real money to reduce.