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TSMC's May revenue rose 30% year-on-year, but demand for AI chips hasn't slowed at all. What does this number mean for the entire industry chain: TSMC's advanced 3nm/5nm process capacity is fully loaded, with AI/HPC orders as the main driving force. Upstream delivery times for ASML's EUV lithography machines and Applied Materials' deposition equipment are still being extended. Downstream suppliers like NVIDIA's H200/B200, AMD's MI300X, and Broadcom's custom ASICs are all placing additional orders. There are also new signals on the demand side: Alphabet just issued $8 billion in bonds specifically for building AI data centers. Ray Dalio publicly warned about the AI bubble while heavily investing in six AI stocks, honestly saying he didn't want to hold positions. Oracle released its earnings report tonight, with cloud revenue growth as the next test of AI demand. Whether TSMC's 30% growth rate can be sustained also depends on whether downstream customers will reduce capital expenditures due to valuation pressure. Core industry chain targets: upstream equipment for TSMC/ASML/AMAT/LRCX, NVDA/AMD/AVGO downstream chips, MSFT/GOOGL/ORCL terminal cloud factories.