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TSMC's May revenue increased by 30% year-over-year, and AI chip demand has not slowed down at all. What does this figure mean for the entire industry chain: TSMC's own advanced process 3nm/5nm capacity is fully loaded, with AI/HPC orders as the main driving force. Upstream, ASML's EUV lithography machines and Applied Materials' deposition equipment delivery times are still being extended. Downstream, NVIDIA's H200/B200, AMD's MI300X, and Broadcom's custom ASICs are all increasing orders. There are also new signals on the demand side: Alphabet just issued $8 billion in bonds specifically to build AI data centers. Ray Dalio publicly warns about an AI bubble while heavily holding 6 AI stocks, honestly saying he doesn't want to hold positions. Oracle is reporting earnings tonight; cloud revenue growth is the next checkpoint to test AI demand. Whether TSMC's 30% growth can continue also depends on whether downstream customers will reduce capital expenditures due to valuation pressures. Core industry chain targets: upstream equipment TSMC/ASML/AMAT/LRCX, downstream chips NVDA/AMD/AVGO, and terminal cloud providers MSFT/GOOGL/ORCL.