The Cost of US-Made AI Chips: TSMC Margins Squeeze, Global Supply Chain Restructuring Accelerates

I noticed an interesting detail: TSMC's factory in Arizona hasn't started mass production yet, but political pressure from the Trump administration demanding they "accelerate moving advanced processes back to the US" is already directly reflected in their gross margin figures. According to analyst reports cited by CNBC, TSMC's Q2 2026 gross margin is expected to drop below 50%, down about 3 percentage points year-over-year, primarily because operating costs at the US factory far exceed those in Taiwan.