Tesla's AI5 Choice of 3nm Is Not a Technical Regression, but a Quantitatively Optimal Risk Hedge

Tesla's AI5 chip using TSMC's 3nm process has sparked quite a bit of discussion in the chip community. Some find it odd: Samsung is already preparing 2nm for the AI6, yet TSMC is using 3nm for the AI5, seemingly lagging by a generation. But if you've done quantitative strategy work, you'll understand that this isn't a simple technological generational gap—it's a classic supply chain risk portfolio optimization problem.