[chrischen]

Well if TSMC is not doing anything valuable then someone tell the shareholders because ASML is worth almost only half of TSMC.

[Mikeb85]

Why is Apple worth more than ARM and TSMC?

[dgfitz]

Software

[Mikeb85]

I know the answer. It was rhetorical.

Also you missed that the closer you get to the consumer, the more units you sell. There's less purchasers of tools than consumers.