[genmud]

I don't think that they should have TSMC do everything, but being coupled at the hip with the foundry business has not been, and is still not a winning strategy.

If the foundry business could execute (in timelines, in yields, and in sales), then having a vertically integrated company makes a ton of sense. However, that has not been the case for a while and will take years to get them back in a position where they can execute on the foundry side.

Right now the market and the board is dealing with the company equivalent of having your 25 year old kid stay their home rent-free, while spending tons of money, and getting piss drunk, then taking a shit on the hallway rug. At a certain point, you have to kick them out and tell them to get their life together, because the alternative is being homeless.

What they are doing / have done is obviously not working, they aren't being judicious in their spending, they aren't innovating, and everything is being dragged down due to institutional mediocrity.