[dlcarrier]

A quick search for "TPM side-channel attack" substantiates that claim.

Looking at the manufacturers of TPM ICs, it makes sense. Most of them make microcontrollers that have code-protect bits in them that are notorious for being susceptible to simple side channel attacks, but also for not being a target simply because no one cares about the object code on any random product's microcontroller.

I worked at a company that sold a microcontroller that executed from external memory, so there was no possible way to have built-in code protect bits, and some potential customers complained until we included a library to encrypt the external memory, run a small unencrypted bootloader which included the a plain-text decryption key, then run the encrypted program. That checked their box, despite doing nothing useful.