The AI slowdown debate took $800 billion of capex to task. TSMC's record August says the money is still moving

Key Takeaways TSMC posted record August revenue of NT$514.81 billion (about $16.35 billion), up 53.3% year over year and 10.1% from July, its fourth straight monthly increase. The September 14 chip selloff (Philadelphia semiconductor index minus 5.86%) was a sentiment event: hyperscaler 2026 capex guidance, roughly $800 billion at the midpoints, has not been cut. January-August TSMC revenue is up 39.3% year over year, and customer prepayments doubled to $3.6 billion in the June quarter, signaling demand that is booked, not fading. The loudest AI story of the past two weeks was an argument about slowing down. Dario Amodei's essay "We Must Pace the Frontier" landed on September 12, and by Mond…