DISCIPLES OF CLAUDE
观察名单 · 论点台账
←返回book
标的详情

TSM

−2.9% 锁定以来(持仓同向) (价格 +2.9%) · 最新收盘价 457.99(10月8日) · 最高收盘 485.80 · 最低收盘 446.28 · 锁定至今 18 天 · 自提交(9月20日)以来(持仓同向):−5.4%

四个版面对同一标的的全部所知,汇于一页。

已锁定谱系
LOCKED · Ethan · 裁定截止 2028年1月 · 469 天后
The foundry at the end of every forward order. The mechanism is the order book, not the wafer: leading-edge capacity is sold years ahead against the labs' and hyperscalers' training plans, and if those plans are paced — by a regulator, a grid that cannot deliver the gigawatts, or a budget that funds debt service first — the cancellation shows up in the next quarter's advanced-node revenue and in the margin a full fab earns and a half-full one does not. TSM is the single point where every merchant AI-hardware order clears, which is why it is the cleanest expression of hardware urgency dying — and the most dangerous, because the same position was in effect on the week this was written and lost: the memory and GPU names rose, and the primary source for the pacing call disclaims any halt. The book files it dated, because a short with a printed falsifier is how the room learns whether the regulatory-freeze story ever reaches a fab. The expression is defined-risk by construction — a January 2028 put structure, worst case known on entry. The kill is two prints of the company saying the opposite: advanced-node revenue growing year over year with gross margin held or better, twice in a row. Verdict due January 21, 2028.

−2.9% 锁定以来(持仓同向) (价格 +2.9%) · 最新收盘价 457.99(10月8日) · 最高收盘 485.80 · 最低收盘 446.28 · 锁定至今 18 天 · 自提交(9月20日)以来(持仓同向):−5.4%

已于 2026-09-21 封存 —— 主张本身、何以致败、何以成立,均凭外部回执冻结。此处任何内容都无法被悄然改动。
成立条件:TSM does not report both y/y advanced-technology (7nm-and-below) wafer revenue growth and gross margin at-or-above prior-year at two consecutive quarterly prints — through the deadline.
证伪条件:TSM reports y/y growth in advanced-technology (7nm-and-below) wafer revenue AND gross margin at or above the prior-year quarter at two consecutive quarterly prints (TSMC quarterly results / management report, first-release vintage), before 2028-01-21.
核验明细

每枚指纹都是被冻结原文的 SHA-256 摘要 —— 摘要相符,即证明你所读的文字就是封存时的文字。

主张指纹(thesis_hash)c5ea76f17955493e…证伪条件指纹(falsifier_hash)d73650deea6cc093…成立检验指纹(predicate_hash)f74d424def9b938a…外部存证回执 manual_operator · 摘要 4e40996f87a5f65e… · received
交叉质证

成员可对已锁定谱系提交反证;台内须在期限前公开作答 —— 无论作答与否,该期限都在此呈现。

尚无成员对此标的的已锁定谱系提交反证。质证席已开放:在 Slack 中使用 `/thesis challenge TSM <你的反证>`。

COUNTER-EVIDENCE ≠ GRADE — a challenge never grades the thesis and never moves a score; it puts the desk on a public clock. —— 反证不等于评级:一次质疑绝不为论点评级、绝不移动分数;它只是使本台进入公开计时。
版次评估
版次评估

全场在各封存版次中评定的是命题 —— 而非某位成员。

2026-10-03 · CARRY 事后补录 版次哈希 6cbb3f12f574ec962d2274d6…
本周 · 0 项事件

暂无已记录事件

查看本周 →

即将到来
10月15日 · 财报 — 背景参考,而非证据
到期裁定日 · 裁定截止 2028年1月 · 469 天后

预定发布的数据仅是背景,绝非证据 —— 此处一切均不为论点评级。

仲裁事件
仲裁事件TSMC Q3-2026 results — advanced-node revenue share and y/y; gross margin vs prior-year (first of the two-print test) (pin from issuer calendar at lock) · 2026-10-15 · TSMC quarterly management report and release, first-release vintage · record advanced-node revenue y/y sign and gross margin vs Q3-2025; two consecutive 'growth AND margin held' prints falsify · 0/2
最新行情
最新行情

近两周此标的的行情无事可记。

行情
行情

+5.4% 自入册以来 · 2026-09-18 → 2026-10-08

2026-10-08 · 457.99

6/14 个交易日有持仓方向 — 同向性,而非裁断。

最新交易日 +0.1TSM · 2026-09-25
收盘 -0.12% — 与持仓同向
持仓方向:SHORT,自 2026-09-20 起
2026-10-03 所在周的期号 —— 已封存
仅为行情同向性记录。 TAPE ≠ VERDICT —— 行情不等于裁定.
−0.5TSM · 2026-09-28
收盘 0.50% — 与持仓反向
持仓方向:SHORT,自 2026-09-20 起
2026-10-03 所在周的期号 —— 已封存
仅为行情同向性记录。 TAPE ≠ VERDICT —— 行情不等于裁定.
−0.9TSM · 2026-09-29
收盘 0.90% — 与持仓反向
持仓方向:SHORT,自 2026-09-20 起
2026-10-03 所在周的期号 —— 已封存
仅为行情同向性记录。 TAPE ≠ VERDICT —— 行情不等于裁定.
+0.2TSM · 2026-09-30
收盘 -0.16% — 与持仓同向
持仓方向:SHORT,自 2026-09-20 起
2026-10-03 所在周的期号 —— 已封存
仅为行情同向性记录。 TAPE ≠ VERDICT —— 行情不等于裁定.
−0.7TSM · 2026-10-01
收盘 0.66% — 与持仓反向
持仓方向:SHORT,自 2026-09-20 起
2026-10-03 所在周的期号 —— 已封存
仅为行情同向性记录。 TAPE ≠ VERDICT —— 行情不等于裁定.
−3.0TSM · 2026-10-02
收盘 2.96% — 与持仓反向
持仓方向:SHORT,自 2026-09-20 起
2026-10-03 所在周的期号 —— 已封存
仅为行情同向性记录。 TAPE ≠ VERDICT —— 行情不等于裁定.
−2.8TSM · 2026-10-05
收盘 2.75% — 与持仓反向
持仓方向:SHORT,自 2026-09-20 起
仅为行情同向性记录。 TAPE ≠ VERDICT —— 行情不等于裁定.
+0.7TSM · 2026-10-06
收盘 -0.72% — 与持仓同向
持仓方向:SHORT,自 2026-09-20 起
仅为行情同向性记录。 TAPE ≠ VERDICT —— 行情不等于裁定.
+2.1TSM · 2026-10-07
收盘 -2.09% — 与持仓同向
持仓方向:SHORT,自 2026-09-20 起
仅为行情同向性记录。 TAPE ≠ VERDICT —— 行情不等于裁定.
+3.0TSM · 2026-10-08
收盘 -3.01% — 与持仓同向
持仓方向:SHORT,自 2026-09-20 起
仅为行情同向性记录。 TAPE ≠ VERDICT —— 行情不等于裁定.

每日收盘至收盘回报率 · Financial Modeling Prep 日终收盘价,每日自动摄取 · 最新交易日 2026-10-08.

TAPE ≠ VERDICT — tape agreement never grades a proposition and never derives an assessment. —— 行情不等于裁定:行情同向性绝不为命题评级,也绝不由此推导评估。
时间轴泳道
时间轴泳道
ARBITERT−6dTSMC Q3-2026 results — advanced-node revenue share and y/y; gross margin vs prior-year (first of the two-print test) (pin from issuer calendar at lock) · TSMC quarterly management report and release, first-release vintage
MARKETT−6dearnings — context, not evidence
LOCK-DEADLINET−469d须于 2028-01-21 前通过其检验

时间轴上的完整泳道

身份标识
身份标识
规范代码TSM首现版次2026-09-19名录状态在册
2026-09-19 → 沿用至今 · TSM THESIS-COVERAGE-1 registration 2026-09-21 (operator, founder ruling: every registered thesis tracked)
分歧
分歧

此标的的编辑层与裁定层之间无分歧。

开放立场栈

见于 0 个开放成员立场栈中的 0 个。

完整记录存于立场栈 — 立场是坐标,绝非建议。