TSMC is being called an attractive long-term buy as AI money moves from building data centers to filling them with chips — good news for chip investors, and for Taiwan's biggest company.

• Data center spending worldwide is set to more than double over the next couple of decades, from around $800 billion this year.
• The mix is changing: buildings last 30 years, but the chips inside get swapped out every few years, so more of the budget goes to semiconductors over time.
• Microsoft already puts two-thirds of its cloud spending into GPUs, CPUs and other short-life gear rather than buildings.
• TSMC makes the chips no matter who wins — Nvidia GPUs, Amazon's own Trainium, or Broadcom and Google's custom designs — and holds about 73% of the contract chipmaking market.
• Its stock trades under 25 times earnings while sales are expected to grow 25% a year, with profits growing faster.

Outlook: If AI buildout keeps running, TSMC's scale and process lead should keep pulling in orders from every side of the chip race.