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Acquired / episode intelligence

TSMC Founder Morris Chang

27 Jan 2025 43 published claims 2 attributable people
Open original episode ↗ Read the evidence

Speakers in the public record

Ben GilbertDavid Rosenthal

Claim mix

belief 25evaluation 8commitment 4observation 2prediction 2uncertainty 1recommendation 1

Evidence policy

Every row below preserves an exact excerpt. Identified speakers are linked; unresolved voices are labeled and excluded from people counts.

Claim ledger

The useful parts, with receipts.

43 published records

01 / evaluation

If in a year you have to hire the laid off people back, then you shouldn’t lay off because the layoff, the separation expense is usually about half a year, and it takes at least half a year to train a person.

“If in a year you have to hire the laid off people back, then you shouldn’t lay off because the layoff, the separation expense is usually about half a year, and it takes at least half a year to train a person.”
Speaker
Not verified from transcript
Publisher
Acquired

03 / belief

I think when you said that, you were neglecting Intel. At 28 nanometers, we were very definitely the leader among foundries, and maybe among a few other companies such as Texas Instruments and so on, but not Intel.

“I think when you said that, you were neglecting Intel. At 28 nanometers, we were very definitely the leader among foundries, and maybe among a few other companies such as Texas Instruments and so on, but not Intel.”
Speaker
Not verified from transcript
Publisher
Acquired

10 / belief

I signed up for AAA while I’m just sitting there in the gas station parking lot, and within, I think an hour, hour-and-a-half, they had a mobile tire inflator on a long weekend, like a holiday weekend when other people aren’t working, drive out and fill up the air in my tire so we could be quickly on our way, not ruin the weekend.

“I signed up for AAA while I’m just sitting there in the gas station parking lot, and within, I think an hour, hour-and-a-half, they had a mobile tire inflator on a long weekend, like a holiday weekend when other people aren’t working, drive out and fill up the air in my tire so we could be quickly on our way, not ruin the weekend.”
Speaker
Ben Gilbert
Publisher
Acquired

13 / belief

Actually, back in my mind, I was thinking of the time when Kissinger was Nixon’s National Security Advisor, and somebody else, whose name I have even forgotten, was the Secretary of State.

“Actually, back in my mind, I was thinking of the time when Kissinger was Nixon’s National Security Advisor, and somebody else, whose name I have even forgotten, was the Secretary of State.”
Speaker
Not verified from transcript
Publisher
Acquired

15 / uncertainty

I keep thinking about the fact that they can spend $20 billion to build a building, and the stuff that they spit out is so valuable that that $20 billion was a profitable investment in a matter of, I don’t know how many years.

“I keep thinking about the fact that they can spend $20 billion to build a building, and the stuff that they spit out is so valuable that that $20 billion was a profitable investment in a matter of, I don’t know how many years.”
Speaker
Ben Gilbert
Publisher
Acquired

16 / belief

If you like Acquired and you wish you had something Acquired-like that’s visual, that’s about history, intellectual property, and people trying crazy stuff, some of the most crazy entrepreneurs and executives within companies decided to build theme parks. It is very fun to see the weird old Nickelodeon hotels or action park in (I think) New Jersey, the wildly unsafe park from the 60s, 70s and 80s.

“If you like Acquired and you wish you had something Acquired-like that’s visual, that’s about history, intellectual property, and people trying crazy stuff, some of the most crazy entrepreneurs and executives within companies decided to build theme parks. It is very fun to see the weird old Nickelodeon hotels or action park in (I think) New Jersey, the wildly unsafe park from the 60s, 70s and 80s.”
Speaker
Ben Gilbert
Publisher
Acquired

23 / belief

I think that the financial discussion with Apple had already happened when when Jeff Williams called me in February of 2011. It was a very short conversation where said we need to pause our discussions for two months because the highest level of Intel has approached Tim Cook and has asked Tim Cook to consider Intel.

“I think that the financial discussion with Apple had already happened when when Jeff Williams called me in February of 2011. It was a very short conversation where said we need to pause our discussions for two months because the highest level of Intel has approached Tim Cook and has asked Tim Cook to consider Intel.”
Speaker
Not verified from transcript
Publisher
Acquired

27 / belief

However, setting the R&D at 8% did not invite any opposition from the board. But suddenly increasing capital spending threefold (I think) did invite a lot of questions from the board.

“However, setting the R&D at 8% did not invite any opposition from the board. But suddenly increasing capital spending threefold (I think) did invite a lot of questions from the board.”
Speaker
Not verified from transcript
Publisher
Acquired

29 / commitment

If you don’t accept the offer within 48 hours, we’ll have to go to an arbitrator, which was what he had suggested to the previous CEO anyway, that we will go to the arbitrator.

“If you don’t accept the offer within 48 hours, we’ll have to go to an arbitrator, which was what he had suggested to the previous CEO anyway, that we will go to the arbitrator.”
Speaker
Not verified from transcript
Publisher
Acquired

32 / belief

Anyway, I (of course) had to accept Jeff Williams’ request. But again, as I just told you, I wasn’t all that worried because what reviewed in my mind, all the characteristics that Apple is looking for in a supplier, technology at that time, we thought we were almost at par with Intel.

“Anyway, I (of course) had to accept Jeff Williams’ request. But again, as I just told you, I wasn’t all that worried because what reviewed in my mind, all the characteristics that Apple is looking for in a supplier, technology at that time, we thought we were almost at par with Intel.”
Speaker
Not verified from transcript
Publisher
Acquired

38 / prediction

Ideally, you spend no time in the low volume period. It seems like over time, all the returns in the industry, the winner is the one with all the volume, because they’ll just have the lowest prices.

“Ideally, you spend no time in the low volume period. It seems like over time, all the returns in the industry, the winner is the one with all the volume, because they’ll just have the lowest prices.”
Speaker
Ben Gilbert
Publisher
Acquired

41 / recommendation

You can even start unprofitable with your prices in the early days in a given node generation, because the goal is to crowd out the competition, become the industry dominant number one player, get all the customers.

“You can even start unprofitable with your prices in the early days in a given node generation, because the goal is to crowd out the competition, become the industry dominant number one player, get all the customers.”
Speaker
David Rosenthal
Publisher
Acquired

42 / evaluation

Which is funny because in older interviews sometimes he goes, well, the timing was a little lucky on when fabless happened. But I think he even said to Jensen in the first few years of TSMC, growth wasn’t very high because we were waiting for the customers to emerge.

“Which is funny because in older interviews sometimes he goes, well, the timing was a little lucky on when fabless happened. But I think he even said to Jensen in the first few years of TSMC, growth wasn’t very high because we were waiting for the customers to emerge.”
Speaker
Ben Gilbert
Publisher
Acquired
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