Or he feels like Apple has a much larger moat than TSMC. At the end of the day, TSMC is a very expensive contract manufacturer. Nothing more.
TSMC isn't a factory, it is a group of people who know how to design, build and operate the most advanced chip factories.
This is different than what Intel/AMD/Nvidia/Apple does when designing their own chips, right?
Even designing different types of chips require different competencies. Apple couldn’t just design a graphics chip to compete with Nvidia and infamously, Intel couldn’t design a modem chip to compete with Qualcomm