That would be the point of spinning it out. They could have an IPO, raise as much capital as there is in the observable Universe, and build enough fabs to satisfy all the demand.
LLM AI is largely HBM bottlenecked anyway i.e. Samsung, SK Hynix and Micron are where the supply chain limits enter the picture.
The memory industry just got busted from the covid bubble and are not too keen to jump into the AI bubble.
Edit: But perhaps with the exclusivity deals, the likes of TSMC are less reliant on spreading the cost over 15+ years than they used to be. To be clear, I was talking about long-term use.
But it looks like they've actually been buying back some shares - they've got fewer shares outstanding than they did a year or two ago.
Not that it matters much - they've still got plenty of cash and other capital available.
We don't even have enough McDonald's employees, how the hell are we going to just suddenly have multiple companies creating fabs left and right? TSMC cannot even build their Arizona plant without a shortage of workers.
There is good reason nobody wants to be in the fab business.