OP here, good points.

Your comment on Intel is correct, but it's also true that TSMC could invest billions into advanced fabs because Apple gave them a huge guaranteed demand base. Intel didn’t have the same economic flywheel since PCs/servers were flat or declinig.

That's a good clarification on Amazon, running on commodity hardware with competitive pricing != competing on price alone. It would have been better to clarify this difference when pointing out that they're trying the same commodity approach in AI.