According to the semiconductor supply chain, TSMC's current process capacity utilization rate has fully recovered, and the 2-nanometer progress has also exceeded expectations. In the first quarter, in addition to the slow recovery of 8-inch capacity utilization rate, TSMC's 12 inch production utilization rate has also reached over 80%, especially with the 5/4-nanometer process remaining fully loaded. The contract price of nearly $20000 for 3 nanometers has risen from 75% by the end of 2023 to 95%, and the monthly production capacity in the first quarter has reached 100000 pieces ahead of schedule. According to the supply chain, TSMC's 2-nanometer progress has been quite smooth. Baoshan P1 factory will start trial production in the fourth quarter of 2024 and enter mass production in the second quarter of 2025. The first customer to adopt it is still Apple, and many customers including Intel, MediaTek, Qualcomm, and AMD have also started cooperation.