The Projection — a symmetric watercolor butterfly

The Projection

The surface is never the system.

← Research · Q1

TSMC (foundry construction (fab capex)) → Arizona State Land Department hypothesis — not confirmed

$197.2M — TSMC won a January 2026 Arizona State Land Department auction for 900 acres (part of the NorthPark development adjacent to its existing campus) for $197.25M.

high confidence · about Arizona state land department

$197.2M — TSMC won a January 2026 Arizona State Land Department auction for 900 acres (part of the NorthPark development adjacent to its existing campus) for $197.25M.

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the working

Basis

$197.2M — TSMC won a January 2026 Arizona State Land Department auction for 900 acres (part of the NorthPark development adjacent to its existing campus) for $197.25M.

This is a hypothesized partial answer to TSMC → unnamed vendor(s) — land, shell & materials (foundry construction (fab capex)) — not a confirmed decomposition of its figure, and not counted toward any total.

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