➀ Malcolm Penn at IFS2025 discussed the threat to Moore's Law, emphasizing that it is not technological challenges but a lack of competitive vigour that poses the threat. ➁ He cited Intel and Samsung's failure to catch up with TSMC in leading-edge processes as a contributing factor. ➂ Penn highlighted TSMC's cost management and the potential for price increases without competition, emphasizing the importance of cost reduction for industry growth.