TSMC

Full briefing

TSMC manufactures more than 90% of the world's most advanced chips (7nm and below), making it arguably the single most critical company in the global technology supply chain. Every major AI accelerator — NVIDIA's H100/H200/B200, AMD's MI300X, Google's TPU — is fabricated at TSMC. The company's CoWoS advanced packaging, which integrates HBM memory with GPU dies, has become a chokepoint in its own right: CoWoS capacity was sold out through 2025, with NVIDIA holding approximately 70% of available allocation. TSMC's geographic concentration in Taiwan creates significant geopolitical risk; the company is actively building fabs in Arizona, Japan (Kumamoto), and Germany to diversify. Its N3 and upcoming N2 nodes define the frontier of what is physically possible in silicon.