Chip sector shifts: Nvidia to beat Apple as TSMC’s top customer

00:00 Speaker A

Nvidia is shaping up to surpass Apple as Taiwan Semiconductor’s top customer in 2026, a shift that could reshape the chip sector for more we’re bringing in now.

00:10 Speaker A

Ben Bajarin, CEO and principal analyst at Creative Strategies. Ben, my friend, always great to see you. So let’s dig in, Ben.

00:15 Speaker A

You have this new post on your Substack, Substack where you you have make this interesting point, Ben. You say, you see Nvidia overtaking Apple as TSMC’s biggest customer. Just walk us through that, Ben, and and what you say in there. What is the trend?

00:29 Ben Bajarin

Yeah, so I think this has been inevitable for some time. I mean anybody who’s looked at revenue contribution by customer, probably for the last year has just seen how much Nvidia has gained and why they were on track to to basically surpass Apple. Um they’ve been pretty close and I think, you know, 2026 is the year where uh they do become TSMC’s largest customer by revenue, right?

00:46 Ben Bajarin

And and and that and I think that shifts signals a couple of different things. If you just look at TSM’s TSMC’s earnings, you see the shift to HPC, so high performance computing is the vast majority of their revenue, and that’s only going to continue to grow.

01:00 Ben Bajarin

Um and that’s just a big shift from the days of mobile, right? where Apple was really the predominant customer customer chewing up wafers for,…