TSMC

Taiwan Semiconductor Manufacturing Company (TSMC) is the world's largest dedicated semiconductor foundry, fabricating over 60% of all semiconductors globally and more than 90% of the most advanced chips (sub-7nm). Founded in 1987 by Morris Chang in Hsinchu, Taiwan, TSMC pioneered the pure-play foundry model. Its customers include Apple, Nvidia, AMD, Qualcomm, and most major chip designers. TSMC's geographic concentration in Taiwan makes it both a critical chokepoint for AI chip governance and a geopolitical vulnerability. The company is expanding fabrication capacity in Arizona under U.S. CHIPS Act incentives. Annual revenue exceeded $87B in 2024.