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According to Annabelle Miller from ECP, Nvidia is investing $5 billion in Intel and partnering to develop AI and PC products, primarily providing cash support rather than a foundry deal. Tailored Intel CPUs may slightly impact TSMC, but Nvidia still relies on TSMC’s manufacturing excellence.
Miller notes that China’s restrictions on Nvidia AI chips pose a near-term risk, as firms like ByteDance and Alibaba pause orders, forcing TSMC to reallocate production. Despite this, TSMC’s long-term growth remains strong, capturing most AI chip manufacturing.
With Nvidia projecting five-fold AI investment growth to 2030 and wafer prices set to rise 5–10% in 2026, Miller highlights that TSMC is well positioned for medium-term revenue gains. Intel may improve over time but is unlikely to take significant share from TSMC.
