Taiwan Semiconductor (TSM) Uproots Apple
Key Highlights
For the first time in more than ten years, AI processors have replaced smartphones as the primary revenue catalyst for TSMC
Nvidia’s contribution to TSMC’s total revenue has reached approximately 19%, surpassing Apple’s 17% share
February revenue hit NT$317.66 billion (~$10.1 billion), marking a 22.2% increase compared to the previous year
The opening two months of 2026 show nearly 30% year-over-year growth, representing the company’s most robust off-peak performance on record
TSM shares currently trade at approximately 23x forward earnings, with analyst consensus targeting $423.50—suggesting potential upside exceeding 24%
For more than a decade, Apple dictated TSMC’s operational rhythm. Every autumn brought a wave of iPhone component orders, and the semiconductor giant’s fortunes ebbed and flowed accordingly. That chapter has definitively closed.
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