TSMC’s latest financial snapshot reveals a shift in its top revenue driver: NVIDIA has overtaken Apple as its largest customer, generating NT$726.9 billion in 2025—an increase of more than double compared to the previous year. While TSMC typically avoids naming specific clients, NVIDIA CEO Jensen Huang’s remarks suggest that NVIDIA now holds the client A position in the company’s reports, a title previously held by Apple.
The figures show NVIDIA contributed 19% of TSMC’s total revenue last year, up from 12% in 2024. Apple, while still significant with NT$645.1 billion (17%), saw its share decline from 22% the prior year. The surge in NVIDIA’s business suggests a ramp-up in advanced-node production, though it does not necessarily mean twice as many chips were manufactured—higher costs per unit for leading-edge processes and additional services like packaging likely played a role.
This shift has implications beyond revenue numbers. For PC builders, the change could influence GPU supply chains, particularly if NVIDIA continues to prioritize its own high-end products over discrete market segments. Apple’s reduced share may also signal a shift in TSMC’s focus toward AI and data-center workloads, which are core to NVIDIA’s business model.
One detail worth noting is the continued support for 32-bit games on RTX 50-series GPUs, a niche but important consideration for legacy hardware compatibility. While this doesn’t directly impact TSMC’s supply dynamics, it underscores NVIDIA’s broad approach to addressing different market segments—from high-end AI chips to older game titles.
The question now is whether this trend will persist. TSMC’s capacity expansion, including plans for a $45 billion investment in 2026, suggests it is bracing for continued demand from NVIDIA and other major clients. For Apple, the decline in its share could pressure its own roadmap, particularly if TSMC prioritizes NVIDIA’s needs in advanced-node production.
For now, the shift reflects a competitive landscape where NVIDIA’s dominance in AI and data-center markets is reshaping foundry relationships. Whether this benefits PC builders or pushes operational costs higher remains to be seen, but one thing is clear: TSMC’s largest customer has changed, and the implications will ripple through the industry.
