黄仁勋，亲赴台积电“要产能”

Core Viewpoint - The article highlights the strong demand for AI-related products and the critical role of TSMC in ensuring chip supply for NVIDIA, emphasizing the deepening relationship between the two companies amid a competitive landscape in the semiconductor industry [1][2][3][4]. Group 1: NVIDIA's Demand and Supply Chain Dynamics - NVIDIA's CEO Jensen Huang visited Taiwan to request increased chip supply from TSMC, indicating the company's robust business performance and the growing demand for its products [2][3]. - Huang's statement, "Without TSMC, there is no NVIDIA," underscores the essential role TSMC plays in NVIDIA's success, particularly in the production of the Blackwell series chips [4][9]. - The demand for NVIDIA's products, including the Blackwell series and rack-level configurations, is immense, with supply capacity being a critical bottleneck [5]. Group 2: TSMC's Manufacturing Capacity - TSMC's advanced manufacturing capabilities are in high demand globally, with CEO C.C. Wei confirming that the company's capacity remains "very tight" [6]. - NVIDIA aims to become a major customer for TSMC's 3nm process, potentially accounting for about 30% of TSMC's total output, amidst competition from rivals like Qualcomm [7][8]. Group 3: Future Revenue Projections - At the GTC conference, Huang projected that NVIDIA could achieve a cumulative revenue of $500 billion from its data center business between 2025 and 2026, significantly exceeding previous market expectations [13][14]. - This revenue visibility is seen as a positive factor for NVIDIA's stock price, with analysts noting that the target surpasses consensus estimates by 12% and Goldman Sachs' own forecast by 10% [14][15].