华尔街见闻·2026-01-16 06:57Core Insights - Nvidia's CEO Jensen Huang is focusing on securing land for future TSMC factories, indicating a long-term strategy to ensure supply chain security amid surging AI chip demand [2][3] - Huang's negotiations with TSMC involve securing land adjacent to the Fab 18 facility, aiming to acquire additional plots for future expansion [4] - TSMC's capital expenditure for 2026 is projected to reach a record $52 billion to $56 billion, driven significantly by Nvidia's strong demand [6] Group 1: Customer Dynamics - Nvidia is expected to surpass Apple as TSMC's largest customer in some quarters of 2025, reflecting a shift in customer dynamics due to increasing AI demand [7][10] - TSMC's CFO has indicated a 36% revenue growth forecast for 2025, while Nvidia's sales are projected to grow by 62%, contrasting with Apple's modest 3.6% growth [10] - The competition for production capacity is intensifying, with Nvidia and AMD's GPUs occupying more wafer space, diminishing Apple's priority position at TSMC [10] Group 2: Technology Roadmap and Production - TSMC is currently ramping up production at the 2nm node, with Apple as a primary buyer, while also preparing to produce new variants and nodes [11] - The introduction of advanced technologies like the A16 node is expected to benefit companies like Nvidia and AMD in the near term [12] - TSMC's revenue is projected to grow nearly 30% in 2026, with capital expenditures increasing by about 32%, highlighting the company's focus on AI business growth [12]