Core Insights - Nvidia's stock has surged 1,390% over the last three years, with a $10,000 investment in October 2022 now worth $148,800 [2] - Despite Nvidia's current dominance in the GPU market with over 90% market share, competition from companies like Advanced Micro Devices (AMD) and various tech giants developing in-house chips may pressure Nvidia's revenue in the coming years [3][4] Nvidia's Competitive Landscape - AMD has signed a deal with OpenAI to supply GPUs, indicating increased competition in the GPU market [3] - Major companies such as Alphabet, Amazon, Microsoft, Meta Platforms, and Tesla are also developing their own chips, which could further erode Nvidia's market share [3] TSMC's Position and Growth - Taiwan Semiconductor Manufacturing Company (TSMC) is a key player in semiconductor fabrication, producing chips for Nvidia and its competitors [5][6] - TSMC holds approximately 70% of the semiconductor fabrication market and is essential for companies looking to manufacture advanced chips [6] TSMC's Financial Performance - TSMC's revenue is experiencing significant growth, with a year-over-year increase of 36% [10] - Monthly net revenue consistently exceeds $10 billion, with projections for Q4 revenue between $32.2 billion and $33.4 billion [11][12] Future Outlook for TSMC - TSMC is investing $165 billion to expand its fabrication capacity in the U.S., which is crucial for U.S. companies seeking to mitigate tariff impacts [8][9] - The company plans to mass-produce 2 nm chips, further solidifying its position in the semiconductor market [5] Conclusion - TSMC is positioned to outperform Nvidia over the next three years, as it fabricates chips for both Nvidia and its competitors, ensuring continued demand regardless of market share shifts [4][14]