Key Industry Takeaways from Nvidia’s $5 Billion Investment in Intel1. Partnership Could Define and Accelerate the AI PC LandscapeFor Nvidia, developing its own Windows-on-ARM processors carries high uncertainty; for Intel, establishing a competitive edge in GPUs is difficult. Teaming up (CPU + GPU) could create powerful synergies and advantages across the PC ecosystem.2. Significant Synergistic Potential in x86 / Mid & Low-Range / Inference AI ServersA key trend ahead is enterprises building x86-based / mid ...

Collaboration Synergies - Nvidia and Intel collaboration aims to define AI PC and accelerate its development, leveraging combined CPU and GPU strengths [1] - Potential high synergy in x86/mid-to-low end/inference AI servers, combining Intel's x86 server enterprise client and channel resources with Nvidia's AI chip technology [2] Competitive Landscape Impact - Investment may shift market share among competitors like AMD in PC, GPU, and x86 server chips, and Broadcom in networking chips [2] TSMC's Perspective - TSMC's advanced process technology leadership is expected to remain until at least 2030, unaffected by Nvidia-Intel collaboration [1] - TSMC's AI chip orders are unaffected as AI chips require the most advanced processes [2] - Overall risk to TSMC is considered controllable, considering continued Nvidia and Intel orders, and lower contribution from networking products using less advanced processes [2]