Core Insights - Apple has been TSMC's largest customer for ten consecutive years, contributing 25% of TSMC's revenue in 2023, with a projected decline to 22% in 2024 due to increased contributions from other clients [1][3] - Nvidia is expected to surpass Apple as TSMC's largest customer, driven by explosive growth in AI chip demand, marking a potential shift in the customer landscape [1][4] Group 1: Customer Dynamics - TSMC's chairman highlighted that despite challenges in the global consumer electronics market, the company will benefit from strong demand for advanced processes and AI, which is becoming a key growth driver [3] - The collaboration between Apple and TSMC began in 2010, with Apple gradually shifting its chip manufacturing from Samsung to TSMC, culminating in a full transition for the A8 chip in 2014 [3] - Nvidia's revenue contribution to TSMC is projected to increase from approximately 5-6% in 2023 to over 10% in 2024, reflecting the rising demand for AI chips and gaming graphics cards [3] Group 2: Market Trends - By Q2 2025, Nvidia's share of TSMC's revenue is expected to rise to 19-21%, potentially equaling or surpassing Apple's share, especially during peak shipping periods in Q4 2025 [4] - The semiconductor market is transitioning from a mobile chip-driven growth model, dominated by Apple, Qualcomm, and MediaTek, to a new era led by AI chips, primarily driven by Nvidia [4]