AI Training GPU (H100/H200/B200 class)

Taiwan Semiconductor Manufacturing Company (TWSE: 2330; founded 1987 by Morris Chang); the world's dominant pure-play foundry and the most critical single company in the global technology supply chain. TSMC manufactures approximately 90% of all sub-5nm logic chips globally, including every NVIDIA AI GPU (H100 on N4, H200 on N4X, B200 on N3E), every Apple processor (A18 on N3E, M4 on N3E), and every AMD data center chip. TSMC's N3 and N5 fabs are located in Taiwan — 100 miles from mainland China. Revenue: $93.7B (2024, +34% YoY). AI/HPC share of revenue: 57% (Q3 2025), up from 18% in 2019. N2 volume production began Q4 2025 at Fab 22 Kaohsiung — world's first 2nm logic node in production. TSMC Arizona Fab 21 Phase 1 (N4P) reached 92% yield and profitability in 2025. CHIPS Act recipient: $6.6B grant + $5B loan.

NVIDIA Corporation (Nasdaq: NVDA; founded 1993 by Jensen Huang, Chris Malachowsky, Curtis Priem) is a fabless semiconductor company and the dominant supplier of AI accelerators. NVIDIA designs all chips in-house but outsources 100% of fabrication to TSMC Taiwan. H100 (Hopper) on TSMC N4; H200 on N4X; B100/B200/GB200 (Blackwell) on N3E. NVIDIA surpassed Apple as TSMC's largest customer in 2025 ($23.4B, 19% of TSMC revenue, +62% YoY). Revenue: $130B (FY2026 guidance). AI data center segment: ~88% of total revenue. NVIDIA's GPU monopoly in AI training (95%+ share of AI accelerator market) means that global AI infrastructure buildout is physically dependent on TSMC Taiwan fabs. A Taiwan Strait crisis that halted TSMC production would immediately freeze global AI infrastructure expansion.

SK Hynix Inc. (KRX: 000660; ~₩66T revenue) is the world's #3 NAND flash manufacturer with ~18% global market share — a position significantly strengthened by its $9B acquisition of Intel's NAND business (completed December 2021), which created the Solidigm subsidiary (formerly Intel NAND) and added the Dalian, China fab. SK Hynix's primary domestic NAND production is at the Cheongju M15X fab (North Chungcheong Province, Korea). SK Hynix is also the world's dominant HBM (High Bandwidth Memory) manufacturer, supplying all of NVIDIA's H100/H200/B200 memory.

Rapidly gaining server CPU share with EPYC series (Milan/Genoa/Turin); fabless — manufactured by TSMC; also makes Instinct AI GPUs (MI300X); ~35% server CPU market share in 2024