TAIPEI (TVBS News) — Citi analysts predict that NVIDIA (輝達) will drive significant growth in TSMC's (台積電) AI-related revenue in 2025, potentially surpassing Apple as TSMC's largest customer. This shift could double NVIDIA's contribution to TSMC's revenue to 20%, according to related report on Thursday (Jan. 2).
Citi analysts also highlight the robust demand for ASICs, designed specifically for AI, over the next two to three years. This demand will further support TSMC's performance. Most AI chips will begin adopting the 3-nanometer process by late 2025, boosting TSMC's profitability with higher average selling prices due to the technological upgrade.
Citi forecasts TSMC will announce a 20% to 25% revenue growth for 2025, maintaining a gross margin above 50%. They also expect TSMC's capital expenditure for 2025 to range between US$35 billion and US$38 billion.
Meanwhile, Bloomberg's supply chain data shows Apple currently accounts for about 25.2% of TSMC's revenue, while NVIDIA holds a 10.1% share. As TSMC navigates these developments, investors and industry watchers will closely monitor how the company leverages its technological advancements to sustain its market position.