TSMC, meanwhile, has a corporate commitment to trust, a promise recognized across the industry — even by Nvidia founder Jensen Huang. That trust extends into tomorrow, which is why TSMC invests vast sums in developing process technology it believes customers will need tomorrow, rather than waiting for them to order up capacity today. That’s also why TSMC today offers some of the world’s most advanced interconnects, enabling powerful tech that likely includes Apple’s M5 Ultra. But just as important as technology and manufacturing capacity is a trusted relationship between companies.
That’s not to say capacity doesn’t matter. It does. And as Apple continues to sell its products in ever greater quantities, it knows it must source additional supply; that’s why it speaks to Intel, Samsung, or even CXMT about the components its products require. But ultimately, a company that historically has felt let down by numerous key competitors — think Google, Samsung, and Android or, more recently, elements of OpenAI — will place a great deal of value in discretion and corporate trust.
After all, Apple has learned that in the ultra-competitive market in which it exists, what some call paranoia will in the end be seen as business sense.
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