Citigroup: It is expected that TSMC will continue to be the main foundry for NVIDIA and Intel.

A Citigroup analyst report indicates that after NVIDIA's collaboration with Intel, TSMC may still be the main foundry for these two companies. NVIDIA confirmed in August that TSMC is producing six new chips for its next-generation Rubin architecture. Citigroup analysts predict that any potential NVIDIA-Intel joint development products in the coming years will continue to rely on TSMC's technology. They forecast that by 2026, TSMC's revenue from NVIDIA will grow by 50% and from Intel by 20%. "If other large US tech companies/TSMC's existing customers announce investments in Intel in the near future, we would not be surprised," the analysts said. However, they point out that TSMC's leading position in the foundry business remains stable and expect the company to continue investing in its Arizona fab to serve US customers.