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The operating figures below show two highly profitable companies, not two directly comparable stocks. TSMC’s 2025 results and Nvidia’s fiscal 2026 results cover different reporting periods, and neither company’s annual revenue or margin by itself shows which stock is cheaper or more likely to outperform. A stock decision also requires a current share price, valuation multiples, balance-sheet analysis, time horizon and risk tolerance.
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Why TSMC and Nvidia belong in the same conversation
Modern AI hardware usually involves several specialized businesses. One company develops a computing platform and sells products to customers; another manufactures advanced semiconductor wafers; other companies provide equipment, memory, packaging, networking and software. TSMC and Nvidia occupy different positions in that chain.
TSMC’s role is manufacturing. It says it does not design or market chips under its own name, instead producing customer-designed semiconductor products. Nvidia’s role is platform commercialization: its reported businesses sell computing and graphics products, systems and related technologies. Nvidia therefore captures revenue when customers buy its platforms, while TSMC captures revenue when customers place manufacturing orders for its processes and packaging capabilities.
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They can benefit from the same underlying AI build-out without having the same financial exposure. Nvidia’s results are tied directly to demand for its Data Center platforms. TSMC’s results are tied to the volume and mix of customer products that use its manufacturing technologies, including AI-related processors and advanced packaging.
TSMC: the pure-play foundry model
What TSMC sells
TSMC sells manufacturing services rather than a branded chip portfolio. Customers bring designs to the foundry, and TSMC uses its process technology, factories, equipment and packaging capabilities to produce them. Its 2025 report describes capacity expansion as a response to customer demand and links leading-edge and advanced-packaging demand to AI-related growth.
Chairman and Chief Executive Officer C.C. Wei described the strategic principle this way in TSMC’s 2025 annual report: “Our success is predicated on our steadfast adherence to the pure-play foundry business model.” That is a company statement about strategy, not an independent judgment about the stock.
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- Consolidated revenue was US$122.42 billion, also reported as NT$3,809.05 billion.
- Gross margin was 59.9%, operating margin 50.8% and net margin 45.1%.
- Wafer shipments totaled 15.0 million 12-inch-equivalent wafers.
- Advanced technologies generated 74% of wafer revenue. TSMC defines advanced technologies in this disclosure as 7-nanometer and more advanced processes.
These are TSMC’s reported 2025 results. They are not a forecast, a stock return or a valuation measure.
What drives the investment case
For TSMC, the central operating questions are whether it can develop and ramp new processes, secure enough capacity for customer demand, and earn an acceptable return on the factories and equipment required to do so. A successful process transition can support pricing and product mix; a delayed ramp, weak utilization or an execution problem can pressure margins because the cost base is large and specialized.
TSMC also describes a global expansion plan involving manufacturing activity or plans in Taiwan, the United States, Japan and Europe, while continuing to invest in Taiwan. A broader footprint may place production closer to customers and provide geographic resilience, but it also means managing construction, staffing, utilities, equipment deployment and operating standards across multiple locations. The company’s report does not quantify every possible cost or risk associated with that expansion.
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Nvidia: a computing and graphics platform company
How Nvidia reports its business
Nvidia reports two operating segments: Compute & Networking and Graphics. Its products include chips, systems and related technologies used in computing and graphics applications. Unlike a foundry, Nvidia’s revenue is generated by selling platforms and products to customers rather than by manufacturing a broad set of customers’ designs as a service.
Fiscal 2026 operating scale
- Revenue was US$215.9 billion.
- Gross margin was 71.1%.
- Operating income was US$130.4 billion.
- Compute & Networking revenue was US$193.5 billion; Graphics revenue was US$22.5 billion.
- Data Center revenue was US$193.7 billion, up 68% year over year.
Nvidia’s fiscal 2026 period is not the same period as TSMC’s calendar-year 2025 reporting period. The figures should therefore be read as separately reported annual snapshots, not as a perfectly matched comparison.
Side-by-side figures, with the fiscal-period caveat
| Measure | TSMC | Nvidia |
|---|---|---|
| Reporting period | 2025 annual results | Fiscal 2026 filing |
| Revenue | US$122.42 billion; NT$3,809.05 billion | US$215.9 billion |
| Gross margin | 59.9% | 71.1% |
| Operating margin or income | 50.8% operating margin | US$130.4 billion operating income |
| Net margin | 45.1% | Nvidia’s cited filing figures here do not provide a net-margin figure |
| Key reported volume or mix | 15.0 million 12-inch-equivalent wafer shipments; advanced technologies were 74% of wafer revenue | Data Center revenue of US$193.7 billion, up 68% year over year |
| Reported operating segments | Pure-play foundry manufacturing | Compute & Networking; Graphics |
The table compares company-reported measures that are available for each period. It does not adjust the fiscal calendars, currency presentation, accounting definitions or business mix, so it should not be treated as a like-for-like valuation or profitability ranking.
AI exposure: the same trend, different transmission mechanism
Nvidia’s direct Data Center exposure
Nvidia reported US$193.7 billion of Data Center revenue in fiscal 2026, representing the clearest direct link in these figures between the company and AI infrastructure spending. Data Center revenue rose 68% year over year in that filing. If customers continue buying Nvidia’s computing platforms, that demand can flow into revenue relatively directly.
The same concentration creates a dependency. The company’s fiscal 2026 mix places most reported revenue in Data Center and the Compute & Networking segment. A slowdown in large-scale infrastructure spending, a change in customer purchasing patterns or stronger competition could therefore matter disproportionately. The reported figures identify the concentration; they do not quantify how future demand or margins would change.
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TSMC’s indirect but broad manufacturing exposure
TSMC does not report “AI revenue” as a branded product line in the figures cited here. Its AI exposure comes through customer demand for leading-edge processes and advanced packaging. When customers design processors or related products that require those technologies, TSMC can benefit from wafer production and packaging volumes.
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That exposure is indirect: TSMC depends on customers’ designs, orders, product launches and inventory decisions. It may also be broader than a single platform company because the foundry can manufacture products for customers serving multiple end markets. However, the available figures do not provide a complete customer-concentration breakdown or a quantified allocation of revenue to AI.
Capital intensity and geographic footprint
Why manufacturing investment matters more to TSMC
A foundry must continually fund cleanrooms, fabrication equipment, process development, advanced packaging and supporting infrastructure. TSMC’s reported 15.0 million 12-inch-equivalent wafer shipments show the scale of the manufacturing network, while the 74% advanced-technology share of wafer revenue shows how much of that revenue came from 7-nanometer and more advanced processes.
Capacity decisions are made ahead of production. Building or equipping a facility before demand is fully visible can leave the company with underused capacity; waiting too long can constrain customer growth or surrender orders to another supplier. TSMC says its capacity expansion responds to customer demand and expects robust AI-related demand entering 2026 while macroeconomic uncertainties persist. That expectation is management’s outlook, not a guaranteed outcome.
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TSMC continues investing in Taiwan while describing manufacturing activity or plans in the United States, Japan and Europe. The geographic spread can improve proximity to customers and diversify production locations, but the company must execute each project without losing process consistency or cost discipline.
The cited materials establish the expansion and investment plans. They do not quantify geopolitical risk, utility availability, water use, construction overruns, local operating costs or customer concentration. Those issues are important diligence topics, but a precise comparison with Nvidia cannot be made from the disclosed figures alone.
Nvidia’s different capital profile
Nvidia sells platforms rather than operating a pure-play foundry. Its reported business therefore has a different manufacturing-cost and capital-investment profile from TSMC’s. The company’s fiscal 2026 gross margin of 71.1% and operating income of US$130.4 billion describe its reported economics, but they do not establish how much of the underlying supply-chain investment is borne by Nvidia, its manufacturing partners or customers.
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Policy and export-control exposure
Nvidia’s documented H20 example
Nvidia’s filing states that the U.S. government informed the company in April 2025 that a license would be required for H20 exports to China. The filing records resulting adjustments to performance-plan goals. This is a specific, documented example of a government decision affecting product-export planning.
It should not be presented as a complete statement of current export rules. Export controls can change by product, destination, technical specification and date. Investors should read the latest company filing and applicable government notices before drawing a current conclusion.
TSMC’s policy exposure
TSMC’s disclosed risks in the cited material center on manufacturing execution, technology development, capacity planning, customer demand and its expanding geographic footprint. Semiconductor manufacturing is also exposed to policy and cross-border conditions, but the supplied annual-report material does not quantify those exposures sufficiently for a matched risk score against Nvidia.
How the major risks differ
| Risk area | TSMC | Nvidia |
|---|---|---|
| Core operating dependency | Successful process development, factory execution, capacity planning and utilization | Continued demand for computing and graphics platforms, particularly Data Center products |
| AI sensitivity | Customer orders for leading-edge manufacturing and advanced packaging | Direct Data Center platform revenue; US$193.7 billion reported for fiscal 2026 |
| Investment requirements | Large, ongoing investment in fabs, equipment, process technology and packaging | Platform and product development; the cited figures do not separate all supply-chain capital requirements |
| Geographic issue identified in the reports | Continued Taiwan investment alongside expansion or plans in the United States, Japan and Europe | Export access can be affected by government licensing decisions |
| Documented policy event | The cited material does not provide a single quantified policy event comparable to Nvidia’s H20 disclosure | April 2025 notice that a license would be required for H20 exports to China |
| What the cited material does not quantify | Geopolitical, utility, water, construction and customer-concentration risks | Future financial effect of export restrictions, demand changes or competitive pressure |
This is an exposure map, not a probability ranking. Neither company’s annual report permits a reliable statement that one has lower overall risk for every investor.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Customer and end-market diversification
TSMC’s foundry model means its revenue depends on orders from companies that design products for different end markets. That can reduce dependence on any single branded platform, but it also makes TSMC sensitive to the combined cycle of customer inventories, launches and cancellations. The cited figures do not disclose enough customer-level detail to calculate concentration.
Nvidia’s fiscal 2026 numbers show a pronounced Data Center weighting: US$193.7 billion of Data Center revenue compared with total revenue of US$215.9 billion. Graphics contributed US$22.5 billion, while Compute & Networking contributed US$193.5 billion. Those categories are useful for understanding mix, but they do not by themselves reveal the number of customers, customer concentration or the duration of contracts.
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What these results say—and do not say—about the stocks
Revenue and margin are not valuation
Nvidia’s US$215.9 billion of fiscal 2026 revenue is larger than TSMC’s US$122.42 billion of 2025 revenue, but the periods differ and the companies sell different things. Nvidia’s 71.1% gross margin is not directly comparable with TSMC’s 59.9% gross margin without considering business model, accounting presentation, product mix and fiscal timing.
A company can report strong growth and still have an expensive stock. Conversely, a slower-growing company can be attractively valued if the market price already reflects pessimistic expectations. Determining which stock is cheaper requires at least a current share price, shares outstanding or market capitalization, forward or trailing earnings, cash flow, balance-sheet data and a clearly defined comparison date. Those market and valuation inputs are not established by the operating figures above.
Stock returns are a separate question
Company revenue and margin describe business performance over a reporting period. Stock returns also reflect the price investors paid, changes in expectations, interest rates, currency, dividends and valuation multiples. The reported annual results cannot establish which stock outperformed or will outperform.
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A practical framework for comparing the two stocks
- Match the dates. Use the latest filings for both companies and identify each fiscal period before comparing growth, margins or guidance.
- Separate the business models. Treat TSMC as a manufacturing-capacity and process-execution exposure; treat Nvidia as a platform-demand and product-mix exposure.
- Measure AI dependence correctly. For Nvidia, examine Data Center revenue and its share of total revenue. For TSMC, examine leading-edge and advanced-packaging demand, wafer mix and capacity plans rather than assuming all revenue is AI revenue.
- Stress the operating risks. For TSMC, test assumptions about utilization, process ramps, overseas-factory costs and demand cycles. For Nvidia, test assumptions about Data Center growth, customer concentration, competition and export licensing.
- Check policy information by date. Nvidia’s April 2025 H20 disclosure is historical evidence of regulatory exposure, not a substitute for current export-control rules.
- Only then analyze valuation. Compare the current price with earnings, free cash flow, growth expectations, balance-sheet strength and your own required return.
- Match the choice to your risk tolerance. An investor seeking direct exposure to AI-platform spending may assess Nvidia differently from one seeking exposure to semiconductor manufacturing across customers and end markets.
Questions an investor should answer before buying either stock
- Am I comparing the same reporting dates and currency basis?
- Do I understand whether my thesis depends on Nvidia’s Data Center spending or TSMC’s ability to manufacture many customers’ designs?
- What happens to my thesis if AI infrastructure growth slows, customer inventories rise or product launches slip?
- How would a new export-control decision affect Nvidia’s products, customers and planning?
- Can TSMC add capacity and overseas facilities without unacceptable delays or cost increases?
- What valuation am I paying today, and what growth is already reflected in that price?
- How much volatility and semiconductor-cycle risk can I tolerate?
Bottom line
TSMC is the manufacturing backbone: a capital-intensive pure-play foundry whose AI opportunity comes through customers’ leading-edge chips and packaging needs. Nvidia is a platform seller with far more direct Data Center exposure, reflected in US$193.7 billion of fiscal 2026 Data Center revenue. TSMC’s key questions involve process leadership, capacity, capital deployment and geographic execution; Nvidia’s include platform demand, concentration and export-policy access.
The reported numbers demonstrate scale and profitability, but they do not answer the investment question by themselves. A defensible TSMC-versus-Nvidia stock decision requires matched current filings, live valuation data and a risk assessment suited to the investor making it.
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