TSMC became the world's most valuable semiconductor manufacturer when its market capitalization passed Intel's in July 2020. Taiwan Semiconductor Manufacturing Company benefited from its leading position in contract chip fabrication and strong demand for advanced processors.
Unlike Intel, which historically both designed and manufactured many of its own chips, TSMC primarily manufactures designs created by other firms. Customers include Apple, Nvidia and AMD, making the foundry a crucial link in the global electronics supply chain.
Market capitalization reflects investors' expectations as well as current earnings. TSMC's lead widened as customers adopted smaller process technologies and Intel encountered manufacturing delays. The company is listed in Taiwan and also has American depositary receipts in New York.