[ndai]

Isn’t NVIDIA fabless? I imagine (I jump to conclusions) that design is less of a challenge than manufacturing. EUV lithography is incredibly difficult- almost implausible. Perhaps one day a clever scientist will come up with a new, seemingly implausible, yet less difficult way, using “fractal chemical” doping techniques.

[hollerith]

>design is less of a challenge than manufacturing.

If so, can you explain why Nvidia's market cap is much higher than TSMC's? (4.15 trillion versus 1.10 trillion)

[JeremyNT]

I'd just say "market irrationality" and call it a day. TSMC is far closer to a monopoly than NVIDIA is, and they win no matter which fabless company is buying their capacity.

[ndai]

You could be right. But it could also be due to things like: automatic 401k injections into the market, easy retail investing, and general speculative attitudes.