Ming-Chi Kuo: TSMC's Rumored $1 Billion Apple Chip Stockpile Due to Memory Shortage is False

TF International Securities analyst Ming-Chi Kuo stated that recent market rumors claiming TSMC is stockpiling approximately $1 billion worth of Apple 2nm processor semi-finished products due to tight DRAM supply and is unable to complete packaging are inaccurate. Kuo's industry investigation shows that Apple's hardware shipment volume has been revised down this year due to storage supply shortages, but Apple plans its processor orders with TSMC about three months in advance, rather than requiring TSMC to produce semi-finished products in large quantities ahead of time. Kuo pointed out that TSMC will not produce semi-finished products in advance due to storage bottlenecks, and Apple has no reason to pay extra to request TSMC to operate in this manner. He emphasized that the increase in TSMC's inventory days in the second quarter cannot be directly attributed to Apple’s processor semi-finished products; the increase in inventory days is usually related to the ramp-up of new advanced process mass production, and TSMC's inventory also includes finished products, raw materials, and more. Additionally, TSMC's 2nm clients include not only Apple but also IC design companies like AMD and MediaTek.

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