TSMC (Taiwan Semiconductor)

TSMC holds an ~$950 billion market cap, reflecting its irreplaceable role as the world's most advanced chipmaker. It manufactures chips for Apple, NVIDIA, AMD, and virtually every AI accelerator, and its 3-nanometre and 2-nanometre process nodes give customers a decisive performance advantage. The company's 90% gross margin on leading-edge nodes far exceeds the industry average of 60%. Geopolitical risk has accelerated its Arizona and Japan fab expansions, with the Phoenix plant completing first test wafers in late 2025. While smaller than #9 Berkshire Hathaway, TSMC's monopoly on advanced fabrication makes it indispensible to the global economy.