TSMC’s revenue climbed 36% last year to $122 billion, it reported Thursday. Apple’s role as the primary driver of TSMC revenue growth ended five years ago. TSMC’s sales from high-performance computing, which includes AI chips, climbed 48% last year on top of 58% growth the year before. Even if Nvidia did overtake Apple by purchases, the breadth of its manufacturing footprint at TSMC is nowhere near as large. The bubble may burst, or it may slowly deflate, but the growth trajectory will surely flatten and that means demand for leading-edge AI chips will fall.