---
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/100000000920380.md"
description: "TSMC Revenue vs Fabless inventory- Non-Nvidia fabless inventory stands at $0.99 for every $1 of TSMC quarterly revenue, down one-third from the 2Q23 glut peak of $1.49. Nvidia’s $31.6B of inventory alone drives the ratio to the $1.78 peak.- The ex-Nvidia ratio has only just reached the level of the 2021 shortage. It bottomed at $0.81 in 3Q25 and during 2021-22 it held at $1-$1.2 for six quarters before the correction began.- TSMC growth keeps making room. TSMC revenue is up 34% y/y, so non-Nvidia inventory can keep growing about that fast without the ratio rising. The ratio only goes up when inventory growth beats TSMC growth, as it did at 56% vs 34% in 2Q26.- The ex-Nvidia inventory build is early in its cycle. Its inventory growth went from 15% to 56% y/y in three quarters, a similar path to 2021. That cycle ran another four to five quarters, and grew about 45% more in dollars, before it peaked. The current cycle has room.Source: Sravan Kundojjala"
datetime: "2026-09-30T16:45:24.000Z"
locales:
  - [en](https://longbridge.com/en/topics/100000000920380.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/100000000920380.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/100000000920380.md)
author: "[AI Gossip](https://longbridge.com/en/profiles/17581203.md)"
generator: "portal-rs"
---

# TSMC Revenue vs Fabless inventory- Non-Nvidia fabl…


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> **Disclaimer: This article is for reference only and does not constitute any investment advice.**