At 2nm the field returns, and it is bigger than one rival. Google, Qualcomm, MediaTek, and AMD all bring 2nm silicon to market around the same time as Apple, whereas N3's first year belonged to Apple alone. Even so, we model Apple as the anchor customer, taking half of TSMC's N2 output across CY26 and CY27, while its share of N3 drops from over half in early 2026 to under 10% by end-2027. The N2 ramp and WMCM packaging give Apple's weight at TSMC a lift it has needed since Nvidia took the top customer spot, even as AI customers grow faster. Node-by-node wafer demand, pricing, packaging capacity, and an Intel 18A scenario are all in the updated Apple Foundry Model. (2/2) https://t.co/sGA08XvZaG