TSMC, Micron seen holding up best if AI spending cools in 2027

The three chipmakers sit at different points in the AI supply chain: NVIDIA designs accelerators, Micron supplies high-bandwidth memory and TSMC manufactures leading-edge silicon. That division of labor explains why the author treats them differently under a 2027 slowdown. Micron enters the period with most fiscal 2027 shipments already committed, which the author casts as the strongest protection against a pullback. TSMC, serving a broad customer base, is expected to see N2 capacity more than double in 2027 even as management says it is being prudent in planning. NVIDIA, by contrast, trades near a market-level multiple while guiding to roughly 70% growth, leaving the most room if demand holds but also the most exposure if budgets stall; it also carries $279B in supply commitments. Year to date, Micron's 240.82% gain dwarfs NVIDIA's 16.58% and TSMC's 45.35%, which may explain the author's tilt toward the two perceived as more defensive.