Nvidia is getting ~90% margins on their cards, which are manufactured by TSMC. Nobody else can manufacture to the same levels of density/performance/efficiency. TSMC is clearly not capitalizing well on their process advantage.

Apple and Nvidia can switch to other fabs, but performance and competitiveness will be impacted. TSMC seems to be running more like a charity than a business with the amount of margin their customers get on their products (both Apple and Nvidia)