Chip titan TSMC looks immune to trade and supply chain disruptions, but not to consumer wallets. A heady valuation multiple for Taiwan’s $295 billion supplier to Apple, Huawei and others reflects its relentless march on rivals in developing cutting-edge semiconductors. Rising retail prices for ever-fancier smartphones, though, may soon spoil the party.

After shrinking for three consecutive years, the smartphone market is finally on track to grow this year. That’s largely thanks to 5G-powered models, which promise mobile data speeds as much as 100 times faster than the current wireless technology. Industry tracker IDC reckons smartphone shipments worldwide will top 1.4 billion units by the end of the year, up 1.5%. Of that, 5G handsets will account for some 14%.

That bodes well for the world’s top contract-chipmaker, which research firm TrendForce reckons dominates with over half the market. The company, formally known as Taiwan Semiconductor Manufacturing, is at the forefront of making semiconductors used in smartphones, personal computers, and even crypto-currency mining machines.

TSMC’s lead over rival chipmakers - South Korea’s Samsung Electronics and U.S.-based Intel – is considerable and the Taiwanese company’s customers are probably wary that it does not gain too much pricing power. Still, it means the outfit is less vulnerable to customers moving production or shifting supply chains to avoid tariffs and security concerns.