Are partially processed wafers on Nvidia's balance sheet or TSMC's? Or are you saying Nvidia is holding sawn die in inventory? Confused as to what state the product might be in for it to make sense to hold for 4 months when supposedly you can sell everything you make.

They are on nvidias balance sheet. You also don’t sell freshly baked chips the way you do cookies. Just because they are hot out of the oven doesn’t mean you sell it right away.