Many companies that design their own chips including Apple, Huawei and Qualcomm are known as fabless chip makers. No, it doesn’t mean that their chips aren’t fabulous. It only indicates that they do not own the facilities required to manufacture their chips, known in the industry as “fabs” or fabrication plants. A company that manufactures chips using other firm’s designs is known as a foundry. Taiwan Semiconductor Manufacturing Company (TSMC) happens to be the largest independent foundry in the world.