The fuses are blown when the chip is manufactured to encode a _pre-calculated_ 2048-bit rsa key-pair, selected from a giant collection which intel generated en-mass to have some properties that allow the two 1024-bit primes to be encoded using only 272 bits each (if I'm reading it right):
"The TPM on the security and management engine features a preinstalled endorsement key (2048-bit RSA). The endorsement key is required to be unique per hardware part. Because of its uniqueness, the endorsement key cannot simply be hard-coded in the firmware, which is the same on all parts. Instead, hundreds of millions of endorsement keys are pregenerated. During Intel’s manufacturing process, different key materials are burned to the platform’s security fuses for all parts, respectively. Note that key materials are not the key value. [...] This algorithm is implemented by the key generation facility and not the TPM firmware."
(Same source as parent)