2025 年 10 月 30 日，据路透社援引多位知情人士消息，全球人工智能领军企业 OpenAI 正启动首次公开募股（IPO）筹备工作，初步估值瞄准 1 万亿美 元，计划融资规模不低于 600 亿美元。若该计划落地，其融资额将远超 2019 年沙特阿美 294 亿美元的 IPO 纪录，成为全球资本市场史上规模最大的公开 上市交易。 这一消息瞬间引发全球资本关注。作为生成式 AI 革命的引领者，OpenAI 的上市计划被视为检验当前 AI 产业热度的 "终极试金石"，其估值水平更将为整 个行业建立新的价值锚点。 关于上市关键时间节点，市场传出多重信号。据 OpenAI 首席财务官 Sarah Friar 向内部同事透露，公司已明确将 2027 年作为上市目标年份。但更激进的 预测显示，在市场环境利好的前提下，上市进程可能加速 —— 部分财务顾问指出，公司或提前至 2026 年底挂牌，最早于 2026 年下半年就可能向证券监 管机构提交上市申请。 对此，OpenAI 官方保持谨慎态度。公司发言人在回应中强调："IPO 并非我们的重点，因此不可能设定具体日期。我们正聚焦于打造可持续发展的企业， 推进通用人工智能（ ...

以下文章来源于腾讯科技 ，作者唐志敏 腾讯科技 . 腾讯新闻旗下腾讯科技官方账号，在这里读懂科技！ 【编者按】第十五个五年规划启幕。展望下一个五年规划方向、2035远景目标、乃至到本世纪中叶的第二 个百年目标，规划蓝图如何制定，中国经济将呈现何种特色？腾讯科技邀请各领域专家，推出特别策划 《擘画新蓝图·聚焦十五五》系列文章。 文丨 唐志敏 深圳理工大学算力微电子学院院长、象帝先董事长 编辑丨苏扬 过去40年，处理器芯片呈现出"否定之否定"的螺旋式发展道路：自研-放弃自研-自研。 系统结构的一致性，更能推动架构层面的创新，比如把RISC-V作为统一指令系统，所有 CPU/GPU/xPU都基于RISC-V及其扩展来开发，在扩大规模效应的同时，高效利用研发资 源。 指令集相当于软硬件"连接器"，按标准编写软件，即可向硬件发出计算指令。 01 经济规模与生态成本 决定架构的"生与死" 计算机差不多经历了八十多年的历史，早期特点是集中式处理，少数专业人员通过终端设备才 能访问到昂贵的计算资源。 最近5年，越来越多的整机和平台厂商，重新加入自研的"芯片战争"，并且显现出一个新趋势 —— 以CPU为中心的同构计算系统，转变 ...

Core Viewpoint - The retirement of TSMC's senior vice president, Luo Weiren, marks the end of a significant 21-year career at the company, with speculation about his potential return to Intel to lead key R&D efforts [1][2]. Group 1: Luo Weiren's Career at TSMC - Luo Weiren joined TSMC in 2004 and held various senior positions, including vice president of operations and R&D, contributing to the company's strategic development and technological advancements [2]. - During his tenure, he led teams to overcome multiple technical challenges, resulting in over 1,500 patents, including approximately 1,000 U.S. patents, significantly enhancing TSMC's capabilities in advanced technology [2][4]. Group 2: Potential Return to Intel - Industry insiders suggest that while Luo Weiren's return to Intel is speculated, several factors such as non-compete agreements, his age, health considerations, and loyalty to TSMC may hinder this move [4]. - Despite these concerns, some analysts believe that Luo's U.S. citizenship might allow him to navigate around certain restrictions imposed by TSMC [4]. Group 3: Impact on the Semiconductor Industry - TSMC's advanced technology breakthroughs under Luo's leadership, particularly in EUV technology and the production of 5nm, 3nm, and 2nm processes, have been pivotal for the company's success [4]. - Intel's current production capabilities, including the 18A process for the "Panther Lake" processor, still rely on TSMC's manufacturing for certain components, indicating the ongoing interdependence within the semiconductor industry [5].

Core Viewpoint - The Chinese semiconductor industry is expressing serious concerns regarding the intervention of the Dutch government in Nexperia, a subsidiary of member company Wentai Technology, emphasizing the need for a fair and non-discriminatory business environment [1][2]. Group 1 - The Chinese Semiconductor Industry Association firmly supports its member companies in defending their legitimate rights and maintaining a stable global supply chain [1]. - The association opposes the misuse of "national security" concepts to impose selective and discriminatory restrictions on Chinese enterprises' overseas branches [2]. - Discriminatory measures against specific companies are seen as detrimental to an open and inclusive global semiconductor ecosystem, which the association strongly opposes [2].

案件揭示了当前芯片产业自主化进程中的暗流：犯罪团伙通过回收废旧芯片，利用激光打磨、重新 刻字等精密工艺，将廉价芯片伪造成英飞凌、德州仪器、 诺亚德 等国际品牌的高端产品。 隐蔽作案：订单式生产与跨境伪装 以王某、邓某霞等人为核心的犯罪团伙，利用国内高端芯片供给缺口，构建了一条从原料会收到跨 境销售的黑产链条。 该团伙作案手法隐蔽，采用 " 订单式生产"模式 ，通过设立多家空壳公司接单，包括深圳市中宝某 大半导体有限公司、深圳市尚某半导体有限公司、深圳市同某科技有限公司等，虚构"欧洲代理 商"身份向汽车电子、工业控制领域企业供货。 为规避监管，团伙频繁更换公司抬头、分散客户资源，采用跨区域收发货、多账户结算等反侦查手 段，大大增加了查处难度。 大数据溯源与跨部门协作 今年6月，南山派出所接企业报案后启动侦查，依托大数据分析技术对异常芯片流通轨迹进行追 踪，逐步锁定团伙核心成员与作案窝点。 近日，据法治中国网报道称，深圳市公安局南山派出所联合市场监管部门，成功侦破一起涉案金额 巨大的假冒高端芯片案件。该案是国内首例针对进口假芯片的重大刑事案件，标志着我国在打击芯 片产业犯罪、维护供应链安全方面取得突破性进展。 假 ...

Core Viewpoint - The article discusses the tensions between Dutch authorities and Wentech Technology regarding the control of Nexperia, highlighting the potential risks to the European semiconductor supply chain and the broader automotive industry due to the ongoing dispute [1][3][4]. Group 1: Company Statements and Reactions - Wentech Technology criticized the Dutch government's actions as interference and demanded the return of control over Nexperia, stating that this is essential for restoring the Netherlands' damaged reputation and alleviating international tensions [1]. - A spokesperson for Wentech Technology indicated that the Dutch government's intention seems to be to allow a new local company to take over Nexperia, but any such attempt is likely to fail as customers would not follow the new entity [3]. - The spokesperson emphasized that if the Chinese and European operations of Nexperia are severed, the company would lose a significant portion of its backend capacity, which cannot be replaced by European or other regions in the foreseeable future [3]. Group 2: Industry Impact - The disruption caused by the Dutch government's actions has led to a "major earthquake" in the global automotive supply chain, affecting major automotive companies in the US, Europe, and Japan [3]. - Volvo and Volkswagen have warned that if the deadlock regarding Nexperia is not resolved, European factories may face temporary closures, while Bosch indicated that its German production lines could also be impacted, potentially leading to employee layoffs [3]. - A report cited by German media revealed that 86% of the analyzed 107 leading European companies across seven industries source chips from Nexperia's production base in China, indicating that a significant portion of European industry faces potential risks [4]. Group 3: Diplomatic Efforts - The situation has prompted the Dutch government to recognize the seriousness of the issue, leading to discussions with Chinese authorities and consultations with multiple EU member states [4]. - The European Union is actively negotiating with China regarding the Nexperia situation, seeking a "quick and pragmatic solution" [4]. - Jim Farley, CEO of Ford Motor Company, disclosed that the US government is also intervening to mediate the situation [4].

Core Viewpoint - The merger between Skyworks and Qorvo aims to create a leading global high-performance RF, analog, and mixed-signal semiconductor company, with a combined valuation of approximately $22 billion [1][3]. Strategic Basis and Transaction Highlights - The transaction is expected to deliver significant long-term value for customers, employees, and shareholders [2]. Transaction Details - Qorvo shareholders will receive $32.50 in cash and 0.960 shares of Skyworks common stock for each share held, leading to a combined enterprise value of about $22 billion [3]. Enhanced Scale and Financial Position - The merged company is projected to have total revenues of approximately $7.7 billion and adjusted EBITDA of $2.1 billion, enhancing its competitive ability against larger firms [4]. - The merger will create a more predictable performance and a more efficient cost structure, resulting in resilient cash generation [4]. Stronger Innovation Capability - The merger will form an innovative global RF, analog, and power technology company, combining around 8,000 engineers and over 12,000 patents to accelerate the development of advanced system-level solutions [4]. Creation of a $5.1 Billion Mobile Business - The merger will integrate complementary RF technologies and products, expanding opportunities in the mobile sector and enhancing revenue stability [4]. Establishment of a $2.6 Billion Diversified Market Platform - The transaction will create a diversified market platform valued at $2.6 billion, targeting sectors like defense, aerospace, edge IoT, AI data centers, and automotive, characterized by strong long-term growth trends [4]. Enhancement of Domestic Manufacturing Position - The merged entity will strengthen its domestic manufacturing capabilities and improve capital efficiency, supported by a robust supply chain network [4]. Immediate and Significant Value Addition - The transaction is expected to immediately and significantly increase non-GAAP earnings per share and generate $500 million or more in annual cost synergies within 24-36 months post-integration [4]. Shareholding Structure and Leadership - Post-merger, Skyworks shareholders will own approximately 63% of the combined company, while Qorvo shareholders will hold about 37% [5]. - Phil Brace will serve as CEO of the merged company, with Bob Bruggeworth joining the board [5]. Financing and Leverage - Skyworks plans to finance the cash portion of the transaction through existing cash and additional financing, with commitments from Goldman Sachs and Bank of America [5]. - The expected net leverage ratio at closing will be approximately 1.0 times adjusted EBITDA, supporting ongoing business investments [5]. Timeline and Approval - The boards of both companies have unanimously approved the transaction, which is expected to close in early 2027, pending regulatory and shareholder approvals [6].

Core Viewpoint - The rumored acquisition of Qorvo by Skyworks Solutions could significantly reshape the RF chip market and enhance the bargaining power with key clients like Apple [4][5][6][8]. Group 1: Acquisition Details - Acquirer: Skyworks Solutions, a prominent semiconductor company providing RF chips and wireless communication solutions primarily for Apple and Samsung [1]. - Target: Qorvo, a major player in the RF semiconductor sector, also supplying Apple and other Android manufacturers, with operations in 5G, IoT, and defense [3]. - Rumored acquisition price: Approximately $8 billion, reflecting Qorvo's value as an industry leader [4]. Group 2: Potential Impacts and Analysis - Creation of an RF chip giant: The merger would result in a significant new entity in the RF front-end market, enhancing competitive positioning against other giants like Broadcom [5]. - Strengthened bargaining power with key clients: The combined entity's importance in Apple's supply chain would likely increase, potentially improving negotiation leverage, though it may raise concerns about supply chain concentration [6]. - Significant synergy effects: The merger could lead to integrated R&D resources, reduced redundant expenses, and cost savings through economies of scale, thereby enhancing profitability [6]. - Facing strict antitrust scrutiny: The merger's success is uncertain due to potential regulatory challenges from antitrust authorities in the US, EU, and China, which may require divestitures of overlapping businesses or even block the deal [6]. Group 3: Market Reaction and Current Status - Rumor status: The news was initially reported by The Wall Street Journal, with no official announcements from Skyworks or Qorvo yet, leaving the deal's terms and feasibility uncertain [8]. - Market reaction: Following the rumors, Qorvo's stock price surged while Skyworks' stock price declined, indicating differing market perceptions regarding the deal's prospects [8].

Core Viewpoint - The article discusses the impact of China's rare earth export control policies on TSMC, highlighting the company's current confidence in its suppliers' inventory levels while acknowledging potential long-term risks if supply constraints persist [1][2][6]. Group 1: TSMC's Current Situation - TSMC's executives express confidence that their suppliers currently have sufficient rare earth inventory to sustain operations for 1-2 years despite potential supply chain disruptions [2][4]. - The company is exploring alternative sources for rare earth materials, such as Australia, but acknowledges that transitioning to these suppliers will take time due to the underdeveloped state of Australia's rare earth mining industry [6][10]. Group 2: Impact of Export Controls - China's recent announcement of export controls on certain rare earth materials could significantly affect TSMC's supply chain, particularly if its main suppliers like ASML and TEL face restrictions [4][9]. - The export controls cover a range of rare earth elements and related items, with stringent measures similar to those imposed by the U.S. on technology exports [9][10]. Group 3: China's Dominance in Rare Earths - China dominates the global rare earth market, controlling approximately 40% of rare earth mineral reserves, nearly 70% of global extraction, and about 90% of processing capacity [8][10]. - The article emphasizes that many modern high-tech devices rely on Chinese rare earths, making it challenging for countries like the U.S. and its allies to establish independent supply chains [10][11].

Core Viewpoint - Cadence's strong Q3 2025 performance, driven by AI chip demand, leads to an upward revision of annual revenue guidance, highlighting the importance of AI in system-level design optimization [1][4][5] Financial Performance - Q3 2025 revenue reached $1.339 billion, exceeding market expectations of $1.32 billion by 1.4% and showing a year-on-year growth of 14% [1] - The company raised its full-year revenue guidance to a range of $5.26 billion to $5.29 billion, significantly higher than previous forecasts [1] Key Drivers - Continued investment from core clients like NVIDIA, TSMC, and Intel in AI chips and high-performance computing (HPC) is identified as a key growth driver [1][5] - Cadence's CEO emphasized the shift from model training to system-level design optimization, indicating a growing demand for scalable and verifiable design capabilities [1] Technological Advancements - Cadence is developing AI-driven system design platforms and the JedAI intelligent data architecture to enhance automation from chip to system levels [4] - Over 50% of Cadence's tools now integrate "optimization AI," with expectations to increase this to over 80% in the next two years [4] Strategic Acquisitions - Recent acquisitions, including Arm Artisan IP and Hexagon's Design and Engineering business, align with industry trends and aim to address complex design challenges [4] - The company is focusing on expanding capabilities in design IP, multi-physics simulation, and system-level analysis (SDA) [5] Market Outlook - Despite short-term pressures, including lower-than-expected EPS guidance for Q4 2025, the long-term growth is supported by AI-driven system design demand [5] - The global AI chip market's explosive growth is expected to provide strong support for Cadence's long-term performance, despite ongoing policy uncertainties [7]