Key Points TSMC is the world’s largest and most advanced contract chipmaker. ASML provides the lithography tools that enable TSMC to produce those chips. One of these linchpins faces more headwinds than the other. 10 stocks we like better than Taiwan Semiconductor Manufacturing › TSMC (NYSE: TSM) and ASML (NASDAQ: ASML) are both linchpins of the semiconductor market. Taiwan Semiconductor Manufacturing (TSMC) is the world's largest and most advanced contract chipmaker. ASML is the largest producer ...

Group 1 - H&H International Investment's portfolio reached a total market value of approximately $14.679 billion by the end of Q3, reflecting a growth of about 28% from the previous quarter [1] - The top ten holdings in the portfolio account for a high concentration of 99.51%, with Apple Inc. being the largest holding [1] - New investments include ASML, with significant increases in Berkshire Hathaway shares, while there were notable reductions in Alibaba and NVIDIA shares, exceeding 25% [1] Group 2 - The investment philosophy of "buying stocks is buying companies" emphasizes the importance of understanding the business, which is inherently challenging [3] - The investor acknowledges limitations in understanding certain companies, such as General Electric and Google, and advises against investing in businesses that one does not comprehend [3][11] - The principle of "finding the right people and doing the right things" is highlighted as crucial for business success, along with a focus on differentiated products and user orientation [3][5] Group 3 - The investor expresses admiration for the business models of companies like Moutai, Tencent, and Apple, while reflecting on past investment mistakes, such as in General Electric [2][18] - The investor's strategy includes a significant focus on opportunity cost and the importance of holding onto investments that align with long-term value [2][35] - The investor's approach to investing in NVIDIA is driven by the recognition of its strong ecosystem and strategic vision, particularly in the context of the AI revolution [21][26] Group 4 - The investor emphasizes that investment decisions should not be solely based on price-to-earnings ratios but rather on future cash flows [17] - The importance of understanding company culture and business models is reiterated, with a specific mention of Apple's commitment to product quality and user experience [12][14] - The investor's experience with Pinduoduo is characterized as a risk investment, with uncertainty about its long-term sustainability despite trust in its culture and team [32]

Market Overview - On November 17, US stock indices collectively declined, with the Dow Jones falling over 500 points, a drop of 1.18% [1][4] - The S&P 500 index decreased by 0.92%, and the Nasdaq Composite index fell by 0.84% [1][4] Technology Sector Performance - Major technology stocks mostly declined, with Dell Technologies dropping over 8%, AMD falling over 6%, and Intel down over 2% [1][6] - Nvidia, a key player in AI, fell by 1.88% ahead of its earnings report scheduled for Wednesday [6] - Other notable declines included Micron Technology, ON Semiconductor, Apple, and META, all down over 1% [1][6] Federal Reserve Insights - Federal Reserve Vice Chairman Jefferson indicated rising downside risks to employment, suggesting caution in further rate cuts as rates approach neutral levels [4] - The Federal Reserve has implemented two 25 basis point rate cuts in September and October, lowering the target range to 3.75% to 4.00% [4] - Market expectations for a December rate cut have decreased from nearly 100% to about 40% following hawkish comments from some Fed officials [4] Investment Sentiment - Jeffrey Gundlach, CEO of DoubleLine Capital, warned that many asset prices are extremely overvalued and recommended investors allocate about 20% of their portfolios to cash to guard against significant market corrections [4] - Gundlach described the current US stock market as exhibiting dangerous speculative characteristics, labeling it one of the most unhealthy markets he has seen in his career [4] Notable Stock Movements - Berkshire Hathaway increased its stake in Alphabet, purchasing 17.85 million shares valued at approximately $4.93 billion, marking a rare bet on a tech stock by Warren Buffett's firm [7][8] - In contrast, Peter Thiel's Thiel Macro Fund sold approximately 537,000 shares of Nvidia, representing nearly 40% of its portfolio, and also significantly reduced its position in Tesla [6][8] - Chinese concept stocks mostly declined, with the Nasdaq Golden Dragon China Index falling by 1.21%, and notable drops in stocks like Yatsen and XPeng [2][8]

Market Overview - On November 17, US stock indices collectively declined, with the Dow Jones falling over 500 points, a drop of 1.18% [1][5] - The S&P 500 index decreased by 0.92%, and the Nasdaq Composite index fell by 0.84% [2][5] - Major technology stocks mostly experienced declines, with Dell Technologies dropping over 8% and AMD falling over 6% [2][11] Federal Reserve Insights - Federal Reserve Vice Chairman Jefferson indicated that the risks to employment are increasing, suggesting caution in further rate cuts as interest rates approach neutral levels [6] - The Fed implemented two rate cuts of 25 basis points each in September and October, lowering the federal funds rate target range to 3.75% to 4.00% [7] - Despite a significant slowdown in US job growth prompting the Fed to restart rate cuts, some officials are cautious about further reductions due to a current inflation rate of 3% [8] Investment Sentiment - Market expectations for a rate cut in December have dropped from nearly 100% to about 40% following hawkish statements from some Fed officials [9] - Jeffrey Gundlach, a seasoned investor, warned that many asset prices are extremely overvalued and recommended investors allocate about 20% of their portfolios to cash to mitigate major market correction risks [9] - Gundlach described the current US stock market as exhibiting dangerous speculative characteristics, labeling it one of the most unhealthy markets he has seen in his career [9] Technology Sector Performance - Nvidia, a key player in AI stocks, is set to announce its earnings after the market closes on Wednesday, with its stock down 1.88% prior to the announcement [11] - Notably, Peter Thiel's Thiel Macro Fund sold approximately 537,000 shares of Nvidia in Q3, representing nearly 40% of its portfolio, cashing out around $100 million [11] - Berkshire Hathaway acquired 17.85 million shares of Alphabet, valued at approximately $4.93 billion, marking a rare bet on a tech stock by Warren Buffett's firm [12] Chinese Stocks Performance - The Nasdaq Golden Dragon China Index fell by 1.21%, with significant declines in several Chinese stocks, including a drop of over 20% for Yatsen and over 10% for Xpeng [3][13] - Alibaba was one of the few gainers, rising over 2% amidst the overall downturn in Chinese stocks [13]

Group 1: Alphabet - Alphabet is well-positioned in the AI sector, involved in various aspects such as large language models, AI chips, AI-powered chatbots, and cloud computing, with a pending acquisition of Wiz to enhance AI cloud security [2][4] - Google Cloud is Alphabet's fastest-growing business, with a revenue increase of 34% and an operating income surge of 89% in the last quarter, benefiting from controlling the entire tech stack [4] - The Gemini model is transforming Alphabet's search business into a discovery platform, with new features driving more queries and providing a competitive edge through distribution and data [5][6] - Alphabet has built a vast advertising network, allowing it to run campaigns globally and locally, reinforcing its position as an AI leader with a wide moat [6][7] Group 2: ASML - ASML holds a monopoly in extreme ultraviolet lithography (EUV) machines, essential for advanced chip manufacturing, with no close competitors in this technology [9][10] - The demand for AI chips and other emerging fields like robotics and quantum computing will drive the need for ASML's EUV machines, positioning the company strongly for future growth [11] - ASML's next-generation High-NA EUV machines, costing nearly $400 million, will be crucial for foundries to stay competitive, ensuring long-term growth potential for the company [12]

Core Insights - Hedge funds have significantly increased their investments in semiconductor companies during the third quarter, with a focus on memory demand and AI infrastructure [1][3][8] Group 1: Top Stocks Accumulated - Micron Technology Inc emerged as the most favored tech stock among hedge funds, driven by rising interest in memory demand linked to hyperscale training clusters [3][8] - ASML Holding NV is recognized for its critical role in producing EUV machines, with hedge funds betting on its future importance [4][8] - Other notable stocks include Apple Inc, NVIDIA Corp, Advanced Micro Devices Inc, and Taiwan Semiconductor Manufacturing Co Ltd, which saw aggressive accumulation [2][4] Group 2: Resurgence of Big-Platform Tech - Hedge funds have returned to investing in major tech platforms, with increased positions in companies like Apple, Snowflake Inc, Palantir Technologies Inc, Oracle Corp, and ServiceNow Inc [4][8] - Qualcomm Inc has also seen renewed interest as funds believe on-device AI is becoming a viable monetization opportunity [5][8] Group 3: Semiconductor Sector Dynamics - NVIDIA and AMD have regained buying momentum as hedge funds align with the upcoming Blackwell–Rubin upgrade cycle, indicating a strong interest in the AI supply chain [6][8] - Other companies like Broadcom Inc, Applied Materials Inc, and Lam Research Corp have also seen increased rankings in the tech sector [6][8] - Vertiv Holdings Co has been recognized as part of the AI trade, reflecting a shift in how hedge funds view data-center infrastructure [7][8]

芯片就是现代经济的命根子，谁掌握了高端芯片，谁就握住了未来。可偏偏有些国家总想着用技术当武器，卡别人脖子。最近荷兰那边的光刻机出口新规一 出，全球半导体圈子都跟着抖了三抖。中国这边没慌没乱，反而把自给自足的开关直接扳到加速档。 荷兰2025年10月31日直接把深紫外光刻设备DUV的出口门槛从7纳米拉到14纳米。ASML那些中端机型，像1970i和1980i，全都得走许可证这条窄路，审批时 间还延长到90天甚至更长。过去DUV还能勉强流通，现在连技术维护和服务都管起来了，敏感领域的合作项目一律叫停。 说到底，早在2023年，美国就拉着荷兰和日本搞芯片联盟，EUV设备早就被禁了。2024年又扩展到维修服务，到了2025年，DUV也彻底沦陷。荷兰政府对 外宣称是为了国家安全，防范军用风险，可谁不知道这是美国在背后指挥的科技遏制战。 ASML作为全球光刻机老大，中国市场一度占它销售的四成多，现在订单份额直线下滑，预计2025年降到25%以下。全球芯片业跟着遭殃，台积电、三星这 些巨头供应链都得重调，生产延期、成本上涨，市场波动直接传导到股市，ASML股价应声回落。 这新规的杀伤力不小。它不光卡设备，还卡配套，涵盖测量 ...

Core Viewpoint - H&H International Investment, managed by Duan Yongping, reported a total market value of approximately $14.7 billion as of the end of Q3 2025, with significant changes in its portfolio, including increased holdings in Berkshire Hathaway and ASML, while reducing positions in Apple, Alibaba, and Google [1][3][4]. Portfolio Overview - H&H International Investment holds a total of 11 companies, with Apple being the largest position at 60.42% of the portfolio, valued at approximately $8.87 billion. Berkshire Hathaway follows with a 17.78% share, valued at about $2.61 billion [3][4]. - The detailed holdings include: - Apple (AAPL): 34,829,107 shares, $8.87 billion, 60.42% of portfolio - Berkshire Hathaway (BRK.B): 5,191,300 shares, $2.61 billion, 17.78% of portfolio - Pinduoduo (PDD): 8,574,194 shares, $1.13 billion, 7.72% of portfolio - Occidental Petroleum (OXY): 13,556,100 shares, $640.53 million, 4.36% of portfolio - Alibaba (BABA): 2,777,330 shares, $496.39 million, 3.38% of portfolio - Google (GOOG): 1,810,500 shares, $440.95 million, 3.00% of portfolio [3][4]. Changes in Holdings - In Q3, Duan Yongping reduced his holdings in major stocks such as Apple, Alibaba, Nvidia, and Google, while increasing his stake in Berkshire Hathaway by 1.81 million shares. The reduction in Apple shares was notable, with a total of 2.89 million shares sold over the year [4][6]. - Duan Yongping's investment strategy reflects a cautious approach towards Apple, indicating uncertainty about its future growth potential despite its historical performance [4][6]. Focus on AI Sector - H&H International Investment has increased its exposure to AI companies, having added positions in Nvidia, TSMC, and Microsoft earlier in the year. Duan Yongping expressed a positive outlook on AI, emphasizing the importance of not missing out on potential opportunities in this sector [6][8]. - The investment in ASML, a leader in lithography machines, marks a strategic move to capitalize on the growing demand for AI-related technologies [6]. Institutional Perspectives - There is a divergence in institutional views on technology stocks, with some large firms reducing their positions in Nvidia while others, like BlackRock and Invesco, are increasing their stakes. This reflects a broader trend of varying confidence levels in the tech sector as the year ends [8]. - Analysts suggest that the AI sector will continue to be a core focus, with expectations of significant growth and investment in AI applications across various industries [8].

中国商务部在本月表示，中方同意荷兰派员来华，就安世半导体问题磋商。(作者/箫雨) 傅恪礼表示，这一事件引发的紧张关系短期内不会对阿斯麦造成影响，并补充说这场危机最坏的时候已 经过去。 今年9月底，荷兰政府突然以国家安全为由接管芯片制造商安世半导体。安世半导体母公司闻泰科技 （600745）发表声明称，荷兰政府以莫须有的"国家安全"为由，对安世半导体实施全球运营冻结，是基 于地缘政治偏见的过度干预，而非基于事实的风险评估。 中国外交部对此表示，中方一贯反对泛化国家安全概念、针对特定国家企业采取歧视性做法。有关国家 应切实遵守市场原则，不要将经贸问题政治化。中方维护自身正当合法权益的决心坚定不移。 凤凰网科技讯 北京时间11月17日，据彭博社报道，光刻机巨头阿斯麦CEO傅恪礼(Christophe Fouquet)在 谈到安世半导体争端时表示，该事件在短期内不会影响阿斯麦，这场危机最坏的时候已经过去。 傅恪礼在荷兰电视节目《Buitenhof》上表示，这场危机凸显了供应链是多么脆弱以及为何对话对于防止 争端升级至关重要。他指出，安世半导体事件让人清晰地认识到半导体产业的重要性以及"生态系统是 脆弱的"。他强调，这 ...

11月16日消息，据路透社报道，荷兰光刻机大厂ASML首席执行官Christophe Fouquet 近日在接受荷兰电视台采访时表示，荷兰半导体设备制造商尚未受到 安世半导体控制权之争导致的中荷之间关系紧张的影响。 从Christophe Fouquet的最新表态来看，目前安世半导体事件并未对ASML的业务造成影响，同时他对于该事件的解决保持乐观。 相关文章：荷兰安世未恢复晶圆供应，汽车客户与中国安世积极自救！ 编辑：芯智讯-浪客剑 Christophe Fouquet 表示："短期内不会对我们的业务造成影响"，他还补充说他认为危机最糟糕的时期已经过去。 Christophe Fouquet认为，在这类问题上，最重要的是在事情升级之前，就先坐下来好好谈，但这次的情况却反了过来，即各方并没有先沟通好，而是先发 生了升级，导致现在的冲突与紧张。 今年9月30日，荷兰经济事务部以"公司存在严重的治理缺陷"为由，强行接管闻泰科技旗下全资子公司安世半导体。此举迅速引发了中国方面的反对，随 后双方对抗持续升级，导致全球汽车芯片紧缺。直至近期中方才放松对安世半导体的出口管制，但是荷兰方面却一直未有解决问题的实际行动。 针对 ...