Core Insights - The demand for AI HPC (High-Performance Computing) is driving the need for advanced packaging solutions, particularly TSMC's CoWoS technology, but some cloud service providers (CSPs) are considering Intel's EMIB technology due to increasing chip integration requirements [1][2] Group 1: CoWoS Technology - TSMC's CoWoS solution connects different functional chips using an interposer, with various versions like CoWoS-S, CoWoS-R, and CoWoS-L developed [1] - The market demand is shifting towards CoWoS-L, especially with NVIDIA's upcoming Blackwell platform set for mass production in 2025 [1] Group 2: EMIB Technology - EMIB offers several advantages over CoWoS, including a simplified structure that eliminates the expensive interposer, leading to higher yield rates [2] - EMIB has a smaller thermal expansion coefficient issue due to its design, which reduces the risk of packaging warping and reliability challenges [2] - EMIB can achieve larger packaging sizes, with EMIB-M already supporting 6 times the mask size, and projections for 8 to 12 times by 2027 [3] Group 3: Market Dynamics - The demand for CoWoS is facing challenges such as capacity shortages and high costs, prompting CSPs like Google and Meta to explore EMIB solutions [2] - Intel's EMIB technology has been in development since 2021 and is already applied in its server CPU platforms, with Google planning to implement it in TPUv9 by 2027 [3] - NVIDIA and AMD, which require high bandwidth and low latency, are expected to continue using CoWoS as their primary packaging solution [3]

Core Viewpoint - TSMC has filed a lawsuit against former senior vice president Luo Wei-ren for potential breaches of confidentiality and non-compete agreements following his departure to Intel shortly after retirement [1][2]. Group 1: Legal Actions and Allegations - TSMC initiated legal action based on employment contracts, non-compete agreements, and trade secret laws, claiming Luo may misuse or disclose confidential information to Intel [1][2]. - Luo joined TSMC in July 2004, became a senior vice president in February 2014, and was reassigned to the Corporate Strategy Development Department in March 2024, where he had no direct oversight of R&D [1]. - After retiring on July 27, 2025, Luo joined Intel as Executive Vice President (EVP) just three months later, raising concerns about potential information leaks [2]. Group 2: Confidentiality and Non-Compete Agreements - During his tenure, Luo signed confidentiality and post-employment non-compete agreements, committing not to engage in competitive activities after leaving TSMC [2]. - TSMC's legal counsel reminded Luo of his non-compete obligations during his exit interview, where he indicated plans to work in academia but did not disclose his intention to join Intel [2]. Group 3: Investigations and Industry Impact - TSMC is actively gathering evidence regarding Luo's alleged misuse of his position to access sensitive information related to advanced process technologies before his departure [2]. - The Taiwan High Prosecutors Office has opened an investigation to determine if Luo's actions constitute any legal violations [2].

Core Insights - The semiconductor industry is increasingly seeking alternative solutions due to the ongoing tight capacity for advanced packaging at TSMC, with Marvell and MediaTek evaluating the integration of Intel's EMIB technology into their ASIC chip designs [2][4]. Group 1: Industry Challenges - TSMC faces dual challenges: the inability to rapidly expand its advanced packaging capacity in the short term and the demand from U.S. clients for localizing the entire supply chain, which TSMC's U.S. backend capacity is not yet fully equipped to meet [4]. Group 2: Technological Developments - Intel's EMIB technology, which utilizes a 2.5D packaging architecture, is gaining attention for its unique advantages in heterogeneous chip integration [4]. - Recent job postings from leading companies like Apple, Qualcomm, and Broadcom explicitly mention EMIB-related positions, indicating a proactive approach to talent acquisition in the advanced packaging sector [4]. - Intel's newly launched 3.5D packaging technology achieves higher chip interconnect density through more precise silicon vias, further enhancing its competitive edge [4]. Group 3: Market Dynamics - The embedded bridge solution used in EMIB offers advantages in cost control and yield improvement compared to traditional intermediary layer designs, making it a key focus as advanced process evolution slows down [4]. - The shift of multiple companies towards the EMIB solution not only reflects current supply chain adaptation strategies but may also reshape the competitive landscape of the semiconductor packaging industry [4].

The Trump administration is trading billions of dollars of taxpayer money for ownership stakes in companies. The unusual practice shows no sign of slowing. ...

Core Viewpoint - Intel's stock price dropped by 1.23% to $35.35 in pre-market trading following a lawsuit filed by TSMC against former senior vice president Luo Wei-ren, who is accused of potentially leaking TSMC's trade secrets to Intel [1]. Group 1: Company Performance - Intel's closing price on November 24 was $35.79, reflecting an increase of 3.74% [1]. - The pre-market price on November 25 was $35.35, indicating a decrease of $0.44 [1]. - The stock reached a high of $36.155 and a low of $34.685 during the trading session [1]. - The trading volume was 104 million shares, with a total transaction value of $3.709 billion [1]. - Intel's market capitalization stands at $170.718 billion [1]. Group 2: Financial Metrics - The price-to-earnings (P/E) ratio is reported at 596.50, indicating a loss [1]. - The price-to-book (P/B) ratio is 1.604 [1]. - The stock has a 52-week high of $42.480 and a low of $17.665 [1].

随着近来美股市场出现动荡、甲骨文CDS（信用违约掉期）交易激增，甚至连AI领域的内部人士也开始 承认市场有些泡沫，这使得对冲基金等活跃机构当前是"如何、何时、何地"做空市场，成为了不少投资 者关注的焦点。 好在，高盛最新发布的对冲基金仓位报告，涵盖了不少值得深挖的信息。从高盛报告中能得到的核心发 现是：所谓的"聪明钱"目前尚未准备好大举做空AI巨头，但部分机构却已开始瞄准该领域中实力相对 较弱的的一些公司…… 美股空头仓位处于近年来高位 先来看整体市场的情况。尽管年内经历了强劲的涨势，但标普500指数成分股的空头比例中位数仍然高 得惊人。目前的空头头寸相当于总市值的2.4%，处于过去五年的第99百分位——且远高于自1995年以 来的长期平均水平。 公用事业板块成AI泡沫缩影？ 业内人士其实早在今年5月份就注意到美股做空兴趣的回升，但有趣的是，自那时以来，该水平依然略 有上升并保持高位——尽管在7月和10月中旬发生过两次规模虽小但足以令空头感到痛苦的逼空行情。 在不同的指数方面，以科技股为主的纳斯达克100指数目前的空头比例比标普500还要略高，为2.5%。 当然，空头最多盘踞的还是小盘股，罗素2000指数成分 ...

Core Insights - The demand for AI HPC (High-Performance Computing) is driving the need for advanced packaging solutions, particularly TSMC's CoWoS technology, but some cloud service providers (CSPs) are considering Intel's EMIB technology due to increasing chip integration requirements and packaging area demands [1][2]. Group 1: Technology Comparison - TSMC's CoWoS solution connects different functional chips using an interposer, while Intel's EMIB simplifies the structure by embedding silicon bridges directly into the substrate, resulting in higher yield rates [3][7]. - EMIB technology has advantages over CoWoS in terms of thermal expansion coefficient (CTE) issues, as it has a lower silicon ratio and fewer contact areas, reducing the risk of warping and reliability challenges [3][7]. Group 2: Market Dynamics - The current market for advanced packaging is facing capacity shortages and high costs associated with CoWoS, leading companies like Google and Meta to explore Intel's EMIB solutions [2][8]. - Intel's EMIB technology is expected to support larger die sizes and provide cost-effective solutions by eliminating the expensive interposer layer, making it attractive for AI customers [7][8]. Group 3: Future Prospects - EMIB is projected to achieve significant advancements in mask size, with EMIB-M already providing 6x mask size and expected to reach up to 12x by 2027, while CoWoS technologies are limited to lower mask sizes [4][7]. - Intel's Foundry Services (IFS) has been developing EMIB technology since 2021, and with major clients like Google and Meta showing interest, this could lead to substantial growth for IFS [8].

Core Insights - The article discusses the increasing demand for AI HPC (High-Performance Computing) and the shift from TSMC's CoWoS solution to Intel's EMIB technology by cloud service providers (CSPs) due to capacity shortages and cost considerations [2][3][4]. Group 1: Technology Comparison - TSMC's CoWoS solution connects different functional chips using an interposer, while Intel's EMIB simplifies the structure by embedding silicon bridges directly into the substrate, leading to higher yield rates [4][6]. - EMIB technology has advantages such as a lower coefficient of thermal expansion (CTE) issue, which reduces the risk of warping and reliability challenges compared to CoWoS [4][6]. - EMIB can achieve larger die sizes, with EMIB-M supporting up to 6 times the mask size, while CoWoS-L is expected to reach 9 times by 2027 [6]. Group 2: Market Dynamics - The demand for CoWoS is facing challenges such as capacity shortages and high costs, leading CSPs like Google and Meta to explore Intel's EMIB solutions [3][7]. - Intel's EMIB technology is being adopted in its server CPU platforms, and companies like Google and Meta are considering it for their products, indicating a potential shift in market dynamics [7][8]. - NVIDIA and AMD, which require high bandwidth and low latency, are likely to continue using CoWoS as their primary packaging solution [7].

来源：滚动播报 周一美股三大指数集体收涨，道指涨0.44%，纳指涨2.69%，标普500涨1.55%。大型科技股普涨，博通 涨超11%，创4月份以来最佳单日表现，市值增加1780亿美元。特斯拉、谷歌涨超6%，AMD涨超5%， Meta、英特尔涨超3%，亚马逊、英伟达、奈飞涨超2%，苹果、高通涨超1%，微软、甲骨文小幅收 涨。 ...

Group 1: Major Tech Stocks Performance - Major tech stocks showed a positive trend, with Tesla rising by 6.36%, Google by 5.49%, Facebook by 3.37%, Amazon by 2.51%, Apple by 0.83%, Microsoft by 0.6%, and Nvidia by 0.2% [2][3] - The Philadelphia Semiconductor Index surged by 3.66%, with Broadcom increasing over 9%, Micron Technology rising by 6.71%, AMD up by 4.05%, and Intel gaining 3.57% [2][5] Group 2: Novo Nordisk's Clinical Trial Results - Novo Nordisk experienced a significant decline of 6.58%, with shares dropping nearly 10% after the company announced that its drug semaglutide did not meet efficacy targets in late-stage trials for Alzheimer's disease [5][6] - The trials aimed to slow cognitive decline in patients by at least 20%, but no significant improvement was observed among thousands of participants [6][7] Group 3: Nasdaq China Golden Dragon Index - The Nasdaq China Golden Dragon Index rose by 2.56%, with notable individual stock performances including Hesai Technology up over 18%, Canadian Solar near 9%, Baidu up 7.84%, and Bilibili rising by 6.96% [9][10] Group 4: Market Outlook and Predictions - Morgan Stanley's chief U.S. equity strategist, Michael Wilson, expressed optimism about the U.S. stock market, suggesting that the recent downturn may soon end and reaffirming a bullish outlook for next year [11][12] - Wilson predicts the S&P 500 index will rebound to 7,800 points in a year, representing an approximate 18% increase from current levels, driven by a potential interest rate cut cycle by the Federal Reserve and an AI-driven efficiency revolution [12][13] - Goldman Sachs anticipates the Federal Reserve will implement a third consecutive rate cut in December, with further cuts expected in 2026, as inflation trends and labor market cooling provide room for policy easing [12][14]