公众号记得加星标⭐️，第一时间看推送不会错过。 随着20层高带宽存储器（HBM）堆叠技术的商业化进程日益临近，关于放宽国际半导体标准的讨论 也愈发激烈。 据业内人士8日透露，在近期举行的纳什维尔联合电子器件工程委员会（JEDEC）会议（JC-42） 上，一项重要议题便是将HBM产品的高度放宽至800微米或更高。JEDEC三月会议旨在完善去年的草 案，并协调今年的关键下一代标准技术。 随着堆叠层数的增加，HBM的标准高度一直在不断调整。此前，国际标准已从725微米放宽至775微 米，但为了应对20层堆叠工艺的物理限制，进一步放宽至800微米或更高也在考虑之中。 为了满足现有的 20 层堆叠 775 微米标准，必须采用背面研磨工艺，将单个 DRAM 芯片加工得极其 薄。这一工艺增加了晶圆损坏的风险，进而导致整体良率大幅下降。作为 此外，业界正在讨论放宽下一代HBM（例如HBM4E和HBM5）的标准厚度，这些芯片采用20层堆叠 式DRAM。目前讨论的厚度范围从825微米到900微米以上。如果最终确定900微米以上的标准，预计 将远超以往的增幅。 一位半导体行业内部人士表示："JEDEC 必须在产品商业化前一到一年半 ...

Group 1: Taiwan Semiconductor Manufacturing (TSMC) - TSMC is positioned as a leading player in the AI infrastructure boom, primarily through its manufacturing of advanced chips, particularly logic chips [2][5] - The company has established a virtual monopoly in manufacturing advanced chips at small nodes due to its technological expertise and scale, while competitors struggle with high yields [4] - TSMC is expected to benefit significantly from the AI data center boom as it will be the main manufacturer of GPUs and other AI chips, as well as advanced CPUs [5] Group 2: ServiceNow - ServiceNow is recognized as a key player in the SaaS sector, which may outperform in the coming years despite current market perceptions [7] - The company's platform integrates customer data with workflows, making it invaluable and difficult to replace due to its custom business logic and security protocols [8] - ServiceNow's generative AI suite, Now Assist, has gained popularity, and its new Control Tower aims to position the company as a leader in agentic AI orchestration [10][11]

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Group 1 - TSMC announced the launch of its 2026 campus recruitment activities, aiming to hire approximately 8,000 new employees, including engineers and technicians, to support business growth and technology development [2] - The average annual salary for new graduate engineers with a master's degree is expected to reach NT$2.2 million [2] - TSMC's recruitment will cover various locations in Taiwan, including Taoyuan, Hsinchu, Miaoli, Taichung, Chiayi, Tainan, and Kaohsiung, and will target graduates from diverse fields such as electrical engineering, electronics, optics, physics, materials, chemistry, chemical engineering, mechanical engineering, computer science, and management [2] Group 2 - TSMC is also launching the 2026 DNA Summer Internship Program, inviting students in their third year or above (preferably master's and doctoral candidates) to apply, with the application deadline set for May 8, 2026 [3] - The internship program offers practical experience and career navigation, with outstanding performers having the opportunity for pre-employment in the semiconductor industry [3] - TSMC emphasizes that talent is its most important asset and is committed to providing quality job opportunities and competitive compensation, while fostering an inclusive work environment that encourages diversity [3]

Core Viewpoint - Taiwan Semiconductor Manufacturing Company (TSMC) is a leading player in the global AI infrastructure ecosystem, manufacturing chips for major AI chip designers [1] Group 1: Stock Performance - TSMC stock has gained 104% over the past year, significantly outperforming the S&P 500's 15% gain [2] - Current trading price of TSMC shares is $370, raising questions about the sustainability of this momentum and the potential to reach $500 [2] Group 2: Earnings Growth - TSMC reported a 51% increase in earnings for 2025, reaching $10.65 per share, driven by a 36% increase in revenue [4] - The company's earnings growth is attributed to strong pricing power, with expectations of a 34% increase in earnings this year [9] Group 3: Market Position - TSMC holds a 72% share in the pure-play foundry market and over a third of the Foundry 2.0 market, which includes additional services beyond traditional foundry operations [6] - The company's share of the Foundry 2.0 market increased to 39% in Q3 2025, up six percentage points from the previous year [7] Group 4: Future Projections - Analysts expect TSMC's revenue to increase by 30% this year, with AI accelerator revenue projected to grow at a mid-to-high 50% range through 2029 [11] - TSMC's earnings could reach $19.24 per share by 2028, with potential for faster growth leading to a stock price of $500 if trading at 25 times earnings [12][13]

Core Insights - Prediction markets are gaining popularity, with companies like Kalshi and Polymarket leading the way, while DraftKings and stockbrokers like Robinhood are also entering this space [1][2] - Taiwan Semiconductor Manufacturing Company (TSMC) is highlighted as a key investment opportunity, particularly as it supports the semiconductor needs of the tech industry, including prediction markets and AI applications [3][5] Company Overview - TSMC produces 60% of global semiconductor output and 90% of advanced chips required for AI programs [6] - The company holds a 72% share of the global pure foundry semiconductor market, significantly ahead of its closest competitor, Samsung [7] - TSMC is investing $165 billion to expand its manufacturing capabilities in the U.S., indicating its strategic importance in the semiconductor supply chain [8] Financial Performance - TSMC reported a net revenue of $122.4 billion for 2025, reflecting a 35.9% increase from 2024 [10] - The company's gross margin and operating margin improved to 59.9% and 50.8%, respectively, with diluted earnings per share (EPS) increasing by 46.4% year-over-year [10] - In Q4 2025, 77% of TSMC's revenue came from the production of 7-nanometer chips and smaller, essential for AI data centers [11] Revenue Segmentation - In 2025, 58% of TSMC's revenue was generated from high-power computing chip production, which includes AI, with this segment growing 48% year-over-year [12] - The company's operating cash flow increased by 24%, free cash flow by 15.2%, and cash reserves by 26.7% [10] Dividend and Growth Potential - TSMC offers a dividend yield of 0.8% with a low payout ratio of 30%, indicating potential for future dividend growth [13] - The company has consistently increased its dividend payout over the past five years, making it an attractive option for investors [13]

on 05-Mar-2026 FUTURE OF TECH 4 March 2026 Asia Tech Hardware Future of Tech - Mapping the CPO value chain Alex Wang, CFA +852 2123 2613 alex.wang@bernsteinsg.com Mark Li +852 2123 2645 mark.li@bernsteinsg.com Stacy A. Rasgon, Ph.D. +1 213 559 5917 stacy.rasgon@bernsteinsg.com Ethan Xu +852 2123 2634 ethan.xu@bernsteinsg.com Shirley Yang, CFA +852 2123 2660 shirley.yang@bernsteinsg.com Alrick Shaw +1 917 344 8454 alrick.shaw@bernsteinsg.com Arpad von Nemes +1 917 344 8461 arpad.vonnemes@bernsteinsg.com This ...

公众号记得加星标⭐️，第一时间看推送不会错过。 半导体行业正面临着结构性供应挑战，而这一挑战与先进芯片（尤其是用于人工智能、高性能计算以 及下一代移动和消费电子设备的芯片）的爆炸式需求密切相关。这场风暴的核心是2纳米制程技术， 由于其依赖于纳米片或GAA晶体管架构以及极其精密的微影工具，因此代表着半导体历史上最复 杂、最昂贵的转型之一。 英特尔18A工艺：具有竞争力的替代方案，但并非完全的缓冲 英特尔的 18A制程节点是其后 Intel 7 路线图的一部分，大致与 2nm 制程属于同一代。它引入了 RibbonFET（GAA 的一种版本）和 PowerVia 背面供电技术，旨在提升性能和能效。英特尔率先推 出了量产级 GAA 和 BSPD 技术，堪称半导体创新的巅峰之作。 英特尔于 2025 年开始量产 18A 芯片，主要面向其自家处理器，例如 Panther Lake，但与其他芯片 相比，其作为外部客户代工替代方案的应用仍然有限。尽管截至 2025 年年中，18A 的良率有所提 升，但普遍认为仍落后于台积电 N2 的良率，而且英特尔自身的代工生态系统相对于台积电庞大的全 球客户群而言仍然规模较小。 英特尔的 ...

记者｜刘雪莹 见习记者林芊蔚 编辑｜张楠 北京时间3月7日，美股三大指数集体收跌。本周美股三大股指均录得跌幅，道指累计下跌约 3%，标普500指数累跌约2%，纳指累跌1.24%。 欧洲主要股指集体收跌，德国DAX30指数跌1.21%；英国富时100指数跌1.22%；法国CAC40 指数跌0.94%；意大利富时MIB指数跌0.99%。 | 道琼斯工业 | 纳斯达克指数 | 标普500 | | --- | --- | --- | | 47501.55 | 22387.68 | 6740.02 | | -453.19 -0.95% -361.31 -1.59% -90.69 -1.33% | | | | 美国科技七巨头 中概科技龙头 | | 中国金龙 | | 61487.23 | 3737.72 | 6961.05 | | -1091.32 -1.74% +65.24 +1.78% +47.62 +0.69% | | | | 道琼斯期货 | 纳斯达克100期 | 标普500期货 | | 47480 | 24661.25 | 6740.00 | | -503 -1.05% -388.25 -1.55% -95.25 ...

Group 1 - The article discusses various covered call income strategies and highlights the effectiveness of YieldMax ETFs in capturing upside potential while being reliable for long-term investment [1] - The author emphasizes a focus on equity valuation, market trends, and portfolio optimization to identify high-growth investment opportunities [1] - The research approach combines rigorous risk management with a long-term perspective on value creation, particularly interested in macroeconomic trends and corporate earnings [1]