5000亿美元，换15%的关税。这不是什么商业谈判，这是一张赤裸裸的"卖身契"。2026年1月15日，美国商务部长霍华德·卢特尼克对外宣布了一项所谓的"美 台贸易协议"。 表面上看，美国给了台湾一个"天大的好处"：把台湾输美商品的关税，从之前的20%下调到15%，和日本、韩国享受的待遇拉平了。但天下没有免费的午 餐，尤其是美国给的"好处"。 卢特尼克毫不掩饰，这个优惠不是白给的，台湾必须拿出对应的"诚意"。 这份"诚意"苛刻到什么程度？它要求台湾将整体半导体供应链，连同40%的芯片生产能力，全部转移到美国境内。 同时，台湾需要拿出5000亿美元的资金。 这5000亿美元，被卢特尼克大言不惭地形容为"把半导体带回美国"的"头期款"。它分成了两部分：2500亿美元是台积电等台湾半导体企业要向美国新增的直 接投资，用来建工厂、扩产能； 另外2500亿美元，是台湾当局要提供的信贷担保，用来支持那些中小型的半导体配套企业，跟着台积电一起去美国设厂，帮美国打造一套完整的半导体生态 系统。要知道，台湾的GDP总量大概是8800亿美元左右。 这5000亿美元，占了台湾GDP的56.8%，接近六成。对比一下，同样和美国达成关税 ...

Shares of Nvidia, Broadcom, and Taiwan Semiconductor are set to soar further.Spending on artificial intelligence (AI) is projected to reach new heights in 2026. It's clear that hyperscalers see huge potential in this technology, and none of them wants to risk being left behind by their peers.As a result, they're spending record amounts on data centers and the computing equipment that goes into them. While there are several ways to invest in the AI building boom -- among them, energy companies, construction ...

Chip Stocks Split: AMAT and TSMC Gain While NVDA and Intel Retreat - 24/7 Wall St.[S&P 5006,840.30 +0.07%][Dow Jones49,541.00 +0.14%][Nasdaq 10024,678.80 -0.17%][Russell 20002,639.05 -0.31%][FTSE 10010,473.40 +0.19%][Nikkei 22556,775.50 -1.33%][Investing]# Chip Stocks Split: AMAT and TSMC Gain While NVDA and Intel Retreat### Quick ReadChip stocks gained 1.5% on average last week. Applied Materials (AMAT) beat earnings and expects semiconductor equipment business to grow over 20% this year on AI infrastructu ...

Group 1: Fund Performance Overview - The Technology Innovators Fund experienced mixed performance in Q4 2025, with the top ten holdings comprising approximately 59% of assets, indicating a concentration in large-cap growth stocks [1] - The portfolio declined by 6.3% quarter-to-date, but achieved a 14.7% return over the year, reflecting stock-specific challenges rather than broad macroeconomic shocks [1] - Management highlighted a long-term investment horizon with an average annual portfolio turnover of 21%, emphasizing continued earnings growth in 2025 driven by durable revenue models in AI, cloud computing, and digital transformation [1] Group 2: Taiwan Semiconductor Manufacturing Company (TSMC) Insights - TSMC is recognized as the world's leading contract chip manufacturer, with a one-month return of 11.99% and a market capitalization of approximately $1.91 trillion as of February 13, 2026 [2] - The company reported strong quarterly results and is well-positioned to benefit from increasing AI compute demand, supported by advanced-node yield improvements and capacity expansions [3] - TSMC's new AI-related partnerships are expected to enhance its multi-year revenue pipeline, with potential price increases for 5nm and more advanced nodes anticipated to provide a revenue tailwind in 2026 [3]

Core Viewpoint - Taiwan Semiconductor Manufacturing Company Limited (TSM) is recognized as a leading AI stock with strong growth potential, receiving a Buy rating from DA Davidson with a price target of $450 and a reaffirmed Buy rating from BofA Securities with a price target of $470 [1][3]. Group 1: Competitive Advantage - DA Davidson highlights TSM's "compounding execution moat in leading edge manufacturing," which is seen as a durable advantage as AI compute demand increases [2]. - The company's competitive edge lies in its ability to industrialize architectural transitions into predictable, high-volume platforms, which is crucial for customer satisfaction regarding timely delivery [2]. Group 2: Manufacturing Capabilities - TSM is distinguished by its capability to convert new devices and power architecture into high yield and high throughput manufacturing, ensuring validated enablement and predictable production ramps [3]. - Competitors may match certain features on paper, but TSM's execution in manufacturing processes sets it apart in the semiconductor industry [3]. Group 3: Company Overview - Taiwan Semiconductor Manufacturing Company Limited is a Taiwanese multinational that specializes in semiconductor contract manufacturing and design, producing, packaging, and testing integrated circuits for various industries [4].

AI Infrastructure Driving Record GrowthThe company's momentum score—a percentile-ranked metric measuring price strength and volatility—surged week-on-week from 89.27 to 92.92, placing the foundry in the top 10% of all stocks tracked by Benzinga Edge.The momentum spike follows a historic January for the Taiwanese economy, where exports surged 70%—the fastest pace in 16 years—fueled almost entirely by AI hardware.Analysts note that TSM's ability to deliver complex architectural shifts on schedule has maintain ...

近日，Stratechery创始人、知名科技分析师Ben Thompson参与了一场深度对话。 在本次长达一个半小时的深度访谈中，Ben Thompson凭借其二十年的科技观察经验，围绕AI时代的算力瓶颈、商业模式演变以及科技巨头的护城河进行了犀 利点评。 核心预警：TSMC的保守与2029年的芯片荒 作为聚合理论的提出者，Thompson对当前AI基础设施的建设速度表达了极大的担忧。他提出了一个核心观点： 全球AI扩张的限制因素实际上是台积电的产能 扩张速度。 Thompson指出，尽管市场需求巨大，但作为垄断者的台积电在扩产上表现得相当保守。这是因为晶圆厂（Fab）的风险极高，一旦产能过剩，巨额的折旧成 本将摧毁利润率。 "晶圆厂99.9%的成本是折旧……台积电实际上表现得很理性。他们宁愿放弃潜在的长期收入，也不愿承担产能过剩的下行风险。" 这种保守策略导致了风险的错配。台积电将产能不足的风险转移给了英伟达、苹果和各大云厂商，而这些科技巨头面临的是"因算力不足而损失未来收入"的风 险。 Thompson做出了一个惊人的预测： "我认为我们在2029年左右将面临大规模的芯片短缺。" 他强调，目前的资本开支增 ...

Group 1 - The world's most valuable technology stocks have experienced significant declines in market value this year, raising concerns about the return on heavy AI investments [1] - Microsoft shares have dropped approximately 17% year-to-date, resulting in a market value loss of about $613 billion, bringing its valuation to around $2.98 trillion [2] - Amazon's stock has decreased by about 13.85% this year, erasing roughly $343 billion in market value, leaving it valued at approximately $2.13 trillion [2] Group 2 - Capital spending for Amazon is expected to increase by more than 50% this year [3] - Other major companies like Nvidia, Apple, and Alphabet have also seen declines in market value, totaling $89.67 billion, $256.44 billion, and $87.96 billion, respectively [3] - The shift in market psychology indicates a move from long-term AI ambitions to a demand for near-term earnings visibility [4] Group 3 - Companies such as TSMC, Samsung Electronics, and Walmart have gained market value, adding $293.89 billion, $272.88 billion, and $179.17 billion, respectively [4] - The current valuations for TSMC, Samsung Electronics, and Walmart stand at $1.58 trillion, $817 billion, and $1.07 trillion [4]

Core Viewpoint - Taiwan Semiconductor Manufacturing Company (TSMC) is positioned to potentially join the $3 trillion market cap club, driven by its leadership in advanced semiconductor manufacturing and strong financial performance [2][3]. Company Overview - TSMC is the world's largest semiconductor foundry with a market capitalization of $1.9 trillion, holding a 71% share of the global chip market and producing over 90% of the most advanced semiconductors [5][9]. - The company has transitioned from generating most of its revenue from smartphone chips to advanced chips for AI, data centers, and high-performance computing, which now account for 55% of its sales [6]. Financial Performance - In Q4, TSMC reported revenue of $33.7 billion, a 26% year-over-year increase, and earnings per American Depository share of $3.14, up 35% [7]. - The gross margin improved to 59.9%, up 380 basis points, and the operating margin increased to 50.8%, up 510 basis points, indicating enhanced operational leverage [8]. - The company forecasts Q1 revenue of $35.2 billion, representing a 38% year-over-year growth [8]. Market Position and Future Outlook - Analysts project TSMC's revenue to reach $157.8 billion by 2026, with expectations of $193.9 billion and $232.8 billion in 2027 and 2028, respectively, positioning the company for a potential $3 trillion market cap by 2029 [10][11]. - The demand for high-end semiconductors is expected to grow, with annual sales projected to approach $1 trillion by 2026, benefiting TSMC as a leading provider [12].

近期，韩国特斯拉（Tesla Korea）发布AI 芯片设计工程师（AI Chip Design Engineer）征才讯 息，显示特斯拉自研芯片计划进入加速阶段。 Elon Musk 也在社群平台X 表示，团队正打造「未来全球产量最高的AI 芯片架构」，目标总产量 将超越目前全球AI芯片的整体规模。 此波布局聚焦于下一代AI5与AI6芯片的量产准备。特斯拉采取驻厂研发模式，与三星及台积电展 开深度技术协作，改善高阶制程的良率与效能表现。随Robotaxi 与Optimus 发展推进，算力需求 持续攀升，芯片自研能力成为关键支撑。 特斯拉韩国征才揭示第一性原理人才观 特斯拉此次征才方式延续Elon Musk 一贯风格。应征者无须提交冗长履历，而是直接说明「曾解 决过最困难的3个技术问题」并寄送至官方信箱。这种筛选机制强调实战经验与问题拆解能力，而 非单纯学历背景，有助于辨识具备量产实务经验的工程人才。 选择在韩国招募芯片设计师亦具策略考量。韩国不仅拥有三星等先进制程产能，同时也是HBM （High Bandwidth Memory，高频宽记忆体）技术重镇，包括SK 海力士与三星皆为核心供应商。 随AI5 与A ...