回顾整个过程，这简直是一场逐步走向深渊的闹剧。最初在2020年，台积电计划投资120亿美元建立一个工厂，以稍微应对美国的压力。但到了2025年，特 朗普的胃口逐渐膨胀，他将投资额硬生生推到了1650亿美元。这是一笔真金白银！特朗普认为这是他用关税威胁换来的美国芯片重生。他甚至在工厂为苹果 生产4纳米芯片时，称其为伟大的里程碑。然而，现实却给了他一记响亮的耳光。2025年第四季度财报显示，台积电在亚利桑那州的工厂单季亏损超过20亿 美元，而同期，台湾本土工厂的净利润已经突破了80亿美元。两者的对比简直如天壤之别，一边是滚滚利润，另一边则是持续亏损。这哪里是在进行产业升 级？这分明是将一只下金蛋的母鸡，硬生生地扔进了绞肉机。 为了推动制造业回流美国，实现让美国再次伟大的目标，特朗普对台积电施加了巨大的压力。从最初的威胁和诱导，到后来加征关税的强硬手段，最终将台 积电逼进了美国亚利桑那州的沙漠。 从表面来看，这似乎是一场美国获得的大胜利。台积电的投资额一路攀升，从最初的几百亿美元增加到1650亿美元，最先进的2nm工艺也被搬到了美国。然 而，特朗普在社交媒体上得意洋洋，几乎想用喇叭把这场胜利宣布给全世界：看，这就是 ...

公众号记得加星标⭐️，第一时间看推送不会错过。 在本文中，戈登向台积电提出了一系列关于其下一步发展方向的问题。 台积电成立于 1987 年，开创了纯晶圆代工业务，如今已成为全球领先的专业半导体代工厂。 我们最近就该公司下一步计划提出了一系列问题。该公司发言人拒绝回答我们所有的问题，但他们回 答的几个问题却为我们提供了关于半导体技术和行业的一些有趣见解。 Gordon Feller：台积电预计在向 2nm 以下工艺技术过渡的过程中会有哪些突破或障碍？ 台积电：我们在2纳米制程节点上引入的最大创新是纳米片晶体管结构，也称为环栅晶体管。这是一 项重大进步，因为这是我们历史上第二次采用全新的晶体管结构，也是自2014年16纳米制程节点从 平面晶体管过渡到FinFET晶体管以来的首次。经过多年的技术挑战，台积电将于今年年底前实现2纳 米制程的量产。 我们将在 A16（1.6nm 级）节点上采用另一项重大创新——超强电源轨（Super Power Rail），即我 们的背面供电技术。背面供电轨架构通过将正面布线资源专用于信号传输，并将电源布线移至背面， 从而提高了逻辑密度和性能。这种结构使 A16 成为具有复杂信号布线和 ...

以下文章来源于算法爱好者 ，作者小蒜 算法爱好者 . 算法是程序员的内功！「算法爱好者」专注分享算法相关文章、工具资源和算法题，帮程序员修炼内 功。 据外媒报道， H200 芯片已被 订购超 200 万颗 ，而英伟达目前库存大约是 70 万颗。所以台积电预计 在 2026 年第二季度启动扩产咯。 单颗 H200 芯片定价约 2.7 万美元，约 19 万元。 8 颗 H200 芯片组成的模组售价约 150 万元。 这只是参考价，采购量大肯定能有优惠，大客户的最终成交价应该都不一样。 ...

Group 1 - Wang Teng's new company will not hire fresh graduates initially, focusing on building a product development team with experienced professionals [2] - The company plans to establish branches in Shenzhen and Hangzhou after a year of operation in Beijing, with salaries and benefits comparable to major tech firms, emphasizing stock incentives [2] - Employees are encouraged to take breaks as needed, promoting a non-competitive work environment [2] Group 2 - Apple's CEO Tim Cook's total compensation for 2025 is reported to be $74.29 million, with significant portions coming from stock awards and non-equity incentives [3] - The company is set to hold its annual shareholder meeting online on February 24, 2026 [3] Group 3 - Bosideng faced criticism for a down jacket priced at 2099 yuan with only 86 grams of down filling, raising questions about brand premium [4][7] - The company stated that the down filling meets national standards and that pricing is influenced by various factors beyond just filling weight [4] Group 4 - Alibaba's Qianwen model has achieved a cumulative download of 700 million, marking a significant growth in the AI model sector [8] - The model's download rate surpassed that of other major AI models, indicating its rapid adoption [8] Group 5 - General Motors announced an additional charge of approximately $6 billion due to adjustments in its electric vehicle business, reflecting ongoing evaluations of production capacity and investment [15] - The company previously reported a $1.6 billion charge related to its electric vehicle strategy [15] Group 6 - The global humanoid robot market is projected to ship nearly 13,000 units by 2025, with ZhiYuan holding a 39% market share [21] - The semiconductor industry is expected to reach a record sales figure of $75.3 billion in November 2025, a 29.8% increase from the previous year [21] Group 7 - The Chinese large language model market is anticipated to exceed 100 billion yuan by 2030, with a compound annual growth rate of 63.5% from 2024 to 2030 [22] - Recent IPOs of domestic AI model companies signify a shift towards clearer business models and commercialization in the industry [22]

Group 1 - The development of AI is expected to make significant progress by 2026, with active manufacturing in related semiconductors and servers [2] - Popular stocks mentioned include Alibaba Group, Samsung Electronics, and TSMC, indicating strong market interest in these companies [2] - Demand for products that reduce power consumption in data centers is expanding, broadening the range of related stocks [2] Group 2 - Alibaba is considered a potential stock due to its strong performance in cloud business and its strategy to expand the use of generative AI through open-source models [4] - The emergence of new companies like DeepSeek is expected to drive growth in the tech sector, with this trend anticipated to continue into 2026 [4] Group 3 - Analysts predict that global spending on AI services and related technologies will increase by 37% in 2026, reaching $2 trillion [5] - The production of semiconductors is expected to become more active, with demand for high-bandwidth memory (HBM) and DRAM remaining strong [6] - TSMC and Hon Hai Precision Industry are expected to benefit from providing advanced semiconductors to companies like NVIDIA [6] Group 4 - There are concerns about semiconductor companies' equipment investments not keeping pace, with geopolitical risks potentially affecting supply chains [7] - Samsung and SK Hynix are enhancing their production capacity, but new factories may not be operational by 2026 [7]

Economic Indicators - In December 2025, China's Consumer Price Index (CPI) rose by 0.8% year-on-year, marking the highest increase since February 2023, with the previous value at 0.7% [2] - The Producer Price Index (PPI) fell by 1.9% year-on-year in December, continuing a decline for the 39th consecutive month, although the rate of decline narrowed by 0.3% compared to the previous month [2] - The core CPI, excluding food and energy, increased by 1.2% year-on-year, maintaining a growth rate above 1% for four consecutive months [2] Real Estate Sector - New policies allow for a five-year extension on loans for projects on the "white list" under the real estate financing coordination mechanism, providing more time for real estate companies to sell properties and potentially stabilizing market prices [4][5] - The total loan approval amount for "white list" projects has exceeded 7 trillion yuan, indicating significant financial support for the real estate sector [4] Corporate Developments - China Petroleum & Chemical Corporation (Sinopec) and China Aviation Oil have undergone a strategic merger, which is expected to reshape the domestic aviation fuel market and enhance Sinopec's position in the aviation fuel sector [6][11] - Vanke's CEO, Yu Liang, has retired due to age, marking a significant transition in the company's leadership amid ongoing liquidity challenges in the real estate market [8][9] Automotive Industry - Honda's sales in China fell by 24.28% year-on-year in 2025, marking the fifth consecutive year of decline, with total sales dropping nearly 1 million units from peak levels [12][13] - The company has announced plans to reduce production capacity significantly, reflecting the challenges faced by traditional automakers in adapting to market changes [12] Stock Market Performance - The Shanghai Composite Index rose above 4100 points, with a trading volume of 3.12 trillion yuan, indicating strong market performance and investor interest in new sectors such as AI and commercial aerospace [16][17] - The recent market rally has exceeded expectations, with significant participation from various sectors, suggesting a potential continuation of the upward trend into the new year [17]

Market Overview - Investors should not overreact to uneventful unemployment data, as it allows for a focus on broader market trends and rallies beyond last year's winners [1] - Money is aggressively rotating into overlooked sectors, particularly data storage stocks, which have seen significant rallies while former market leaders struggle [2] Company Insights - Apple and Nvidia have not performed well despite strong underlying businesses, as they have become sources of funds for investors seeking new opportunities [3] - Upcoming earnings season is expected to start strong with JPMorgan Chase, although caution is advised regarding CEO Jamie Dimon's potential risk emphasis [6] - Delta Air Lines is anticipated to report strong results, with banks like Citigroup, Wells Fargo, Bank of America, Goldman Sachs, and Morgan Stanley also expected to perform well [7] Economic Indicators - The December consumer price index will be more significant than recent labor data, with signs of persistent inflation impacting consumer sentiment and presidential policies [5] - The JPMorgan Healthcare Conference is expected to generate merger-and-acquisition activity, with interviews of pharmaceutical executives planned [4] Sector Focus - Attention is on Taiwan Semiconductor Manufacturing Company, which may influence Nvidia's stock performance [8] - Transport stocks are also in focus, with expectations that a solid report from J.B. Hunt will support a bullish outlook on FedEx [9]

Group 1 - The China Securities Regulatory Commission (CSRC) has launched an investigation into Tianpu Co., Ltd. for significant omissions in its stock price fluctuation announcements, reflecting the regulatory body's commitment to maintaining market stability and warning investors against speculative trading [2][7] - The CSRC and the Ministry of Finance have announced new regulations to enhance the whistleblower reward system for securities and futures violations, increasing the reward cap from 100,000 yuan to 1 million yuan, thereby encouraging the reporting of illegal activities [2][7] - In December 2025, the Consumer Price Index (CPI) showed a year-on-year increase of 0.8%, while the Producer Price Index (PPI) decreased by 1.9%, indicating mixed trends in price movements influenced by international commodity prices and domestic policies [2][7] Group 2 - The Shanghai Composite Index has risen for 16 consecutive days, surpassing 4,100 points for the first time in a decade, with total trading volume in the Shanghai and Shenzhen markets exceeding 3 trillion yuan [3][8] - Starting April 1, 2026, the export tax rebate for photovoltaic products will be canceled, and the rebate rate for battery products will be reduced from 9% to 6%, which is expected to help the industry eliminate outdated capacity and create investment opportunities in valuation recovery and new technologies [3][8] - Multiple listed companies are undergoing changes in controlling stakes, with significant transactions such as the transfer of shares in Asia-Pacific Pharmaceutical and plans for fundraising for new drug development, drawing market attention to their future strategies [3][9] Group 3 - Foreign investment is optimistic about the Chinese economy and market, with firms like Goldman Sachs and UBS predicting increases in the MSCI China Index and the CSI 300 Index, highlighting technology innovation and AI industries as core growth areas [4][9] - Copper prices have surged by 22% in a month due to factors like U.S. stockpiling and AI trends, prompting Goldman Sachs to raise its price forecast for copper in the first half of 2026 to $12,750 per ton, while maintaining a year-end forecast of $11,200 per ton [4][5][9] - Employees at Shenwan Hongyuan Futures faced a violent incident while protesting significant cuts to year-end bonuses, indicating potential challenges and restructuring within the futures industry amid salary constraints [10]

Company - Nvidia is recruiting executives from Google Cloud to strengthen its position in the market [8] - Chevron could see an annual revenue increase of up to $700 million due to its operations in Venezuela [8] - Stellantis has canceled its sales plan for plug-in hybrid vehicles in the U.S. due to weak demand [8] - Glencore and Rio Tinto are in negotiations to potentially create the world's largest mining company [8] - xAI plans to invest $20 billion in building a data center in Mississippi [8] - Hyundai will fully deploy humanoid robots starting in 2028 [8] - Paramount reiterated its all-cash offer of $30 per share for WBD [8] - General Motors will account for $7.1 billion in expenses in the fourth quarter [8] - Johnson & Johnson is lowering drug prices in the U.S. in exchange for tariff reductions, but experts say savings for insured individuals will be limited [8] Industry - The U.S. added 584,000 jobs in 2025, marking the lowest growth rate in a non-recession period since 2003 [8] - U.S. household wealth has reached a record high, benefiting from the rise in the stock market [8] - The EU is expected to sign a historic trade agreement with South America despite opposition from France [8] - The WTI crude oil price has risen for the third consecutive week [9] - The U.S. debt market shows mixed results, with a flattening yield curve and mixed non-farm payroll data [9] - The dollar is rising alongside U.S. Treasury yields as traders reduce bets on Federal Reserve rate cuts [9]

Group 1 - The Nasdaq Composite index showed positive movement, particularly driven by gains in chip maker stocks [1] - ASML Holding's U.S.-listed shares increased by 7%, while Broadcom, Taiwan Semiconductor, and Texas Instruments saw gains of 4%, 1.4%, and 1% respectively [1] - Year-to-date performance for these companies has been positive, indicating a strong market position [1] Group 2 - Nvidia and Advanced Micro Devices experienced minor gains of 0.5% and less than 0.1% respectively on Friday [2] - Despite the recent gains, both Nvidia and AMD stocks are down in 2026, highlighting challenges in stock price appreciation for larger companies [2] - The stock price of Nvidia requires a significant amount of cash to increase, reflecting its heavyweight status in the market [2]