Core Viewpoint - Qualcomm is likely to utilize Samsung's 2nm chip manufacturing process for its next-generation mobile application processors, marking a return to Samsung after years of reliance on TSMC for advanced chip manufacturing [2] Group 1: Qualcomm and Samsung - Qualcomm is in discussions with multiple foundries, including Samsung, for the adoption of cutting-edge 2nm chip manufacturing processes [2] - The majority of Qualcomm's new core chip designs for PCs, smartphones, and AI data centers have been completed, aiming for large-scale manufacturing and commercialization soon [2] - This potential deal signifies Qualcomm's shift from nearly exclusive reliance on TSMC to Samsung's advanced manufacturing capabilities [2] Group 2: TSMC's Market Position - TSMC's stock surged by 6.9%, reaching a historical high, following Goldman Sachs' significant price target increase of 35% to NT$2330, reflecting strong market confidence in AI-related infrastructure demand [3] - TSMC is the largest contract chip manufacturer globally, benefiting from the booming demand for AI GPUs and ASICs, with major clients like NVIDIA and AMD driving increased orders [4] - TSMC's advanced 2nm process is set to begin mass production in Q4 2025, with performance improvements of 10-15% at the same power consumption or a 25-30% reduction in power consumption for the same performance [5] Group 3: Intel's Challenges - Intel is focusing on 1.8nm technology, skipping the 2nm node, and has announced the upcoming release of its Panther Lake platform based on this process [6] - Qualcomm's decision to return to Samsung for mobile processors poses a significant challenge for Intel, which is trying to attract high-profile clients for its advanced manufacturing capabilities [8] - The success of Intel's 18A and 16A technologies is crucial for its recovery, as it seeks to establish itself in the competitive landscape dominated by TSMC and Samsung [8]

Core Viewpoint - Morgan Stanley has raised its CoWoS capacity forecasts for 2026 and 2027 by 8% and 13% respectively, driven by TSMC's capacity expansion and strong demand for TPUs [1][2]. Group 1: CoWoS Capacity Forecasts - TSMC's CoWoS capacity is expected to reach 115,000 wafers per month by the end of 2026, with additional capacity from external suppliers (mainly ASE and Amkor) contributing 12,000 to 15,000 wafers per month [2]. - The capacity increase is primarily due to rising demand from the ASIC supply chain, with TSMC focusing on CoWoS-L technology while CoWoS-S supply remains stable [2]. Group 2: TPU Demand and Shipments - Morgan Stanley has raised its TPU shipment forecasts for 2026 and 2027 to 3.7 million and 5 million units respectively, reflecting strong market demand and TSMC's ongoing capacity expansion [3][4]. - To meet TPU demand, Broadcom's CoWoS wafer allocation has been increased to 230,000 wafers in 2026 and 350,000 wafers in 2027, while MediaTek is expected to receive 18,000 and 55,000 wafers in the same years [5]. Group 3: Key Players and Projects - NVIDIA's CoWoS allocation for 2026 remains at 700,000 wafers, with slight adjustments in product mix due to HBM4 readiness issues [6]. - AMD's CoWoS forecasts remain unchanged at 90,000 and 120,000 wafers for 2026 and 2027, with potential delays in the MI450 project [6]. - AWS's Trainium project has seen a slight reduction in 2026 shipment expectations to 2.1 million units, with lifecycle totals unchanged [7]. Group 4: Outsourcing and Equipment Suppliers - Due to TSMC's capacity constraints, smaller projects are being outsourced to packaging factories, with ASE expected to benefit from various CPU and TPU projects [8]. - Equipment suppliers are projected to see a 20% to 30% increase in equipment shipments in 2026, driven by strong demand for CoWoS, WMCM, and FOCoS technologies [9].

Core Viewpoint - Taiwan Semiconductor Manufacturing Company (TSMC) is the leading manufacturer of AI chips, and Intel is not expected to pose a challenge to TSMC in the near future according to J.P. [1] Company Summary - TSMC holds a dominant position in the AI chip market, indicating its strong competitive advantage and market leadership [1] - Intel's current capabilities and strategic direction suggest that it will not be able to compete effectively with TSMC in the AI chip sector in the short term [1]

该媒体援引阿蒙在采访中透露的消息表示，这家智能手机与PC端芯片领军者正在与包括三星电子在内 的多家晶圆代工厂就采用最前沿的大规模2nm芯片制造工艺进行合同代工制造展开磋商；阿蒙表示，高 通面向PC、智能手机甚至AI数据中心的绝大多数新一代核心芯片设计工作已经完成，以便在不久的将 来实现大规模代工以及全面商业化。 相较N3E制程(等同于3nm先进制程)，N2约可实现同功耗下性能+10%到15%，或同性能下功耗缩减 25%~30%，以及晶体管密度+15%~20%(具体取决于芯片架构设计)。 另一芯片制造巨头英特尔，则跳过2nm整数制程，聚焦于1.8nm级别制程(即18A)。英特尔表示，18A已 经从"制程节点承诺"走到"终端产品发布与量产爬坡"，而14A仍在研发与路线图/客户导入阶段。英特尔 在CES2026重磅发布/展示了基于18A制程打造的Panther Lake(Core Ultra Series3)，并将其作为18A的"首 批产品平台"对外确认。18A的关键工艺特征，即GAA/RibbonFET+背面供电PowerVia，也作为该代产品 与制程卖点被媒体与英特尔官方材料同步强调，但是具体的生产良率指标仍未 ...

Core Insights - Taiwan Semiconductor Manufacturing Company (TSMC) shares reached a 52-week high of $333.08, closing at $327.43, with a 57.9% increase over the past year, outperforming the Zacks Computer and Technology sector's 25.3% gain [1][6] Financial Performance - In Q3 2025, TSMC's revenues increased by 41% year-over-year to $33.1 billion, and earnings per share (EPS) rose by 39% to $2.92, driven by demand for advanced 3nm and 5nm nodes, which now represent 60% of total wafer sales [11] - TSMC raised its revenue growth guidance for full-year 2025 to a mid-30% range, up from the previous estimate of around 30%, with analysts projecting a 20.8% revenue increase and a 20% EPS increase for 2026 [12] Market Position and Demand - TSMC is benefiting from the AI boom, manufacturing advanced chips for major clients like NVIDIA, Broadcom, and Marvell, with AI-related chip sales expected to contribute approximately 30% of total revenues by 2025, up from mid-teens in 2024 [2][8] - The company is the leading player in the global chip foundry market, with significant demand for its advanced manufacturing processes [7] Investment and Growth Strategy - TSMC plans to invest between $40 billion and $42 billion in capital expenditures in 2025, focusing 70% of this spending on advanced manufacturing processes to maintain its competitive edge [9][10] Competitive Landscape - TSMC's stock performance has outpaced peers like Broadcom and NVIDIA, which saw increases of 50.3% and 34% respectively, while Marvell Technology's stock declined by 25.3% [3] Valuation and Market Sentiment - TSMC's stock trades at a forward P/E ratio of 26.74, higher than the sector average of 23.19, but lower than Broadcom, NVIDIA, and Marvell [16][20] - Investor confidence in TSMC's long-term prospects remains strong despite market volatility and geopolitical risks [6] Risks and Challenges - Near-term risks include softness in PC and smartphone markets, which may limit growth despite rising AI demand [13] - The company's global expansion strategy, including new fabs in the U.S., Japan, and Germany, may lead to higher costs and lower gross margins in the short term [14] - Geopolitical tensions, particularly U.S.-China relations, pose strategic risks due to TSMC's revenue exposure to China [15]

Core Viewpoint - Morgan Stanley has raised its forecast for Google's TPU chip shipments for 2026 and 2027, expecting shipments to reach 3.7 million and 5 million units respectively, driven by TSMC's expanding CoWoS packaging capacity and strong market demand [1][3]. Group 1: Capacity Forecast Adjustments - Morgan Stanley has increased its CoWoS capacity forecasts for 2026 and 2027 by 8% and 13% respectively, reflecting TSMC's new capacity construction in the second half of 2026 and 2027 [1][3]. - TSMC's CoWoS capacity is expected to reach 115,000 wafers per month by the end of 2026, with external suppliers providing an additional 12,000 to 15,000 wafers per month [1][3]. Group 2: Demand Drivers - The increase in capacity is primarily driven by rising demand from the ASIC supply chain [1][3]. - The main shipments for 2026-2027 will come from TPU v7 (Ironwood) and v8 series (Broadcom's AX version and MediaTek's X version) [3]. Group 3: Company-Specific Insights - NVIDIA's CoWoS allocation for 2026 remains at 700,000 wafers, with slight adjustments in product mix due to HBM4 readiness issues [4]. - AMD's CoWoS forecast remains unchanged at 90,000 and 120,000 wafers for 2026 and 2027, respectively, with potential delays in the MI450 project [4]. - AWS's Trainium project has seen a slight reduction in expected shipments for 2026, now projected at 2.1 million units [5]. Group 4: Outsourcing Trends - The outsourcing ratio for packaging has increased, benefiting equipment suppliers [6][7]. - TSMC will focus on key GPU and AI ASIC projects, leaving smaller projects to packaging houses like ASE and Amkor [7]. - Equipment suppliers are expected to see a year-on-year increase in demand for CoWoS, with new capacity projected to grow by 40,000 to 50,000 wafers per month [7].

智通财经APP获悉，有媒体援引美国高通公司首席执行官克里斯蒂亚诺·阿蒙(Cristiano Amon)的话报道 称，高通(QCOM.US)很可能将使用三星电子的2nm级别芯片代工工艺来制造其下一代移动应用处理器。 高通过去几年在领先制程上"几乎完全依赖台积电"，而此次若把下一代移动AP的一部分先进节点订单 转向三星2nm，意味着高通在"最核心、最量大的手机SoC"上启动双供应链策略或者分散化，会在份额 与议价权层面对台积电形成轻微压力，但是对于台积电基本面增长前景无任何重大扰动。 台积电与英特尔的先进芯片制程布局 该媒体援引阿蒙在采访中透露的消息表示，这家智能手机与PC端芯片领军者正在与包括三星电子在内 的多家晶圆代工厂就采用最前沿的2nm芯片制造品工艺进行合同代工制造展开磋商;阿蒙表示，高通面 向OC、智能手机甚至数据中心的绝大多数新一代核心芯片设计工作已经完成，以便在不久的将来实现 大规模代工以及全面商业化。 有着"全球芯片代工之王"称号的台积电方面同样全面聚焦于2nm及以下这一最先进芯片制程产能，该公 司在其官网制程介绍中明确写到：2nm(N2)"已于2025年第四季度(4Q25)按计划开始量产"，并强 ...

Key Points Taiwan Semiconductor is launching a new technology in 2026. TSMC's revenue is greater than its competition combined. However, Taiwan Semiconductor isn't a risk-free investment. 10 stocks we like better than Taiwan Semiconductor Manufacturing › Finding a single stock to buy and hold isn't an easy task. The stock needs to cover a wide range of outcomes, and failure isn't an option. While this stock may not provide the highest returns in your portfolio, it is also the most likely to beat ...

Market Analysis by covering: NVIDIA Corporation, Taiwan Semiconductor Manufacturing. Read 's Market Analysis on Investing.com ...

台积电将于下周公布去年12月季度业绩。根据分析师预期，其销售额将同比增长18%，营业利润率将提 升至三年高位，超过50%。 该股周三一度下跌2.4%，在连续四日上涨推动其市值达到创纪录的1.4万亿美元后出现温和回调。 摩根大通分析师戈库尔·哈里哈兰在报告中写道："我们预计2026年将是台积电又一个强劲增长年"，原 因是对该公司最先进芯片制造技术的需求扩大以及定价提升。"毛利率亦有望上行。" 智通财经APP获悉，随着台积电(TSM.US)股价创纪录飙升，研究分析师正争相上调这家芯片制造巨头 的目标价，显示出市场对其持续的看涨情绪。 自今年初以来，至少六家券商(包括高盛集团和麦格理集团)已上调了对台股上市的台积电的目标价。摩 根大通在周三的报告中将其目标价上调24%至新台币2100元，理由是预期营收强劲增长且盈利能力改 善。 台积电股价在2026年迄今已上涨8%，过去三年更因投资者对这家人工智能热潮关键驱动力之一的需求 持续旺盛而上涨逾两倍。其涨势推动台湾基准股指连创新高，台积电在该指数中的权重占比已近45%。 ...