Group 1 - The U.S. government is negotiating to exchange equity stakes in several tech companies, including Intel, Micron Technology, TSMC, and Samsung, for funding support under the CHIPS Act [2][3] - The CHIPS Act provides funding for research and grants to build semiconductor factories in the U.S., with significant subsidies already allocated to Samsung ($4.75 billion), Micron Technology ($6.2 billion), and TSMC ($6.6 billion) [3] - The current administration is perceived to be exerting influence over the tech industry, with officials indicating that any investment will be unprecedented and could mark a new era of government involvement in large corporations [3][4] Group 2 - Concerns have been raised regarding the government's intervention in the private sector, with terms like "uncertainty" and "unknown territory" frequently mentioned by investors and policymakers [4][5] - The approach of selecting "winners and losers" in the market could disrupt the free flow of capital, leading to potential risks for taxpayers and unpredictable market distortions [5] - The lack of transparency in these transactions has been highlighted as a significant concern, with some viewing it as a government-led reshuffling of industries rather than a unified effort to promote national security or technological independence [5]

Core Viewpoint - TSMC's impressive quarterly earnings report, with an EPS of 15.36 NTD, is supported by significant government subsidies, raising questions about the sustainability of its success and the implications of geopolitical factors [1][5][7] Group 1: Financial Performance - TSMC reported a record EPS of 15.36 NTD for the quarter, with revenue forecasts continuing to rise, driven by AI and high-performance computing [1] - In the first half of this year alone, TSMC received 671.28 million NTD in government subsidies, contributing to a total of 1,422.92 million NTD over the past 18 months [3][5] Group 2: Government Subsidies and Investments - TSMC's expansion plans include a $165 billion investment in the U.S. for six wafer fabs and two advanced packaging plants, with 25% of the investment covered by local government subsidies [3] - The company is also receiving substantial financial support from governments in Germany and Japan for its manufacturing facilities, indicating a trend of government involvement in the semiconductor industry [3][5] Group 3: Geopolitical Implications - The financial backing from various governments is driven by geopolitical concerns, as countries fear losing access to TSMC's technology and production capabilities [5][7] - TSMC's reliance on government subsidies ties its operations to political agendas, making it a strategic tool for various nations [7] - The potential risks associated with TSMC's dependence on government funding could lead to vulnerabilities if subsidies are reduced or political dynamics shift [7]

来源：环球网 有网民批评称，"美国人根本就是要生吞活剥台积电的企业，可怜""当民进党将台积电设在美国，已注 定美国将会慢慢啃食台湾！" 台积电美国亚历桑那州厂 图源：台媒 还有人质疑，"美国正式开始并吞台积电了"。 【环球网报道】据台湾《联合报》8月20日报道，美国政府除考虑入股英特尔，可能还入股根据"芯片 法"获得资助在美设厂的其他半导体公司。《联合报》援引路透社报道称，知情人士透露，美国商务部 长卢特尼克正在研究如何通过现金补助，换取美光、台积电和三星等公司的股权。台积电对此表示"不 回答假设性议题"。消息传出后，在岛内引发一些网民议论。 据报道，半导体业者表示，特朗普政府在先前未入主白宫前，就强烈表示以补助方式吸引企业在美或赴 美投资，他主张只要征收高关税，自会让这些企业乖乖到美国投资。今年4月，特朗普也确实多次表达 应删除"芯片法"后续补助，如今更突发奇想，希望借后续的补助款转为换取股权的方式，用未发放的大 部分资金换股。 报道称，后续补助款，除英特尔额度最高外，还包括台积电、三星、美光和环球晶等。因情况和其他公 司不同，台积电对此拒绝置评，并表示不回答假设性问题；美光、三星都未回应是否收到白宫是否有 ...

Group 1 - TSMC reported a net profit of NT$398.27 billion (approximately RMB 94.78 billion) for Q2 2025, with its Arizona factory contributing NT$6.447 billion (approximately RMB 1.534 billion) in investment income after four years of losses [1] - The Arizona factory had accumulated losses exceeding NT$39.4 billion over the past four years, with losses of NT$4.976 billion and NT$4.979 billion in Q3 and Q4 of 2024, respectively [1] - Despite the contribution from the Arizona factory, it only accounted for 1.62% of TSMC's total net profit for Q2 [1] Group 2 - TSMC announced a total investment of $65 billion for three advanced chip factories in the U.S., followed by an additional $100 billion for three more advanced chip factories, two advanced packaging plants, and a research center [2] - The P1 factory began production in Q4 of last year, while the P2 factory is expected to start equipment installation in Q3 of next year and begin mass production in 2027 [2] Group 3 - TSMC's subsidiary in Japan, JASM, continues to operate at a loss, with losses reported at NT$11.19 billion, NT$11.87 billion, NT$32.49 billion, and NT$29.73 billion over recent quarters [4] - The low capacity utilization rate of approximately 50% at JASM's first wafer fab is attributed to intense competition in mature process nodes [4] - The slow recovery in the automotive and consumer markets is cited as a reason for the delayed construction of JASM's second factory [4] Group 4 - TSMC's Arizona factory has achieved a monthly production capacity of approximately 34,000 wafers for 4nm chips, fully booked by clients such as Apple and AMD [5] - The profitability of the Arizona factory is contingent on capacity utilization and product margins, with TSMC indicating that overseas factory mass production will dilute margins by 2-3% annually in the initial years, increasing to 3-4% later [5] Group 5 - U.S. government officials have expressed concerns about the return on investment from subsidies provided to semiconductor manufacturers, including TSMC [6] - The U.S. government is considering acquiring equity stakes in companies like TSMC as part of the Chip Act funding [6][7] - There is a push from U.S. officials to relocate some chip manufacturing back to the U.S. for national security reasons [7]

Group 1 - The U.S. government is exploring a "subsidy for equity" plan to acquire stakes in major chip manufacturers like Intel, Micron, Samsung, and TSMC [1][2] - The Biden administration aims to secure a 10% stake in Intel as part of the broader strategy to enhance national security and economic interests [1][2] - The Chips and Science Act, valued at $52.7 billion, is being considered for equity requirements as a new condition for funding disbursement [2][3] Group 2 - This initiative marks a significant shift in U.S. government involvement in key industries, potentially setting a precedent for direct government ownership in major companies [3] - Historically, the U.S. government has used equity investments during economic crises to stabilize markets, but this is the first instance in the semiconductor sector [3] - The equity requirement may complicate investment decisions for foreign companies like TSMC and Samsung, as they must balance market access with operational autonomy [3]

Core Viewpoint - The U.S. government is exploring a plan to exchange equity stakes in semiconductor companies for funding under the CHIPS Act, potentially expanding beyond Intel to include companies like Micron, TSMC, and Samsung [1][2][4]. Group 1: Government Initiatives - U.S. Commerce Secretary Howard Lutnick is investigating the possibility of the federal government acquiring equity in semiconductor giants that receive funding from the CHIPS Act [1][2]. - The plan aims to provide substantial financial support to companies building chip factories in the U.S., with the government potentially holding stakes in these firms [1][4]. - The initiative has received backing from former President Trump, who views it as a novel approach to bolster national security and economic interests [2][5]. Group 2: Financial Implications - The U.S. government has already committed significant cash subsidies to major chip manufacturers, including $4.75 billion to Samsung, $6.2 billion to Micron, and $6.6 billion to TSMC [4]. - The government is also re-evaluating previous cash subsidies, suggesting that some may be deemed overly generous [4]. - The equity stake approach could provide long-term financial benefits to the government amid a rising demand for AI-related chips and infrastructure [5][6]. Group 3: Market Outlook - The global semiconductor market is expected to grow significantly, with a projected increase of 11.2% in 2025, reaching a total value of $700.9 billion, driven by strong demand in AI and cloud computing sectors [7]. - The demand for AI chips and related infrastructure is anticipated to continue expanding, with companies like SK Hynix predicting a 30% annual growth in the HBM market over the next decade [7].

Group 1 - TSMC's net profit for the first half of the year reached NT$759.83 billion, a year-on-year increase of 60.5%, with earnings per share of NT$29.3 [2] - Employee compensation for TSMC in the first half of the year totaled NT$45.59 billion, up 61% from NT$28.30 billion in the same period last year, averaging over NT$650,000 per employee [2] - TSMC's employee compensation for 2024 is projected to be NT$70.30 billion, with an average payout exceeding NT$1 million per employee, marking the largest distribution in history [2] Group 2 - TSMC received government subsidies totaling NT$671.28 billion in the first half of the year, bringing the total subsidies over the past year and a half to NT$1,422.92 billion [4] - The subsidies are primarily used to offset costs related to real estate, factory construction, and equipment purchases, with agreements signed with local governments [4] - TSMC's Arizona facility has commenced mass production of 4nm chips, with additional facilities under construction for 3nm and 2nm processes, contingent on customer demand [4][5]

Group 1 - The U.S. Secretary of Commerce, Gina Raimondo, is exploring the possibility of the federal government acquiring equity stakes in chip manufacturers that receive funding under the CHIPS Act for building factories in the U.S. [1] - This initiative extends from previous plans where the U.S. aimed to obtain partial equity in Intel in exchange for cash subsidies [1] - Raimondo is considering how the U.S. can secure stakes in companies like Micron Technology, TSMC, and Samsung while providing them with funding from the CHIPS Act, with most of the funds yet to be disbursed [1]

Core Viewpoint - The article discusses the recent significant sell-off in the U.S. tech stock market, highlighting concerns among traders about a potential repeat of the severe sell-off experienced in April. It emphasizes the growing interest in purchasing "disaster puts" as a hedge against further declines in major tech stocks, which have seen substantial gains since April [1][2][4]. Group 1: Market Trends - Major tech stocks in the U.S. experienced a sharp decline, with companies like Micron Technology dropping over 6%, Oracle and AMD falling over 5%, and others like Nvidia and TSMC ADR decreasing over 3% [1]. - The Nasdaq Composite Index fell by 1.46%, while the S&P 500 Index decreased by 0.59% [1]. - Since April 8, the "Big Seven" tech stocks have surged nearly 50%, raising concerns about potential triggers for a downturn [4]. Group 2: Trader Sentiment - Wall Street traders are increasingly purchasing "disaster puts" for the Invesco QQQ Trust Series 1 ETF, indicating heightened anxiety about market declines [2][3]. - The cost of hedging against significant market drops is nearing a three-year high, reflecting traders' fears of a repeat of the April sell-off [2]. Group 3: Economic Indicators - Goldman Sachs economists warn that the slowdown in the U.S. job market is not over and may worsen, with employment growth estimates falling below the necessary levels to maintain full employment [6][7]. - The firm predicts three rate cuts by the Federal Reserve this year, with potential further cuts in 2026 if hiring remains weak [7]. Group 4: Political Context - Former President Trump criticized Goldman Sachs for its pessimistic economic forecasts, particularly regarding tariffs and their impact on consumers [8].

他强调，芯片法案原本就是对有钱企业的送礼。「我们对英特尔的态度是，把拜登原本打算白送的钱， 转换成美国人民的股权。是的，对英特尔而言比免费补助糟，但对纳税人来说更有利，这就是特朗普的 思维。」 外界关注英特尔获得大笔银弹支援后，与台积电的竞合关系发展。 美国商务部长卢特尼克接受采访时，批评资金流向台积电，「我们希望英特尔在美国取得成功」，并证 实美方有意通过原以芯片法案补助英特尔的资金，取得英特尔股权。 卢特尼克强调，美国不能依赖中国台湾制造芯片，且美国总统特朗普认为，拜登时期提供英特尔资金， 因此应让联邦政府「获得股权」。至于政府是否会因持有英特尔10%股份而介入公司治理，他则否认： 「不，别想太多。我们只是把拜登时期的补助金，转换成特朗普政府下的股权。这不是治理问题。」 卢特尼克说，在国安考量下，美国必须能在本土制造芯片，不能过度依赖中国台湾。就地理距离来看， 中国台湾距离美国9,500英里，距离中国大陆仅80英里，99%的先进芯片都集中在中国台湾，显然不可 行。 他补充，这也是美日、美韩协议的一部分，要建立足够的基础设施与产能，好让美国有能力制造这些芯 片。 「如果英特尔能够在美国生产芯片节点、推动本土 ...