Core Viewpoint - TrendForce's latest survey indicates that TSMC's market share surged to 71% in Q3, solidifying its position as the global leader in foundry services, while Samsung's market share decreased by 0.5 percentage points to 6.8%, widening the gap between the two companies [2][3]. Group 1: Samsung's Strategy and Partnerships - Samsung is in discussions with AMD for 2nm foundry orders, aiming to catch up with TSMC, which has been the preferred choice for major clients like Apple and Tesla [2][3]. - The collaboration with AMD includes the production of next-generation CPUs, potentially the EPYC Venice CPU, using Samsung's second-generation 2nm process [2][3]. - Samsung's foundry division is expected to finalize contracts with AMD around January, with a high likelihood of mass production [3]. Group 2: Financial Goals and Performance - Samsung has set a target to achieve profitability in its semiconductor foundry business by 2027, focusing on securing orders from major tech companies [5][6]. - The foundry division has been operating at a loss since 2022, with estimated quarterly losses ranging from 1 trillion to 2 trillion KRW [6]. - Samsung aims to capture a 20% market share by 2027, based on sales, as part of its long-term business plan [5]. Group 3: Operational Improvements and Future Prospects - Samsung's foundry business has seen a rebound in performance due to securing contracts from Tesla and Apple, with Q3 losses dropping below 1 trillion KRW [6]. - The company is also enhancing production capacity at its Austin facility, which utilizes mature processes and has recently gained new clients [6]. - Samsung plans to maximize profits at its upcoming Taylor factory in the U.S. by starting production in 2024, with equipment installation expected to be completed by Q2 [7].

凤凰网财经 . 你好，我们是凤凰网财经，全球华人都在看的财经公众号，传播最有价值的财经报道，你值得关注！欢 迎访问：http://finance.ifeng.com/ 以下文章来源于凤凰网财经 ，作者凤凰网财经 另一边，美国早已盯上半导体产业这块 "蛋糕"。 卢特尼克3日接受美国媒体采访时指出，台积电宣布将增加投资1000亿美元，总投资额达1605亿美元。他 说："当然，他们（台湾）也会训练美国劳工。最终目标是将供应链转移到美国，在美国生产半导体及药 品，训练美国人从事这些工作。让整个供应链都留在美国。这就是我们全部的目的。" 这家芯片巨头再次站上地缘政治的十字路口。 "台积电董事长要来大陆了！" 这则消息，近日在中国半导体圈引发广泛关注。 此前有知情人士透露，台积电董事长魏哲家"有望于12月4日现身南京，出席台积电开放创新平台（OIP）生 态系统论坛，并计划密集拜访多家本土芯片设计公司"。 若行程属实，这将是他自 2023年上海技术论坛后，两年来首次踏足大陆。 这场论坛作为台积电2025年OIP全球巡回的压轴场，此前已走过硅谷、东京、新竹、阿姆斯特丹四站。 尽管台积电官方已第一时间否认相关传闻，且公开信息显 ...

公众号记得加星标⭐️，第一时间看推送不会错过。 人工智能（AI）是全球资金投入规模最大的领域之一，超大规模 AI 数据中心的运营商们似乎都在争 先恐后地斥巨资扩充自身算力。美国投资媒体指出，有多家企业正从这波巨额支出中获益，台积电便 是其中之一；该媒体还认为，若全球对 AI 基础设施的支出预测能够兑现，台积电股价未来 5 年或将 上涨三倍。 分析指出，或许有人会称英伟达（Nvidia）与苹果是全球最重要的两家企业，但这两家公司仅负责产 品设计，并不涉足芯片制造环节，其芯片生产全部外包给台积电。倘若没有台积电强大的制造能力作 为支撑，它们掌握的技术根本无从落地 —— 由此可见，台积电或许才是全球真正意义上最重要的企 业。 在高端芯片领域，除台积电外，真正具备竞争力的晶圆代工厂商仅有三星电子与英特尔两家。然而， 英特尔的晶圆代工部门因长期经营不善，很难吸引客户；三星电子则因频繁在非代工领域与客户展开 竞争，并非科技巨头的首选合作伙伴。这一格局使得台积电脱颖而出，也正因如此，该公司得以稳居 全球营收最高的半导体制造商宝座。 若全球 AI 的部署速度果真如众多业内人士预测的那般迅猛，台积电股价在未来 3 年轻松上涨三 ...

Core Insights - The AI computing market is experiencing significant investment, with hyperscalers increasing capital expenditures for data centers in 2025 and projecting even higher spending in 2026 [2][11] - Major chip suppliers like Nvidia and AMD are positioned to deliver strong returns, with Nvidia leading the market due to its advanced technology [4][5] - AMD anticipates a 60% compound annual growth rate for data center revenue over the next five years, indicating potential growth in its market share [7] - Broadcom is collaborating with AI hyperscalers to design custom computing units, enhancing performance and cost efficiency [8] - Alphabet is exploring selling its Tensor Processing Units (TPUs) to other companies, which could expand its influence in the AI chip market [10] - Taiwan Semiconductor Manufacturing Company (TSMC) remains a key player in chip manufacturing, benefiting from increased AI infrastructure spending [12][14] Company Summaries - **Nvidia**: Leading AI stock with a strong technology stack, currently valued at $174.96, with a gross margin of 70.05% [5][6] - **AMD**: Competing with Nvidia, expecting significant growth in data center revenue, currently valued at $138.10, with a gross margin of 64.71% [6][7] - **Broadcom**: Designs custom chips for AI hyperscalers, currently valued at $359.32, with a market cap of $1.7 trillion [9][8] - **Alphabet**: Considering selling TPUs to other companies, currently valued at $138.10, with a focus on expanding its cloud services [10] - **Taiwan Semiconductor Manufacturing Company (TSMC)**: Largest chip manufacturer, benefiting from AI spending, currently valued at $291.85, with a gross margin of 57.75% [12][14]

Core Viewpoint - The article discusses the significant decline in the US stock market, particularly in technology stocks, driven by concerns over the "AI bubble" and hawkish signals from Federal Reserve officials [2][9]. Market Performance - On December 12, US technology stocks experienced a sharp decline, with the Dow Jones falling by 0.51%, the Nasdaq dropping by 1.69%, and the S&P 500 decreasing by 1.07% [3]. - Major tech companies saw substantial losses, with Broadcom plummeting over 11%, Oracle and TSMC ADR down over 4%, and Nvidia down over 3% [3]. - The Philadelphia Semiconductor Index fell by over 5%, with Micron Technology down over 6% and AMD, Intel, and Applied Materials all declining by over 4% [3]. Oracle's Situation - Reports indicated that Oracle postponed the completion of data centers for OpenAI from 2027 to 2028 due to labor and material shortages, which heightened concerns about the "AI bubble" [6][8]. - Following these reports, Oracle's stock saw a significant drop, with a decline of over 6% at one point [7]. - Oracle later denied the reports, asserting that all milestones for the project remain on track and that they are in close coordination with OpenAI [7][8]. Federal Reserve's Influence - Several Federal Reserve officials released hawkish statements, leading to increased bond yields and prompting investors to withdraw from technology stocks [9][10]. - Kansas City Fed President Esther George noted that inflation remains high and the economy shows growth, advocating for a moderately restrictive monetary policy [9]. - The market is anticipating upcoming employment and inflation data, which could influence the Fed's decisions in January [10]. Interest Rate Expectations - According to CME FedWatch, the probability of a 25 basis point rate cut in January is 24.4%, while maintaining the current rate is at 75.6% [10]. - Morgan Stanley and UBS expect only one rate cut in 2024, likely in the first quarter [10][11]. - Analysts from Goldman Sachs, Wells Fargo, and Barclays predict two rate cuts in 2024, potentially in March and June [11].

Group 1 - Samsung's first tri-fold smartphone, Galaxy Z Trifold, officially launched in South Korea at a price of 3.5904 million KRW (approximately 17,200 CNY) and will be released in other regions including mainland China, Taiwan, Singapore, UAE, and the USA [2] - TSMC is considering changing the production process at its Kumamoto factory from 6nm and 7nm chips to more advanced 4nm technology due to declining demand from major clients like NVIDIA, which may delay the planned mass production originally set for the end of 2027 [2] - CounterPoint Research predicts that global shipments of foldable smartphone panels will increase by 46% year-on-year in 2026, driven by strong demand from Apple's first foldable iPhone, with Samsung Display expected to capture over 50% of the market share [2] Group 2 - The Shenzhen Construction Robot Alliance has been established, aiming to create a collaborative platform focusing on policy implementation, technological innovation, application promotion, market branding, and industrial ecosystem development [2]

Core Viewpoint - The Nasdaq index experienced a decline, with major tech stocks falling significantly, amidst concerns over a Supreme Court ruling on Trump's tariffs, which could impact the stock market's recent gains [1] Group 1: Market Performance - The Nasdaq index's decline reached 1.2%, with notable drops in major tech stocks such as Broadcom (AVGO) down over 10%, Micron Technology (MU) down over 5%, Oracle (ORCL) and AMD (AMD) down over 3%, TSMC (TSM) down 2.6%, Amazon (AMZN) down over 1%, and Meta (META) down over 0.8% [1] - The S&P 500 index has rebounded 39% since its low earlier this month, reaching a record high, supported by lower-than-expected tariffs and ongoing investment in artificial intelligence [1] Group 2: Legal and Economic Context - The U.S. Supreme Court is set to rule on the legality of Trump's comprehensive tariffs, which previously caused significant market declines [1] - If the Supreme Court rules against the tariffs, there is potential for uncertainty in the market, with estimates suggesting a 2.4% growth in earnings for S&P 500 companies by 2026, excluding interest and taxes [1]

Core Viewpoint - The Nasdaq index experienced a decline, with major tech stocks falling significantly, amidst uncertainty regarding the legality of comprehensive tariffs proposed by Trump, which could impact the stock market's recent performance [1] Group 1: Market Performance - The Nasdaq index dropped by as much as 1.2%, with notable declines in major tech stocks such as Broadcom (AVGO) down over 10%, Micron Technology (MU) down over 5%, Oracle (ORCL) and AMD (AMD) down over 3%, and TSMC (TSM) down 2.6% [1] - The S&P 500 index has rebounded 39% since its low earlier this month, reaching a record high on Thursday, supported by lower-than-expected tariffs and ongoing investment in artificial intelligence [1] Group 2: Legal and Economic Context - The U.S. Supreme Court is set to rule on the legality of Trump's comprehensive tariffs, which previously caused a global market downturn; a ruling against the tariffs could introduce significant uncertainty [1] - The likelihood of a ruling this year is decreasing, with the court's next session scheduled for January 9 of the following year [1] Group 3: Future Projections - Ohsung Kwon, Chief Equity Strategist at Wells Fargo, estimates that if the tariffs are ruled invalid, S&P 500 companies' earnings before interest and taxes could grow by 2.4% by 2026 compared to this year's levels [1]

Core Viewpoint - AI stocks are expected to continue their upward trajectory in 2026, presenting significant investment opportunities as the technology is still in its early stages [1] Group 1: Nvidia - Nvidia holds over 90% market share in GPUs, essential for AI workloads, and is poised for growth with increasing data center spending and recent approval to sell H200 chips to China [3][5] - The AI data center market is projected to grow to between $3 trillion and $4 trillion by 2030, positioning Nvidia to capture a substantial share of this opportunity [5] Group 2: Broadcom - Broadcom is emerging as a competitor to Nvidia by designing custom AI ASICs, which are energy-efficient and tailored for specific tasks, crucial as the market shifts towards inference [6][8] - Broadcom's early custom-AI chip customers represent a market opportunity exceeding $60 billion in fiscal 2027, with significant orders from Anthropic and other clients [8][9] Group 3: Alphabet - Alphabet has a significant advantage in the AI space with its seventh-generation tensor processing units (TPUs) and a leading large language model, Gemini, enhancing its cost efficiency in AI model training and cloud computing [10][11] - Alphabet is the only company with proven custom AI chips deployed at scale, making it a strong contender in the AI market [11] Group 4: Taiwan Semiconductor Manufacturing - Taiwan Semiconductor Manufacturing Company (TSMC) is crucial for chipmakers, providing advanced chip manufacturing with high yield rates, making it a preferred foundry partner [13] - TSMC anticipates a mid-40% compound annual growth rate in demand for AI chips and is expanding capacity to meet this demand, alongside expected price increases in 2026 [14][15]

Core Viewpoint - Taiwan Semiconductor Manufacturing Company Limited (TSMC) is being closely monitored by analysts as a significant player in the AI sector, with Bernstein SocGen Group maintaining an "Outperform" rating and a price target of $330.00, citing strong revenue tracking for 4Q25 [1]. Revenue Performance - TSMC's revenue for November was NT$343.61 billion (approximately $11 billion), reflecting a 6.5% decline from October's NT$367.47 billion but showing a year-over-year increase of 24.5% [2]. - The combined revenue for October and November reached NT$711 billion, which constitutes 71% of the company's fourth-quarter 2025 guidance midpoint in New Taiwan dollars, positioning it at the upper end of the historical range of 65-72% [3]. Future Projections - Analysts suggest that if December follows typical seasonal patterns, TSMC's 4Q25 revenue could exceed guidance midpoint and consensus by 3-4%. Additionally, actual foreign exchange rates have provided a 1% tailwind, although this alone does not fully account for the revenue beat [4].