Core Points - TSMC's internal leak case has prompted senior executives from Tokyo Electron to visit Taiwan in July to apologize to TSMC's COO, Qin Yongpei [1] - TSMC has initiated legal action regarding the leak, which has entered the judicial process, rendering the visit's impact negligible [1] - Tokyo Electron's Taiwan subsidiary has declined to comment on the visit, and employees have been instructed not to discuss the matter publicly [1] - Tokyo Electron stated that no evidence of leaked trade secrets to third parties has been found, but further details cannot be provided due to the ongoing judicial review [1] - The leak involved TSMC's 2nm process technology, which was allegedly accessed by a Tokyo Electron engineer who previously worked in TSMC's system integration department and is currently in custody [1]

Core Viewpoint - Jinglin Asset Management Hong Kong Company disclosed its US stock holdings as of the end of Q2 2025, showing a total market value of $2.874 billion, a decrease of approximately 11% from the previous quarter's $3.228 billion [1][2]. Holdings Summary - The company held 28 securities in the US market, with the top 10 holdings accounting for 88.19% of the total portfolio value, indicating an increase in concentration compared to the previous quarter [2][3]. - Meta Platforms remains the largest holding, with a market value of $731.70 million, representing 25.46% of the total portfolio [3][4]. - New purchases included Nvidia, Atour, and Huazhu Group, while the company sold out of Apple and several pharmaceutical giants [6][7]. Trading Activity - In Q2, Jinglin made 3 new purchases, added to 7 existing positions, sold out of 6 stocks, and reduced holdings in 13 stocks [2][5]. - Significant increases in holdings were noted for Nvidia (new position), Manbang Group, and Qifu Technology, while reductions were seen in NetEase, Pinduoduo, and TSMC [4][5][7]. Investment Strategy - The company is focusing on Chinese assets, particularly in emerging industries, and aims to identify companies with strong business models and robust free cash flow [1][8]. - Jinglin Asset Management expressed that the valuation recovery of Chinese assets may be at a midpoint, emphasizing the need for skillful identification of new investment opportunities [8].

Core Viewpoint - The article reveals the latest U.S. stock holdings of Jinglin Asset Management Hong Kong Company as of the end of Q2 2025, indicating a total market value of $2.874 billion, a decrease of approximately 11% from the previous quarter [2][3]. Holdings Summary - Jinglin Hong Kong Company held 28 securities in the U.S. stock market, with a total market value of $2.874 billion, down from $3.228 billion in the previous quarter [2][3]. - The top 10 holdings accounted for 88.19% of the total portfolio, indicating an increase in concentration compared to the previous quarter [3][5]. Major Transactions - The company made 3 new purchases, added to 7 existing positions, sold out of 6 stocks, and reduced holdings in 13 stocks during Q2 [5][6]. - Notable new purchases included Nvidia, Atour, and Huazhu Group, while significant reductions included Apple and several pharmaceutical companies [8][9]. Key Holdings - Meta remains the largest holding with a market value of $731.7 million, representing 25.46% of the total portfolio, with an increase of 22,100 shares [6][7]. - Other significant holdings include NetEase ($469.1 million), Manbang Group ($340.1 million), and Pinduoduo ($336.9 million) [6][7]. Investment Strategy - The company is focusing on Chinese assets, particularly in emerging industries, and aims to identify companies with strong business models and robust free cash flow [2][10]. - Jinglin Asset Management emphasizes the importance of monitoring policy changes and emerging industries for potential investment opportunities [10].

Core Viewpoint - The article highlights significant developments in the global AI industry, including major events, funding activities, and technological advancements, providing insights into market trends and investment opportunities. Domestic Major Events - The 2025 World Robot Conference opened in Beijing, featuring over 200 participating companies and more than 400 top scientists and entrepreneurs discussing industry trends and innovations [4][5]. - Beijing's humanoid robot industry accounts for approximately one-third of the national market, with a nearly 40% revenue growth in the first half of the year [5]. - The world's first humanoid robot 4S store, Robot Mall, opened in Beijing, showcasing over 50 robots across various categories [5]. - A self-driving car incident involving a "萝卜快跑" vehicle occurred in Chongqing, raising safety concerns [5]. AI Company Developments - Dongfeng Nano addressed issues with its L2 smart driving feature, which was reported to have a rightward drift, promising improvements in future software updates [7]. - Chen Tianqiao and Dai Jifeng are preparing to launch a new AI company focusing on AI-driven business decision-making and services for aging populations [8]. - Fourier released its first full-size humanoid robot, GR-3, designed for interactive companionship with advanced features [10]. - Alibaba's Tongyi Qianwen launched new smaller models, Qwen3-4B, outperforming existing models in various tasks [12]. AI Investment Overview - A total of 29 AI funding events were reported globally, with a total financing amount of 67.066 billion RMB, averaging 3.353 billion RMB per event [51]. - The majority of domestic AI funding events were concentrated in Guangdong, Beijing, and Zhejiang, with significant investments in various AI sectors [56][60]. - Notable funding included Lingxin Qiaoshou, which completed a multi-million RMB angel round for its embodied intelligence platform [60]. Overseas Major Events - OpenAI completed a significant $8.3 billion D+ funding round, indicating strong investor confidence in AI technologies [68][69]. - Anthropic reported a remarkable revenue increase from $10 million to $4.5 billion within 18 months, showcasing the rapid growth of AI companies [46]. - ChatGPT's weekly active users reached 700 million, marking a fourfold increase year-over-year, with substantial growth in paid enterprise users [36][49].

Core Viewpoint - The investigation into TSMC's chip technology theft has unexpectedly brought attention to Tokyo Electron Ltd. (TEL), a key player in the semiconductor manufacturing equipment sector, due to the involvement of a former employee in the case [1][2]. Group 1: Investigation and Company Response - Six individuals have been arrested in connection with the alleged theft of TSMC's trade secrets, including a former TEL employee, prompting TEL to dismiss the involved employee and cooperate with the ongoing investigation [1][2]. - TEL has stated that there is currently no evidence of trade secrets being leaked to third parties, but details remain limited due to the judicial review stage of the case [2][3]. Group 2: TEL's Role in the Semiconductor Industry - TEL plays a crucial role in the global semiconductor manufacturing industry, providing essential equipment for major clients like TSMC, Samsung Electronics, and Intel [2][3]. - The company has access to clients' long-term technology roadmaps, which is vital for offering suitable equipment solutions and maintaining a competitive edge [2]. Group 3: Market Impact and Challenges - TEL's stock price has seen a cumulative decline of over 4% since the TSMC incident was revealed, despite a partial recovery on a recent Friday [1]. - The company is facing challenges due to rising tensions between its two major trading partners, the U.S. and China, with approximately 40% of its revenue coming from mainland China [3]. - Recent market conditions have forced TEL to lower its profit expectations, leading to an 18% drop in its stock price due to anticipated order cancellations and weak demand in the Chinese market [3].

Core Viewpoint - The demand for Chiplet architecture is increasing due to advancements in cloud computing, high-performance computing (HPC), and artificial intelligence (AI), alongside rising technical challenges and costs in semiconductor design and manufacturing [1][3]. Group 1: UCIe Alliance and Standards - The Universal Chiplet Interconnect Express (UCIe) Alliance was established in 2022 by major semiconductor companies and cloud service providers to create standardized interconnect specifications for Chiplets, enhancing flexibility, efficiency, and customization [1]. - UCIe 3.0 was recently launched, featuring enhancements in power efficiency and management while maintaining backward compatibility, and it supports data rates of 48 GT/s and 64 GT/s, doubling the bandwidth of the previous UCIe 2.0 [3][5]. Group 2: Performance and Applications - The performance improvements in UCIe 3.0 are particularly aimed at meeting the "insatiable demand for high bandwidth" in rapidly expanding fields such as AI, HPC, and data analytics, where interconnect boundary lengths are limited [3][5]. - The new data rates apply to both UCIe-S (2D standard packaging) and UCIe-A (2.5D advanced packaging) designs, addressing the need for higher throughput within constrained interconnect boundaries [5][9]. Group 3: Technical Specifications - UCIe 3.0 introduces new data rates of 48 GT/s and 64 GT/s, with specific characteristics for UCIe-S and UCIe-A, including bandwidth density and power efficiency targets [9]. - The standard maintains backward compatibility to ensure seamless integration with existing systems and infrastructure, allowing for a smooth transition for system designers and developers [7][9]. Group 4: Broader Implications - The Chiplet architecture is becoming ubiquitous across various sectors, including mobile devices, PCs, and automotive applications, with UCIe expected to cover a complete computing continuum from handheld devices to data centers [10]. - UCIe 3.0 also includes improvements such as runtime recalibration for low-power link tuning and more flexible Session Initiation Protocol (SIP) topologies, enhancing its applicability in new interconnect scenarios [10].

Core Viewpoint - Intel's board chairman Frank Yeary attempted to split and potentially sell Intel's foundry business to TSMC earlier this year, facing strong opposition from newly appointed CEO Lip-Bu Tan, leading to internal conflicts within the board [2][3]. Group 1: Board Dynamics - The internal conflict within Intel's board arose as some directors supported Yeary's plan, resulting in failures of some strategic initiatives proposed by CEO Tan [2]. - Despite the board's official support for Tan, his leadership is under increasing pressure both internally and externally [2]. Group 2: Proposed Business Moves - There were rumors that Intel planned to spin off its foundry division into an independent company, potentially involving TSMC and other major fabless chip designers as shareholders [3]. - Another rumor suggested that Intel might sell all or part of its foundry to TSMC, which would gain operational and strategic control over the production facilities [3]. Group 3: Technical and Business Feasibility - TSMC has publicly stated that it has no interest in acquiring Intel's foundry or manufacturing assets due to technical challenges and business reasons [5]. - TSMC's employees lack experience with Intel's EUV-based processes, complicating any potential improvements to Intel's manufacturing technology [5]. - The complexity of transferring TSMC's technology to Intel's U.S. foundries is high, as both companies use different tools and processes, which could lead to significant costs and risks [5]. Group 4: Competitive Landscape - TSMC has little incentive to assist a direct competitor in enhancing its chip production capabilities and is not interested in investing billions in a foundry without assurance of profitability [6]. - Intel's EUV capacity in the U.S. is insufficient to meet the demands of both its own and TSMC's customers [6].

Core Viewpoint - The article discusses President Trump's announcement of a potential 100% tariff on imported semiconductors, which could disrupt the international supply chain and lead to increased costs for domestic semiconductor and electronic products. The announcement also includes incentives for companies like Apple to invest in domestic production to avoid tariffs [2][4]. Group 1: Semiconductor Industry Impact - The semiconductor industry relies on international division of labor, with production processes spread across various countries. A 100% tariff could significantly increase the costs of semiconductor products in the U.S. [2][6]. - The U.S. Semiconductor Industry Association (SIA) predicts that by 2030, the U.S. share of semiconductor manufacturing capacity will drop to 13%, leading to greater reliance on imports [6]. - Companies like Nvidia and TSMC are already making investments in the U.S. to mitigate the impact of tariffs, with Nvidia planning to produce up to $500 billion worth of products domestically over the next four years [6][5]. Group 2: Corporate Responses and Strategies - Apple has indicated that it could avoid tariffs by producing domestically, suggesting a strategic move to align with Trump's policies [4]. - TSMC's investment in the U.S. is seen as a potential shield against tariffs, as the company has already committed to increasing its investment to $165 billion [5]. - Existing investment plans from companies like Samsung and SK Hynix may also be scrutinized for tariff exemptions, highlighting the complexity of determining tariff liabilities based on production locations [7]. Group 3: Future Developments and Negotiations - The article notes that the specifics of the tariff implementation are still pending, with Trump expected to provide more details soon [9]. - The U.S. government is employing a strategy of initially proposing strict measures before negotiating, which may lead to ongoing discussions with semiconductor companies regarding investment and tariff exemptions [9].

Count D, what's your final trade. >> Taiwan semi. Look, year to date ending July up 36%. They just reported today July year-over-year up 26%.I know it was up 5% yesterday. Should be up 5% every day. Scott.>> All right. Thank you, Weiss for not taking all the time. Kevin Simpson, >> TJ Maxx, we talked about retail was earlier.Their off-pric model thrives with the value seeking consumer. >> Wind resort sees demand good in the fourth quarter in 2026. Five price targets today alone.>> The consumer. Wow, how ins ...

Group 1: TSMC's 2nm Process Leak Incident - TSMC announced a leak of confidential information related to its 2nm chip process, resulting in the dismissal of involved employees and the initiation of legal proceedings [2] - TSMC's 2nm process is expected to enter mass production in the second half of this year, with the A20 chip for the iPhone 18 series being one of its first applications [2] - TSMC's 2nm process has achieved a yield rate exceeding 80%, which is sufficient for mass production and revenue generation [2][3] Group 2: Competitive Landscape - TSMC holds a significant market share of approximately 67.6%, while Samsung has about 7.7%, highlighting the competitive gap [3] - Samsung plans to start mass production of its 2nm process in the first half of 2026, despite initial yield rates being lower than TSMC's [3][5] - Intel aims to disrupt the market with its 18A process, which is equivalent to 1.8nm, but faces challenges with yield rates and production timelines [6][7] Group 3: Market Outlook and Applications - The global market for 2nm and similar processes is projected to exceed $50 billion by 2025, with an annual growth rate of over 20% [5] - The introduction of 2nm technology is expected to benefit downstream applications, particularly in consumer electronics, AI, and IoT [8][9] - Companies like Apple and NVIDIA are anticipated to leverage 2nm chips for enhanced performance in their next-generation products [8][9]