市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 台积电11月销售额3,436.1亿元台币，同比增长24.5％。 风险提示及免责条款 ...

Group 1 - The Taiwan Affairs Office (TAO) expresses serious concern over the Taiwanese government's actions to align with the U.S., particularly regarding the proposed $300 billion investment in Taiwan's semiconductor industry, which could severely impact Taiwan's economic autonomy and development [3][4]. - The TAO criticizes the Taiwanese government for its willingness to sacrifice local industries, such as TSMC, for U.S. interests, highlighting a $100 billion investment by TSMC in the U.S. that has caused panic and discontent among Taiwanese citizens [3][6]. - The TAO calls for unity among the Taiwanese public to oppose the current administration's policies, which they view as detrimental to Taiwan's economic interests and sovereignty [3][4]. Group 2 - The TAO responds to the U.S. National Security Strategy, which mentions Taiwan multiple times, asserting that Taiwan's issues are internal matters for China and should not involve foreign interference [7][8]. - The TAO condemns the Taiwanese government's collaboration with external forces, which they believe exacerbates tensions in the Taiwan Strait, and warns that attempts to seek independence through foreign support will ultimately fail [8].

国芯网[原:中国半导体论坛] 振兴国产半导体产业！ 不拘中国、 放眼世界 ！ 关注 世界半导体论坛 ↓ ↓ ↓ 12月10日消息，据报道，台积电目前面临 CoWoS 先进封装产能严重饱和的困境，已无法单独满足英伟 达、苹果等客户对 AI 芯片的爆发式需求。 为解决这一瓶颈， 台积电决定改变策略，将部分"溢出"订单外包给日月光投控和矽品精密等封测大 厂。 据悉，台积电现有的 CoWoS 生产线已处于"全额预订"状态，产能瓶颈严重制约了 AI 芯片的交付速 度。面对这一严峻挑战，台积电无法再独自消化所有订单，转而决定启动外包策略，将部分订单分流至 具备承接能力的合作伙伴。 台积电此次外包的主要对象锁定日月光投控和矽品精密等公司。这些厂商将负责承接台积电无法及时处 理的"溢出"订单。 这一策略调整背后还隐藏着深层的竞争考量：英特尔近期在先进封装领域动作频频，试图吸引苹果和高 通等客户。台积电通过外包扩充可用产能，能够有效避免客户因等待时间过长而流向竞争对手，从而巩 固其在高端封装市场的统治地位。 ***************END*************** 半导体公众号推荐 半导体论坛百万微信群 加群步骤： ...

10日国台办例行新闻发布会上，有记者问，赖清德日前接受采访时称，支持台积电或半导体产业到美 国、日本、欧洲去，以促进世界的繁荣与进步。萧美琴接受访问时称，台积电在美国投资兴建超大型芯 片厂深具意义，除可以扩大台湾在全球影响力，也是为美国制造业等作出贡献的绝佳方式。请问发言人 对此有何评论？ （文章来源：新华社） 国务院台办发言人陈斌华答问表示，这再次证明，赖清德当局是不折不扣的"卖台专业户"、恬不知耻 的"诈骗集团"。明明是台湾几代民众辛苦打拼而积攒的宝贵资产在被掠夺、被掏空，他们却粉饰为"促 进世界的繁荣与进步"；明明是岛内产业、企业和民众利益在被奉送、被牺牲，他们还洋洋得意于"为美 国制造业作出贡献"。如此媚美卖台还文过饰非，真是无耻至极。 ...

Core Viewpoint - The article highlights concerns regarding Taiwan's economic autonomy and the potential negative impact of U.S. investment demands on Taiwan's semiconductor industry and overall economy [1] Group 1: U.S.-Taiwan Relations - The U.S. seeks over $300 billion in investments from Taiwan and assistance in training semiconductor workers, aiming to transfer Taiwan's semiconductor supply chain to the U.S. [1] - The Taiwanese public expresses discontent with the Democratic Progressive Party (DPP) government, criticizing its submissive stance towards the U.S. [1] Group 2: Economic Impact - The DPP government's actions, including a commitment to $400 billion in military purchases, are perceived as detrimental to Taiwan's economic stability, risking the savings of multiple generations [1] - The forced investment of $100 billion by TSMC in the U.S. has already caused panic and dissatisfaction within Taiwan's industry [1] - If the proposed $300 billion investment materializes, it could significantly weaken Taiwan's economic development momentum and autonomy [1] Group 3: Call to Action - There is a call for Taiwanese citizens and intellectuals to unite and oppose the DPP government's pro-U.S. actions to protect their interests [1]

国台办发言人陈斌华：这再次证明，赖清德当局是不折不扣的"卖台专业户"、恬不知耻的"诈骗集团"。 明明是台湾几代民众辛苦打拼而积攒的宝贵资产在被掠夺、被掏空，他们却粉饰为"促进世界的繁荣与 进步"；明明是岛内产业、企业和民众利益在被奉送、被牺牲，他们还洋洋得意于"为美国制造业作出贡 献"。如此媚美卖台还文过饰非，真是无耻至极。 格隆汇12月10日｜国台办12月10日上午举行例行新闻发布会。记者：赖清德日前接受《纽约时报》采访 时称，支持台积电或半导体产业到美国、日本、欧洲去，以促进世界的繁荣与进步。萧美琴接受美媒访 问时称，台积电在美国投资兴建超大型芯片厂深具意义，除可以扩大台湾在全球影响力，也是为美国制 造业等作出贡献的绝佳方式。请问发言人对此有何评论？ ...

Group 1 - The core viewpoint of the articles highlights concerns regarding Taiwan's government under Lai Ching-te's administration, which is perceived as compromising Taiwan's semiconductor industry and economic autonomy by aligning too closely with the United States [1][2] - The U.S. is seeking over $300 billion in investments from Taiwan, which could significantly impact Taiwan's economy and further diminish its development momentum and autonomy [1] - The Taiwanese semiconductor giant TSMC is under pressure to invest $100 billion in the U.S., causing panic and discontent within Taiwan's industry and among the public [1] Group 2 - Lai Ching-te's administration is criticized for portraying the relocation of TSMC and the semiconductor industry to the U.S. as beneficial for global prosperity, while it is seen as a betrayal of Taiwan's interests [2] - The articles describe the current Taiwanese government as a "professional seller of Taiwan," suggesting that it is sacrificing local assets and interests for external gains [2]

Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the **Global Semiconductors, Hardware, Internet & Software** industry, particularly the **AI server market** and the **AI supply chain** dynamics [1][2]. Core Insights and Arguments 1. **Investment in Data Centers**: Total investment in upcoming and under-construction data centers is approximately **US$840 billion**. Major projects include OpenAI's agreements with semiconductor and cloud service providers (CSPs) [3][38]. 2. **AI Capital Expenditure (Capex)**: Following 3Q25 earnings, consensus estimates for 2026 capex for major CSPs have been raised by nearly **20%**, projecting total capex to grow at a **36% CAGR** to around **US$630 billion** from 2024 to 2027 [3][37]. 3. **Server Shipment Growth**: Global server and high-end GPU AI server shipments are expected to grow at **3%** and **31% CAGR**, respectively, from 2025 to 2027. High-end GPU server shipments are projected to increase by **46%** in 2026 [4][58]. 4. **ASIC and GPU Demand**: ASIC adoption is increasing, with projections indicating that ASICs will comprise **47%** of total CoWoS-based AI chip shipments in 2026. The demand for TPUs is also expected to grow by approximately **75% YoY** [4][5]. 5. **Financial Performance of Suppliers**: ASIC supply chain stocks have recently outperformed GPU supply chains, driven by significant orders from Broadcom and successful product launches from OpenAI and Google [6][34]. Additional Important Insights 1. **Circular Financing Concerns**: There are concerns regarding "circular financing" among AI giants, particularly with OpenAI's substantial commitments to various suppliers, which may lead to a "too big to fail" scenario [34][35]. 2. **OpenAI's Revenue Projections**: OpenAI's revenue for 1H25 was reported at **US$4.3 billion**, with a target of **US$13 billion** for the full year. However, the company has significant purchase commitments exceeding **US$1 trillion** over the next 5-7 years [35][36]. 3. **Major CSPs' Capex Guidance**: Companies like Microsoft, Amazon, and Google have increased their capex guidance significantly for 2025, indicating a strong focus on AI infrastructure [57]. 4. **Emerging Neoclouds**: Neoclouds are gaining traction with flexible "build-to-order" models, showcasing a growing revenue backlog and partnerships with major tech firms [43]. Investment Ratings and Price Targets - **Chroma**: Rated Outperform, Price Target (PT) = NT$830 [11] - **Delta**: Rated Outperform, PT = NT$1190 [12] - **Unimicron**: Rated Outperform, PT = NT$220 [13] - **Quanta**: Rated Underperform, PT = NT$250 [14] - **Google**: Rated Market-Perform, PT = $305 [15] - **Meta**: Rated Outperform, PT = $870 [16] - **Amazon**: Rated Outperform, PT = $300 [17] - **Microsoft**: Rated Outperform, PT = $645 [18] - **AMD**: Rated Market-Perform, PT = $200 [19] - **NVIDIA**: Rated Outperform, PT = $275 [21] - **TSMC**: Rated Outperform, PT = NT$1,444 [25] This summary encapsulates the key points discussed in the conference call, highlighting the significant trends, financial projections, and investment opportunities within the AI server and semiconductor industries.

Core Insights - Giverny Capital Asset Management reported a third-quarter return of 6.78%, underperforming the S&P 500's 8.12% return, with a year-to-date return of 12.57% compared to the index's 14.83% [1] Group 1: Company Performance - Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) achieved a one-month return of 3.67% and a remarkable 57.27% increase in value over the last 52 weeks [2] - As of December 08, 2025, TSM's stock closed at $301.87 per share, with a market capitalization of $1.566 trillion [2] Group 2: Investment Strategy - Giverny Capital Asset Management initiated a 3.5% position in Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) during the third quarter [3] - TSM operates as a foundry, manufacturing chips designed by others, contrasting with Intel's model of designing and manufacturing its own chips [3] - The company has been recognized for its leadership in semiconductor manufacturing since its founding in 1987 by Morris Chang [3]

Core Insights - Taiwan Semiconductor Manufacturing Company (TSMC) is maintaining strong profitability while expanding its manufacturing capabilities internationally, including new fabs in the United States, Japan, and Germany [1][2]. Financial Performance - TSMC's revenues increased by 40.8% year over year to $33.1 billion in Q3 2025, with expectations of continued growth driven by global expansion and rising demand for AI and advanced computing chips [5]. - The company's gross margin rose 170 basis points year over year to 59.5% in Q3 2025, despite anticipated near-term margin dilution of around 2% due to higher operational costs at overseas fabs [3][9]. - For Q4 2025, TSMC expects a gross margin between 59% and 61%, indicating a year-over-year improvement of 100 basis points at the midpoint of the guidance range [4][9]. Market Position and Competitors - TSMC's competitors, including Intel and GlobalFoundries, are also expanding in the AI chip manufacturing space, with Intel focusing on advanced chips and GlobalFoundries targeting mature nodes and edge computing [6][7]. - TSMC's share price has increased approximately 54.1% year to date, outperforming the Zacks Computer and Technology sector's gain of 28.9% [8]. Valuation and Earnings Estimates - TSMC trades at a forward price-to-earnings ratio of 25.06, which is lower than the sector average of 29.03 [10]. - The Zacks Consensus Estimate for TSMC's earnings indicates a year-over-year increase of 43.9% for 2025 and 20.2% for 2026, although estimates have been revised downward in the past 30 days [11].