Core Insights - TSMC has established itself as the leading player in the foundry industry, playing a crucial role in the semiconductor sector through decades of growth and innovation [2][7][45]. Phase 1 - Initiation - TSMC was founded in 1986 with an initial capital of $48 million, primarily funded by the Taiwanese government and Philips [2]. - The company began production in 1987 using 6-inch wafers and quickly advanced to 3.0-micron technology [2][7]. - By 1994, TSMC had developed a 0.6-micron process and had shipped 2.5 million wafers, with revenues growing from NT$2.2 billion to NT$19.3 billion from 1990 to 1994 [7]. Phase 2 - Expansion and Catch-Up - In 1995, TSMC launched its 8-inch Fab III and introduced tungsten plugs, enhancing its manufacturing capabilities [11]. - By 1998, TSMC's revenue reached NT$50 billion, despite a semiconductor downturn, and it began producing 0.22-micron nodes [15]. - The company achieved a compound annual growth rate of 50% from 1992 to 2000, with sales increasing by 127% in 2000 compared to 1999 [19][21]. Phase 3 - Leveling Up and Leading - TSMC's 180nm node was competitive with leading manufacturers, and it was the first to implement low-k dielectrics [25]. - In 2001, despite a 32% market decline, TSMC's 150nm products accounted for 21% of its sales [26]. - The company introduced 130nm technology in 2002, marking a significant milestone in its production capabilities [29]. Phase 4 - 300mm and Consolidation - TSMC's 90nm process was the first to achieve full-scale production on 300mm wafers, adopted by over 30 customers in its first year [37]. - By 2006, TSMC had become the largest foundry globally, with sales exceeding those of its nearest competitor by 2.5 times [45]. - The company expanded its production capacity significantly, with GigaFabs achieving near 100% automation [48]. Phase 5 - HKMG and Further Expansion - In 2010, TSMC announced the construction of its third 300mm fab, focusing on 40nm and 28nm processes [64]. - The introduction of high-k metal gate (HKMG) technology marked a significant advancement in TSMC's manufacturing processes [66]. - By 2012, TSMC's 28nm process accounted for 42% of its revenue, demonstrating its dominance in the market [88].

智通财经APP获悉，周五，三大指数大幅收跌，市值蒸发逾1万亿美元，标普500指数连续第四个交易日 下滑。亚马逊市值单日蒸发超2000亿美元。此前数据显示，美国7月非农就业人口远低于市场预期，5月 和6月非农就业人数合计下修25.8万人。 【美股】截至收盘，道指跌542.40点，跌幅为1.23%，报43588.58点；纳指跌472.32点，跌幅为2.24%， 报20650.13点；标普500指数跌101.38点，跌幅为1.60%，报6238.01点。周五，美国科技股七巨头指数下 跌2.90%，报179.80点，本周累计下跌1.38%，微软(MSFT.US)业绩向好之际、7月31日曾高开至188.78 点。亚马逊(AMZN.US)收跌8.27%，Meta Platforms(META.US)跌3.03%，苹果(AAPL.US)跌2.50%，英伟 达(NVDA.US)跌2.33%，特斯拉(TSLA.US)跌1.83%，微软(MSFT.US)跌1.76%，谷歌 A(GOOG.US,GOOGL.US)跌1.44%。此外，台积电ADR(TSM.US)收跌2.65%，AMD(AMD.US)跌 2.64%，礼来(LLY.US ...

周五，美国科技股七巨头指数下跌2.90%，报179.80点，本周累计下跌1.38%，微软业绩向好之际、7月 31日曾高开至188.78点。亚马逊收跌8.27%，Meta Platforms跌3.03%，苹果跌2.50%，英伟达跌2.33%， 特斯拉跌1.83%，微软跌1.76%，谷歌A跌1.44%。此外，台积电ADR收跌2.65%，AMD跌2.64%，巴菲 特旗下伯克希尔哈撒韦B类股则收涨0.20%，礼来制药涨3.01%。 本文源自：金融界AI电报 ...

台积电(TSM.US)盘前跌超2.3%，报236美元。消息面上，数据显示，7月台积电ADR较其台股平均溢价 24%，高于过去十年的均值7.4%，创自2009年4月以来的最高水平，引发市场对人工智能热潮可能过热 的担忧。 投资研究公司Zero One执行董事Vincent Fernando表示，投资者关注台积电在全球AI供应链中的关键角 色，显著推高了对其ADR的需求。同时，ADR的供给相对固定、新增发行空间有限，转换操作也变得 更为困难，这导致ADR溢价的交易区间不断扩大。(格隆汇) ...

Group 1 - The semiconductor industry is in the early stages of a comprehensive rebound, driven by a tripartite resonance of macro policy cycles, industry inventory cycles, and AI innovation cycles [1] - North America's strong increase in computing power has significantly boosted the switch and server supply chain, while consumer electronics are experiencing a bottom rebound due to AI edge innovation [1] - TSMC has raised its annual revenue growth forecast from 25% to 30%, indicating sustained strong demand for AI and a moderate recovery in non-AI demand [1] Group 2 - Storage technology is accelerating its iteration, with DDR6 expected to complete certification by 2026, providing opportunities for domestic storage companies to upgrade [1] - The U.S. AI action plan may further restrict semiconductor exports, promoting self-sufficiency in domestic manufacturing, equipment, and materials [1] - The Guotai Science and Technology Chip ETF (589100) tracks the Science and Technology Chip Index (000685), which can fluctuate by up to 20% in a single day, reflecting the overall performance and technological development of listed companies in China's integrated circuit industry [1]

Core Viewpoint - The price gap between TSMC's American Depositary Receipts (ADR) and its shares listed in Taipei has surged to the highest level in over 16 years, raising concerns about a potential overheating in the AI market [1][2] Group 1: Price Discrepancy - TSMC's ADR in July had a premium of 24% compared to its local shares, up from 17% in April and significantly higher than the 10-year average of 7.4% [1] - The current price difference is the largest since April 2009, indicating a significant divergence in market perception between the U.S. and Taiwan [1] Group 2: Market Dynamics - The increase in ADR premium is attributed to heightened investor interest in TSMC's role in the global AI supply chain, leading to increased demand for its ADRs in the U.S. market [1] - The supply of ADRs is relatively fixed, with limited room for new issuances and more challenging conversion processes, which has contributed to the widening premium [1] Group 3: Investment Trends - Since the release of ChatGPT in 2022, TSMC's ADR has risen over 190%, while its Taipei-listed shares have increased by less than 140% [2] - Foreign ownership of TSMC's local shares has risen to nearly 74%, still below the historical high of 80% recorded in 2017 [2] Group 4: Cautionary Signals - Market observers, including Owen Lamont from Acadian Asset Management, suggest that the expanding price gap may signal caution, as excessive premiums for popular tech companies' ADRs relative to local stocks often indicate market bubbles [2]

Core Insights - The article presents the market capitalization rankings of the top 50 Chinese technology and internet companies as of August 1, 2025, highlighting significant shifts in rankings and valuations [1]. Group 1: Market Capitalization Rankings - TSMC leads the list with a market capitalization of $125.32 billion [3]. - Tencent Holdings ranks second with a market capitalization of $64.22 billion [3]. - Alibaba has moved up to the third position with a market capitalization of $28.77 billion, showing a notable increase from its previous rank of 12 [3]. Group 2: Notable Companies and Changes - Xiaomi Group is ranked fourth with a market capitalization of $17.57 billion [3]. - Pinduoduo follows closely in fifth place with a market capitalization of $16.11 billion [3]. - Meituan and NetEase are ranked sixth and seventh, with market capitalizations of $9.46 billion and $8.25 billion, respectively [3][4]. Group 3: Additional Rankings - Semiconductor Manufacturing International Corporation (SMIC) is in eighth place with a market capitalization of $5.23 billion [4]. - JD.com is ranked tenth with a market capitalization of $4.54 billion [4]. - Kuaishou and Tencent Music are ranked 11th and 12th, with market capitalizations of $4.17 billion and $3.25 billion, respectively [4]. Group 4: Lower Rankings - Companies ranked from 25 to 50 include Kingdee International at $0.83 billion and Yuyuan at $0.40 billion, indicating a diverse range of valuations among the lower-ranked firms [5][6].

The price gap between TSMC’s American depositary receipts and its Taipei-listed shares surged to the widest level in more than 16 years https://t.co/MuSmaUhKpK ...

微软则涨1.2%，苹果涨2.5%。 周五亚太盘初，纳指期货跌约0.2%。 科技股中，亚马逊目前（美股盘后）跌6.98%，AMD、英伟达、谷歌A、台积电ADR、特斯拉等至多跌 超0.8%。 ...

| | | | 东方港湾海外基金二季度末的海外持仓统计 | | | | | --- | --- | --- | --- | --- | --- | --- | | 证券代码 | 证券简称 | 持股市值 (万美元) | 持有股数 (万股) | 二季度 持股市值 变动 | 所属行业 | 二季度 | | | | | | (万美元) | (GICS分类) | 涨跌幅 | | NVDA | 英伟达 | 20016 | 126.78 | 5076 | 信息技术 | 45.77% | | GOOG | 谷歌 | 16347 | 92. 16 | 6124 | 通讯服务 | 13.54% | | FNGU | 三倍做多FANG+指数ETF | 12936 | 520. 32 | 4765 | | | | TQQQ | 三倍做多纳指ETF | 10453 | 126.04 | 1804 | | 45. 40% | | META | META | 10004 | 13.56 | -432 | 信息技术 | 28.06% | | MSFT | 微软 | 9534 | 19.18 | -1100 | 信息技术 | 32. 50% | ...