如果您希望可以时常见面，欢迎标星收藏哦~ 来源 ：内容来自 中央社 。 全球晶圆代工龙头台积电赴美国亚利桑那州设厂，一名曾在该厂任职4年的工程师近日于Reddit论 坛上详叙被压榨的过程，而且他在台湾受训完再到美国上班，中间经历许多混乱及不安，甚至发生 种种歧视，文章引发许多网友关注。 台湾人不帮美国同事 原po指出，2021年加入台积电后便在那年夏天前往台南受训，期间包括住宿安排、工作用的设 备、最基本的进出门禁都一团乱，甚至缺乏可以用英文沟通的窗口。许多台湾员工对于这批即将派 到美国工作的同事也不太愿意协助，理由是「美国人赚太多了，薪水很高，不值得我们帮忙」。 他透露在台湾这段日子深刻感受到文化差异和排外氛围，所以后来有20%的人选择离职。几年后回 到了亚利桑那，新厂施工进度严重落后、现场规画松散、要求未经完整训练的员工做设施维护、主 管偏好用台湾人等，如果拒绝服从还会导致年终考绩被扣分，这时大约有70%的人已离开公司。 点这里加关注，锁定更多原创内容 严重的性别与种族歧视 此外，他在面试新人时也被指示要优先考虑台湾人，其次为持有签证的人，因为较好控制。至于印 度裔人士不要录取，还给他们取难听的绰号，他面 ...

Core Viewpoint - The article discusses the implications of the recent trade framework established between the U.S. and the EU, particularly focusing on the 15% tariff on certain products, including semiconductor equipment from companies like ASML, which could significantly impact U.S. chip manufacturers' costs [1][2]. Group 1: Trade Framework and Tariffs - The U.S. and EU have agreed on a trade framework that includes a 15% tariff on EU products entering the U.S., with specific exemptions for semiconductor equipment from companies like ASML [1]. - The trade agreement outlines zero tariffs on strategic products, including aircraft, specific chemicals, certain pharmaceuticals, semiconductor equipment, agricultural products, natural resources, and key raw materials [1]. Group 2: Impact on Semiconductor Equipment Costs - The average price of ASML's advanced immersion DUV ArF equipment is approximately $89.615 million, while the low-NA EUV equipment is priced around $265 million. A 15% tariff would increase these costs to approximately $103 million and $305 million, respectively [2]. - The depreciation of the dollar against the euro since early February has already made EU-produced semiconductor equipment more expensive for U.S. chip manufacturers, and the additional 15% tariff would exacerbate this cost increase [2]. Group 3: Effects on U.S. Chip Manufacturers - If the Trump administration imposes a 15% tariff on ASML's lithography, measurement, and inspection equipment, U.S. chip manufacturers would face increased costs of $13 million per DUV machine and up to $40 million per EUV machine [2]. - AMD's CEO has indicated that the cost of chips produced at TSMC's Arizona facility could increase by up to 20% compared to those produced in Taiwan, highlighting the financial strain on U.S. chip production [2].

Core Viewpoint - TSMC is developing the second generation of its System on Wafer (SoW) technology, which integrates various components onto a large 300mm silicon wafer, enhancing performance and efficiency in semiconductor packaging [1][2]. Group 1: SoW Technology Overview - The SoW technology integrates chiplets, stacked chip modules, memory modules, power modules, I/O boards, and heat dissipation boards on both sides of a 300mm wafer [1]. - The first generation of SoW, named SoW-P, focuses on integrating System on Chip (SoC) as the main circuit, while the second generation, SoW-X, will combine SoC with High Bandwidth Memory (HBM) for heterogeneous integration [2]. Group 2: CoWoS Technology - The second generation of SoW is an upgrade of the CoWoS (Chip on Wafer on Substrate) technology, which uses an intermediate substrate to enhance data transmission speed and density [7]. - CoWoS technology has evolved since its introduction in 2012, with significant advancements in the size and efficiency of silicon interposers, particularly after 2016 [8][9]. Group 3: Future Developments and Roadmap - TSMC's roadmap includes expanding the size of the intermediate substrate in CoWoS technology, with plans for a substrate size 5.5 times larger than the photomask by 2025-2026 and 8 times larger by 2026-2027 [13]. - The SoW-X technology is expected to be implemented by 2027, with anticipated challenges related to high manufacturing costs and customer acceptance [24]. Group 4: Performance Metrics - The SoW-X module, arranged in a 4x4 matrix, is designed to achieve a performance per watt that is 65% higher than a PCIe cluster system, although it is 27% lower than a single CoWoS-L module [20]. - The total power consumption for SoW-X is projected to reach 17kW, with water cooling solutions being considered for heat dissipation [22].

今年二季度，美股在关税摩擦冲击后迅速回暖，并不断突破新高。近期，私募大佬但斌执掌的东方港湾海外基金公布了其2025年二季度的持仓动向。 数据显示，其持仓规模上涨至11.27亿美元，持仓标的也增加到13只。从但斌的美股持仓来看，仍以科技龙头为主，英伟达继续位居第一重仓股，谷歌则跃 升为第二大重仓股。 值得一提的是，但斌在加密资产领域展开尝试，首次买入Coinbase，而该季度Coinbase股价飙涨超103%。 继续重仓英伟达，加仓谷歌 2025年第二季度，但斌执掌的东方港湾再度上调了美股持仓规模。其海外基金Oriental Harbor Investment Master Fund近日向美国证监会提交13F报告，其二季 度持仓动向也随之披露。截至二季度末，该基金共持有13只美股标的，市值总计11.267亿美元，较一季度末的8.68亿美元显著上升。 私募排排网统计数据显示，整体来看，但斌二季度的布局主要围绕"AI技术、算力设施、AI应用"展开。从持仓标的来看，仍以科技龙头为主，英伟达继续位 居第一重仓股，期末持有126.78万股，且该股二季度股价表现亮眼，上涨45.77%。同时，但斌还持有2倍做多英伟达ETF1 ...

Core Insights - The article highlights the increasing focus of global investors on the Asia-Pacific market, driven by its robust economic growth and diversification opportunities [2][4][16] - The Asia-Pacific Select ETF (159687) has shown significant performance, achieving positive returns for three consecutive years, reflecting the underlying strength of the region's semiconductor and technology sectors [11][13] Group 1: Investment Strategies - Legendary investors like Warren Buffett and institutions such as BlackRock and Goldman Sachs are shifting their attention towards the Asia-Pacific market, indicating a broader trend among large investment firms [4][16] - Buffett's investment in Japan's five major trading companies, totaling $6.25 billion, has yielded impressive returns, with stock price increases ranging from 283% to 656% over five years [4][10] Group 2: Asia-Pacific Market Dynamics - The Asia-Pacific region is projected to be the main engine of global economic growth over the next five years, according to IMF forecasts [2] - The region accounts for 57.6% of global semiconductor revenue, positioning it as a critical hub for the semiconductor industry [8][9] Group 3: ETF Performance and Structure - The Asia-Pacific Select ETF (159687) has outperformed similar indices, with a cumulative increase of 44.82% year-to-date in 2023 [13] - The ETF's index includes a balanced sector allocation, with significant weights in financials (26.38%) and technology (26.35%), providing stability and growth potential [5][10] Group 4: Semiconductor Sector Growth - The demand for semiconductors, particularly driven by AI applications, has surged, with TSMC reporting a 60.7% year-on-year increase in net profit, reaching NT$398.3 billion ($13.53 billion) [10] - The Asia-Pacific Select ETF captures this trend by including leading semiconductor companies, with TSMC being the largest component at 7.82% [10][12]

Group 1: Industry Overview - The semiconductor industry is experiencing a moderate recovery, with Q1 2025 global sales reaching $167.7 billion, a year-on-year increase of 18.8% [66] - In May 2025, global semiconductor sales were $59 billion, showing a year-on-year growth of 19.8% [66] - The recovery is driven by strong demand in the Americas and Asia-Pacific regions, particularly in high-end computing and storage due to AI [66] Group 2: Company Performance - Texas Instruments reported Q2 revenue of $4.45 billion, a 9% quarter-on-quarter increase and a 16% year-on-year increase, driven by a broad recovery in the industrial market [6] - STMicroelectronics experienced a 14.4% year-on-year decline in Q2 revenue to $2.76 billion, resulting in a net loss of $133 million due to restructuring costs [7] - NXP's Q2 revenue was $2.93 billion, a 6% year-on-year decline but a 3% quarter-on-quarter increase, with all key end markets performing better than expected [9] Group 3: Specific Company Highlights - Qualcomm's Q3 revenue increased by 10% year-on-year to $10.365 billion, with automotive chip revenue growing by 21% [11] - MediaTek's Q2 revenue was NT$150.37 billion, a 1.9% quarter-on-quarter decline but a 4.3% year-on-year increase, driven by demand for AI and automotive chips [13] - Samsung's Q2 operating profit fell by 55.2% year-on-year to 4.7 trillion KRW, marking a six-quarter low due to AI chip sales issues [14][15] Group 4: Market Trends - The industrial market is showing signs of recovery, while the automotive market is lagging behind by about a year [6] - AI-related demand continues to be strong, particularly in high-performance computing and storage sectors [66] - The overall semiconductor market is expected to see varied recovery rates across different sectors, with traditional markets like industrial applications rebounding first [66] Group 5: Financial Performance of Key Players - SK Hynix reported record high Q2 revenue of 22.232 trillion KRW, driven by strong demand for AI-related memory products [16] - Micron Technology's Q3 revenue reached $9.3 billion, a 37% year-on-year increase, attributed to record DRAM revenue [19] - TSMC's Q2 revenue was approximately NT$933.8 billion, with a net profit increase of 60.7% year-on-year [43]

Group 1 - The article provides a summary of the market capitalization changes of major global technology and internet companies as of July 31, 2025, highlighting both increases and decreases in their valuations [1][3][4]. - Notable companies with significant market capitalization include Tesla at $1,029 billion, Apple at $1,259 billion, and Amazon at $1,200 billion, showcasing their dominance in the tech sector [3][4]. - Companies like Alibaba and Meituan experienced declines in their market values, with Alibaba down by 1.66% to $288.5 billion and Meituan down by 4% to $51.5 billion, indicating potential challenges in their business environments [3][4][5]. Group 2 - The report indicates that companies such as Spotify and Qualcomm saw increases in their market capitalizations, with Spotify up by 4.91% to $133.3 billion and Qualcomm up by 1.86% to $174.6 billion, reflecting positive market sentiment [4][5]. - The data also reveals fluctuations in the stock prices of various companies, with notable increases for firms like Marvell Technology, which rose by 7.07% to $704 million, suggesting strong performance in their respective sectors [6][7]. - The overall market trends indicate a mixed performance among technology companies, with some experiencing growth while others face declines, highlighting the volatility and competitive nature of the industry [1][2][3].

Core Viewpoint - NVIDIA is considering adopting CoWoP as its next packaging solution for the upcoming Rubin GPU, indicating a potential shift in its packaging strategy from the established CoWoS technology [3][7]. Group 1: CoWoP Technology Overview - CoWoP (Chip-on-Wafer-on-Platform PCB) offers several advantages, including improved signal and power integrity, reduced substrate loss, and enhanced voltage regulation proximity to the main GPU chip [4][5]. - The technology allows for direct contact between cooling solutions and the silicon chip, eliminating the need for a packaging lid, which reduces costs [4][5]. - NVIDIA has begun early testing of CoWoP technology with a sample based on the GB100 GPU, aiming to evaluate manufacturing processes and electrical functionality [4][7]. Group 2: Future Plans and Testing - NVIDIA plans to start testing a fully functional GB100 CoWoP device in August 2025, which will retain the same dimensions and focus on manufacturability and thermal design [4][7]. - The GR100 CoWoP will serve as a testing platform for the GR150 "Rubin" solution, expected to enter production by late 2026, with market availability anticipated in 2027 [7]. Group 3: Market Dynamics and Competition - Morgan Stanley predicts that NVIDIA will dominate the CoWoS wafer demand in 2026, with an estimated 595,000 wafers needed, accounting for about 60% of the global market [10][11]. - The competition for CoWoS capacity is intensifying, with TSMC expected to be the major beneficiary, as global demand for CoWoS wafers is projected to grow significantly from 370,000 in 2024 to 1 million in 2026 [9][11]. - Other tech giants like AMD and Broadcom are also expected to secure significant shares of CoWoS capacity, indicating a competitive landscape in the AI chip market [10][11].

Core Insights - The U.S. semiconductor industry is experiencing an unprecedented investment boom and strategic restructuring driven by geopolitical competition and supply chain security considerations, with over 130 major projects announced across 28 states since 2020, totaling more than $600 billion in private sector investments [1][2] - These projects are expected to create and support over 500,000 jobs, including 69,000 direct facility jobs and 122,000 construction jobs, along with 335,000 derivative jobs through industry-related effects, showcasing a significant multiplier effect on the economy [1] Policy Support - The U.S. government has provided substantial support, with the Department of Commerce granting $32.5417 billion in direct subsidies to 48 projects across 32 companies, alongside $5.85 billion in low-interest loan support [2] - A notable initiative includes a $3 billion special subsidy to Intel for its "Secure Enclave" program, aimed at ensuring a fully domestic supply chain for advanced semiconductors critical to national security [2] Industry Ecosystem - By July 2025, the U.S. semiconductor industry is expected to present a highly complex and finely divided ecosystem, covering the entire supply chain from chip design to wafer manufacturing and packaging/testing, along with upstream key equipment and materials suppliers and a robust R&D network involving universities and research institutions [2] Fabless Companies - Fabless companies focus on chip design without engaging in manufacturing, representing the most innovative segment of the industry, primarily located in technology hubs like California, Massachusetts, and Colorado [3][4] - Key players include NVIDIA, AMD, Marvell, MediaTek, Cirrus Logic, Navitas, Allegro Microsystems, and Ampere Computing, all of which rely on external foundries for manufacturing [6][7][8][10][11][12][14] IDM Companies - IDM (Integrated Device Manufacturer) companies control the entire process from chip design to wafer manufacturing and packaging, showcasing strong technical accumulation and industry control [20][21] - Major IDM players include Intel, Micron, Texas Instruments, Skyworks, Infineon Technologies, Analog Devices, and NXP Semiconductors, with significant investments in advanced manufacturing capabilities [23][24][25][30][27][28][31] Foundries - Foundries provide wafer manufacturing services to fabless companies and IDMs, with a limited number of U.S. foundries, but recent CHIPS Act initiatives are accelerating their development [38] - Notable foundries include TSMC, GlobalFoundries, and Intel Foundry Services, with TSMC investing nearly $40 billion in advanced fabs in Arizona [40][41][42] OSAT (Outsourced Semiconductor Assembly and Test) - OSAT companies play a critical role in the semiconductor backend process, with a growing focus on advanced packaging technologies [51][52] - Key OSAT players include Amkor Technology and Integra Technologies, both of which are expanding their capabilities in response to the CHIPS Act [54][55] Equipment and Materials Suppliers - Equipment and materials suppliers are essential for semiconductor manufacturing, with the U.S. maintaining a leading position in this sector [58][59] - Major companies include Applied Materials, Lam Research, KLA Corporation, and ASML, all of which are heavily involved in developing advanced manufacturing technologies [62][63][64][65] IP & EDA Companies - IP and EDA (Electronic Design Automation) companies provide critical infrastructure for chip design, with leaders like Cadence Design Systems and Synopsys offering comprehensive tools and support [86][88][89] - These companies are pivotal in advancing design processes for AI, 5G, and automotive electronics [89][92] Universities and National Laboratories - U.S. universities and national laboratories serve as vital innovation platforms and talent incubators for the semiconductor industry [94][95] - Institutions like MIT, Stanford, and national labs such as Lawrence Berkeley and Argonne play crucial roles in semiconductor research and development [97][100][101]

从技术走势来看，指数如我们昨天文章提示一样，突破短期的30分钟级别下跌通道线后出现回踩确认的走势，盘中虽然出现跳水但也没有出现破位表现，所 以目前来看指数趋势性支撑依旧有效，但创业板和科创板的短期趋势在午后跳水中已经有破位的表现，一旦继续回调很可能会影响大盘整体节奏，所以本周 后半周指数更多以震荡为主，目前指数重回均线后，依旧可以首先关注均线支撑3605点。 板块梳理 最近路透社新闻称，英伟达上周向台积电订购30万颗H20，主要系中国市场强劲需求促使其改变原有仅依赖库存的计划。 图解大盘 指数冲高回落，再收3636一个对子顶，两市3500家公司待涨，市场近两天都在涨指数而个股严重分化，造成这种现象的一部分原因取决于近期连续大涨的双 创开始出现了较大幅度的调整，市场又回归权重领涨的分化局面，很多股民现在的心声，还我熊市，再牛下去账户要亏完了，面对这种局面当下操作只有一 个，就是顺势而为，手中个股趋势在持股，趋势破位走人，耐心等待市场普涨行情出现。 今晚，美联储主席鲍威尔可能将遭遇自7年前就任以来，阻力最大的一场美联储利率决议，目前美联储在今晚议息会议上降息的可能性仅有可怜的2.6%！市 场普遍预计，美联储将连续 ...