Core Viewpoint - Taiwan Semiconductor (TSMC) is expected to outperform the market significantly over the next five years, with an estimated 129% gain driven by strong management insights and technological advancements [2][6][13] Company Overview - TSMC is the world's largest chip foundry, serving major tech companies like Apple and Nvidia, which rely on TSMC for manufacturing their chips [4] - The company is recognized for its cutting-edge technology, currently producing 3nm chips and working towards 2nm and 1.6nm chips [5] Growth Projections - TSMC's management anticipates AI-related revenue to grow at a 45% compound annual growth rate (CAGR), with overall revenue expected to approach a 20% CAGR [6] - By the end of 2024, TSMC's revenue is projected to reach $90.1 billion, potentially rising to $206 billion with an 18% growth rate [6][7] Investment and Production Strategy - TSMC has announced a $100 billion investment to enhance manufacturing capabilities in the U.S., which is expected to secure its position as a sole source supplier for many clients [8][9] - This investment will not immediately impact TSMC's income statement, as expenses will be recognized through depreciation over time [10] Profitability and Valuation - While TSMC's profit margins may experience a temporary dip due to increased operating expenses from hiring staff, margins are expected to return to current levels by the end of the five-year period [11] - TSMC's stock is trading at its five-year average price-to-earnings (P/E) level, indicating it is not overpriced and future growth is likely to stem from demand rather than earnings expansion [11][13]

Group 1: Nvidia - Nvidia holds over 90% market share in the data center GPU market, crucial for AI model training [3] - The company generated $115 billion in sales from its data center division over the past 12 months, contributing significantly to its total revenue of $130.5 billion [4] - Data center buildouts are projected to grow from $400 billion in 2024 to $1 trillion by 2028, indicating substantial future growth potential for Nvidia [5][6] Group 2: Taiwan Semiconductor - Taiwan Semiconductor (TSMC) manufactures chips for major tech companies, establishing itself as a key partner due to its continuous innovation [8] - TSMC anticipates AI-related revenue growth at a 45% compound annual growth rate (CAGR) over the next five years, with overall revenue expected to grow at nearly 20% CAGR [9] - TSMC plans to invest $100 billion in U.S. chip production facilities to mitigate tariff risks, as most of its fabrication facilities are outside the U.S. [10][11] Group 3: Alphabet - Alphabet is currently trading at a low valuation of 17 times forward earnings, making it one of the cheaper stocks in the market [12] - Concerns regarding Alphabet stem from its reliance on advertising, potential competition from generative AI, and legal issues related to monopoly practices [14][15] - Despite these challenges, Alphabet is integrating AI into its services and is expected to recover advertising revenue post-downturn, suggesting that current pessimism may be excessive [16]

Core Viewpoint - The technology sector is experiencing volatility due to President Trump's trade tariffs, particularly affecting companies in the semiconductor supply chain, with Taiwan Semiconductor Manufacturing (TSM) positioned as a safer investment compared to NVIDIA [1][8]. Company Overview - Taiwan Semiconductor Manufacturing (TSM) is currently priced at $193.55 with a P/E ratio of 27.47 and a dividend yield of 1.12% [2]. - The stock has a 12-month price forecast of $212.00, indicating a potential upside of 9.19% based on five analyst ratings [9]. Market Position - TSM is recognized for its significant role in the semiconductor manufacturing space, providing essential technology and raw materials for companies like NVIDIA [5][10]. - TSM's stock has a beta of 1.3, which is lower than NVIDIA's beta of 2.1, indicating that TSM is less volatile and may be preferred by investors seeking stability [7][8]. Performance Comparison - Over the past month, TSM outperformed NVIDIA by over 3%, suggesting a market preference for TSM's stability amid current volatility [9]. - Institutional buying activity has increased, with Price T Rowe Associates boosting their holdings in TSM by 19.1%, reflecting confidence in the company's future [12]. Industry Context - TSM's importance is underscored by its relationships with major U.S. companies like Apple, which further solidifies its position in the semiconductor industry [11].

与此同时，Duquesne在本季度共新增12只股票，包括台积电和AppLovin的股份，还增持了包括Teva Pharmaceutical Industries Ltd在内的几只医疗 股，并增加了对 Coupang的投资，该公司目前已成为Duquesne的主要持仓之一。 截至2025年第一季度，德鲁肯米勒投资主要集中在9个行业：医疗保健、科技、消费周期性、工业、能源、消费必需品、金融服务、基础材料和通 信服务。医疗保健和科技行业占据了投资组合的主导地位。 重仓"新宠"：DocuSign、CCC智能解决方案与EQT公司 德鲁肯米勒在本季度共新增12只股票，其中最大的新增持仓是Docusign Inc，购入107.47万股，价值8748万美元，占投资组合的2.86%，表明他看 好数字签名和文档管理市场。 第二大新增持仓为CCC Intelligent Solutions Holdings Inc，购入559.5万股，价值5052万美元，占投资组合的1.65%。第三大新增持仓是EQT Corp， 购入85.93万股，价值4592万美元，占投资组合的1.5%。 华尔街传奇投资者、有"史上最伟大的赚钱机器"之称的斯坦利 ...

如果您希望可以时常见面，欢迎标星收藏哦~ 来源： 内容 编译自 semiengineering ，谢谢 。 Chiplet 带来了半导体功能和生产力的巨大飞跃，就像 40 年前的软 IP 一样，但要实现这一点，还 有很多工作要做。这需要一个生态系统，而目前这个生态系统还非常初级。 如今，许多公司已达到光罩极限，被迫转向多芯片解决方案，但这并没有催生一个即插即用的芯片 市场。这些早期系统无需遵循标准即可运行，也不追求相同的优势。从设计角度来看，它们仍在构 建一个大型系统。 西门子EDA公司Tessent硅片测试解决方案DFT流程产品经理Vidya Neerkundar表示："chiplet背 后的理念是分而治之。你可以以更快的速度完成任务，并获得更高良率的所有好处。但是，当你分 而治之时，你还需要考虑其他事情。你解决了一个问题，然后又必须解决其他问题。你需要不断推 进问题，不断追赶。" 对这些新问题的全面理解仍在不断发展。"我们知道如何制造标准的 chiplet，"Marvell 技术副总 裁兼定制解决方案首席技术官 Mark Kuemerle 说道。"它叫做 HBM，也是目前唯一的 chiplet。 它是在 ...

4月份美国零售销售额以及生产者价格数据意外疲弱，强化了美联储今年至少两次降息的宽松政策预 期，令各期限美国国债收益率下滑，意味着美债价格大举反弹。市场更多的经济忧虑情绪体现在零售巨 头沃尔玛(WMT.US)最新公布的业绩中——尽管销售额和盈利增长稳健，但是这家世界最大规模零售商 之一的一季度营业利润下滑并警告因关税成本上升不久后将提价，股价下跌0.5%。 为何股息型防御策略受到青睐?主要因美国经济前景尚未明朗 智通财经APP了解到，受到所谓价值股集体走强带来的强大提振效应，周四美股市场再度收涨，美股基 准指数——标普500指数录得连续四个交易日上涨。聚焦于"高股息"类型的价值股在周四从连续三日领 涨美股的大型科技巨头(包含特斯拉、英伟达以及苹果等巨头)手中接过"触底反弹大旗"，价值股的整体 强劲表现全方位抵消科技、零售与能源股表现疲软带来的负面影响。 最新统计数据显示，截至周四美股收盘，在价值股强势助力下标普500指数上涨0.4%，堪称"全球科技股 风向标"的纳斯达克100指数仅仅微升0.1%，主要因占据该指数高额权重的七大科技巨头股价集体下行， 而此前三个交易日这七巨头所领衔的大型科技公司股价表现亮眼，乃推 ...

在今年第一季度重回中国市场第一后，小米再接再厉，发布了红米Turbo4 Pro，该机首发高通新一代次旗舰骁龙8s Gen4，还有6.83寸的巨屏+7660毫安大电 池，以1699国补价再次稳定了这一位置，同时小米还将发布搭载同款骁龙8s Gen4的拍照新机Civi5 Pro 但无论是红米Turbo4 Pro还是小米Civi5 Pro，它们再成功都是帮它人作美，而小米很清楚的知道，想要真正对标华为，除了在销量上超越华为外，还必须在 自研方面达到甚至超越华为，否则小米依然只能跟风者 就在今晚雷军也正式官宣，小米自研手机SoC芯片命名"玄戒O1"，将于5月下旬发布。命名上也和之前爆料相吻合，同时人民网也迅速发表评论，对小米自 研处理器高调力挺。既然命名和爆料一致，那么小智猜测这个玄戒O1处理器的相关参数也和爆料会相同 据悉，小米玄戒O1处理器使用台积电4纳米工艺打造，采用比较传统的八核三丛集的设计，CPU方面大概能摸到骁龙8 Gen2的水平，但GPU要稍差一些，综 合性能与骁龙8 Gen1相当，如果对比华为麒麟9XXX芯 不仅性能更强，功耗肯定也会低得多，毕竟小米玄戒O1是台积电4纳米，而华为麒麟9XXX是中芯7纳 ...

Group 1 - The article emphasizes the importance of providing alpha-generating investment ideas and encourages readers to evaluate performance based on results rather than just opinions [1] - The investment strategy involves a generalist approach, analyzing and investing across various sectors with perceived alpha potential compared to the S&P 500 [1] - Typical holding periods for investments range from a few quarters to multiple years, indicating a long-term investment strategy [1] Group 2 - The analyst has disclosed a beneficial long position in shares of TSM and NVDA, indicating a personal investment interest in these companies [2] - The article expresses the author's own opinions and clarifies that no compensation is received from companies mentioned, ensuring independence in analysis [2]

English Translation of Financial Statements Originally Issued in Chinese Taiwan Semiconductor Manufacturing Company Limited and Subsidiaries Consolidated Financial Statements for the Three Months Ended March 31, 2025 and 2024 and Independent Auditors' Review Report 勤業眾信聯合會計師事務所 勤業眾信 110016 台北市信義區松仁路100號20樓 Deloitte & Touche 20F, Taipei Nan Shan Plaza No. 100, Songren Rd., Xinyi Dist., Taipei 110016, Taiwan Tel :+886 (2) 2725-9988 Fax:+886 (2) 4051-6888 www.deloitte.com.tw INDEPENDENT AUDITORS' REVIEW REPORT ...

【导读】美股涨跌不一，芯片股大爆发，英伟达大涨！一巨头突然暴跌近18% 中国基金报记者 伊万 美东时间5月13日，美股三大指数涨跌不一，道指下跌，但科技股力撑纳指走高，标普500指数已收复年 内跌幅。 美股三大指数涨跌不一 特朗普政府撤销拜登任内AI芯片限制规定，芯片股大爆发！英伟达大涨近6%，已连续两日收涨超5%。 美国健康保险巨头突然暴跌近18%！ 美东时间5月13日，美股市场三大指数涨跌不一，在科技股、芯片股的带领下，纳指、标普收涨，以大 型传统经济公司为主的道指则收跌。 截至收盘，道指跌0.64%，报42140.43点；标普500指数涨0.72%，报5886.55点；纳指涨1.61%，报 19010.08点。纳指、标普500指数已收复年内跌幅。 消息面上，美国总统特朗普表示，国会即将通过历史上最大规模的减税法案。税收减免法案在国会"进 展顺利"，将成为推动美国经济飞跃的火箭。将向对美国征收关税的国家加征关税。股市将会大幅上 涨。药品和制药行业的价格将会降至前所未见的水平。 宏观方面，美国4月通胀数据好于预期。美国4月未季调CPI同比升2.3%，为2021年2月以来新低，预期 升2.4%，前值升2.4% ...