Group 1 - Wang Jianlin's Wanda Group has made a rare "redemption" move by regaining control of a Wanda Plaza after selling over 80 plazas previously, indicating a strategic shift in management and ownership [3][5] - The management team of the company underwent a complete overhaul, with key positions being filled by new executives from Shanghai Wanda Ruichi Enterprise Management Co., Ltd., which is fully owned by Wanda [5] - Oriental Selection is expanding its offline presence by opening its first flagship store in Beijing, aiming to enhance its retail strategy after facing challenges in the past two years [5] Group 2 - Prada Group has completed the acquisition of Versace for €1.25 billion (approximately ¥102.78 billion), marking a significant consolidation in the luxury fashion sector [10] - TikTok plans to invest over 200 billion Brazilian Reais (approximately $377 million) to build a data center in Brazil, which will be its first project in Latin America [21] - JD.com has acquired approximately 59.8% of the shares in German retail giant CECONOMY, increasing its total stake to 85.2%, pending regulatory approval [23]

Core Viewpoint - TSMC's chairman, Wei Zhejia, is set to visit mainland China for the OIP ecosystem forum, indicating a strategic shift in TSMC's approach to collaboration with local companies amidst ongoing U.S. chip restrictions [5][6][10]. Group 1: TSMC's Strategic Moves - Wei Zhejia's participation in the OIP forum in Nanjing marks the culmination of a global tour aimed at enhancing TSMC's ecosystem, emphasizing the importance of the Chinese market for TSMC's operations [7][8]. - The forum will focus on the integration of AI potential with TSMC's advanced processes and packaging technologies, particularly addressing energy efficiency challenges in next-generation AI chips [7][8]. - TSMC's engagement with Alibaba and other local firms reflects a commitment to deepening partnerships in the semiconductor sector, especially in AI and IoT applications [8][12]. Group 2: Market Dynamics and Challenges - Despite U.S. restrictions, the projected demand for chips in China is expected to reach between 100 billion to 200 billion units by 2025, presenting a significant opportunity for semiconductor companies [14]. - TSMC's current operations in mainland China are primarily focused on 28nm mature processes, which local companies have already mastered, indicating a potential competitive landscape [14][16]. - The visit is seen as a balancing act for TSMC, navigating compliance with U.S. regulations while seeking to expand its market presence in China [10][18]. Group 3: Potential Collaboration and Impact - Possible collaboration areas include deepening partnerships in mature process technologies and developing solutions for IoT and automotive electronics [18]. - TSMC's expertise in advanced packaging and process technologies could enhance the performance of local chip designs, fostering innovation within the Chinese semiconductor ecosystem [16][18]. - The visit underscores the complex dynamics of the semiconductor industry, where TSMC's strategic adjustments could influence the entire supply chain amid geopolitical tensions [18][19].

Some AI stocks are riskier than others.Investors continue to debate whether there's a stock market bubble right now, or even more than one.The idea of there being an artificial intelligence (AI) bubble stems from the massive amounts of money going into development, while the results have yet to be seen. There are some clear winners from all the investment in AI infrastructure, but can it continue? There's some risk in investing in some of the hottest AI stocks right now, especially because a lot of them tra ...

Core Insights - Taiwan Semiconductor Manufacturing Company (TSMC) stock is currently viewed as attractive from a valuation perspective, trading at a forward 12-month price-to-earnings (P/E) multiple of 24.31, which is lower than the sector average of 28.53 [1][4] - TSMC is a leader in the global chip foundry market, benefiting significantly from the AI boom, with major clients like NVIDIA, Marvell, and Broadcom relying on TSMC for advanced chip manufacturing [5][6] - The company is aggressively investing in capital expenditures, planning to spend between $40 billion and $42 billion in 2025, primarily focused on advanced manufacturing processes [7] - TSMC's revenues surged 41% year-over-year to $33.1 billion in Q3 2025, driven by strong demand for its 3nm and 5nm chips, which now account for 60% of total wafer sales [8][9] - The company raised its revenue growth guidance for full-year 2025 to a mid-30% range, reflecting strong demand for its advanced chips [10] - Technical indicators suggest a bullish trend for TSMC, with shares trading above their 50-day and 200-day moving averages [11][14] Financial Performance - TSMC's earnings per share (EPS) increased by 39% to $2.92, supported by the demand for advanced nodes [9] - Gross margins improved by 170 basis points to 59.5%, indicating better cost efficiencies [9] - The Zacks Consensus Estimate for fourth-quarter and full-year 2025 revenues is $32.6 billion and $120.47 billion, respectively, showing year-over-year growth of 21.3% and 33.7% [10] Investment Considerations - Despite its strengths, TSMC faces near-term challenges, including softness in key markets like PCs and smartphones, which are projected to see only low single-digit growth in 2025 [17] - The company's global expansion strategy, including new fabs in the U.S., Japan, and Germany, is expected to impact gross margins negatively by 2-3 percentage points annually over the next three to five years [18] - Geopolitical tensions, particularly U.S.-China relations, pose strategic risks for TSMC, given its significant revenue exposure to China [19] - Overall, TSMC is considered a cornerstone of the semiconductor industry, with strong long-term growth prospects, but short-term headwinds warrant a cautious approach [20][21]

AI infrastructure spending is set to soar once again next year, and this stock is going to win big from that trend.Artificial intelligence (AI) stocks may have been under pressure lately due to concerns about a potential bubble, but there is no denying that this technology is gaining widespread adoption across various sectors.From robots in factories to automated ad campaigns to supply chain management to healthcare, AI is touching several industries in a positive way. That's why big tech giants, neocloud c ...

然而，随着芯片服务提供商加速自主研发ASIC芯片以满足更复杂的功能需求，其对封装尺寸的 要求也大幅增长。因此，一些芯片服务提供商正在考虑从台积电的CoWoS芯片转向英特尔的 EMIB芯片。 TrendForce指出，CoWoS技术通过中介层将计算逻辑、内存和I/O芯片连接起来，并将这些芯片 安 装 在 基 板 上 。 该 技 术 已 扩 展 到 包 括 CoWoS-S 、 CoWoS-R 和 CoWoS-L 。 随 着 NVIDIA 的 Blackwell平台在2025年接近量产，市场需求正迅速转向CoWoS-L，因为它将硅中介层集成到了 封装中。预计随着NVIDIA即将推出的Rubin架构的推出，这一趋势还将继续，Rubin架构将采用 更大的光罩尺寸。 人工智能/高性能计算需求的增长导致了CoWoS技术的重大瓶颈，包括产能短缺、光罩尺寸限制 和制造成本上升。TrendForce观察到，大部分CoWoS产能已被NVIDIA GPU占用，其他客户的 选择十分有限。 此外，对更大封装尺寸的需求不断增长以及美国本地化要求，促使谷歌和 Meta 等北美主要 CSP 与英特尔合作，共同采用 EMIB。 英特尔的EMIB ...

来源：华尔街见闻 谷歌自研AI芯片TPU的宏大扩产计划正遭遇先进封装产能的现实瓶颈。 尽管市场对谷歌TPU寄予厚望，甚至传出其将在2026年达到400万块的惊人产量，但最新的供应链分析 指出，这一目标在短期内恐难实现。 多家机构的报告显示，作为关键瓶颈的台积电CoWoS先进封装产能，预计要到2027年初才能满足谷歌 的巨大需求，这意味着TPU的真正大规模放量或将推迟。 最新的动态来自于投资银行的密集追踪。摩根士丹利于12月1日发布报告，大幅上调了谷歌TPU的远期 产量预测，预计2027年将达到500万块，并测算每50万块TPU的对外销售，就可能为谷歌带来130亿美元 的额外收入。这一预测点燃了市场对谷歌开启AI芯片直销业务的想象，也让TPU供应链成为焦点。 然而，来自富邦研究在Jefferies发布的报告提供了更为冷静的供应链视角。分析师指出，尽管有传闻称 Meta正与谷歌洽谈从2026年开始采购TPU，但对于2026年生产400万块TPU的市场传言，他们认为台积 电的CoWoS产能或无法支持。瓶颈的缓解可能要等到2027年台积电的扩产计划落地之后。 这一时间差凸显了AI硬件竞赛中的核心矛盾：急剧膨胀的需求与 ...

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3日消息，台湾地区法院宣布，对日本半导体设备大厂Tokyo Electron Limited（简称TEL）台湾子公司及其涉案员工提起公诉，并追 加起诉TEL公司涉嫌违反台湾地区"安全法"及"营业秘密法"等四项罪名，求处1.2亿新台币罚金！ 此前，TEL公司一名前雇员于今年8月被控从芯片制造商台积电窃取商业秘密。 检方在一份声明中表示，这是台湾地区首例依据"安全法"起诉涉嫌窃取核心关键技术商业秘密的企业。检方在声明中补充道，如果罪名 成立，TEL中国台湾分公司可能面临最高1.2亿元新台币的罚款。 检方在讯问了陈姓前雇员以及TEL相关人员，并审查了证据和该公司的书面答复后，认定该公司负有对陈某进行监管的法律义务。 检方声明称："除了通用的、谨慎的内部规定外，该公司缺乏采取具体预防或管理措施的证据。因此，检方认定该公司未能采取必要措施 防止犯罪，应根据相关规定承担企业刑事责任。" TEL在8月份曾表示，在中国台湾对该前员工提起诉讼后，尚未确认公司是否参与其中。 2025年8月，台湾检方已对三名涉案人 ...

本次高等检察署通过对8月被起诉的前员工及相关在职人员的调查，认定Tokyo Electron存在 监管责任。检方指出，未发现该公司采取过具体的商业机密保护措施，认为其"在防范机密泄 露方面未尽到最大努力，应承担相应刑事责任"。 Tokyo Electron于2日回应称"正在核实台湾当局公告的详细内容"。今年8月台积电前员工被 起诉后，该公司曾表示"未发现有组织的涉案行为"。 版权声明：日本经济新闻社版权所有，未经授权不得转载或部分复制，违者必究。 就台积电商业机密遭窃一案，台湾的监察部门起诉了日本Tokyo Electron的台湾子公司。检 方认为其需为今年8月被起诉的台积电前员工相关行为承担监管责任，要求判处1.2亿新台币 罚金…… 台湾的检察部门12月2日发布公告，就半导体行业巨头台积电（TSMC）商业机密遭非法窃取 一案，起诉Tokyo Electron的台湾子公司。起诉罪名是违反国家安全法等，要求判处1.2亿新 台币罚金。检方认为其需为今年8月被起诉的台积电前员工相关行为承担监管责任。 据台湾的高等检察署智慧财产检察分署透露，Tokyo Electron涉嫌违反营业秘密法、国家安 全法等4项法律条款。 ...

据台湾FTNN新闻网12月2日报道，台积电在今年7月惊传机密技术外泄案。一名已离职工程师陈力铭勾 结台积电竹科厂2名工程师戈一平、吴秉骏涉嫌窃取2纳米制程机密技术，并泄漏给竞争对手，在职2名 员工前者案发后离职，后者遭解雇，3人均移送法办。台湾"高等检察署"2日侦查终结，依"安全 法"、"营业秘密法"等4罪，追加起诉日企东京电子公司，求处共1.2亿元新台币（1元新台币约合0.23元 人民币）罚金。 据报道，陈力铭曾任职于日本半导体大厂东京电子公司在台湾的子公司。 据报道，涉嫌窃取2纳米制程机密技术的3名工程师皆毕业于同一所大学，为学长学弟关系。陈力铭在台 积电资历8年，并曾担任需与研发、晶圆生产与采购部门等合作的量测相关业务，也参与过5纳米、3纳 米等先进制程的缺陷改善职务。2022年年底，陈力铭被日企延揽，担任高级营销专员，并负责台积电相 关蚀刻设备服务。随后陈力铭疑似为解决工作上所碰到的问题，找上台积电在职的戈一平和吴秉骏，要 求他们利用远程办公模式，登入台积电内部系统，再以手机拍摄计算机屏幕方式传送2纳米制程机密给 陈力铭。 台积电今年7月发现上述违法行径，主动向台"高等检察署"提告；"高等检察署智财分 ...