由于供应链进一步分散，全球各地纷纷兴建半导体工厂 半导体产业是一个任何单一国家都无法独立完成的复杂供应链体系。但包括美国在内的各国，推动本土 化生产。"由于政治和地缘政治风险，供应链的分散化趋势正在加剧，整个行业已经进入一个不可预测 的时代"…… 美国商务部日前宣布已开始对半导体和药品进行引入关税前的调查。调查对象包括智能手机等电子设备 在内的半导体供应链，目的是评估是否存在国家安全方面的隐患。 该通知已通过政府公报发出。根据美国《贸易扩展法》第232条规定，总统有权以国家安全为由对进口 实施限制，相关调查结果将在270天内向总统报告。 调查内容包括进口是否过度依赖特定国家等问题，并将在必要时建议采取包括关税或进口配额在内的纠 正措施。最终由总统做出判断。 此次调查的对象除了半导体本身，还包括日本和荷兰在其中具有优势的半导体制造设备、半导体基板 等"衍生产品"，以及内含半导体的"下游产品"。不过，并未具体列出如智能手机等具体产品名称。 在对医药品的调查中，原材料也被纳入范围。美国前总统特朗普于4月14日向媒体表示："关税设得越 高，他们就会越快来到美国"，表现出希望尽早启动关税措施的意愿。 尽管尚未明确任何一 ...

Core Insights - Tiger Global's total market value for Q1 2025 reached $26.6 billion, a slight increase from $26.5 billion in the previous quarter, reflecting a quarter-over-quarter growth of 5.36% [1][2] - The fund added 5 new stocks to its portfolio, increased holdings in 14 stocks, reduced holdings in 2 stocks, and completely exited 9 stocks during the quarter [1][2] - The top 10 holdings accounted for 62.74% of the total portfolio value [1][2] Holdings Overview - The largest holding is Meta (META.US) with approximately 7.47 million shares valued at about $4.3 billion, representing 16.18% of the portfolio [2][3] - Microsoft (MSFT.US) is the second-largest holding with around 6.24 million shares valued at approximately $2.3 billion, which is 8.81% of the portfolio, showing a 16.78% increase in shares from the previous quarter [3][4] - Other significant holdings include Sea (SE.US), Google (GOOGL.US), and Amazon (AMZN.US), with respective portfolio percentages of 7.87%, 5.99%, and 4.71% [3][4] Trading Activity - The top five new purchases included Applovin (APP.US), Zillow-C (Z.US), GE Vernova (GE.US), Block (XYZ.US), and Zillow-A (ZG.US) [4][5] - The top five sold-out positions were Apollo Global Management (APO.US), Qualcomm (QCOM.US), Uber (UBER.US), Datadog (DDOG.US), and Atlassian (TEAM.US) [5][6] - The turnover rate for the portfolio was 25.93%, indicating a relatively active trading strategy [2]

Market Overview - US stock indices showed mixed performance with the Dow Jones up 0.65%, Nasdaq down 0.18%, and S&P 500 up 0.41% [1] - The VIX index decreased by 4.24% to 17.83, indicating reduced market volatility [1] - The US dollar index fell by 0.23% to 100.83, while the yield on the 10-year Treasury bond dropped by 2.399% to 4.435% [1] - Spot gold increased by 1.96% to $3239.58 per ounce, while Brent crude oil fell by 1.87% to $64.58 [1] Industry & Stocks - In the industry sector, all S&P 500 sectors except semiconductors, which fell by 0.64%, recorded gains, with utilities and consumer staples leading at 2.13% and 2.05% respectively [3] - Chinese concept stocks mostly declined, with KWEB down 2.64% and Alibaba down 7.87%, reporting Q4 revenue growth of only 7% year-on-year [3] - Major tech stocks saw mixed results, with Microsoft up 0.23% and Nvidia down 0.38%. Berkshire Hathaway significantly increased its Alibaba holdings by 21 times while reducing its Nvidia stake [4][10] Focus on Companies - UnitedHealth Group's stock dropped by 10.93% amid an investigation by the US Department of Justice into its billing practices, which the company claims it was unaware of [5][6] - Walmart reported Q1 revenue of $165.6 billion, slightly below expectations, but adjusted EPS exceeded forecasts at $0.61. The company anticipates a 3.5% to 4.5% increase in net sales for Q2 [8] - Berkshire Hathaway's Q1 report revealed significant sell-offs in bank stocks, maintaining its position in Apple, while increasing stakes in other sectors like beverages and oil [9] Trade and Tariff Developments - Japan is seeking to hold a third round of trade negotiations with the US next week, while the EU and US are accelerating trade talks, aiming for greater tariff reductions than those with the UK [7] - Following recent tariff adjustments, container shipping rates from China to the US have surged, with bookings increasing by nearly 300% [12][13]

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]

Group 1 - TSMC has solidified its leading position in the global foundry market after inventory adjustments at the end of 2022, with high utilization rates in advanced process technologies [1] - The 3nm process has achieved full capacity utilization in its fifth quarter of mass production, driven by strong demand for Apple A17 Pro/A18 Pro chips and other application processors, setting a new record for initial market demand [1] - Future growth is expected to continue due to the introduction of NVIDIA Rubin GPUs and specialized AI chips from Google and AWS, driven by increasing demand in AI and high-performance computing (HPC) applications [1] Group 2 - In contrast, the smartphone market has seen slower initial capacity growth for existing processes like 7/6nm and 5/4nm, with the latter experiencing a resurgence in 2023 due to surging demand for AI acceleration chips [2] - The demand for AI computing chips is accelerating the construction of AI data centers and significantly enhancing the overall capacity of the 5/4nm process [2] Group 3 - The 2nm process is projected to achieve full capacity utilization in its fourth quarter of mass production, driven by dual demand from smartphones and AI applications, aligning with TSMC's strategic outlook [5] - Potential customers for the 2nm technology include Qualcomm, MediaTek, Intel, and AMD, which is expected to maintain high utilization rates for the 2nm process [5] Group 4 - TSMC is investing $165 billion in its Arizona facility to meet growing U.S. consumer demand and mitigate geopolitical risks, with the facility covering 4nm, 3nm, and 2nm processes [11] - The dual-layout strategy enhances TSMC's geopolitical resilience and ensures capacity meets customer demand, particularly in AI and HPC, while maintaining high utilization rates for advanced processes beyond 2030 [11]

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 ...

如果您希望可以时常见面，欢迎标星收藏哦~ 来源：内容半导体芯闻综合 ，谢谢 。 台积电2纳米技术采用新一代纳米片电晶体架构，制程更为精细，但他强调初期良率已超越预期。 将于2025年下半年大规模量产，并在台湾新竹与高雄建置专属产线。 张宗生以台积电AI加速器出货，印证AI芯片规模持续扩大，2021年至2025年预估将成长12倍，与 AI直接关链的大面积芯片出货量也将成长八倍。 为应对爆发式需求，张宗生强调台积正积极扩充全球产能，2025年预计将新增9座厂区，包括8座 晶圆厂与1座先进封装厂。 至于全球布局，张宗生指出，美国亚利桑那州厂区已于2024年底量产4纳米制程；日本熊本厂也于 今年初加入生产行列，良率表现与台湾接近；熊本二厂也已展开兴建；德国德勒斯登也如期进行， 锁定特殊制程厂，配合欧洲伙伴打造韧性供应链。 至于先进封装领域方面，张宗生表示，台积电3D Fabric平台透过先进的技术整合，不仅解决芯片 设计复杂性，也透过导入AI自动化，大幅提升高良率表现。其中SOIC的产能自2022年以来已倍 增、CoWoS产能年增也高达80%，并于台中、嘉义、竹南与龙潭和台南等持续扩大封装厂产能将 支援大量AI与HP ...

全球晶圆代工市场的龙头企业台积电在经历2022年末的库存调整后，进一步巩固了其行业的主导地 位。先进制程产能利用率保持高位，凸显了公司技术的领先优势。 根据 Counterpoint的数据 显示，3nm制程凭借Apple A17 Pro/A18 Pro芯片、x86 PC处理器及其他应 用处理器芯片（AP SoC）的巨大需求，在量产后第五个季度就实现了产能充分利用，创下先进制程 初期市场需求的新纪录。 至于未来的发展，NVIDIA Rubin GPU的引入，加上Google TPU v7、AWS Trainium 3等专用AI芯片 的相继问世，在AI与高性能计算（HPC）应用需求持续攀升的驱动下，预计未来将延续目前先进制 程的高产能。 相比之下，智能手机市场已有制程（比如7/6nm和5/4nm）的初期产能增长较为缓慢。7/6nm制程虽 在2020年左右凭借智能手机的需求大涨实现产能充分利用，但随后增长放缓；而5/4nm制程在2023 年年中再次增长，并在NVIDIA H100、B100、B200及GB200等AI加速芯片需求激增的推动下持续恢 复。这些AI算力芯片的需求激增不仅加速了AI数据中心建设，更带动5/ ...

5月15日，台积电营运副总经理张宗生在其技术论坛上表示，台积电2017年到2020年平均一年建置3座新 厂，2021年到2024年平均每年新建5座厂，今年将进一步加快脚步，预计全球新建9座厂，包括8座晶圆 厂和1座先进封装厂。张宗生透露，位于新竹的晶圆20厂和高雄的22厂将是2纳米的量产基地，两座厂皆 于2022年动土兴建，并计划于今年开始投入生产。台中的晶圆25厂将于今年底开始兴建，2028年量产比 2纳米更先进的技术。(智通财经) ...

Core Insights - The semiconductor industry is facing a significant decline in the first silicon tape-out success rate, which has dropped from approximately 30% to a historical low of 14% by 2025, indicating that 8 out of 10 designs may fail [2][4][21] - The complexity of chip design is increasing due to the shift from single-chip to multi-chip components, leading to more iterations and customization, which in turn makes design and verification more time-consuming [1][4][5] - Major companies like AMD and Qualcomm have experienced notable failures in their chip designs, highlighting the challenges posed by complex architectures and advanced manufacturing processes [3][4] Summary by Categories Chip Tape-Out Success Rate - The first tape-out success rate for chips has decreased from 30% to 24% over two years, with projections indicating a further drop to 14% by 2025 [2][4] - The tape-out process is critical for validating chip designs, and any deviation in performance or power consumption can render a chip uncompetitive, necessitating re-tape-out [2][4] Reasons for Decline in Success Rate - Increasing complexity in chip design, particularly with multi-chip components requiring coordination across different manufacturing nodes [4][5] - The rise of customized chips tailored for specific applications, which complicates the design and verification processes [4][5] - A shift in development cycles, where companies are pressured to release products faster, often at the expense of thorough design and verification [4][5] - The rapid advancement of artificial intelligence (AI) is creating higher demands for chip performance, outpacing current semiconductor technology and design capabilities [5][21] Challenges in Chip Yield - Even after successful tape-out, the industry faces challenges with chip yield, which is the ratio of functional chips to total chips produced [10][12] - Major players like TSMC and Samsung are struggling with yield issues, with TSMC achieving around 80% yield for its 5nm process, while Samsung's 3nm yield is significantly lower [13][16][17] - Factors affecting yield include raw material quality, manufacturing environment, and process technology complexities [19][20] Solutions and Future Directions - To improve tape-out success rates, the industry should focus on optimizing designs, utilizing AI for design assistance, and enhancing collaboration across the supply chain [21][22] - For yield improvement, upgrading equipment, selecting high-quality materials, and implementing strict quality control measures throughout the production process are essential [21][22]