Core Insights - JR Research is recognized as a top analyst in technology, software, and internet sectors, focusing on growth and GARP strategies [1] - The investment approach emphasizes identifying attractive risk/reward opportunities with robust price action to generate alpha above the S&P 500 [1][2] - The investment group Ultimate Growth Investing specializes in high-potential opportunities across various sectors with a focus on strong growth potential and contrarian plays [3] Investment Strategy - The strategy combines sharp price action analysis with fundamental investing to identify growth opportunities with significant upside potential [2] - The focus is on avoiding overhyped and overvalued stocks while targeting battered stocks that have recovery possibilities [2] - The investment outlook typically spans 18 to 24 months for the thesis to materialize [3] Target Audience - The group is designed for investors looking to capitalize on growth stocks with strong fundamentals, buying momentum, and turnaround plays at attractive valuations [3]

Core Insights - Steven Cress is a key figure in quantitative strategy and market data at Seeking Alpha, contributing to the platform's quantitative stock rating system and analytical tools [1][2][3] - The Seeking Alpha Quant Rating system aims to interpret data for investors, providing insights that save time and enhance investment decisions [1][2] - Cress has a strong background in investment research, having founded CressCap Investment Research and Cress Capital Management, and previously worked at Morgan Stanley and Northern Trust [3][4] Company Overview - Seeking Alpha has integrated Cress's expertise in quantitative analysis and market data, enhancing its offerings for investors [1][3] - The platform features a systematic stock recommendation tool called Alpha Picks, aimed at helping long-term investors build superior portfolios [1][2] Industry Impact - Cress's approach focuses on removing emotional biases from investment decisions through a data-driven methodology, which is increasingly relevant in today's investment landscape [2][4] - With over 30 years of experience, Cress is well-equipped to address various investment topics, indicating a depth of knowledge that can influence market trends [4]

这也将对台积电、三星等产能集中在亚洲地区的晶圆制造大厂，以及NVIDIA、苹果、高通、联发科等 依赖于亚洲晶圆代工产能的芯片设计厂商带来负面影响。 今年4月14日，美国商务部下属部门工业与安全局（BIS）通过联邦公报官网宣布，根据《1962年贸易 扩展法》第"232条款"赋予的权力，对进口半导体及其衍生产品、进口药品及药用成分发起国家安全调 查，并征求公众意见。 针对进口半导体及其衍生产品的调查，主要聚焦外国补贴、供应链依赖风险、美国国内产能瓶颈等14项 调查细节，希望确定进口半导体及其衍生产品对美国国家安全的影响。 其中包括半导体基板和裸晶圆、传统芯片、尖端芯片、微电子和SME组件等产品。衍生产品包括含有 半导体的下游产品，例如构成电子供应链的产品。相关利益关系人可在5月7日结束调查前提交意见。 涵盖外国补贴、供应链依赖风险、美国国内产能瓶颈等核心议题，并希望在当地时间5月7日前征询完美 国大众意见后结束调查。这也意味着美国政府可能最快将于本周三以后公布半导体关税细节。 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 ↓ ↓ ↓ 5月6日消息，美国特朗普政 ...

来源：本文编译自wccftech ，谢谢 。 三星在工艺节点方面难以获得业界的认可，尽管其产品种类繁多，产能也相当可观，但这家韩国巨 头仍未能像台湾同行那样抢占市场风头。据@Jukanlosreve报道，AMD已决定放弃三星代工厂的4 纳米订单，转而选择台积电在美国的生产。 三星代工的麻烦仍在继续，据报道，AMD 已经放弃了对该公司的 4nm 订单，很可能转向台积 电。 如果您希望可以时常见面，欢迎标星收藏哦~ 虽然此举的具体原因尚未披露，但很可能是三星代工厂业绩低迷以及台积电美国业务对AMD等公 司颇具吸引力的后果。 据称，由于红队采取了双采购策略，AMD 正在与三星在 SF4X 工艺上展开广泛合作，合作范围不 仅限于 EPYC 服务器 CPU，还包括 Ryzen APU 和 Radeon GPU。 这一举措最初被视为一项重大突破，但据报道，现在却走向了失败。虽然目前尚不确定是否仅仅因 为 EPYC 服务器 CPU 而放弃这笔交易，但似乎对三星代工厂的兴趣正在下降。这并非好事，尤其 是考虑到这家韩国巨头需要提升其在芯片行业的声誉，而一个主要合作伙伴的退出并非利好信号。 台积电位于亚利桑那州的工厂目前正在量产 ...

法国巴黎银行驻香港的大中华区外汇和利率主管王菊（音译）说："本地出口商感到恐慌，本地寿险公司对冲不足，而与股票相关的资金外流已经停 止。" 台积电股价周一下跌1.3%，因市场担心新台币走强将影响其出口收入。周一早些时候，台北的美元兑新台币交易量跃升至2008年全球金融危机以来的 最高水平。银行收到了大量客户咨询，国泰联合银行（Cathay United Bank Co.）在其在线应用程序上引入了线上排队，以"保持系统稳定"。 尽管新台币上涨，台湾相关部门周一并未积极干预市场以限制其强势，尽管它通常会这样做以平抑波动。新加坡华侨银行资深外汇策略师Christopher Wong表示，对新台币升值的容忍度可能反映了更广泛的政策调整。在谈判之前，由市场决定的汇率可能也有助于贸易谈判。 SHMET 网讯：香港金管局表示，他们继续购买美元，试图捍卫外汇挂钩。 香港金管局今晨再注资605.43亿港元，因美元弱势，港元汇价兑每美元长时间触及7.75强方兑换保证。金管局资料披露，根据联系汇率机制，在美股收 市后，再接78.12亿美元沽盘，银行体系结余将升至1613.84亿港元。 自上周五美股收市后，因触及强方兑换保证，金管局 ...

如果您希望可以时常见面，欢迎标星收藏哦~ 来源：本文编译自semiengineering，谢谢。 混合方法有所帮助，堆叠更多层HBM也同样有效。三星、SK 海力士和美光是仅有的几家生产 HBM 的公司。三星以此为跳板，开始针对特定工作负载定制 HBM。但最佳解决方案是 HBM 和 SRAM 的结合，而代工厂最新的路线图展示了不同存储器的复杂组合，其互连间距非常紧密，以 促进数据移动。 英特尔最新的架构显示，14A 逻辑层直接堆叠在 SRAM 层上方。 英特尔代工厂、台积电和三星代工厂正在争相提供完整 3D-IC 的所有基础组件，这些组件将在未 来几年内以最小的功耗实现性能的大幅提升。 人们将大量注意力集中在工艺节点的进步上，但成功的3D-IC实现远比仅仅扩展数字逻辑复杂得 多，也更全面。它需要新材料，以及处理更薄基板并将其组装的不同方法。它涉及不同的背面供电 方案、各种类型的桥接器、多芯片通信的接口标准以及新的互连技术和方法。此外，它还需要对 EDA 工具和方法、数字孪生、多物理场仿真进行重大变革，以及重组工程团队和流程，并在从设 计到制造的整个流程的多个阶段融入人工智能。 3D-IC 已出现在代工厂的内部路 ...

Group 1: Core Insights - TSMC's recent conference highlighted the rapid expansion of the semiconductor industry, projecting a market size of $1 trillion by 2030, driven primarily by high-performance computing (HPC) and artificial intelligence (AI) applications [2][4] - By 2030, HPC/AI is expected to dominate the semiconductor market, accounting for 45%, while smartphones will represent 25%, automotive electronics 15%, IoT 10%, and other sectors 5% [4][6] - The demand for semiconductors is accelerating due to AI-driven applications, including AI accelerators in data centers, AI PCs, AI smartphones, and long-term applications like robotic taxis and humanoid robots [4][6] Group 2: Advanced Process Technologies - TSMC's N3 series (3nm process) includes N3, N3E, and upcoming versions like N3P, which will enhance performance by 5% while reducing power consumption by 5% to 10% [7][9] - The N2 process (2nm) is expected to achieve a 10%-15% speed improvement or a 20%-30% power reduction compared to previous technologies, with transistor density increasing by 15% [12][18] - A16 technology, set for production in 2026, will utilize a super power rail architecture to improve logic density and efficiency, achieving an 8%-10% performance boost and a 15%-20% power reduction compared to N2P [19][20] Group 3: Advanced Packaging and System Integration Innovations - TSMC introduced the 3DFabric platform, which includes 2.5D and 3D integration technologies to overcome traditional design limitations and support high-density memory integration [24][30] - The CoWoS technology supports high-density interconnects and has been successfully applied in advanced products like Tesla's Dojo supercomputer [28][33] - Future applications, such as augmented reality glasses and humanoid robots, will require advanced packaging technologies to integrate numerous high-performance chips efficiently [37][40]

Market Overview - The main board saw significant gains with notable stocks such as Hubei Broadcasting (+10.04%), Tongding Internet (+10.02%), and Shanghai Film (+10.01%) leading the charge [1] - The ChiNext board also performed well, highlighted by Everbright Tongchuang (+20.01%) and Creative Information (+19.93%) [1] - The Sci-Tech Innovation board was led by Dekeli (+15.41%) and Lingzhi Software (+14.46%) [1] - Active sub-industries included SW Communication Application Value-Added Services (+3.09%) and SW Horizontal General Software (+3.01%) [1] Domestic News - Tianyue Advanced is expanding its production capacity for silicon carbide single crystal with a project to produce 500 tons annually, aiming for equipment installation by May 2025 and trial production by June [1] - Saizhuo Electronics has officially launched a vehicle-grade semiconductor packaging project with a total investment of 500 million, enhancing its strategic positioning in the vehicle-grade integrated circuit sector [1] - TSMC has commenced construction of its third semiconductor factory in Phoenix, Arizona, with completion expected between 2028 and 2030, utilizing advanced 2nm and 1.6nm process technologies [1] - Jinghe Integrated reported an increase in revenue from 55nm products, driven by higher shipments of DDIC/CIS products, with automotive chip development progressing smoothly [1] Company Announcements - Shen Si Electronics announced receipt of government subsidies amounting to 1.821 million yuan, representing 11.17% of its latest audited net profit attributable to shareholders [3] - Jiangbolong disclosed a plan for a major shareholder to reduce holdings by up to 4.16 million shares, accounting for 1.00% of total share capital, between May and August 2025 [3] - Tongguan Copper Foil reported a share buyback of 3,800 shares, representing 0.00046% of total share capital, with a total transaction amount of 37,976 yuan [3] - Huada Jiutian is progressing with a major asset restructuring, with ongoing audits and due diligence [3] Overseas News - Current global tariff rates, if unchanged, are expected to increase Apple's costs by $900 million for the quarter ending June [4] - Samsung Electronics is in discussions with Nvidia, Broadcom, and Google to develop custom 6th generation high bandwidth memory (HBM4), with deliveries anticipated as early as next year [4] - Samsung has confirmed plans to introduce vertical channel transistor (VCT) technology after the 7th generation 10nm DRAM process, with products expected in 2 to 3 years [4] - In Q1 2025, the global AMOLED smartphone panel market in South Korea accounted for 49.2%, while domestic manufacturers held a 50.8% share, showing resilience despite a year-on-year decline [4]

Core Viewpoint - The article discusses the impact of Trump's tariffs on Chinese companies, suggesting that some are relocating production lines to the U.S., but the significance and implications of this trend are questioned [3][5]. Group 1: Production Line Relocation - Some Chinese companies, including low-tech manufacturers, are reportedly moving production lines to the U.S. in response to tariffs [3]. - The types of companies involved in this relocation are primarily those with low technological content, such as gift manufacturers and small electronic assembly plants [3]. - The article argues that this relocation is more about the elimination of outdated capacity rather than a significant shift in the industry [3]. Group 2: U.S. Industry Dynamics - The U.S. is shifting its export structure towards Russia and its acceptance of industrial transfers towards Southeast Asia, which does not pose a significant threat to China [5]. - Historical attempts by various U.S. administrations to bring global supply chains back to America have faced challenges, with companies like TSMC struggling to achieve profitability in U.S. operations [5][6]. - TSMC's Arizona plant has reported losses exceeding $3 billion, highlighting the difficulties of establishing manufacturing in the U.S. [6]. Group 3: Future Implications - The article suggests that while some Chinese companies may consider relocating due to pressure, the long-term viability of such moves is questionable given the current state of U.S. manufacturing capabilities [8]. - The narrative of companies relocating may serve as a "negative example" to illustrate the complexities of the trade war between China and the U.S. [8].

如果您希望可以时常见面，欢迎标星收藏哦~ 来源：内容来自工商时报，谢谢。 全球晶圆代工龙头台积电（TSMC）2纳米制程进展备受瞩目，其缺陷密度（D0）表现已比肩5纳 米家族，甚至超越同期7纳米与3纳米制程，成为技术成熟度最高的先进节点之一，为2025年下半 年量产注入强心针。法人看好，2纳米的快速进展将带动供应链如中砂、升阳半等业者的营收成 长。 台积电2纳米主要客户锁定苹果、英伟达、AMD、高通、联发科及博通一线业者。AMD新一代 EPYC处理器Venice为业界首款完成投片并采用台积电2纳米制程，苹果iPhone 18系列机型预计采 用2纳米处理器，英伟达的Rubin平台2026年下半年仍以3纳米为主，2纳米导入较谨慎。英特尔亦 积极布局2纳米，特别针对AI与高效能运算应用。 *免责声明：本文由作者原创。文章内容系作者个人观点，半导体行业观察转载仅为了传达一种不同的观点，不代表半导体行 业观察对该观点赞同或支持，如果有任何异议，欢迎联系半导体行业观察。 | "半导体行业观察"交流群 | | | | | | --- | --- | --- | --- | --- | | 扫码添加小助手微信，注明：加群+姓名 ...