当地时间12月17日，美股三大股指全线收跌，道指跌0.47%，标普500指数跌1.16%，纳指跌1.81%。 美股大型科技股集体下跌，特斯拉跌超4%、英伟达跌近4%、谷歌跌逾3%。中概股多数下跌，世纪互联、蔚来跌超3%，叮咚买菜涨超22%。 美股三大股指全线收跌 当地时间12月17日，美股三大股指全线收跌。数据显示，截至收盘，道指跌0.47%报47885.97点，标普500指数跌1.16%报6721.43点，纳指跌1.81%报 22693.32点。 美股大型科技股集体下跌，美国科技七巨头指数下跌2.03%。特斯拉跌超4%，英伟达跌近4%，谷歌跌超3%，苹果、META跌超1%，亚马逊、微软小幅下 跌。 芯片股表现疲软，费城半导体指数跌3.78%，阿斯麦、ARM、超威半导体跌逾5%，博通跌超4%，台积电跌逾3%。 中概股多数下跌，纳斯达克中国金龙指数跌0.73%。世纪互联、蔚来、理想汽车跌超3%；叮咚买菜涨超22%，万物新生涨近3%。 东吴证券表示，短期来看，美股整体缺乏新的催化，预计继续以震荡盘整为主。中长期来看，美股回归由经济基本面和企业盈利韧性所主导的轨道上，主 要趋势依然向上。 贵金属期货普遍收涨 当地时 ...

Core Viewpoint - TSMC's performance in 2025 is projected to reach NT$3.7 trillion, driven by strong demand for AI, but concerns arise over the ongoing losses at its Kumamoto plant in Japan due to low capacity utilization and market challenges [1][2] Group 1: TSMC's Financial Outlook - TSMC's projected revenue for 2025 is NT$3.7 trillion, reflecting optimism in the AI sector [1] - The company has faced significant losses at its Kumamoto plant, which has raised concerns among stakeholders [1][2] Group 2: Challenges at Kumamoto Plant - The Kumamoto plant's capacity utilization is reportedly low, with ongoing losses attributed to reduced demand for automotive chips from Japanese manufacturers [2] - The plant's 28nm process is particularly affected, leading to a capacity utilization rate of approximately 50% [3] - TSMC is considering changing the planned production from 6nm to 2nm at the Kumamoto plant to address the ongoing losses, which would significantly increase investment costs from over US$10 billion to over US$25 billion [3] Group 3: Market Dynamics - The rise of mature process technology in mainland China has impacted TSMC's mature process capacity utilization, with reports indicating that the advanced 6nm process in Taiwan has also seen a decline to 60-70% utilization [2] - The Japanese automotive market's sluggish recovery has further exacerbated the challenges faced by TSMC's Kumamoto plant [3] Group 4: Government and Investment Considerations - The success of the 2nm process at the Kumamoto plant hinges on whether the Japanese government will provide additional subsidies [3] - TSMC's financial performance in the U.S. has also been under scrutiny, with significant losses reported at its Arizona facility since its establishment [3]

The latest 13F filing from Steve Mandel’s Lone Pine Capital reveals a series of meaningful portfolio adjustments, concentrated among large-cap technology, consumer platforms, and financial services. While the fund maintained its characteristic focus on high-quality growth franchises, several significant trims and selective additions suggest a more risk-balanced stance heading into year-end. Here are some of the largest position moves.Meta Platforms Inc. (META): –342,757 shares (–20.59%)Lone Pine reduced its ...

Core Insights - The semiconductor investment thesis is evolving, particularly with the rise of application-specific integrated circuits (ASICs), presenting unique structural opportunities for investors [1] - The shift in the AI market is moving from general-purpose hardware to custom silicon designed for specific needs, as major hyperscalers like Alphabet, Meta, and Amazon adopt a "do-it-yourself" model [2] Industry Trends - The demand for bespoke efficiency in AI hardware is increasing, leading to a focus on specialized design firms that connect software giants with physical manufacturing [3] - Global Unichip Corp (GUC) is positioned as a key player in this transition, acting as a specialized ASIC design partner for tech giants [4] Company Analysis - GUC supports ASIC design and advanced packaging for custom chip development, crucial for hyperscale and cloud AI programs [4] - GUC's strategic relationship with Taiwan Semiconductor Manufacturing Company (TSMC), which owns approximately 35% of GUC, provides production security and technical synergy [5] Investment Opportunities - There is a concentration risk in AI-related investments, with many portfolios heavily weighted towards Nvidia and TSMC, while exposure to the specialized ASIC ecosystem remains limited [6] - The ROBO Global Artificial Intelligence ETF (THNQ) offers investors access to GUC, enabling diversification within the semiconductor investment landscape [7]

2025年进入尾声，年初刷屏的"半导体十大技术趋势预测"也到了交答卷的时刻。2nm、HBM4、先进封装、AI 处理器、智驾芯片、量子处理器等核心方 向，始终是行业关注重点。这一年来，这些预测的 "进度条" 究竟走了多少？今天一起顺着时间线，拆解十大方向的真实进展。 01 半导体十大预测，兑现几何？ | 十大预测 | 年初预测 | 达成进度 | | --- | --- | --- | | 2nm | 台积电、三星、英特尔均将在这一年里陆续推出自家的 | 台积电本季度晚些时候量产,三星、英特尔均已量产,但良 | | | 2nm或Intel 18A工艺制程。 | 率各异。 | | HBM4 | SK海力士、三星均计划今年实现量产。 | SK海力士HBM4已开始量产,第四季度开始出货。三星 | | | | HBM4大规模量产时间指向2026年。 | | 先进封装 | 台积电加速CoWoS产能扩充并扩大光罩尺寸;长电科技、 | 台积电CoWoS持续扩产,国内封测企业的工厂规划也顺利进 | | | 华天科技等一系列工厂建成投产。 | 行。 | | | 英特尔将推出Panther Lake和Clearwater Fores ...

得注意的是，中国上榜企业呈现多元发展特征，金融服务、能源和消费品三大行业稳居前列，宁德时代领衔全球 储能行业，小米跻身消费电子领域全球领先阵营，腾讯、字节跳动则与国际巨头共同主导全球娱乐行业发展，在 多个细分领域占据全球领先地位。 本次榜单还呈现出诸多值得关注的行业与区域趋势：从行业分布来看，金融服务以 249 家上榜企业居首，能源 （119 家）、生命健康（73 家）紧随其后，而人工智能相关领域的企业价值增长最为显著，目前榜单上已有 11 家 价值万亿美元的人工智能相关企业，远超 2020 年的 4 家；从城市维度来看，北京以 53 家上榜企业的规模蝉联全 球第一，较上年新增 5 家，东京（47 家）与纽约（40 家）分列二三位，上海（16 家）、深圳（15 家）、孟买 （17 家）等亚洲金融中心通过显著的价值增长巩固了自身地位；从企业属性来看，千强企业中有 10% 为非上市 公司，OpenAI、字节跳动、SpaceX 等成为全球最具价值的未上市企业代表，展现了非上市企业在创新领域的强 劲活力。 此外，榜单还反映出全球企业价值创造的 "头部聚集" 特征：价值超 1000 亿美元的企业从 5 年前的 115 ...

Market Analysis by covering: Taiwan Semiconductor Manufacturing. Read 's Market Analysis on Investing.com ...

12月17日，国务院台办举行例行新闻发布会。 国务院台办发言人朱凤莲表示，台湾民众对半导体产业未来发展的担忧绝非危言耸听。民进党当局早已 将台积电视为对美日输诚献媚的工具，为谋求自身政治私利，不惜榨干台湾半导体产业，彻底沦为外部 势力肆意掠夺台湾同胞利益的帮凶。广大台湾同胞和产业界有识之士应勇于发声、勇于行动，维护自身 福祉和产业发展未来。 有记者问，《日经亚洲》日前披露，台积电考虑在日本的第二座工厂生产比原定计划更先进的4纳米芯 片，引发岛内对半导体产业核心优势流失的担忧。有舆论质疑台积电先进技术外移，恐沦为"美积 电""日积电"。对此有何评论？ ...

December 17, 2025 12:04 AM GMT Semiconductors | North America 2026 Semiconductor Outlook: AI semi strength pushing the ecosystem to the limits Morgan Stanley does and seeks to do business with companies covered in Morgan Stanley Research. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of Morgan Stanley Research. Investors should consider Morgan Stanley Research as only a single factor in making their investment decision. For analyst cer ...

Core Viewpoint - The article discusses the historical evolution of the semiconductor industry, particularly focusing on the DRAM market, highlighting how Japan and South Korea navigated challenges through long-term investments and strategic decisions, ultimately leading to shifts in market dominance. Group 1: Japan's Rise in DRAM - In 1976, Japan initiated a national program called VLSI to catch up with the U.S. in the semiconductor industry, focusing on DRAM as a standardized product with high capital requirements and significant scale effects [2] - From 1978 to 1984, Japanese companies expanded production during a downturn in the DRAM market, betting on long-term scale economies despite short-term financial losses [3] - By 1985, Japan's strategy paid off, capturing over 80% of the global DRAM market share, while U.S. companies like Intel exited the market due to unsustainable losses [5][6] Group 2: South Korea's Aggressive Strategy - In the 1990s, South Korea, particularly Samsung, adopted a similar strategy to Japan, investing heavily in DRAM during the Asian financial crisis, while Japanese firms opted for cost-cutting [7][9] - Samsung's aggressive investment during the crisis allowed it to gain a significant cost advantage over Japanese competitors, leading to a shift in market leadership by the 2000s [9][10] - The failure of Japan's Elpida to compete effectively against Samsung and SK Hynix resulted in the collapse of Japan's DRAM industry by 2012 [10] Group 3: Taiwan's Unique Approach - Taiwan's TSMC, founded by Morris Chang in 1987, focused solely on chip manufacturing without engaging in design, which was a departure from the integrated model prevalent at the time [11][13] - TSMC's strategy of maintaining neutrality and not competing with its customers allowed it to build trust and a strong customer base, leading to a self-reinforcing cycle of growth [13][14] - By the late 2010s, TSMC became the go-to manufacturer for leading chip design companies, solidifying its position in the industry despite high capital expenditures [14] Group 4: Lessons from the Semiconductor Industry - Success in capital-intensive industries requires long-term patience and the ability to endure short-term financial pressures, as demonstrated by Japan and South Korea's strategies [16] - Industry competition is a long-term game, where decisions made at critical junctures can have lasting impacts, as seen with Intel's exit from DRAM [17] - The ability to tolerate long-term failures is crucial for industry success, as evidenced by the supportive environments in Japan and Korea during their respective rises [18] - In capital-intensive sectors, maintaining clear boundaries and focusing on core competencies can provide a competitive edge, as illustrated by TSMC's approach [19]