Core Viewpoint - The Federal Reserve's recent interest rate cut and the halt of quantitative tightening have positively impacted the U.S. stock market, particularly the tech sector, leading to significant increases in the market capitalizations of major tech companies [1] Group 1: U.S. Tech Companies Performance - The Nasdaq index reached a new high of 24019.99, with major tech stocks like Nvidia, Apple, Google, and Microsoft collectively valued at approximately $4 trillion, surpassing the total market capitalization of A-shares [1] - Other notable tech companies such as Amazon, Broadcom, Meta, TSMC, and Tesla have also reached market capitalizations of around $2 trillion [1][2] Group 2: Chinese Tech Companies Performance - Chinese tech companies have shown significant stock price increases, with Alibaba's market cap reaching $379.9 billion after a 92.42% rise, while other companies like Xpeng and SMIC have also seen substantial gains [4] - The emergence of the CNQQ ETF, which focuses on high-quality Chinese tech companies, indicates a growing interest from global investors in the Chinese tech sector [5][12] Group 3: Investment Trends and Market Sentiment - The trend of investing in tech sectors rather than individual companies is gaining traction, with the CNQQ ETF allowing global investors to access a diversified portfolio of Chinese tech stocks [16] - Global investors are increasingly optimistic about Chinese tech companies, with significant investments being made in firms like Alibaba, which is transitioning into an AI-focused company [17][18] Group 4: AI and Future Prospects - The AI sector is seen as a key growth driver for Chinese tech companies, with firms like Baidu and Alibaba making significant advancements in AI technologies [19] - The potential for Chinese tech companies to emerge as global leaders in AI is highlighted, with a focus on their ability to innovate and meet real customer needs [19][20]

Group 1: Trade Deal with Taiwan - The Trump administration is negotiating a trade deal with Taiwan that may involve the island renewing its investment in semiconductors and advanced technology in the U.S. [1] - Major Taiwanese chipmakers, including TSMC, are expected to expand operations in the U.S. and train more American workers as part of the potential deal [2] - In exchange for the tech investment, the Trump administration may reduce the current 20% tariff on other Taiwanese goods [2] Group 2: Geopolitical Context - The negotiations with Taiwan occur amid heightened tensions following Japanese Prime Minister Sanae Takaichi's strong defense of Taiwan's independence, suggesting military response from Japan in case of a Chinese attack [6] - Chinese officials reacted strongly to Japan's statements, summoning Japan's ambassador and warning against travel to Japan [7] - China's defense ministry asserted that any Japanese intervention would not protect Taiwan, indicating the seriousness of the geopolitical situation [7]

台积电强调，罗唯仁掌握的公司营业秘密及机密资讯关乎企业核心竞争力，其离职后即加入直接竞争对手阵营的行为，已严重 违反双方约定，极有可能导致相关核心技术信息被不当使用、泄漏或转移，对公司权益构成重大威胁。目前，相关诉讼已进入 司法程序，后续进展有待法院进一步审理裁决。 值得注意的是，11月20日，英特尔CEO陈立武在出席半导体产业协会（SIA）年度颁奖典礼时，针对该传闻作出公开回应。他 明确表示，外界关于罗唯仁携带机密文件加盟的指控"都是谣言与臆测"，并强调"英特尔向来尊重他人知识产权"，间接回应了 商业秘密侵权的相关质疑。 公开资料显示，罗唯仁于 2004 年 7 月加入台积电，2014 年 2 月晋升为资深副总经理，长期深耕公司核心运作体系，对台积电 先进制程技术的发展路径与长期规划拥有高度接触权和掌控力，是公司内部关键高阶主管之一。2024 年 3 月，台积电将其调 任至 "企业策略发展部" 担任资深副总经理，该部门定位为董事长暨总裁的咨询幕僚单位，职责范围内无需参与研发部门的监 督与管理工作。但台积电在诉讼中指出，罗唯仁调任后仍要求研发部门召开专项会议并提供相关资料，持续追踪公司先进制程 技术的研发进展 ...

Group 1: Market Performance - Major U.S. index futures are showing positive trends, with Dow futures up 0.18%, S&P 500 futures up 0.21%, and Nasdaq futures up 0.26% [1] - Chinese concept stocks are mixed, with Alibaba up 1.07%, Pinduoduo up 1.05%, and JD.com up 1.16%, while Xpeng Motors is down 2.26% and Bilibili is down 1.81% [1] Group 2: Company Earnings and Projections - Dell reported Q3 revenue of $27.005 billion, an 11% year-over-year increase, and attributed this growth to a surge in AI server orders, with $12.3 billion in orders received and $5.6 billion shipped [1] - Dell raised its annual AI server shipment forecast from $20 billion to $25 billion, projecting over 150% year-over-year growth, driven by strong demand for AI products [1] - Li Auto's Q3 revenue was 27.4 billion yuan, a 36.2% year-over-year decline, with a net loss of 624.4 million yuan compared to a profit of 2.8 billion yuan in the same period last year [5] - Li Auto's Q4 revenue guidance is between 26.5 billion yuan and 29.2 billion yuan, below market expectations of 37.25 billion yuan [5] Group 3: Industry Developments - Uber announced the launch of a fully autonomous Robotaxi service in Abu Dhabi, expanding its partnership with WeRide, although some routes will still have safety drivers [2] - Nvidia's market share is projected to decline from 85% to 75% by 2030, despite the company remaining a leader in the AI data center market, which is expected to grow to approximately $1.2 trillion [3] - Rapidus, a Japanese chip manufacturer, plans to build a 1.4nm wafer fab by FY2027, aiming to close the gap with TSMC [4] - Elon Musk announced that Tesla's Robotaxi fleet in Austin will double next month, although specific operational numbers have not been disclosed [4] Group 4: Fundraising and IPOs - Hedge fund manager Bill Ackman is planning to raise $5 billion for a new closed-end fund, with $2 billion coming from institutional investors, coinciding with an IPO of his company, Pershing Square Capital Management [5]

如果您希望可以时常见面，欢迎标星收藏哦~ 一项研究指出，高频宽存储器（HBM）先进封装所需的大部分核心技术，都掌握在韩国以外的国 家手中。 韩国智慧财产振兴院（KIPRO）研究员 Kim In-soo 接受韩媒 The Elec 采访时表示，韩国企业 在制造与堆栈 HBM 方面表现优异，但在原物料与设备却过度依赖海外公司，加上韩国企业缺乏 与 HBM 相关的核心专利，可能让他们在未来面临专利诉讼风险。 Adeia 拥 有 从 Ziptronix 取 得 的 直 接 键 合 互 连 与 低 温 直 接 键 合 等 核 心 技 术 专 利 ， 并 透 过 旗 下 Invensas 与 Tessera 等公司，也已取得大量混合键合专利组合。 点这里加关注，锁定更多原创内容 另根据 K-PEG 评级，台积电拥有 A3 等级以上的高质量专利数量中排名第一，三星则排名第 二，美光和 IBM 紧追在后。报导称，台积电的 SoIC 技术具高价值。 目前中国也在存储器领域中快速成长，例如长江存储也掌握包括 Xtacking 在内的核心技术。这 些专利横跨韩、美、日、欧与中注册，意味企业可能随时卷入专利诉讼。 喜欢我们的内容就点 ...

如果您希望可以时常见面，欢迎标星收藏哦~ 根据美国媒体《Fast Company》报导，美国亚利桑那州民众对台积电厂房上的「tsmc」标志感 到好奇甚至困惑。 有人形容Logo像羽毛球拍、有人以为是迪斯可球，还有人觉得是填字游戏，甚至还说是瑕疵晶片 或贴了苍蝇的纱窗；而Logo上方与下方散落的黑点设计，更让不少外国网友直问：「这些黑点到 底是什么？代表有缺陷的产品吗？」 除了外观备受讨论，Logo中的英文字母「tsmc」使用小写t也成为话题。 事实上，台积电的Logo于1988年发表，包含晶圆、红色英文字母及11个黑点。时任财务副总洪 铁城曾指出，Logo中tsmc的「t」使用小写原因是代表「出头」的意象，象征企业勇于创新、出 头天精神。 据数位时代报导，台积电的Logo在公司成立一年后，于1988年时首次亮相。 Logo显示为背后网 格状、接近圆形的图案是用一种风格化的设计表现晶圆。 不过，台积电曾在2001年小幅修改了Logo，虽然整体变化不大，但那些代表着缺陷芯片的黑色 网格数量大幅减少，从原先超过15格以上，简化为11格。 黑点设计背后象征无名功臣 真正揭示Logo含意的，是台积电文教基金会顾问、工号 ...

Core Insights - TSMC's Q3 revenue decline was less than expected due to demand from AI manufacturers offsetting the drop in smartphone and laptop chip sales [1] - The company's revenue for July to September was NT$546.7 billion, a year-on-year decrease of 11%, but above analysts' average expectation of NT$531.5 billion [1] - September consolidated revenue reached NT$180.4 billion, down 13.4% year-on-year [1] - Nvidia, a TSMC client, is driving demand for AI-related data centers and memory chips, leading investors to look for signs of AI hype translating into actual sales [1] - TSMC will hold a Q3 earnings call on October 19, where investors will focus on the company's outlook amid concerns over slowing sales growth from tech giants like Apple [1] - TSMC's stock price has risen over 18% this year [1]

出于对宏观环境和全球消费电子需求疲软的担忧，台积电股价自6月高点下跌11%，市值蒸发770亿美 元。近几个月，随着交易员争相买入看跌合约，波动率偏斜持续上升显示台积电股价将进一步下跌。 得益于全球人工智能（AI）热，这家全球最大的芯片代工制造商股价在去年10月到今年6月之间飙升了 60%。但交易员已趋于谨慎，对AI热将给公司贡献多少利润持怀疑态度，尤其是在智能手机和个人电 脑业务没有回升的情况下。就连高端AI芯片订单的放缓速度也快于预期。 随着投资者准备迎接芯片行业长时间的疲软，台积电自6月中旬以来所损失的市值规模在亚洲排名居 首。本轮下跌可能尚未结束。 与此同时，鉴于台积电曾在6月警告称，资本支出可能会处于320亿-360亿美元年度指引的低端，分析师 对其资本支出亦转谨慎。汇总的预估均值接近300亿美元。虽然削减资本支出通常被视为积极而审慎的 成本管理工具，但分析师表示，最近的削减显示出更长时期内对芯片需求的悲观情绪以及对复苏周期被 拉长的担忧。 高盛集团最近将台积电明年的资本支出预估下调逾20%，至250亿美元，因为担心台积电可能会推迟海 外产能扩张计划。这一规模将是疫情开始以来的最低水平。 数据显示，台 ...

| | | 英特尔对此表示，台积电的收购将使IMS的估值达到约43亿美元。英特尔将保留IMS的大部分股权。 台积电官网宣布，董事会批准对软银旗下ARM投资至多1亿美元，批准以高达4.328亿美元的价格收购 英特尔旗下子公司IMS 10%的股份。 ...

罗镇球预测，随着整个半导体市场发展到1万亿产值后，整个市场大概有40%是由高算力产品所贡献 的，另外大概有30%是由移动计算（手机）贡献的，还有15%的高成长性产业产值，以及10%左右的智 能穿戴设备产值。 2023世界半导体大会期间，台积电（中国） 有限公司总经理罗镇球发言指出，目前，整个半导体行业 的产值大约在5000亿-6000亿美元之间，预估2030年左右，这一产值会趋近1万亿美金。 据罗镇球介绍，围绕这一算力类型分布，台积电在工艺发展上，所投入的力量分配也与之相匹配。 ...