Core Viewpoint - Taiwan Semiconductor Manufacturing Company (TSMC) is leading the AI chip supply chain with superior technology and scale, indicating potential long-term growth despite existing risks [1]. Group 1: Company Performance - TSMC is experiencing explosive demand for its AI chips, which is contributing to strong profit margins [1]. - The stock prices referenced are from January 26, 2026, suggesting a focus on recent market performance [1]. Group 2: Market Outlook - There is a question regarding whether Wall Street has already factored in the potential upside for TSMC, indicating a need for investors to assess current valuations [1]. - The long-term upside potential remains a key consideration for investors, despite the presence of risks [1].

2026.01.31 本文字数：1178，阅读时长大约2分钟 作者 |第一财经 郑栩彤 黄仁勋春节前访华到达上海、北京、深圳后，近日又到达中国台湾，宴请当地供应链厂商，并在接受采 访时回答了关于投资OpenAI、AI基础设施建设的话题。 据当地媒体报道，1月31日，黄仁勋到达中国台湾第三天，出现在台北四平商圈，并采购了蜜饯。黄仁 勋现场称，水果干、各类花生糖和其他零食都非常棒，是他儿时的味道。 此次行程中，黄仁勋与当地供应商的交流备受关注。1月31日晚间，黄仁勋宴请了英伟达的供应链伙 伴，参加晚宴的包括纬创董事长林宪铭、台积电董事长魏哲家、广达创始人林百里及副董事长梁次震、 和硕集团董事长童子贤、鸿海董事长刘扬伟、仁宝董事长陈瑞聪、联发科执行长蔡力行、华硕创始人施 崇棠等。晚宴结束后，黄仁勋送魏哲家离开。 针对ASIC（专用集成电路）带来的竞争，黄仁勋表示，ASIC一直有需求，但英伟达做的事情非常不一 样。一方面，英伟达不只做一种芯片，而是参与到整个AI基础设施建设过程，做的产品包括CPU、 GPU、网络芯片、交换器芯片等。另一方面，英伟达与几乎所有AI公司合作，包括谷歌。此外，英伟 达与每一个云都相关，一些 ...

本文字数：1178，阅读时长大约2分钟 作者 | 第一财经 郑栩彤 黄仁勋春节前访华到达上海、北京、深圳后，近日又到达中国台湾，宴请当地供应链厂商，并在接受采 访时回答了关于投资OpenAI、AI基础设施建设的话题。 2026.01. 31 据当地媒体报道，1月31日，黄仁勋到达中国台湾第三天，出现在台北四平商圈，并采购了蜜饯。黄仁 勋现场称，水果干、各类花生糖和其他零食都非常棒，是他儿时的味道。 此次行程中，黄仁勋与当地供应商的交流备受关注。1月31日晚间，黄仁勋宴请了英伟达的供应链伙 伴，参加晚宴的包括纬创董事长林宪铭、台积电董事长魏哲家、广达创始人林百里及副董事长梁次震、 和硕集团董事长童子贤、鸿海董事长刘扬伟、仁宝董事长陈瑞聪、联发科执行长蔡力行、华硕创始人施 崇棠等。晚宴结束后，黄仁勋送魏哲家离开。 在接受采访时，黄仁勋谈到供应链的动态。他表示，今年英伟达需求非常强劲，英伟达正在全力生产 Blackwell芯片，同时生产Rubin芯片。台积电今年必须要非常努力工作，因为英伟达需要很多晶圆和 CoWoS（一种先进封装技术）产能，台积电现在做得非常好。他还表示，台积电在未来10年可能会增 加100%产能 ...

Core Viewpoint - Nvidia's CEO Jensen Huang hosted a dinner in Taipei with key supply chain executives, emphasizing the importance of collaboration and the challenges ahead in AI technology development [1][4][10]. Group 1: Event Details - The dinner included approximately 40 executives from Taiwanese companies, with only one representative from a mainland Chinese firm [1]. - Notable attendees included leaders from Asus, MediaTek, TSMC, Quanta, and Wistron, highlighting the significance of these partnerships [1][3]. Group 2: Nvidia's Future Plans - Huang discussed the upcoming challenges in 2025 with the production of the Grace Blackwell architecture, indicating that it presents more difficulties than previous models [7]. - The GB300 cabinet has entered initial mass production, and the GB200 product is being produced smoothly, while the Vera Rubin platform is expected to simplify future production processes [8][9]. Group 3: AI Industry Insights - Huang noted that AI has become increasingly useful, with large language models now generating revenue, contrasting with previous years when AI was less effective [8]. - He projected that 2026 will be a critical year for the AI industry, with unprecedented demand for high-bandwidth memory (HBM) and LPDDR, leading to significant supply chain pressures [9]. Group 4: Nvidia's Strategic Investments - Nvidia plans to participate in OpenAI's next funding round, potentially marking its largest strategic investment to date, reflecting the company's commitment to AI development [9]. - Huang emphasized that Nvidia's comprehensive AI infrastructure, which includes CPUs, GPUs, and networking chips, cannot be easily replaced by specialized AI chips (ASICs) [9]. Group 5: Importance of Taiwanese Supply Chain - Huang stated that Nvidia's existence is heavily reliant on Taiwan's technological capabilities and engineering culture, particularly praising TSMC's role in advanced manufacturing processes [10]. - He anticipates that TSMC's capacity will grow significantly over the next decade, contributing to a major expansion in global technology infrastructure [10][12].

黄仁勋表示，英伟达与OpenAI的合作关系没有改变，正在考虑参与OpenAI的新一轮融资。 针对ASIC（专用集成电路）带来的竞争，黄仁勋表示，ASIC一直有需求，但英伟达做的事情非常不一 样。一方面，英伟达不只做一种芯片，而是参与到整个AI基础设施建设过程，做的产品包括CPU、 GPU、网络芯片、交换器芯片等。另一方面，英伟达与几乎所有AI公司合作，包括谷歌。此外，英伟 达与每一个云都相关，一些云计算厂商在与英伟达竞争，但这样也没有关系，英伟达还是无处不在，在 电脑系统、机器人和车里。 黄仁勋表示，ASIC出货量将比GPU更大是无稽之谈，要做到比英伟达产品更好的ASIC，要有比英伟达 更好的研发人员，许多公司正在尝试，但英伟达仍走在前面。 黄仁勋强调，英伟达年研发成本近两百亿美元。科技变得越来越复杂，英伟达此前的芯片架构Hopper很 简单、Blackwell太难了，现在做Rubin则几乎接近不可能，未来英伟达研发成本每年还会增长50%。 近日有消息称，英伟达千亿美元投资OpenAI的计划陷入停滞，原因是黄仁勋对OpenAI有疑虑。黄仁勋 回应称，双方的合作关系没有改变，英伟达正在考虑参与OpenAI的新一 ...

公众号记得加星标⭐️，第一时间看推送不会错过。 近年生成式人工智能（Generative AI）与高效运算（HPC）需求持续爆发，推动先进封装一跃成为 全球半导体供应链中最关键且最紧张的产能瓶颈。 据 供 应 链 业 内 人 士 透 露 ， 台 积 电 南 科 AP8 厂 区 将 新 增 P2 工 厂 ， 两 座 工 厂 均 以 晶 圆 级 系 统 集 成 （CoWoS）技术为主；而原本聚焦晶圆级多芯片封装（WMCM）、系统级集成芯片（SoIC）及面板 级系统集成封装（CoPoS）的嘉义 AP7 厂区，也将把 SoIC 产线调整为 CoWoS 产线。换言之，台 积电未来两年将全面提升 CoWoS 产能，这也促使稳居台积电 CoWoS 供应链的中国台湾设备与材料 厂商加速扩产，以应对订单满载的市场盛况。 供应链指出，除英伟达已成为 CoWoS 最大客户外，谷歌等定制芯片（ASIC）客户也频繁抛出紧急 订单争抢产能。在这双重需求的推动下，台积电近期已敲定全面上调 2026—2027 年 CoWoS 产能目 标，并重新审视原有的先进封装扩产蓝图。 其中，2026 年底 CoWoS 月产能将突破 14 万片，2027 ...

Group 1: Market Reaction - The prices of gold and silver experienced significant declines, with gold dropping over 12% to a low of $4682 per ounce, marking the largest single-day drop in 40 years, and closing down 9.25% at $4880 per ounce [2] - Silver saw an unprecedented drop of over 36%, reaching a low of $74.28 per ounce, and closing down 26.42% at $85.259 per ounce [2] - The U.S. stock market indices collectively fell, with the Dow Jones down 0.36%, S&P 500 down 0.43%, and Nasdaq down 0.94%, reflecting increased market concerns [3] Group 2: Influencing Factors - The sell-off in gold and silver was triggered by a rebound in the U.S. dollar, following reports of President Trump's nomination of Kevin Warsh as the new Federal Reserve Chairman, which was later confirmed [2][4] - Standard Chartered's global head of commodity research noted that the market was already due for a correction, and the announcement of the Fed Chair nominee, along with broader macroeconomic factors, acted as catalysts for profit-taking [2] - The U.S. dollar index saw a significant increase, marking its largest single-day rise since July of the previous year, which negatively impacted investor confidence in gold and silver [2] Group 3: Sector Performance - The gold sector faced substantial losses, with major companies like Newmont down 11.52%, Barrick Gold down 12.09%, and AngloGold down 13.28% [3] - The technology sector also experienced declines, with major tech stocks like Meta and TSMC dropping nearly 3%, while Amazon fell by 1% [3] - Chinese concept stocks saw a downturn, with the Nasdaq Golden Dragon China Index closing down 2.36%, and individual stocks like Bilibili and Li Auto dropping over 3% [3]

Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) is one of the High-Flying Stocks to Buy Right Now. On January 23, Reuters reported that Taiwan plans to make more semiconductor investment in Arizona, which will strengthen its ties with the US. Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) plans to invest $165 billion in Arizona’s capital. This will be used for developing factories. Taiwan Semiconductor Manufacturing (TSM) Plans to Invest $165 Billion in Arizona’s Capital Nota ...

Core Insights - NVIDIA Corporation (NVDA) and Taiwan Semiconductor Manufacturing Company Limited (TSMC) have experienced significant stock price increases of 59.9% and 62% respectively over the past year, driven by strong demand for AI technologies and easing trade tensions [1][2]. TSMC Insights - TSMC is expected to see continued growth due to strong demand for its advanced process technologies, projecting revenues of $34.6 billion to $35.8 billion for Q1 2026, which represents a 25.5% year-over-year increase and a 1.9% sequential rise [3][4]. - The company's gross profit margin for Q1 2026 is anticipated to be between 63% and 65%, slightly up from 62.3% in Q4 2025, driven by increased demand from AI hyperscalers [4]. - TSMC's earnings growth is projected at 46.2% for the current quarter and 29.1% for the full year, with a Zacks Consensus Estimate for EPS of $14.01 indicating a 27.1% year-over-year growth [5]. - Analysts are optimistic about TSMC's stock, with an average short-term price target of $408, suggesting a 19.2% increase from the last close, and a highest target of $520 indicating a potential upside of 51.9% [6]. NVIDIA Insights - NVIDIA is positioned for growth due to eased U.S.-China trade tensions, allowing selective Chinese tech companies to purchase its H200 AI chips, which could enhance its market presence in the region [10][11]. - The company anticipates revenues of nearly $65 billion for the fiscal fourth quarter of 2026, with expected earnings growth rates of 70.8% for the current quarter and 55.9% for the full year [12][13]. - The Zacks Consensus Estimate for NVIDIA's EPS is $4.66, reflecting a year-over-year growth of 10.7% [13]. - Brokers project an average short-term price target for NVDA stock at $254.81, indicating a 33.1% increase from the last closing price, with the highest target at $352 suggesting an upside of 83.8% [15].

With the first month of 2026 nearly over, there are some themes starting to take shape. First, investors are still skeptical that artificial intelligence (AI) spending is real. However, if you paid attention to Taiwan Semiconductor Manufacturing's (NYSE: TSM) fourth-quarter results, then you know that it's real and only going to get bigger. However, the market hasn't caught on to that yet. That leads to a few stocks looking like incredible buys, but there are also some other non-AI stocks that look like ...