Summary of TSMC's SiC Strategy and Industry Insights Industry and Company Overview - The document focuses on TSMC (Taiwan Semiconductor Manufacturing Company) and its strategy regarding Silicon Carbide (SiC) in the context of advanced packaging and AI chip demands [1][2][3] - Other companies mentioned include NVIDIA, AMD, Google, and AWS, highlighting the competitive landscape in AI and HPC (High-Performance Computing) [22][60] Core Insights and Arguments 1. Challenges in AI Chip Design - The increasing complexity and power demands of AI chips have made traditional power delivery methods inadequate, leading to issues like IR drops and transient voltage droops [5][6] - Single GPUs now require over 1000A of current, pushing legacy power delivery systems to their limits [6][22] 2. Innovative Solutions - Foundries and OSAT providers are proposing solutions like Marvell's PIVR and ASE's VIPack to optimize power delivery and thermal performance [8][9] - TSMC's CoWoS-L platform integrates IVRs and eDTCs to enhance power stability and reduce voltage drop [12][13] 3. SiC's Role in Advanced Packaging - SiC is emerging as a critical material for high-voltage ICs and on-chip power delivery, supporting developments in BSPDN and IVR architectures [19][20] - Its unique properties, such as high thermal conductivity and mechanical strength, position SiC as a key enabler for thermal management and optical interconnects [21][51] 4. Market Dynamics - The demand for ultra-large-scale GPUs and ASICs is driving the need for advanced materials and packaging solutions [22][23] - TSMC is exploring SiC as an interposer material to meet the increasing bandwidth and power demands of AI/HPC packaging [61] 5. Competitive Landscape - TSMC's advancements in SiC could provide a competitive edge over Intel and Samsung, who are also investing in power delivery and packaging technologies [60][61] - The introduction of SiC substrates into TSMC's platforms could reshape the AI semiconductor supply chain [59] Additional Important Insights 1. Bottlenecks in Process and Packaging Technologies - The document identifies three critical bottlenecks: thermal challenges, power delivery bottlenecks, and electro-optical integration demands [26][33][35] - TSMC is addressing these through diversified packaging solutions and exploring next-gen silicon photonics [38][39] 2. Future Directions - The integration of SiC into TSMC's advanced packaging platforms like COUPE could redefine the industry's approach to thermal, electrical, and optical challenges [59] - The document emphasizes the importance of overcoming challenges related to defect density, process compatibility, and cost structure for SiC adoption [66][67] 3. SiC in Optical Applications - SiC is also highlighted for its potential in optical waveguides, particularly for AR glasses, due to its high refractive index and thermal conductivity [68][75] - The combination of SiC with Micro LED technology is seen as a promising pathway for future AR displays [77] 4. Research and Development - Ongoing research is focused on the feasibility of integrating SiC with TSV structures to enhance power integrity and thermal management [64][65] - TSMC's patent portfolio indicates a strong commitment to SiC integration in advanced packaging technologies [65] This comprehensive analysis underscores TSMC's strategic focus on SiC as a transformative material in the semiconductor industry, particularly in the context of AI and HPC advancements.

Summary of TSMC (2330.TW) Conference Call Company Overview - **Company**: Taiwan Semiconductor Manufacturing Company (TSMC) - **Ticker**: 2330.TW - **Market Cap**: NT$33.7 trillion / $1.1 trillion - **Enterprise Value**: NT$32.0 trillion / $1.0 trillion - **12-Month Price Target**: NT$1,600 (up from NT$1,370) [40][41] Key Industry Insights - **AI Demand**: AI is expected to be a significant growth driver for TSMC, with Nvidia projecting the AI infrastructure market to reach $3-4 trillion by 2030, implying a 42.3% CAGR from $600 billion in 2025 [2][23]. - **Revenue Growth**: TSMC's total revenue is projected to grow at a CAGR of at least 17.2% from 2026 to 2030, even with muted non-AI growth [2][24]. Financial Performance and Forecasts - **Earnings Revisions**: TSMC's earnings forecast for 2025-2027 has been raised by 2-9%, reflecting higher N2 capacity and favorable foreign exchange rates [1][36]. - **Revenue Projections**: - 2025E: NT$3,695.5 billion - 2026E: NT$4,307.5 billion - 2027E: NT$5,187.1 billion [4][16]. - **Gross Margin**: Expected to improve to 58.5% in 2025, 58.2% in 2026, and remain at 58.2% in 2027 [22][36]. Capacity and Demand Insights - **N2 Capacity**: Revised up to 1,230k wafers in 2027, driven by demand from AI and HPC customers [1][20]. - **Capex**: Increased to $44 billion for 2026, reflecting higher N2 capacity [21][36]. Valuation Metrics - **P/E Ratio**: Projected to be 19.6 in 2025, decreasing to 15.3 by 2027 [10]. - **EPS Growth**: Expected to grow from NT$45.25 in 2024 to NT$84.84 in 2027 [4][16]. - **Dividend Yield**: Projected to increase from 1.9% in 2025 to 2.2% in 2027 [4]. Strategic Outlook - **Long-term Growth**: TSMC is positioned to capture long-term structural growth opportunities in sectors such as 5G, AI, HPC, and EV [41]. - **Market Position**: TSMC's technology leadership and execution capabilities are expected to enhance its competitive position against peers [41]. Conclusion - **Investment Recommendation**: The company maintains a Buy rating with a target price of NT$1,600, reflecting a 22.6% upside potential [40][41].

Summary of Investor Presentation on Greater China Technology Hardware: AI Tech Industry Overview - The presentation focuses on the Greater China Technology Hardware sector, particularly in AI technology hardware upgrades [4][5][6] - The overall industry view is categorized as "In-Line" [1] Core Insights and Arguments - **AI GPU and ASIC Server Upgrades**: There are significant opportunities in AI GPU and ASIC server/rack design upgrades, with major design upgrades anticipated for the GB300, Vera Rubin platform, and Kyber architecture [4][5] - **Enhanced Computing Power**: AI ASIC servers are expected to enhance computing power and increase rack density, with demand growth projected for 2026-2027 [4][5] - **Power Solutions**: Upgrades to 800V HVDC power architecture and the growing adoption of liquid cooling solutions are highlighted as key trends [4][5] - **PCB/Substrate Capacity Expansion**: A wave of capacity expansion in PCB/substrate is necessary to support ongoing design upgrades [4][5] - **Data Network Improvements**: Upgrades in data and power interconnects will lead to increased data network transmission speed and capacity [4][5] - **Consumer Electronics Demand**: Demand in consumer electronics remains lukewarm, with anticipation for upcoming foldable iPhone models in the second half of 2026 [4][5] - **AI PC Proliferation**: The proliferation of AI PCs is expected to take time, indicating a gradual market adoption [4][5] - **Supply Chain Reorientation**: The status of supply chain reorientation and its potential impacts are noted as important considerations [4][5] Key Stock Ideas - **AI Server Components**: Companies such as Delta Electronics, AVC, BizLink, King Slide, Chenbro, and Gold Circuits are identified as key players in AI server components [4][5] - **AI Server ODM/OEMs**: Wistron, Hon Hai/FII, Quanta, Lenovo, and Accton are highlighted as significant ODM/OEMs in the AI server space [4][5] Valuation Comparison - A detailed valuation comparison of various companies within the sector is provided, including metrics such as EPS, P/E ratios, P/B ratios, and trading volumes [5] - Notable companies include: - **Delta Electronics**: Closing price of 942.00 with a target of 1111.0 and a P/E ratio of 21.05 for 2025 [5] - **Hon Hai**: Closing price of 226.50 with a target of 250.0 and a P/E ratio of 13.83 for 2025 [5] - **Foxconn Tech**: Closing price of 70.60 with a target of 54.00 and a P/E ratio of 2.93 for 2025 [5] Additional Important Points - The report emphasizes the potential for share price upside in the context of the discussed upgrades and market trends [4][5] - The overall sentiment reflects cautious optimism regarding the future of AI technology hardware in Greater China, with specific attention to the evolving landscape of consumer electronics and server technology [4][5]

Group 1 - TSMC's stock price increased by 3.57% on October 8, attracting market attention [1] - The company plans to adjust its 2nm foundry pricing, which is only 15% to 20% higher than the 3nm process, indicating flexibility and market awareness [1] - TSMC will implement comprehensive price adjustments for 3/4/5/7nm processes next year, with increases depending on customer collaboration scale [1] Group 2 - TSMC is positioned as a key player in AI chip foundry services, with positive industry expectations due to its 2nm process layout [2] - Bank of America reaffirmed its "buy" rating for TSMC and raised the target price to $330, boosting market confidence in the company's future [1] - The demand for advanced process chips is expected to grow due to the rapid development of AI and high-performance computing, enhancing TSMC's competitive advantage [2]

Core Viewpoint - TSMC's stock increased by 3% to $303.16, driven by news regarding pricing for its 2nm process technology, which is approximately 15%-20% higher than the 3nm process pricing [1] Pricing Information - The price for TSMC's 2nm wafers is around $30,000 (approximately 214,000 RMB), which is an increase from the average price of the 3nm process, which ranges from $25,000 to $27,000 [1] - TSMC plans to implement a comprehensive price adjustment for its advanced processes (3/4/5/7nm) next year, with increases expected to remain in the single-digit percentage range, depending on the scale of customer cooperation [1]

周三，台积电(TSM.US)涨3%，报303.16美元。消息面上，供应链最新信息显示，台积电2nm单片晶圆 报价约3万美元(约合21.4万元人民币)，较3nm制程(2.5万-2.7万美元)的均价上涨约15%-20%。与此同 时，台积电已确定将于明年对3/4/5/7纳米等先进制程实施全面价格调整，涨幅维持在个位数百分比区 间，具体涨幅依客户合作规模而定。 ...

Market Overview - The main board led the gains with notable stocks such as Dingxin Communication (+10.04%), Hengwei Technology (+10.02%), and Wangda Software (+10.01%) [1] - The ChiNext board saw significant increases with Jiangbolong (+20.00%) and Online and Offline (+15.08%) [1] - The Sci-Tech Innovation board was led by Dahong Technology (+20.00%) and Pinming Technology (+18.60%) [1] - Active sub-industries included SW Integrated Circuit Testing (+4.44%) and SW Digital Chip Design (+3.11%) [1] Domestic News - Wentai Technology announced a business adjustment due to significant market demand growth, leading to supply tightness and a temporary halt on shipments and price agreements [1] - Gaon Electronics plans to acquire 100% of Ruicheng Chip Micro for 2.174 billion yuan and 45.64% of Nengwei Micro, accelerating its transformation into a one-stop chip design solution platform [1] - TSMC announced its latest partner list for its Open Innovation Platform, with Gaon Electronics recognized for its modeling and simulation technology [1] - United Microelectronics Corporation (UMC) requested suppliers to propose executable price reduction plans exceeding 15%, effective from January 1, 2026 [1] Company Announcements - Yaxin Security received a government subsidy of 1,975,353.58 yuan, categorized as revenue-related [2] - Tuojing Technology announced a plan for shareholders to reduce their holdings by up to 2,811,639 shares, representing 1% of the total share capital [2] - Shida Group reported progress on acquiring assets from its indirect controlling shareholder, with audit and evaluation work completed [2] - Huibo Yuntong completed the transfer of equity in its wholly-owned subsidiary, receiving 60% of the transfer payment, amounting to 48 million yuan [2] International News - Raontech is expanding its supply of AR glasses optical solutions to major partners, integrating reflective waveguides with light engines [3] - Kioxia Holdings expects a 20% annual growth in NAND storage demand due to the expansion of AI data center operators [3] - Wolfspeed successfully completed its financial restructuring, reducing total debt by approximately 70% and extending debt maturity to 2030 [3] - Counterpoint Research indicates that the average selling price of global smartphones is projected to rise from $357 in 2024 to $370 in 2025, reaching $412 by 2029, with a compound annual growth rate of 3% [3]

美股半导体板块走高，费城半导体指数上涨1.4%，超威半导体涨近5%，美光科技涨近4%，英伟达、台 积电涨超2%。 (本文来自第一财经) ...

台积电涨约1.5%，报298.35美元。消息面上，供应链最新信息显示，台积电2nm单片晶圆报价约3万美 元，较3nm制程(2.5万-2.7万美元)的均价上涨约15%-20%。与此同时，台积电已确定将于明年对3/4/5/7 纳米等先进制程实施全面价格调整，涨幅维持在个位数百分比区间，具体涨幅依客户合作规模而定。 来源：滚动播报 ...

台积电(TSM.US)涨约1.5%，报298.35美元。消息面上，供应链最新信息显示，台积电2nm单片晶圆报价 约3万美元，较3nm制程(2.5万-2.7万美元)的均价上涨约15%-20%。与此同时，台积电已确定将于明年对 3/4/5/7纳米等先进制程实施全面价格调整，涨幅维持在个位数百分比区间，具体涨幅依客户合作规模而 定。(格隆汇) ...