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) ...

Key Takeaways Lam Research's Q4 revenues jumped 34% and EPS rose 64%, fueled by AI-related chip demand.TSM's Q2 revenues surged 44% and EPS climbed 61%, but rising costs and geopolitical tensions pose challenges.LRCX's steady growth profile makes it a stronger bet than Taiwan Semiconductor.Lam Research Corporation (LRCX) and Taiwan Semiconductor Manufacturing Company (TSM) are two powerhouses at the heart of the global semiconductor ecosystem. Taiwan Semiconductor, based in Taiwan and also known as TSMC, is ...

Group 1 - The communication sector underperformed the market in September, with the communication index down 0.15% compared to a 3.20% increase in the CSI 300 index, ranking 14th among 31 primary industries [2][14] - The PE valuation for the communication sector was 23.8 times in September, slightly below the historical median of 33.6 times over the past decade [2][16] - Key performers in the communication sector included optical devices, IDC, and optical fiber cables, with notable stock increases from companies like Tengjing Technology (+66%), Chunzong Technology (+92%), and Yuanjie Technology (+44%) [2][22] Group 2 - The global AI sector remains robust, with North American CSPs planning to invest over $370 billion in capital expenditures for FY2025, a 40% increase year-on-year [3][27] - Oracle reported a significant increase in its remaining performance obligations (RPO), reaching $455 billion, indicating strong future revenue potential [3][30] - The global Ethernet switch market is projected to reach $14.5 billion in Q2 2025, reflecting a 42.1% year-on-year growth, driven by data center demand [3][33] Group 3 - Domestic CSPs in China are expected to invest over 450 billion yuan in AI computing power by 2025, with companies like Alibaba and Tencent leading the charge [4][50] - The industrialization of domestic super-node data centers is accelerating, with Alibaba launching its new generation of AI servers and Huawei showcasing significant advancements in computing clusters [4][52][58] - The demand for optical modules remains high, with ongoing advancements in CPO and OCS technologies, as major chip manufacturers increase their orders to meet AI server requirements [4][70] Group 4 - Investment recommendations emphasize the importance of AI computing infrastructure, suggesting continued focus on optical devices, communication equipment, and liquid cooling technologies [5][21] - The three major telecom operators are highlighted as important assets for long-term investment due to their stable operations and increasing dividend payouts [5][21] - A recommended investment portfolio includes China Mobile, Zhongji Xuchuang, ZTE, and Guanghetong for September 2025 [5][21]

人工智能（AI）的热潮正在创造一个泾渭分明的产业格局。产业链上游的芯片和服务器制造商正享受着丰厚的利润，而许多下游的云服务商和应用开发者却深陷 高成本、低利润的困境，同时不断攀升的债务水平也为行业敲响了警钟。 最新的例证来自软件巨头Oracle。据The Information报道，该公司快速增长的AI云租赁业务正以侵蚀其丰厚利润为代价。财报显示，在截至8月的三个 月里，Oracle出租英伟达芯片服务器的毛利率仅为14%，远低于公司约70%的整体毛利率。这一消息导致Oracle股价一度重挫5%，并拖累了整体市 场。 Oracle的困境并非个案。由于英伟达芯片价格高昂，所有提供AI算力租赁的云服务公司都面临着利润压力。与此同时，高盛和摩根大通本周均发出警 告，指出为AI热潮提供资金的科技公司债务水平已越过重要基准，它们正日益转向信贷市场来支撑高昂的开发成本。 这一系列动态清晰地表明，尽管AI的故事依旧引人入胜，但对大多数参与者而言，其商业化和盈利之路比预期更为漫长和坎坷。对于投资者和企业来 说，当前的核心问题是：AI服务带来的收益是否真的值得其高昂的成本？ 硬件巨头的盛宴 在当前的AI竞赛中，最大的赢家是那些为 ...

Core Insights - TSMC's 2nm wafer foundry prices are not as high as previously expected, with an increase of only 10-20% compared to the 3nm process, rather than the anticipated 50% [1] - The current price for TSMC's 2nm wafers is approximately $30,000 (around 214,000 RMB), which is a 15-20% increase from the average price of the 3nm process, priced between $25,000 and $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 customer collaboration scale [1]

Core Viewpoint - Bank of America has raised its earnings per share forecast for TSMC for the fiscal years 2026 and 2027 by 8% and 9% respectively, primarily due to improved pricing outlook, reiterating a "Buy" rating and increasing the target price from $290 to $330 [1] Financial Projections - The bank expects TSMC's revenue for the fiscal year 2026 to grow by 24% year-on-year [1] - The revenue contribution from the 2nm process in 2026 is projected to reach 9% [1] Market Demand - There is potential for further upside if demand from smartphone and HPC (High-Performance Computing) customers is stronger than anticipated [1]

芯片是水洗出来的？原来台积电一天要用这么多水 芯片是水洗出来的？原来台积电一天要用这么多 水 芯片是水洗出来的？原来台积电一天要用这么多水#一分钟视频创作季##冷知识百科# 特别声明：以上文章内容仅代表作者本人观点，不代表新浪网观点或立场。如有关于作品内容、版权或其它问 题请于作品发表后的30日内与新浪网联系。 ...

Market Overview - US stock futures are experiencing a pullback after the S&P 500 reached a record high, driven by tech stocks, particularly AMD's significant deal with OpenAI [1][7] - Gold prices have surged over 50% this year, reaching nearly $4,000 per ounce, amid macroeconomic factors such as the trade war and Federal Reserve rate cuts [2][14] - Bitcoin has also hit an all-time high above $125,000, reflecting similar bullish trends as seen in gold [8][17] Government and Economic Factors - The US government shutdown is ongoing, with negotiations around healthcare and spending bills at an impasse between Democrats and Republicans [3][4] - Analysts are warning of potential profit-taking in the stock market as bullish sentiment reaches euphoric levels, which historically precedes negative forward returns [11][12] Company-Specific Developments - Tesla is preparing to unveil a more affordable version of the Model Y, which will have fewer features and use less premium materials due to the expiration of the federal tax credit [5][20] - Dell has doubled its long-term growth estimates for sales and profit, projecting annual sales growth of 7-9% and earnings per share growth of over 15% [27][28] - Intercontinental Exchange plans to invest up to $2 billion in Poly Market, a crypto-based betting platform, enhancing its market value to $8 billion [29][30] - Trilogy Metals shares surged by 236% after the US government announced a $35 million investment to secure critical energy and mining projects in Alaska [31][32] Technology and Innovation - Qualcomm's acquisition of Arduino aims to enhance its edge AI capabilities, allowing developers to create AI applications more effectively [34][36] - The integration of Arduino's open-source platform with Qualcomm's technology is expected to democratize AI at the edge, catering to a wide range of developers from hobbyists to enterprises [41][44]

Group 1: AI Spending and Market Dynamics - Despite the U.S. government shutdown, AI spending continues unabated, particularly in data center infrastructure, as companies strive to avoid falling behind in AI development [2] - The shutdown is adversely affecting sectors reliant on government workers, but it does not significantly impact the pace of AI advancements [2] Group 2: Nvidia - Nvidia is transitioning from a GPU provider to a key player in shaping data center architecture and AI development, leveraging its CUDA software platform [4] - The company is influencing data center designs by integrating its chips with proprietary networking, cooling, and software solutions, and is strategically investing in partnerships, such as a $100 billion investment in OpenAI [5] - Nvidia's influence is so significant that major companies like Amazon and Alphabet notify it before announcing updates to their custom chips, highlighting its market power [6] Group 3: Taiwan Semiconductor Manufacturing (TSMC) - TSMC is critical to the AI ecosystem, manufacturing nearly all advanced chips for major players like Nvidia, AMD, and Broadcom [7] - The company's ability to produce high yields at smaller node sizes gives it a competitive edge, allowing it to raise prices and become a strategic partner for chipmakers [9] - TSMC's power in the AI infrastructure sector is comparable to that of Nvidia, making it an essential player in the industry [10] Group 4: ASML - ASML holds a monopoly on extreme ultraviolet lithography machines, essential for producing advanced chips, which underpins the operations of both Nvidia and TSMC [11] - Each ASML machine sells for over $220 million, with new models costing nearly double, and customers have no alternatives, ensuring continued demand [12] - ASML's investment in Mistral AI indicates its commitment to innovation, while its control over technology that shrinks node sizes positions it as a robust growth stock insulated from market fluctuations [13]