Meta发布全新AI模型Llama 4，原人工智能研究主管即将离职 「硅谷周报」是创业邦推出的系列栏目，旨在为科技领域创业者和投资人精选硅谷科技要闻，投融资 消息等，记录硅谷科技风向变动。 整理 | 刘杨楠 编辑 | 关雎 本周（2025.3.31-4.6）硅谷科技要闻包括： Meta发布全新AI模型Llama 4，原人工智能研究主管即将离 职；微软成立50周年之际，推出一系列针对Copilot的重大更新；Google Gemini高管Sissie Hsiao将卸任； OpenAI将在软银领投的融资轮中筹得400亿美元；Hut 8和埃里克·特朗普将创办比特币挖矿公司；AMD以 49亿美元收购ZT Systems高通考虑收购英国半导体公司Alphawave等等。 硅谷大公司 4月5日，Meta发布了其最新的AI模型系列Llama 4。该系列采用了"混合专家"（Mixture of Experts， MoE）架构，包含Llama 4 Scout、Llama 4 Maverick、Llama 4 Behemoth三款模型。 其中，Llama 4 Scout是一个拥有170亿活跃参数的模型，具备16个"专家"模块。它 ...

Core Viewpoint - TSMC is experiencing a challenging 2025 despite a strong start, with shares down over one-third from their 52-week high due to negative sentiment in tech stocks and tariff impacts [1][2][3] Group 1: Financial Performance - TSMC's revenue in the first two months of 2025 increased by 39% year-over-year, indicating potential to exceed Q1 2025 revenue guidance of $25.4 billion, which represents a 34% increase from the previous year [5][6] - Analysts expect a 49% increase in Q1 earnings to $2.05 per share, driven by a projected 5.5 percentage point rise in operating margin [7] - TSMC's stock is currently trading at under 25 times trailing earnings and less than 19 times forward earnings, making it more attractive compared to the Nasdaq-100 index's price-to-earnings ratio of around 29 [13] Group 2: Market Demand and Growth Drivers - The surge in TSMC's sales is largely attributed to the growing demand for AI chips across various applications, including data centers, smartphones, PCs, and automotive [8] - TSMC is focused on increasing its AI chip production capacity to meet the high demand from Nvidia, which has captured over 70% of TSMC's advanced chip packaging capacity [9] - Other AI chip companies, such as Broadcom and Marvell Technology, are also experiencing significant growth, benefiting from the demand for custom AI processors that TSMC manufactures [11] Group 3: Future Outlook - TSMC is well-positioned to capitalize on the secular growth of the chip market driven by AI, with a forecasted compound annual growth rate (CAGR) of 20% in revenue over the next five years [12][15] - Analysts are projecting a 29% increase in TSMC's earnings for 2025, with expectations for further growth in the following years [14]

Group 1 - The article emphasizes that while many investors focus on well-known companies like Amazon, Meta, and Nvidia for AI exposure, the true drivers of the AI revolution may be overlooked [1] - Pythia Research specializes in identifying multi-bagger stocks, particularly in the technology sector, using a combination of financial analysis, behavioral finance, psychology, social sciences, and alternative metrics [1] - The firm's strategy aims to uncover breakout opportunities before they become mainstream, leveraging both traditional and unconventional insights to navigate market sentiment and identify emerging trends [1] Group 2 - The approach of Pythia Research is designed to invest in transformative businesses that are positioned for exponential growth, rather than merely following market trends [1]

雷军和小米汽车回应小米 SU7 高速交通事故。 4 月 1 日，小米公司发言人微博表示，2025 年 3 月 29 日 22 时 44 分，一辆小米 SU7 标准版在德上 高速公路池祁段行驶过程中遭遇严重交通事故，并造成 3 人死亡。据初步了解，事故发生前车辆处 于 NOA 智能辅助驾驶状态，以 116km/h 时速持续行驶。 据小米汽车公告，事发路段因施工修缮，用路障封闭自车道、改道至逆向车道。车辆检测出障碍物 后发出提醒并开始减速。约 1 秒后，驾驶员接管车辆进入人驾状态，NOA 功能退出。驾驶员持续 减速并操控车辆转向，随后车辆与隔离带水泥桩发生碰撞，碰撞前系统最后可以确认的时速约为 97km/h。 4 月 1 日晚间，小米汽车发布公告，称基于目前已知情况，仅能确定事故车起火并非自燃，推测系 猛烈撞击隔离带水泥桩后，整车系统严重受损导致，并表示由于尚未接触到事故车辆，暂时无法进 一步分析起火原因，以及事故时车门是否可以打开。雷军也首次公开回应此事，称 "代表小米承 诺：无论发生什么，小米都不会回避，我们将持续配合警方调查，跟进事情处理的进展，并尽最大 努力回应家属和社会关心的问题。" OpenAI 向免 ...

Core Viewpoint - TSMC is positioned at the center of the AI supercycle, leveraging its advanced 3nm and 5nm chip manufacturing capabilities to drive significant revenue growth and maintain strong pricing power [1][14]. Revenue Growth and Structure - TSMC's revenue growth is attributed to its advanced manufacturing technologies at nodes like 2nm, 3nm, and 5nm, with 3nm revenue contributing 26% of total wafer revenue in Q4 FY2024, up from 20% in Q3 FY2024 and 15% in Q4 FY2023 [1][3]. - The company's total revenue for Q4 FY2024 reached NT$868.46 billion, reflecting a year-on-year growth of 38.8%, driven by increased demand for AI accelerators, data centers, and HPC chips [3][14]. - The revenue from HPC increased from 43% in Q4 FY2023 to 53% in Q4 FY2024, while smartphone revenue decreased from 43% to 35% during the same period, indicating a shift in demand towards AI-related applications [3][13]. Technological Advancements - TSMC's roadmap includes the potential mass production of 2nm technology in the second half of FY2025, which could enhance speed by 10-15% at the same power or reduce power consumption by 25-30% at the same speed [6]. - The company expects to launch N2P and A16 nodes in FY2026, further driving demand for advanced semiconductor technologies [6]. Financial Performance and Projections - TSMC's revenue for January FY2025 was NT$293.29 billion, a 5.4% increase from December FY2024 and a 35.9% increase year-on-year, demonstrating resilience despite production disruptions from a 6.4 magnitude earthquake [6][10]. - The revenue for February FY2025 was NT$260.01 billion, reflecting an 11.3% month-on-month decline but a 43.1% year-on-year increase, indicating ongoing expansion and the growing adoption of advanced semiconductor processes [7]. Future Outlook and Challenges - TSMC forecasts over US$25.4 billion in revenue for Q1 FY2025, a 5.5% decrease from Q4 FY2024 but a 34.7% year-on-year increase, highlighting ongoing high-value contracts in advanced chip manufacturing [10]. - The company anticipates a 2% to 3% annual decline in gross margin over the next five years due to the expansion of overseas manufacturing facilities, which may dilute profitability [10][11]. - TSMC's growth increasingly relies on HPC platforms and AI-related applications, which introduces market vulnerability, as non-AI segments like smartphones show only moderate growth [13][14]. Dependency on Specific Markets - TSMC's reliance on CoWoS capacity, primarily for AI applications, raises concerns about revenue stability, especially if AI investment slows down due to market uncertainties [14].

如果您希望可以时常见面，欢迎标星收藏哦~ 芯片行业对高性能有着"永不满足的渴望"。 在去年年底的IEDM大会上，台积电的 2 纳米逻辑平台演示成为一大亮点。 台积电N2 开发团队负责人 Geoff Yeap 在 IEDM 座无虚席的观众面前强调了该代工厂 N2 平台的每瓦 性能。Yeap 代表 60 多位 2 纳米平台论文的合著者表示："技术进步不仅仅关乎性能。它关乎节能计 算，这是移动、AI PC 和 AI 处理的关键支柱。" 台积电在 2 纳米节点采用纳米片晶体管，取代自 16 纳米节点以来采用的基于 FinFET 的晶体管。 NS 平台"以预计成本"满足所有全节点 PPA（功率、性能和面积）扩展指标。与之前的节点相比，速度 提高了 15%，功率提高了 30%，面积提高了 1.15 倍。Yeap 表示，随着风险制造的进行，2 纳米技术 将在 2025 年下半年投入大批量生产。 需求显然存在。 "自 2023 年第一季度生成式 AI 突破以来，AI 与 5G 先进移动和 HPC 一起点燃了整个行业对一 流先进节能逻辑技术的无限需求，"Yeap 表示。 NanoFlex 是台积电的术语，指的是混合针对性能、功 ...

Company Performance - TSMC closed at $166, with a +0.45% change from the previous day, underperforming the S&P 500 which gained 0.55% [1] - Over the past month, TSMC shares have decreased by 8.46%, while the Computer and Technology sector and the S&P 500 fell by 8.88% and 6.22%, respectively [1] Upcoming Earnings - TSMC is expected to report an EPS of $2.02, reflecting a 46.38% increase from the same quarter last year, with anticipated revenue of $25.2 billion, a 33.55% rise year-over-year [2] Fiscal Year Projections - For the fiscal year, earnings are projected at $9.15 per share and revenue at $113.51 billion, indicating increases of 29.97% and 26% from the previous year [3] Analyst Estimates - Recent changes in analyst estimates for TSMC suggest a positive outlook on the company's business performance and profit potential [3][4] Zacks Rank - TSMC currently holds a Zacks Rank of 3 (Hold), with a consensus EPS projection that has decreased by 0.48% in the last 30 days [5] Valuation Metrics - TSMC has a Forward P/E ratio of 18.06, which is in line with the industry average [6] - The company has a PEG ratio of 0.57, matching the average PEG ratio of the Semiconductor - Circuit Foundry industry [7] Industry Context - The Semiconductor - Circuit Foundry industry is ranked 77 in the Zacks Industry Rank, placing it in the top 31% of over 250 industries [8]

Core Insights - Taiwan Semiconductor Manufacturing Company Limited (TSMC) has underperformed the market with a return of negative 18% since the last coverage, highlighting its critical role in AI chip manufacturing [1] Company Analysis - TSMC is essential for AI, manufacturing chips that power various applications, indicating its strategic importance in the technology sector [1] - The company demonstrates a proven track record in scaling businesses, smart capital allocation, and insider ownership, which are key indicators of effective management [1] - TSMC maintains consistent revenue growth and provides credible guidance, reflecting its operational stability [1] Market Positioning - TSMC possesses a strong technology moat and first-mover advantage, which are crucial for maintaining competitive positioning in the semiconductor industry [1] - The company benefits from network effects that drive exponential growth, particularly in high-growth industries [1] Financial Health - TSMC shows sustainable revenue growth with efficient cash flow, indicating robust financial health [1] - The company has a strong balance sheet and a long-term survival runway, which are essential for navigating market challenges [1] - TSMC avoids excessive dilution and financial weakness, further strengthening its financial position [1] Investment Methodology - The investment approach focuses on identifying high-conviction opportunities with a strong margin of safety to protect against capital impairment while maximizing long-term compounding [1] - Portfolio construction includes core positions (50-70%) in high-confidence, stable plays, growth bets (20-40%) in high-risk, high-reward opportunities, and speculative positions (5-10%) in moonshot disruptors [1]

Group 1 - The article previously analyzed Taiwan Semiconductor Manufacturing Company Limited (NYSE: TSM) in February 2025, advocating for a buy rating based on AI acceleration and leading 3 Nm technology [1] - The core investment style emphasizes providing actionable and clear ideas from independent research [1] Group 2 - The service has successfully helped members outperform the S&P 500 and avoid significant drawdowns amid extreme volatility in both equity and bond markets [2]

国芯网[原:中国半导体论坛] 振兴国产半导体产业！ 不拘中国、 放眼世界 ！ 关注 世界半导体论坛 ↓ ↓ ↓ 3月31日消息，近日台积电供应链透露，台积电在1.4nm制程推进获得重大突破。 台积电近期已通知供应商备妥1.4nm所需设备，预定今年先进新竹宝山第二厂装设试产线（Mini- line），同时也计划将原订采用2nm制程的宝山晶圆20厂的三厂和四厂，作为1.4nm的生产据点。 此外，台积电今天举行高雄厂 2nm上梁暨三厂动土典礼，展现先进制程根留台湾决心。台积电 2nm生 产据点采南北两地同步进行，新竹宝山厂进度似乎比高雄快，却选在高雄厂举行扩建 2nm仪式，除了 感谢高雄市鼎力相助，也透露台积电先进制程未来生产重心将逐步南移。 根据台积电提出最新的规划蓝图，已将原规划宝山厂（Fab 20）四座 2nm厂的计划，更动为P3及P4厂改 切入 1.4nm；高雄（Fab 22） 2nm则由原规划的P1、P2厂，修正为P1~P3厂，意谓高雄将有至少三座 2nm厂，至于P4、P5厂甫于本月初通过环评，已启动建筑规划、执照申请及现地开工等作业，预计二○ 二七年竣工及申领使照，未来将生产同属 2nm家族的Ｎ２Ｐ、Ｎ ...