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 ...

Group 1: Market Overview - Artificial intelligence (AI) investing has gained significant attention in 2023, but there has been a recent cooling off in the market [1] - Despite the current market conditions, expectations are for AI stocks to rebound following strong first-quarter results [1] Group 2: Company Focus - Taiwan Semiconductor Manufacturing (TSMC) - TSMC is highlighted as a top AI stock due to its strong position in the semiconductor industry, serving as a foundry for various AI hyperscalers [2][3] - TSMC's management has a clear vision for the future, with expectations of a 45% compound annual growth rate for AI-related chips over the next five years, and overall company growth approaching 20% [4] Group 3: Financial Performance - TSMC has reported impressive revenue growth, with January 2025 revenue rising 36% year over year and February's growth accelerating to 43% [6] - The stock is currently trading at a low valuation of 20 times forward earnings, which is cheaper compared to the S&P 500's 21 times forward earnings [7][9] Group 4: Strategic Positioning - TSMC's neutral position in the AI race allows it to benefit from all competitors needing chips, regardless of their success [3][10] - The company has mitigated tariff risks by expanding its production capabilities in the U.S., which has helped it avoid potential threats from U.S. tariffs [5]

秦永沛致词全文如下： 嘉宾，媒体朋友，大家好。我是台积公司秦永沛。 谢谢大家今天莅临我们在高雄的基地，和我们一起庆祝「2 纳米扩产典礼」，我们很高兴能和驱动 半导体产业进步的重要推手们齐聚一堂，见证台积公司在台湾半导体先进制程扩产的重要里程碑。 首先，我想介绍我们今天所在位置：在各位的右侧，正是今天典礼的主角、我们要进行上梁仪式的 第二期厂房；而各位的前方、也就是舞台后侧，是我们如火如荼展开结构体工程的第三期厂房。至 于各位的后面，则是已经接近完工的办公栋大楼，而在办公室的后边，在各位刚刚进入活动场地 前，可以看到正在装机中的第一期厂房，等等如果大家有机会，我想诚挚地邀请各位在典礼结束 后，过去欣赏它的外墙设计，我们以水墨画为构想，呈现高雄在地半屏山的意象，从园区北路看过 去，厂房外墙的山，会巧妙地与后头的半屏山相连，是我们对高雄在地山水的致敬，相当别致。 如果您希望可以时常见面，欢迎标星收藏哦~ 来源：内容来自经济日报，谢谢。 台积公司今日举办2纳米扩产典礼，并由执行副总经理暨共同营运长秦永沛主持，他在致词并提 到，「台积公司一直和主管机关密切讨论、找寻更多适合的半导体厂房用地，继续扩大在台湾的投 资」。 ...

如果您希望可以时常见面，欢迎标星收藏哦~ 报道指出，台积电针对宝山与高雄厂2纳米订单分配也早有定案，宝山厂首批产能早已被苹果全数包 下，主攻苹果使用；高雄厂则用来支援非苹客户群。另外，也传出英特尔也将争取2纳米于今年内投 片，现在客户群排队已至2027年以后，等于2纳米尚未量产，就已获得超乎预期的市场需求。 从之前的报道可以看到，台积电2纳米（N2）采用第一代Nanosheet纳米片技术的环绕栅极晶体管 （ GAAFET ） 架 构 ； 相 较 N3E ， 在 相 同 功 耗 下 ， 速 度 增 加 10~15%； 而 在 相 同 速 度 下 ， 功 耗 降 低 25~30%，新品啊密度则相对增加15%以上 2纳米搭配NanoFlex技术，透过灵活的元件宽度调节，进行效能、功耗和面积的最大化（PPA）。短 单元可节省面积并提高能源效率，高单元则可提升效能，提高客户在设计组合上的灵活性，可提升 15%的速度，同时在面积与能源效率间取得最佳平衡。 2纳米将如期在2025年下半年进入量产。 在此之前，我们讨论了很多2nm，当中涵盖了各大厂商的技术布局，个人的时间进度，以及可 能潜在的市场颠覆力量。但现在，围绕着2n ...

消息人士称，芯片封装商日月光半导体制造公司和矽品精密工业公司（SPIL）也是暂停马来西亚 扩张计划的厂商之一，因为许多芯片供应商将投资策略转向"观望"模式。 由于市场对老款或成熟芯片的需求不温不火，台积电正在放缓其在日本的扩张步伐。三位知情人士 向《日经亚洲》透露，这家全球最大的芯片制造商目前已决定，在 2026 年之前，其位于熊本的首 家日本芯片工厂将不需要生产 16 纳米和 12 纳米芯片的设备。 一位芯片业高管表示："消费电子、汽车和工业应用的需求不太好，复苏前景也不容乐观。因此， 目前还不急于大规模扩张。……台积电熊本工厂目前的利用率远低于预期。" 如果您希望可以时常见面，欢迎标星收藏哦~ 来源：内容 编译自日经 ，谢谢。 该工厂被视为台积电最成功的海外扩张，因为它的建设时间晚于其在美国亚利桑那州的工厂，但投 产时间更早。目前，该工厂能够生产 28 纳米和 22 纳米级别的芯片，主要供应日本客户索尼、电 装和瑞萨。 《日经亚洲》获悉，由于旧芯片需求低迷以及关税不确定性，包括台湾半导体制造公司和英特尔在 内的领先芯片制造商和封装商已经放缓了在日本和马来西亚的扩张步伐。 在芯片制造中，一般来说，纳米数越大 ...

Core Viewpoint - TSMC's investment in U.S. factories aims to enhance semiconductor production capabilities, but there are significant delays in technology advancement compared to Taiwan, potentially impacting Apple's future chip production [1][2][3] Group 1: TSMC's U.S. Expansion - TSMC has invested billions in its U.S. factories, including a second facility in Arizona set to produce 3nm chips by 2028 and a third facility for 2nm chips expected to be completed by the end of 2030 [1][2] - The production processes in the U.S. will lag behind Taiwan by approximately five years, affecting the availability of advanced chips for Apple [1][2] - Currently, the Arizona factory is producing A16 chips using the N4 process, while Apple will rely on TSMC's Taiwan operations for 2nm chips until the U.S. facilities are operational [2][3] Group 2: Supply Chain and Strategic Implications - Establishing factories in the U.S. helps diversify production and mitigate supply chain disruptions, aligning with Apple's strategy to reduce reliance on Chinese manufacturing [3] - However, this shift may diminish the importance of TSMC's Taiwan operations in the global semiconductor landscape [3] Group 3: Industry Perspectives - Former Intel CEO Pat Gelsinger expressed skepticism about TSMC's ability to restore U.S. leadership in semiconductor manufacturing, emphasizing the need for R&D to be conducted in the U.S. [5][6] - Gelsinger highlighted that TSMC's core R&D will remain in Taiwan, limiting the potential impact of U.S. manufacturing investments [5][6] - He also pointed out that merely investing in manufacturing is insufficient; technological innovation and cost efficiency are crucial for future competitiveness in the semiconductor industry [7]

Core Viewpoint - NVIDIA's next-generation Rubin AI architecture will utilize the company's first SoIC packaging, indicating a significant shift in the hardware market with the integration of advanced components like HBM4 [1][5] Group 1: SoIC Packaging Development - TSMC is rapidly constructing factories in Taiwan to shift focus from advanced packaging (CoWoS) to SoIC, with expectations for NVIDIA, AMD, and Apple to release next-generation solutions based on this design [1][2] - SoIC allows for the integration of different chips, reducing internal circuit layout space and lowering costs, with AMD being an early adopter and Apple expected to follow with its M5 chip [2][3] - TSMC's SoIC production capacity is projected to reach 15,000 to 20,000 wafers by the end of this year, with plans to double that capacity next year [2][6] Group 2: NVIDIA's Rubin Architecture - The Rubin GPU will separate the GPU and I/O die, utilizing N3P and N5B processes respectively, and will integrate these components using SoIC packaging [2][5] - The Vera Rubin NVL144 platform is expected to deliver up to 50 PFLOPS of FP4 performance with 288 GB of HBM4 memory, while the NVL576 will provide up to 100 PFLOPS and 1 TB of HBM4e capacity [5] Group 3: Workforce and Production Adjustments - TSMC plans to adjust its workforce from 8-inch fabs to support advanced packaging facilities, aiming to recruit 8,000 new employees this year to reach a target of 100,000 [3] - The company is actively preparing for the integration of SoIC technology, which is seen as crucial for future developments in semiconductor packaging [3][6]