Taiwan Semiconductor Manufacturing Corp (TSMC) in Hsinchu, Taiwan, File Photo by DAVID CHANG/EPA Related Construction of the second plant has effectively been paused, the sources said. A shift toward AI-related production could also delay the planned 2027start date. TSMC told Japanese media that the project remains on track, saying it is discussing construction details and implementation plans with its partners. JASM, which marked its fourth anniversary on Dec. 10, includes investments from Sony Group, Dens ...

格隆汇12月15日｜据台湾经济日报，供应链最新消息指出，随着谷歌张量处理器（TPU）需求大涨，谷 歌扩大了对联发科合作定制新一代TPU v7e的订单，订单量比原规划激增数倍。消息称，联发科为谷歌 操刀定制的首款TPU v7e将于下季度末进入风险性试产，并再拿下谷歌下一代TPU v8e的订单。联发科 大单获得了台积电的先进封装产能支持，2027年台积电提供给联发科谷歌项目的CoWoS产能更将暴增7 倍以上。对于相关消息，联发科不予评论；台积电则表示，不评论单一客户业务细节。 ...

Summary of Key Points from the Conference Call Industry Overview - **Industry**: Technology, specifically focusing on Artificial Intelligence (AI) and semiconductor sectors [1][5][8] - **Outlook for 2026**: The AI supercycle is expected to continue, with significant growth in AI infrastructure and domestic substitution in China [1][5] Core Insights and Arguments - **AI Infrastructure Growth**: AI infrastructure spending is projected to grow robustly, with major cloud providers expected to increase capital expenditures by over 30% in 2026, following a 60% increase in 2024/25 [5][10] - **Cloud Providers' Capital Expenditure**: Major cloud providers (META, Google, Microsoft, Amazon, Oracle) are expected to reach a combined capital expenditure of $467.9 billion in 2026, reflecting a 33% year-over-year increase [10][14] - **Domestic Substitution in China**: The "14th Five-Year Plan" is anticipated to accelerate domestic substitution in key industries, with Chinese cloud service providers expected to increase capital expenditures by 49% in 2025 [5][9] - **Demand for AI-Related Hardware**: There is a persistent supply-demand imbalance for critical hardware components such as computing, storage, and communication chips, driven by high demand from AI applications [10][34] - **Consumer Electronics Demand**: A cautious outlook for global consumer electronics demand is noted, with predictions of a slight decline in smartphone and PC sales in 2026 [5][9] Investment Recommendations - **Recommended Stocks**: - NVIDIA (NVDA US) - Buy, target price $245.00 - Broadcom (AVGO US) - Buy, target price $425.00 - TSMC (TSM US) - Buy, target price $360.00 - Domestic Chinese companies such as North Huachuang (002371 CH), OmniVision (603501 CH), and SMIC (981 HK) are also recommended [2][5] - **Risks**: Potential risks include underperformance in AI monetization, high valuations of core stocks, and geopolitical uncertainties [5][9] Additional Important Insights - **AI Model Development**: The development of AI models continues to progress, with increasing competition and the emergence of new models, including domestic AI models [10][16] - **Chip Supply Dynamics**: The supply of HBM (High Bandwidth Memory) chips is expected to ease in 2026 due to advancements in technology, although demand from AI applications remains high [51][52] - **Market Share Trends**: NVIDIA is projected to maintain a dominant market share in the accelerator chip market, although Broadcom's share is expected to increase significantly [47][46] - **Network Communication Growth**: The importance of network communication in enhancing the efficiency of accelerator chips is rising, with significant growth expected in the AI network communication market [48][54] This summary encapsulates the key points discussed in the conference call, providing insights into the technology industry's outlook, investment opportunities, and potential risks.

Asia Semiconductors and Equipment & Global Memory Taiwan Semiconductor Manufacturing Co Ltd Rating 2330.TT 1,800.00 TWD TSM 330.00 USD Mark Li +852 2123 2645 mark.li@bernsteinsg.com Edward Hou, CFA +852 2123 2623 edward.hou@bernsteinsg.com Outperform Price Target Yipin Cai, CFA +852 2123 2669 yipin.cai@bernsteinsg.com TSMC: 4Q25 sales tracking ahead of consensus and guidance This afternoon TSMC reported November revenue at NT$344B, down 6.5% MoM but up 24.5% YoY. October + November added up to NT$711B, repr ...

Core Insights - The article discusses the significant restructuring of the semiconductor industry in the United States over the past three years, driven by initiatives like the CHIPS Act and state-level competition to attract wafer fabs and R&D centers [2][11]. Group 1: California Semiconductor Ecosystem - California is home to the largest integrated cluster of design, software, IP, and equipment, primarily located in the San Jose-Santa Clara-San Diego corridor, which focuses on GPU, AI, mobile communications, and server SoCs [5][9]. - Major companies in California include NVIDIA, AMD, Broadcom, Qualcomm, and many others, making it a vital hub for chip innovation [9]. - California also leads in semiconductor equipment and materials, with companies like ASML, Lam Research, and Applied Materials contributing to a comprehensive advanced manufacturing ecosystem [10]. Group 2: Arizona as a New Wafer Manufacturing Center - Arizona has become a focal point for wafer manufacturing, with TSMC and Intel establishing significant operations, supported by favorable environmental policies and infrastructure [11][13]. - The state boasts a complete semiconductor ecosystem, including advanced processes, OSAT capabilities, and a robust materials supply chain [14]. - Arizona is positioned to become a major player in U.S. wafer manufacturing, akin to Taiwan's Hsinchu Science Park, aiming to mitigate geopolitical risks in global supply chains [14]. Group 3: Texas as a Center for IDM and Automotive Electronics - Texas is recognized as the largest center for Integrated Device Manufacturers (IDM), microcontroller units (MCU), and automotive electronics in the U.S. [15]. - Key players include Texas Instruments, Samsung, and NXP, with a strong focus on automotive and power semiconductor applications [17]. - The state is evolving into a new growth hub for semiconductors, driven by the convergence of automotive, power, and AI technologies [18]. Group 4: Northeast Research Corridor - The Northeast region, encompassing New York, Massachusetts, and New Jersey, is a leading area for semiconductor research, hosting prestigious institutions like MIT and Harvard [19][20]. - Companies such as IBM and GlobalFoundries are pivotal in advancing semiconductor technology and manufacturing capabilities in this corridor [20]. - The region's ecosystem is further strengthened by a network of universities and research institutions, fostering innovation in materials, EDA, and photonics [24][27].

公众号记得加星标⭐️，第一时间看推送不会错过。 集邦科技（TrendForce）最新调查，台积电第3季市占冲上71%飙新高，稳居全球晶圆代工霸主；三 星市占不增反减，市占率跌0.5个百分点至6.8%，排名第二，双方差距持续扩大。韩媒14日披露，三 星正与AMD 洽谈2纳米代工订单，希望赶上台积电的步伐。 报导说，三星代工部门今年上半年亏损约4兆韩元，但在获得特斯拉和苹果等大型科技公司的订单 后，业绩已反弹。此外，若与AMD达成合作，预计将进一步巩固该公司的成长动能。一位业内人士 表示，随着产能积压，台积电难以满足新增订单的需求。随着台积电生产成本的上升，三星作为替代 晶圆代工厂的吸引力日益增强。 三星晶圆厂新目标，2027 年盈利 据报道，三星电子已设定管理目标，力争在2027年实现半导体代工业务盈利。这一目标的核心在于确 保获得特斯拉等大型科技公司的订单，以及其位于美国的泰勒晶圆厂的订单。人们关注的焦点在于， 曾经是三星半导体软肋的代工业务能否成为新的增长引擎。 根据11日的一份综合报告，三星电子的代工部门已设定目标，力争在2027年实现盈利。三星已与合 作伙伴分享了这一管理目标，并讨论了未来的投资计划。 ...

凤凰网财经 . 你好，我们是凤凰网财经，全球华人都在看的财经公众号，传播最有价值的财经报道，你值得关注！欢 迎访问：http://finance.ifeng.com/ 以下文章来源于凤凰网财经 ，作者凤凰网财经 另一边，美国早已盯上半导体产业这块 "蛋糕"。 卢特尼克3日接受美国媒体采访时指出，台积电宣布将增加投资1000亿美元，总投资额达1605亿美元。他 说："当然，他们（台湾）也会训练美国劳工。最终目标是将供应链转移到美国，在美国生产半导体及药 品，训练美国人从事这些工作。让整个供应链都留在美国。这就是我们全部的目的。" 这家芯片巨头再次站上地缘政治的十字路口。 "台积电董事长要来大陆了！" 这则消息，近日在中国半导体圈引发广泛关注。 此前有知情人士透露，台积电董事长魏哲家"有望于12月4日现身南京，出席台积电开放创新平台（OIP）生 态系统论坛，并计划密集拜访多家本土芯片设计公司"。 若行程属实，这将是他自 2023年上海技术论坛后，两年来首次踏足大陆。 这场论坛作为台积电2025年OIP全球巡回的压轴场，此前已走过硅谷、东京、新竹、阿姆斯特丹四站。 尽管台积电官方已第一时间否认相关传闻，且公开信息显 ...

公众号记得加星标⭐️，第一时间看推送不会错过。 人工智能（AI）是全球资金投入规模最大的领域之一，超大规模 AI 数据中心的运营商们似乎都在争 先恐后地斥巨资扩充自身算力。美国投资媒体指出，有多家企业正从这波巨额支出中获益，台积电便 是其中之一；该媒体还认为，若全球对 AI 基础设施的支出预测能够兑现，台积电股价未来 5 年或将 上涨三倍。 分析指出，或许有人会称英伟达（Nvidia）与苹果是全球最重要的两家企业，但这两家公司仅负责产 品设计，并不涉足芯片制造环节，其芯片生产全部外包给台积电。倘若没有台积电强大的制造能力作 为支撑，它们掌握的技术根本无从落地 —— 由此可见，台积电或许才是全球真正意义上最重要的企 业。 在高端芯片领域，除台积电外，真正具备竞争力的晶圆代工厂商仅有三星电子与英特尔两家。然而， 英特尔的晶圆代工部门因长期经营不善，很难吸引客户；三星电子则因频繁在非代工领域与客户展开 竞争，并非科技巨头的首选合作伙伴。这一格局使得台积电脱颖而出，也正因如此，该公司得以稳居 全球营收最高的半导体制造商宝座。 若全球 AI 的部署速度果真如众多业内人士预测的那般迅猛，台积电股价在未来 3 年轻松上涨三 ...

Core Insights - The AI computing market is experiencing significant investment, with hyperscalers increasing capital expenditures for data centers in 2025 and projecting even higher spending in 2026 [2][11] - Major chip suppliers like Nvidia and AMD are positioned to deliver strong returns, with Nvidia leading the market due to its advanced technology [4][5] - AMD anticipates a 60% compound annual growth rate for data center revenue over the next five years, indicating potential growth in its market share [7] - Broadcom is collaborating with AI hyperscalers to design custom computing units, enhancing performance and cost efficiency [8] - Alphabet is exploring selling its Tensor Processing Units (TPUs) to other companies, which could expand its influence in the AI chip market [10] - Taiwan Semiconductor Manufacturing Company (TSMC) remains a key player in chip manufacturing, benefiting from increased AI infrastructure spending [12][14] Company Summaries - **Nvidia**: Leading AI stock with a strong technology stack, currently valued at $174.96, with a gross margin of 70.05% [5][6] - **AMD**: Competing with Nvidia, expecting significant growth in data center revenue, currently valued at $138.10, with a gross margin of 64.71% [6][7] - **Broadcom**: Designs custom chips for AI hyperscalers, currently valued at $359.32, with a market cap of $1.7 trillion [9][8] - **Alphabet**: Considering selling TPUs to other companies, currently valued at $138.10, with a focus on expanding its cloud services [10] - **Taiwan Semiconductor Manufacturing Company (TSMC)**: Largest chip manufacturer, benefiting from AI spending, currently valued at $291.85, with a gross margin of 57.75% [12][14]

Core Viewpoint - The article discusses the significant decline in the US stock market, particularly in technology stocks, driven by concerns over the "AI bubble" and hawkish signals from Federal Reserve officials [2][9]. Market Performance - On December 12, US technology stocks experienced a sharp decline, with the Dow Jones falling by 0.51%, the Nasdaq dropping by 1.69%, and the S&P 500 decreasing by 1.07% [3]. - Major tech companies saw substantial losses, with Broadcom plummeting over 11%, Oracle and TSMC ADR down over 4%, and Nvidia down over 3% [3]. - The Philadelphia Semiconductor Index fell by over 5%, with Micron Technology down over 6% and AMD, Intel, and Applied Materials all declining by over 4% [3]. Oracle's Situation - Reports indicated that Oracle postponed the completion of data centers for OpenAI from 2027 to 2028 due to labor and material shortages, which heightened concerns about the "AI bubble" [6][8]. - Following these reports, Oracle's stock saw a significant drop, with a decline of over 6% at one point [7]. - Oracle later denied the reports, asserting that all milestones for the project remain on track and that they are in close coordination with OpenAI [7][8]. Federal Reserve's Influence - Several Federal Reserve officials released hawkish statements, leading to increased bond yields and prompting investors to withdraw from technology stocks [9][10]. - Kansas City Fed President Esther George noted that inflation remains high and the economy shows growth, advocating for a moderately restrictive monetary policy [9]. - The market is anticipating upcoming employment and inflation data, which could influence the Fed's decisions in January [10]. Interest Rate Expectations - According to CME FedWatch, the probability of a 25 basis point rate cut in January is 24.4%, while maintaining the current rate is at 75.6% [10]. - Morgan Stanley and UBS expect only one rate cut in 2024, likely in the first quarter [10][11]. - Analysts from Goldman Sachs, Wells Fargo, and Barclays predict two rate cuts in 2024, potentially in March and June [11].