TSMC(US:TSM) Di Yi Cai Jing·2025-06-03 09:07Core Viewpoint - TSMC is experiencing some impact from tariffs, but it is not direct as tariffs target importers rather than exporters. The demand for AI chips remains strong, leading to a supply-demand imbalance in AI chip manufacturing [1][4]. Group 1: Financial Performance and Market Position - TSMC's stock price has increased by approximately 1%, and its market capitalization has surpassed $1 trillion after earlier declines this year [1]. - The company is the leading global producer of advanced semiconductors, serving major clients such as Apple, AMD, and NVIDIA [3]. Group 2: Tariff Impact and Customer Behavior - TSMC has not observed any changes in customer behavior due to tariff uncertainties, and the situation is expected to clarify in the coming months [3]. - While tariffs may lead to a slight increase in wafer prices, the overall demand is anticipated to remain robust [4]. Group 3: Technological Advancements and Production Plans - TSMC is set to launch its 2nm process technology, with AMD's next-generation Zen 6 processor being the first to utilize this technology [4]. - The company plans to exceed $40 billion in capital expenditures this year, focusing on the strong demand driven by AI [4]. Group 4: Competitive Landscape - The cost of TSMC's 2nm process has risen to $30,000 per wafer, but TSMC remains the only reliable supplier with significant pricing power [6]. - Competitors like Intel are expanding their foundry services, and some clients are exploring alternatives to TSMC's N2 process from other manufacturers [6][7].