大摩：获美芯片关税豁免符合预期 维持台积电(TSM.US)台股“增持”评级

Core Viewpoint - The announcement by President Trump to impose approximately 100% tariffs on all chips and semiconductors entering the U.S. is expected to exempt companies producing in the U.S., which aligns with Morgan Stanley's baseline expectations [1] Group 1: Impact on TSMC - Morgan Stanley's report indicates that TSMC's commitment to invest $165 billion in U.S. operations by 2030 is likely to qualify for tariff exemptions or grace periods, which is better than what most investors feared [1] - Morgan Stanley maintains an "overweight" rating on TSMC's stock listed in Taiwan, with a target price of NT$1,388, identifying it as a preferred stock [1] Group 2: Broader Market Implications - There is a need to monitor whether other foundries in Greater China will be subject to tariffs, as their business is more focused on mature process nodes, where U.S. IDM manufacturers (like Texas Instruments) have achieved self-sufficiency [1] - The exemption of tariffs on TSMC chips is expected to alleviate market concerns regarding technology demand [1]