AI需求持续热捧！台积电7月营收同比大增25.8%

Core Viewpoint - TSMC continues to experience strong revenue growth driven by sustained demand for AI chips, with significant year-over-year increases in revenue reported for July 2025 and the first seven months of the year [1][2]. Revenue Performance - In July 2025, TSMC's revenue reached NT$323.17 billion, marking a month-over-month increase of 22.5% and a year-over-year increase of 25.8% [1][2]. - For the period from January to July 2025, TSMC's total revenue amounted to NT$2,096.21 billion, reflecting a 37.6% increase compared to the same period in 2024 [1][2]. Market Position and Strategic Developments - TSMC's stock reached an all-time high amid news of potential tariff exemptions for its investments in the U.S., particularly a $200 billion investment plan [3]. - Analysts suggest that TSMC and GlobalWafers are likely to benefit from new tariff policies due to their substantial investments in U.S. production facilities, while UMC and ASE may lose market share due to limited local presence [5]. - TSMC maintains a significant share in the smartphone chip market, which is showing signs of recovery, as indicated by Sony's recent financial report [5]. - Morgan Stanley's report aligns with expectations that TSMC's commitment to U.S. wafer fabrication investments should qualify for tariff exemptions, which is a more favorable outcome than many investors anticipated [5]. Future Investment Plans - Morgan Stanley indicates that TSMC plans to invest $165 billion in U.S. operations through 2030, maintaining a bullish outlook on the stock with a target price of NT$1,388 [6].