TSMC(US:TSM) Guan Cha Zhe Wang·2025-08-12 01:08Core Viewpoint - The article discusses the potential impact of a technology theft incident involving TSMC's 2nm technology by Tokyo Electron's subsidiary, which could significantly alter TSMC's dominant position in the semiconductor industry, suggesting a shift from "one person's martial arts world" to "no one in the martial arts world" [1][16]. Group 1: Incident Overview - TSMC's advanced technology may no longer be exclusive to the company, as the theft incident raises concerns about the involvement of U.S. and Japanese semiconductor alliances in acquiring TSMC's secrets [1][9]. - The nature of the incident is questioned, whether it is an industrial act or a state-sponsored action, with implications for TSMC and Taiwan's semiconductor industry [2][7]. Group 2: Technical Collaboration and Yield Improvement - TSMC's confidence in its technology stems from close collaboration with upstream and downstream partners, which is crucial for improving yield rates and achieving profitability [3][6]. - The yield rates for TSMC's 2nm technology are reported at 60%, while competitors like Samsung and Intel have significantly lower rates, indicating the value of the technology being targeted [6][14]. Group 3: Involvement of Other Companies - Tokyo Electron's subsidiary, Tokyo Electron Technology, does not produce chips but plays a role in providing manufacturing equipment and improving yield rates, raising questions about their motives in the theft [5][7]. - Rapidus, a company involved in the development of 2nm chips, is linked to the theft, with suspicions about its rapid progress and potential acquisition of TSMC's technology [5][10]. Group 4: U.S. and Japanese Strategic Interests - The U.S. may benefit from the incident by leveraging Japan's acquisition of 2nm technology to balance power against TSMC and Samsung, rather than replacing them [9][10]. - The article suggests that the U.S. may be using Japan as a proxy to undermine TSMC's position in the semiconductor market, raising concerns about the future of TSMC's technology and its implications for the global supply chain [8][9]. Group 5: Future Implications for TSMC - The potential sharing of stolen technology between Japan and the U.S. could threaten TSMC's competitive edge, leading to a decline in its market dominance [11][14]. - TSMC's production capacity is still heavily reliant on its facilities in Taiwan, which may face challenges as geopolitical tensions and competitive pressures increase [14][16].