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台积电史上最强财报,商业奇迹还是“全球补助幻象”?
TSMCTSMC(US:TSM) Sou Hu Cai Jing·2025-08-20 05:01

Core Viewpoint - TSMC's impressive quarterly earnings report, with an EPS of 15.36 NTD, is supported by significant government subsidies, raising questions about the sustainability of its success and the implications of geopolitical factors [1][5][7] Group 1: Financial Performance - TSMC reported a record EPS of 15.36 NTD for the quarter, with revenue forecasts continuing to rise, driven by AI and high-performance computing [1] - In the first half of this year alone, TSMC received 671.28 million NTD in government subsidies, contributing to a total of 1,422.92 million NTD over the past 18 months [3][5] Group 2: Government Subsidies and Investments - TSMC's expansion plans include a $165 billion investment in the U.S. for six wafer fabs and two advanced packaging plants, with 25% of the investment covered by local government subsidies [3] - The company is also receiving substantial financial support from governments in Germany and Japan for its manufacturing facilities, indicating a trend of government involvement in the semiconductor industry [3][5] Group 3: Geopolitical Implications - The financial backing from various governments is driven by geopolitical concerns, as countries fear losing access to TSMC's technology and production capabilities [5][7] - TSMC's reliance on government subsidies ties its operations to political agendas, making it a strategic tool for various nations [7] - The potential risks associated with TSMC's dependence on government funding could lead to vulnerabilities if subsidies are reduced or political dynamics shift [7]