彭博：世界大国为何陷入计算机芯片之争

Investment Rating - The report does not explicitly provide an investment rating for the semiconductor industry Core Insights - The semiconductor industry is crucial for the digital economy, with its growing functionalities driving technologies like artificial intelligence, which are expected to transform multiple sectors [2] - The competition for semiconductor dominance has intensified among global superpowers, particularly between the United States and China, with the U.S. implementing measures to curb China's ambitions in this critical field [2][5] - The semiconductor manufacturing landscape is increasingly dominated by a few key players, primarily Taiwan Semiconductor Manufacturing Company (TSMC), Samsung Electronics, and Intel, due to the high costs and complexities involved in establishing new manufacturing facilities [8][9] Summary by Sections Importance of Chips - Chips are essential for processing and understanding vast amounts of data, which is now considered as vital as oil for the economy [3] - Memory chips are simpler and can be traded like commodities, while logic chips are more complex and expensive, serving as the brain of devices [3][4] Manufacturing Competition - The U.S. has historically led in semiconductor technology, but Taiwan and South Korea have become the primary manufacturers [5] - China is the largest market for electronic components and is increasingly focused on producing more chips domestically, prompting U.S. concerns over national security [5] U.S. Government Actions - The U.S. government is considering further restrictions on semiconductor equipment sales to China, aiming to counter Beijing's technological ambitions [6][10] - The CHIPS and Science Act allocates $39 billion for direct grants and$75 billion in loans to revitalize U.S. semiconductor manufacturing [11] Global Investment Trends - Over 600 companies are competing for $39 billion in funding from the CHIPS Act, with preliminary awards already announced [13] - The European Union has a plan to invest$46.3 billion to enhance local manufacturing capabilities, aiming to double its market share by 2030 [16] China's Response - China is actively building a shadow manufacturing network to circumvent U.S. sanctions, with Huawei launching a smartphone featuring a 7nm processor [14] - However, Chinese manufacturers like Huawei and SMIC are lagging in advanced technology, potentially delaying progress until 2026 [15] Global Risks - Taiwan's geopolitical situation poses a significant risk to global semiconductor production, as it is home to the majority of advanced logic semiconductors [17]