台湾芯片，压力大增

Core Viewpoint - The article discusses the increasing pressure on Taiwan's semiconductor industry due to U.S. President Donald Trump's demands for greater investment from Taiwanese companies in the U.S., leading to uncertainty and a decline in TSMC's stock price [1][2]. Group 1: U.S.-Taiwan Semiconductor Relations - Trump has threatened to impose tariffs of "25% or higher" on semiconductor equipment and imports, which he claims is to counteract Taiwan's alleged theft of U.S. chip technology [1][2]. - Taiwanese officials have expressed a willingness to collaborate with like-minded countries to maintain technological advantages in the semiconductor sector and proposed building resilient supply chains [1]. Group 2: TSMC's Strategic Moves - TSMC is considering taking control of Intel's semiconductor factory in the U.S. and accelerating the expansion of its advanced wafer fabrication plant in Arizona, along with plans for a new advanced packaging facility [2]. - Despite these strategic moves to appease Trump, TSMC faces higher costs and increased risks of technology leakage [2]. Group 3: Market Reactions and Future Outlook - TSMC's stock price has been affected by political risks, dropping from a record high of 1,135 NTD to approximately 1,040 NTD [2]. - There is growing uncertainty regarding the demand for AI-related chips, with reports of Microsoft canceling contracts with data center operators [2]. - Taiwanese authorities are pushing for increased investment and collaboration with U.S. partners to mitigate risks associated with Trump's policies [2].