台积电或涨价15%

Core Viewpoint - The article discusses the potential impact of the repeal of the CHIPS and Science Act, which provides significant subsidies to semiconductor manufacturers in the U.S., particularly affecting companies like TSMC, Intel, and Samsung. The repeal could lead to increased manufacturing costs for TSMC's U.S. facilities, undermining the act's intended benefits [1][2]. Group 1: CHIPS and Science Act Overview - The CHIPS and Science Act was signed into law by President Biden on August 9, 2022, aiming to boost U.S. semiconductor research and manufacturing, with approximately $52.7 billion allocated for subsidies, low-interest loans, and tax reductions [1]. - About $39 billion of the funding is designated for semiconductor manufacturers expanding or building facilities in the U.S. [1]. Group 2: Trump's Opposition - President Trump has criticized the CHIPS Act, suggesting that tariffs should be used to incentivize foreign semiconductor manufacturers to establish operations in the U.S. instead of providing subsidies [2]. - Trump stated that the act is ineffective, claiming that the funds given to semiconductor manufacturers do not lead to meaningful investments in U.S. facilities [2]. Group 3: Impact on TSMC - TSMC has signed an agreement with the U.S. government to receive up to $6.6 billion in direct funding and $5 billion in loans to support its $65 billion investment in three fabs in Arizona [3]. - However, with the potential repeal of the CHIPS Act, TSMC may face challenges in securing the remaining subsidy funds, which could significantly increase its manufacturing costs in the U.S. [3]. Group 4: Increased Costs of U.S. Operations - TSMC announced an expansion of its investment in the U.S. to $165 billion, with the additional $100 billion investment lacking subsidy support, leading to higher manufacturing costs [4]. - The construction costs for fabs in the U.S. are approximately double those in Taiwan, and TSMC's founder has indicated that manufacturing costs in the U.S. are 50% higher than in Taiwan [5]. - Without subsidies, TSMC's depreciation costs in the U.S. could be 26% higher, and labor costs could be 66% higher, resulting in wafer production costs that are about 28.3% higher than in Taiwan [5]. Group 5: Market Expectations - Due to the anticipated higher costs of U.S. operations, the market expects TSMC to potentially increase prices for advanced processes by 15% to offset the cost disparity between the U.S. and Taiwan [5].