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有英特尔的“虚假竞争”,对台积电“只有好处”
硬AI·2025-08-21 08:45

Core Viewpoint - Morgan Stanley believes that the existence of a slightly weaker competitor in the advanced process field may create a false sense of "choice" for customers, which could actually benefit TSMC by reducing ongoing government scrutiny and pressures from policies like "manufacturing return to the U.S." [2][3][7] Group 1: Market Dynamics - TSMC is expected to maintain over 90% market share in the advanced process field, with a "buy" rating and a target price of 1,275 New Taiwan Dollars [3][7]. - The notion of TSMC becoming a monopolist has not significantly increased its price-to-earnings ratio, which remains under pressure from government scrutiny and geopolitical risks [7][8]. Group 2: Intel's Foundry Business - The market may view the participation of major TSMC clients like Apple and Nvidia in Intel's foundry revival as a direct loss of market share for TSMC, but this is not entirely negative [9]. - Intel's foundry business faces fundamental challenges beyond financial issues, including the need for a different corporate culture and customer-centric innovation [11][12]. Group 3: Competitive Landscape - Intel's foundry strategy has historically struggled to gain traction, even when it had a dominant position in the CPU market [11]. - The best chance for Intel's foundry success may lie in adopting an N-1 approach, which could mitigate risks for potential customers and enhance capacity without directly competing with TSMC in advanced processes [12][13].