TSMC(US:TSM) 是说芯语·2025-09-02 16:04Core Viewpoint - The revocation of TSMC's VEU authorization for its Nanjing plant by the U.S. Department of Commerce signifies a shift from a "one-time approval" model to a "case-by-case approval" process, introducing uncertainties in operations and supply chain management for TSMC and its suppliers [1][5]. Group 1: Impact on TSMC - TSMC's Nanjing plant will lose its VEU authorization effective December 31, 2025, requiring upstream suppliers to apply for U.S. export licenses for controlled goods on a per-item basis, which will increase approval times and uncertainty [3][4]. - The Nanjing plant, which began operations in 2018, contributed only a small portion to TSMC's total revenue last year, and its most advanced manufacturing process is 16nm, indicating limited operational weight in TSMC's overall business [3][4]. - The operational continuity of the Nanjing plant will still depend on the import of equipment, spare parts, and chemicals, making any delays in licensing critical for maintenance, yield, and capacity assurance [3][5]. Group 2: Broader Industry Implications - The U.S. has revoked VEU authorizations for three other semiconductor companies in China, including Intel, Samsung, and SK Hynix, which will also face similar licensing requirements, indicating a broader tightening of supply chain controls [4]. - The U.S. Department of Commerce estimates an additional 1,000 license applications annually due to these changes, reflecting an increased administrative burden on companies operating in China [4]. - The policy shift aims to maintain control over the supply chain, allowing the U.S. to regulate the flow of supplies based on strategic needs rather than an outright ban [5].