TSMC(US:TSM) 是说芯语·2025-12-15 09:50Core Viewpoint - TSMC's investment plans in the U.S. have become increasingly complex, with U.S. Secretary of Commerce Gina Raimondo stating that TSMC's previous commitments are insufficient, now requiring a minimum investment of $200 billion and the creation of 30,000 jobs [1][4]. Group 1: Investment and Financial Implications - The starting point of this negotiation was the CHIPS Act signed during the Biden administration, which provided TSMC with $6 billion in subsidies, but only resulted in an initial investment of approximately $60 billion for factory construction, which Raimondo deemed inadequate [4]. - TSMC has since raised its planned investment to $165 billion, but U.S. expectations have now increased to $200 billion, which is a reduced target from earlier internal expectations exceeding $300 billion [4]. - TSMC's U.S. subsidiary reported a significant drop in profits, with earnings of only NT$41 million in Q3 2025, down 99% from NT$4.223 billion in Q2, reflecting the financial pressures and challenges faced in the U.S. market [6]. Group 2: Technological and Operational Challenges - TSMC is facing multiple challenges in the U.S., including high costs, talent shortages, and cultural conflicts, which have directly impacted its financial performance [5]. - The advanced process and packaging technologies, previously considered core assets, are gradually being transferred to the U.S., with TSMC's Arizona facility already producing 4nm chips and plans for 3nm and 2nm processes in the future [4].