美国扩产，台积电利润率大跌

Core Viewpoint - The sustainability of chip production in the U.S. is a major concern, particularly for companies like TSMC, as it leads to a significant decline in profit margins [1] Group 1: Investment and Costs - TSMC plans to increase its investment in the U.S. supply chain by up to $300 billion, including building fabs and R&D facilities in Arizona [1] - The operational costs of TSMC's U.S. fabs are significantly higher, with total costs per wafer reaching $16,123 compared to $6,681 in Taiwan [2] - Labor costs and depreciation are the primary factors driving up costs in the U.S., with labor costs per wafer at $3,600 compared to $1,800 in Taiwan [2][4] Group 2: Profit Margins - The gross margin per wafer for TSMC in the U.S. is only 8%, a stark contrast to 62% in Taiwan, indicating a severe impact on profitability [2] - Depreciation costs in the U.S. are four times higher than in Taiwan, contributing to the decline in profit margins [4] Group 3: Strategic Goals - TSMC's expansion in the U.S. aims to mitigate geopolitical risks and ensure a resilient supply chain, supported by companies like NVIDIA [5] - Building a robust supply chain in the U.S. may take decades, but it is crucial for TSMC's long-term strategy [5]