台积电2nm，继续称霸

Core Viewpoint - TSMC is set to maintain its leadership in advanced process nodes with the launch of its 2nm process, which will cater to top clients like Nvidia, Apple, AMD, and major cloud service providers [3][4]. Group 1: TSMC's 2nm Process - TSMC's 2nm process (N2) is expected to enter mass production by December 2025, utilizing GAA (Gate-All-Around) technology, which is a first for the company [3][4]. - The N2 technology promises significant improvements in performance and power efficiency, with TSMC emphasizing its leading position in transistor density and energy efficiency [4]. - Analysts predict that TSMC's N2 process could become one of the company's most successful nodes, with over 15 clients already engaged in related projects [5]. Group 2: Competitive Landscape - TSMC currently produces over 90% of the world's most advanced chips, maintaining a dominant market share that exceeds 70% [7][8]. - Geopolitical factors may pose risks to TSMC's advantages, as competitors like Intel and Samsung are also vying for market share [8]. - Intel's 18A process is expected to enter mass production in early 2025, which could allow the company to capture significant market segments in the U.S. [5][8]. Group 3: Future Outlook - TSMC's strategic delay in adopting GAA technology until the N2 process has reduced the risk of repeating Samsung's challenges with GAA implementation [9]. - The successful ramp-up of high-volume customer products on the N2 process by 2026 will be crucial in proving the technology's reliability [9]. - Analysts believe that expecting TSMC to falter and provide opportunities for Intel or Samsung is not a wise bet, given TSMC's historical execution record [9].