马斯克宣布：自建晶圆厂

Core Viewpoint - Elon Musk announced that Tesla plans to build and operate a semiconductor manufacturing facility called "TeraFab," which will require billions of dollars in investment and signifies an expansion beyond its core electric vehicle business [1][5]. Group 1: TeraFab Project - The TeraFab will be a large-scale factory covering various aspects of semiconductor production, including logic circuits, memory, and packaging, with production based in the United States [1]. - Musk emphasized the necessity of TeraFab to avoid potential capacity bottlenecks in the next three to four years, as existing suppliers like TSMC and Samsung cannot meet Tesla's demand [1][2]. - The factory is expected to have a production capacity that exceeds 100,000 wafers per month, positioning Tesla among the largest semiconductor manufacturers globally [5]. Group 2: Financial Considerations - Tesla is projected to spend over $20 billion on capital expenditures this year, with funding sources for the TeraFab and other infrastructure projects still under consideration [3]. - The company has over $44 billion in cash and investments, which will be utilized alongside other financing options, including potential bank loans [3]. Group 3: Industry Challenges - Building a semiconductor factory involves significant economic costs, with advanced facilities requiring hundreds of billions in fixed costs and a lengthy timeline from construction to full operation [2][6]. - The complexity of semiconductor manufacturing is often underestimated, as it requires extensive engineering expertise and a deep understanding of various processes [6][7]. - The industry faces challenges in achieving high yield rates for new manufacturing processes, which are critical for market stability and profitability [8].