TSMC(US:TSM) 半导体行业观察·2026-02-28 01:14Core Viewpoint - TSMC is expanding its production capabilities both domestically and internationally, with significant developments in its Arizona subsidiary, which turned a profit in 2025 after previous losses, while facing challenges in its Kumamoto plant [2][4]. Group 1: Financial Performance - TSMC's Arizona subsidiary reported a profit of 16.14 billion NTD in 2025, recovering from a cumulative loss of over 39.4 billion NTD from 2021 to 2024, where the 2024 loss alone was 14.298 billion NTD [4]. - The company received government subsidies totaling 76.258 billion NTD in 2025 and 75.164 billion NTD in 2024 for local operations, aimed at offsetting costs related to real estate, facilities, and production operations [2]. Group 2: Capacity Expansion - TSMC is accelerating capacity expansion in Arizona, with the first wafer fab having commenced production in 2024 and a second fab expected to begin operations in the second half of 2027 due to strong customer demand [5]. - In Taiwan, TSMC plans to build up to 10 new fabs across major science parks, focusing on advanced processes, including 2nm technology, with significant investments in Tainan and Kaohsiung [10][11]. Group 3: Customer Dynamics - TSMC's largest customer is projected to shift from Apple to Nvidia, with Nvidia expected to account for nearly 20% of TSMC's revenue in 2025, surpassing Apple's 17% [7][8]. - The demand for AI and high-performance computing is driving this shift, as Nvidia's revenue from AI accelerators has increased significantly, reflecting the changing landscape of the semiconductor market [8]. Group 4: Market Context - Despite TSMC's investments in the U.S., the slow construction timelines suggest that Taiwan will remain the primary hub for TSMC's advanced process and packaging investments [12].