Group 1 - TSMC has received an annual export license from the U.S. government, allowing the import of U.S. chip manufacturing equipment to its facility in Nanjing [1][2] - The approval ensures uninterrupted operation and product delivery for TSMC's wafer fab [1] - TSMC's Nanjing factory produces 16nm and other mature node chips, contributing approximately 2.4% of the company's revenue in its 2024 annual report [2] Group 2 - Samsung Electronics and SK Hynix have also received similar import licenses from the U.S. government [3]

Core Viewpoint - TSMC has received an annual license from the U.S. government to ship U.S.-made chip manufacturing equipment to its factory in Nanjing, ensuring uninterrupted operations and product delivery [1][3]. Group 1 - TSMC joins Samsung Electronics and SK Hynix in being granted permission to export U.S. chip manufacturing equipment to mainland China [3]. - The previous exemption known as "Validated End Use" (VEU) expired on December 31, 2025, requiring U.S. export licenses for chip manufacturing equipment sent to China starting in 2026 [3]. - The U.S. Department of Commerce has issued TSMC an annual export license, allowing the supply of U.S. export-controlled items to the Nanjing plant without needing individual supplier applications [3]. Group 2 - TSMC's ADR stock price increased by 1.44% on the last trading day of 2025, with an annual growth rate exceeding 50% [3].

Core Viewpoint - TSMC has received an annual license from the U.S. government to export chip manufacturing equipment to its Nanjing factory in China by 2026, ensuring uninterrupted wafer operations and product delivery [1] Group 1: Licensing and Regulatory Changes - TSMC's license allows the company to obtain controlled items without needing to apply for separate export licenses, following the expiration of the "Verified End User" (VEU) policy on December 31 [1] - Prior to TSMC, Samsung Electronics and SK Hynix also received similar annual licenses from the U.S. government for exporting chip manufacturing equipment to China [1] Group 2: Impact on Operations - The approval from the U.S. Department of Commerce is crucial for TSMC's Nanjing operations, as it helps maintain the continuity of its wafer operations and product deliveries [1]

Core Viewpoint - TSMC has received an annual license from the U.S. government to export chip manufacturing equipment to its Nanjing factory in 2026, ensuring uninterrupted wafer operations and product delivery [1] Group 1: Licensing and Export Regulations - TSMC, along with Samsung Electronics and SK Hynix, previously benefited from the U.S. exemption policy for chip-related exports to China under the "Verified End User (VEU)" system [1] - The VEU policy allowed listed companies to import controlled items, including semiconductor equipment and technology, without needing separate export licenses [1] - The VEU policy expired on December 31 of the previous year, meaning that starting this year, companies must apply for export licenses to send U.S.-made chip manufacturing equipment to China [1] Group 2: Impact on Operations - The annual license granted to TSMC allows the Nanjing factory to obtain controlled items without needing to apply for separate export licenses, which is crucial for maintaining operational efficiency [1]

Core Viewpoint - TSMC has received an annual license from the U.S. government to export chip manufacturing equipment to its Nanjing facility in mainland China by 2026, ensuring uninterrupted wafer operations and product delivery [1] Group 1 - TSMC's approval from the U.S. government is significant for its operations in China [1] - The license allows TSMC to continue its chip manufacturing activities without disruption [1] - Prior to TSMC, Samsung Electronics and SK Hynix also received similar licenses to export chip manufacturing equipment to China this year [1]

Core Viewpoint - TSMC has received an "annual license" from the U.S. government, allowing it to export chip manufacturing equipment to its factory in China by 2026, joining Samsung and SK Hynix in this temporary relief [1][3]. Group 1: License and Export Regulations - The U.S. government previously revoked the indefinite licenses of TSMC, Samsung, and SK Hynix, requiring them to apply for individual approvals for exporting chip manufacturing equipment to their factories in China [3][4]. - The newly granted annual export license allows TSMC to supply its Nanjing factory without needing individual supplier licenses, ensuring uninterrupted operations and product delivery [1][3]. Group 2: Industry Context and Reactions - The annual approval system introduced by the U.S. government is seen as a response to concerns over technology leaks and equipment transfers to Chinese companies [3][4]. - The Chinese government has expressed strong opposition to the U.S. export controls, emphasizing the globalized nature of the semiconductor industry and the potential negative impact on the stability of the global supply chain [4].

Core Viewpoint - TSMC has received an "annual license" from the U.S. government, allowing it to export chip manufacturing equipment to its factory in China by 2026, joining Samsung and SK Hynix in this temporary relief from previous restrictions [1][3]. Group 1: License and Export Regulations - The U.S. government previously revoked the indefinite licenses for TSMC, Samsung, and SK Hynix, requiring them to apply for individual approvals for exporting chip manufacturing equipment to their factories in China [3][4]. - The newly granted annual export license allows TSMC to supply its Nanjing factory without needing individual supplier licenses, ensuring uninterrupted operations and product delivery [1][3]. Group 2: Background and Implications - The Trump administration viewed the "Verified End User" (VEU) system as a loophole, expressing concerns over potential technology leaks or equipment transfers to Chinese companies [4]. - The annual approval mechanism proposed by the U.S. government could lead to significant administrative burdens, requiring companies to process an additional 1,000 licenses annually, complicating their operations [4]. - China has expressed strong opposition to the U.S. export controls, emphasizing the globalized nature of the semiconductor industry and the potential negative impact on the stability of the global supply chain [4][5].

Core Viewpoint - TSMC has received an annual license from the U.S. government to import American chip manufacturing equipment to its factory in Nanjing, China, ensuring uninterrupted operations and product delivery [1] Group 1: TSMC's U.S. Operations - TSMC's new factory in Silicon Valley is projected to incur a loss of nearly 14.3 billion New Taiwan Dollars (NTD) in 2024, making it the most costly overseas facility [2] - The cumulative losses for TSMC's U.S. factory from 2021 to 2023 reached approximately 4 billion NTD, with losses of 4.81 billion NTD in 2021, 9.43 billion NTD in 2022, and 10.924 billion NTD in 2023 [2] - TSMC's chairman stated that the construction of the U.S. factory is entirely based on customer demand, and once completed, it will contribute about 30% of TSMC's 2nm and more advanced production capacity [2] Group 2: TSMC's Nanjing Operations - TSMC's subsidiary in Nanjing reported a profit of 25.954 billion NTD last year, showing a consistent increase from 12.283 billion NTD in 2021, 20.486 billion NTD in 2022, and 21.755 billion NTD in 2023 [2] - Over four years, the total profit from the Nanjing factory exceeded 80 billion NTD, indicating strong performance compared to its U.S. counterparts [2]

台积电在发给路透社的一份声明中表示，这一许可"确保了晶圆厂运营和产品交付不受中断"。 "美国商务部已向台积电南京工厂发放年度出口许可证，允许受美国出口管制的设备供应给台积电南京工厂，而无需逐一申请供应商许可证，"台积电表 示，"此项许可证在现行经验证最终用户授权于2025年12月31日到期前发放，确保了晶圆厂的运营和产品交付不受中断。" 此前，韩国三星电子、SK海力士同样获得了美国批准，可以向中国内地工厂供应美国芯片制造设备。这些亚洲公司此前因豁免权而受益，得以免受美国对 华芯片相关出口的全面限制。但这一被称为"经验证最终用户"的特权已于2025年12月31日到期。这意味着从2026年起，这些公司向其中国内地芯片制造工厂 供应美国设备将需要获得美国的出口许可证。(作者/箫雨) 台积电 北京时间1月1日，据路透社报道，台积电周四表示，美国政府已向其授予年度许可证，允许其中国内地南京工厂进口美国芯片制造设备。 ...

Market Performance - In 2025, global major stock indices achieved double-digit growth, driven by the AI wave, despite geopolitical uncertainties and US tariffs [2] - The US stock market saw the Dow Jones increase by 12.97%, the S&P 500 by 16.39%, and the Nasdaq by 20.36%, marking three consecutive years of record highs [2] - The Nasdaq China Golden Dragon Index rose by 11.33%, with notable performances from Alibaba (over 75% increase), NetEase (58.28%), and Baidu (nearly 55%) [2] Sector Highlights - The "Big Seven" tech companies had mixed results, with Nvidia and Google achieving cumulative gains of 38.92% and 65.42%, respectively, while the other five underperformed against benchmark indices [2][3] - The A-share ChiNext Index recorded a remarkable 49.57% increase, ranking third globally, while the Shenzhen Composite and Shanghai Composite indices rose by 29.87% and 18.41%, respectively [3] International Markets - The Hong Kong Hang Seng Index rose by 27.77%, marking its best annual performance since 2017, while the Hang Seng Tech Index increased by 23.45% [4] - South Korea's KOSPI index surged by 75.63%, the largest annual increase since 1999, while the Israeli TA35 index rose by 52.87% [4] - The UK stock market saw a 22% increase, the best performance since 2009, and France's CAC40 index rose by 10% [5] Commodity Performance - Precious metals experienced a bull market, with silver rising by 147.95% and gold by over 60% [7] - Crude oil prices fell significantly, with Brent crude down over 18% and WTI crude down about 20% [7] - The US dollar recorded its largest annual decline since 2017, dropping over 9%, while the euro rose over 13% [7] Company Developments - Nvidia and AMD are expected to raise GPU prices significantly in early 2026 due to soaring memory chip prices, with flagship models potentially reaching $5,000 [11] - OpenAI reported an average employee compensation of approximately $1.5 million, significantly higher than other tech companies [13] - Berkshire Hathaway's CEO Warren Buffett officially retired on December 31, 2025, but will remain as chairman [14]