如果您希望可以时常见面，欢迎标星收藏哦~ 来源：内容来自 工商时报 。 晶圆代工龙头台积电再缔新猷，22日收1,295元、改写天价纪录，市场目光锁定外资目标价何时调 升之际，野村证券指出，台湾二线晶圆代工厂基本面表现优于市场预期，尤其观察到联电出现比往 常更早到来的急单潮，维持「买进」投资评等、合理股价预期50元，二哥拼翻扬，不让大哥专美 于前。 反映客户端库存水位偏低，部分客户也在关税不确定性逐渐消退后，开始重新检视产能配置策略。 事实上，过去二年非AI半导体L型复苏期间，联电几乎每一季都会出现急单，急单并非新鲜事，但 这次「提前出现」值得留意。虽然目前下定论可能言之过早，但不排除自2026年上半年起，随关 税阴霾散去，无晶圆厂客户可能启动新一波拉货周期，晶圆代工厂最快第四季起就会有所感受。 点这里加关注，锁定更多原创内容 *免责声明：文章内容系作者个人观点，半导体芯闻转载仅为了传达一种不同的观点，不代表半导体芯闻对该 观点赞同或支持，如果有任何异议，欢迎联系我们。 推荐阅读 10万亿，投向半导体 芯片巨头，市值大跌 黄仁勋：HBM是个技术奇迹 Jim Keller：RISC-V一定会胜出 全球市值最高的1 ...

Core Viewpoint - The article discusses the remarkable stock performance of traditional hardware companies in the context of the AI boom, questioning whether this is a genuine reflection of the AI infrastructure investment or a sign of an impending market bubble [1][2]. Group 1: Stock Performance of Traditional Hardware Companies - Seagate Technology has surged by 156%, becoming the best-performing stock in the S&P 500, while Western Digital and Micron Technology have seen increases of 137% and 93%, respectively [2][4]. - These storage device manufacturers are benefiting from substantial investments by large tech companies in AI infrastructure, with hundreds of billions allocated annually for semiconductors, networking equipment, and data center power [4][5]. - Despite the stock price increases, the valuations of these companies remain relatively reasonable, with Western Digital's price-to-earnings (P/E) ratio below 6, and Seagate and Micron around 10, compared to the S&P 500's expected P/E of 23 [4][5]. Group 2: Market Sentiment and Analysis - There is a divide on Wall Street regarding this phenomenon; bulls see it as a spillover effect of AI computing demand, while bears warn it may indicate a stock market bubble [2][6]. - Analysts have raised target prices for Seagate, with Benchmark Co. setting a target of $250, indicating a potential upside of over 13% from its recent closing price [5]. - The rapid stock price increases have outpaced analyst expectations, with Seagate trading over 20% above the average target price, Western Digital over 10%, and Micron slightly above expectations [7][8]. Group 3: Broader Market Trends - The AI wave has also driven stock price surges in other traditional industries, such as Vistra Corp, which has risen 53%, and Broadcom, which has reached a market cap of $1.6 trillion [9]. - Oracle has become the tenth largest company in the S&P 500 due to demand for cloud computing services, experiencing a 36% single-day surge following its earnings report [9][10]. - Concerns are raised about the potential overvaluation of AI-related products, with warnings that any rapidly rising asset could become a cautionary tale [10].

公众号记得加星标⭐️，第一时间看推送不会错过。 报导指出，台积电2纳米产量将显著高于3纳米，主要归功其定价策略更具吸引力，同时吸引到高速运 算客户加入。 报导分析，这意味台积电2纳米不仅需求强劲，AI产业也将占其中极大比重。虽然希金斯没有透露具 体客户名单，业界预期，包括苹果、联发科、超微、英伟达、高通、Google、博通、亚马逊、迈威 尔、Meta、微软、OpenAI等，「只要你想得到和AI应用有关的科技大厂」，都是台积电2纳米的客 户。 台积电对2纳米制程深具信心，董事长魏哲家先前已公开表态：「2纳米需求将会超越其前一代制程， 预计将为公司提供稳定的业务基础和五年内可持续成长。」 台积电初期2纳米产线将横跨台湾四个主要晶圆厂区，地点位于新竹宝山及高雄。为满足客户需求， 台积电积极扩产，预计到2026年，2纳米月产能将达10万片。 来源 ： 内容来自经济日报 。 台积电（2330）2纳米订单超旺，晶圆检测设备大厂科磊（KLA）高层爆料，台积电已有15家2纳米 客户，当中十家来自高速运算（HPC）领域。这意味AI相关应用大举推升台积电2纳米需求，台积电 大咬AI红利之际，2纳米也成为新世代制程的核心动能。 这 ...

Market Performance - The three major US stock indices reached all-time highs, driven by Nvidia and Apple [1][2] - The Dow Jones increased by 0.14% to 46,381.54 points, the S&P 500 rose by 0.44% to 6,693.75 points, and the Nasdaq gained 0.70% to 22,788.98 points [2] Company Highlights - Nvidia's stock surged by 3.9%, approaching a market capitalization of $4.5 trillion, following its announcement of a potential $100 billion investment in OpenAI for AI data centers [3] - Oracle, another AI-related stock, rose by 6% after announcing the promotion of Clay Magouyrk and Mike Sicilia to co-CEOs, marking a 45% increase for the month [4] - Apple saw a significant increase of over 4% due to strong sales of the iPhone 17, reversing its earlier decline and nearing historical highs [5] Sector Trends - Major tech stocks mostly rose, with Nvidia up 3.93%, Apple up 4.31%, while Microsoft, Google, and Amazon saw declines [6] - The Nasdaq Golden Dragon Index, which tracks Chinese stocks, fell by 0.96%, indicating mixed performance among Chinese companies listed in the US [6] Economic Indicators - The probability of a 25 basis point rate cut by the Federal Reserve in October is at 89.8%, with a 10.2% chance of maintaining current rates [10] - The AH share premium index in Hong Kong reached a six-year low, reflecting a 17% decline this year, influenced by increased southbound capital inflows and changes in the A+H listing structure [11]

Core Viewpoint - Intel's stock price has surged due to significant partnerships and financing news, but concerns remain regarding its substantial losses in the foundry business, which have not been fundamentally resolved [1] Group 1: Financial Performance - Intel's stock price has increased by 48% this year, adding over $50 billion to its market capitalization [1] - The foundry division generated nearly $18 billion in revenue over the past four quarters, accounting for about one-third of total company revenue, but incurred losses of $13 billion, becoming the largest drag on profitability [1] Group 2: Partnerships and Investments - Intel announced a new partnership with Nvidia and plans to raise $5 billion through equity sales, bolstered by $8.9 billion in government funding from the Trump administration and a $2 billion investment from SoftBank [1] - Nvidia's CEO emphasized that the collaboration is primarily product-focused and that Nvidia will continue to rely on TSMC as its main foundry partner, reflecting skepticism about Intel's foundry business prospects [2] Group 3: Analyst Perspectives - Citigroup downgraded Intel's rating from "neutral" to "sell," citing a low probability of success for its foundry business [2] - Analysts project Intel's adjusted net profit to be only $640 million in 2025, with revenue of $52 billion, and an increase to $3.2 billion in net profit and $54 billion in revenue by 2026, leading to a high price-to-earnings ratio of 43 times [2] - Concerns about Intel's high valuation persist, with a potential price increase to $50 per share resulting in a price-to-earnings ratio exceeding 70 times [2] Group 4: Capital Expenditure and Cash Flow - Intel faces significant capital expenditure pressures, with projected spending of $18 billion in 2025 and around $15 billion in 2026, leading to continued negative free cash flow [2] - The substantial funding and time required to build a competitive foundry raise uncertainties about Intel's future competitiveness in the market [2]

| 中心国际 | SH 688981 | | + 添加自选 | | ■ Level1基础行情 ■ 上海交易所 ■ 沪港通标的股票 ■ 科创板 ■融资融券标的 | | | | | | | 每日知识 是一种由 (如钢铁利 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 所属行业 × 半导体 +2.47% > | | | | | | | | | | | | | | 128.92元 +7.58 +6.25% 盘后交易 09-22 15:00:00 北京时间 | | | | | | | | | | 概览 | 资金 | 简况 | | 今开 | 120.54 | 最高 | 129.83 | 成交量 | 158.83万手 | | 总市值 ▼ | 1.03万亿 | 量比 | 1.18 | 市盈(TTM) | 236.90 | | 昨收 | 121.34 | 最低 | 119.05 | 成交额 | 198.59亿 | | 总股本 | 79.99亿 | 委比 | 96.91% | 市盈(静) | 278.82 | ...

Core Viewpoint - Traditional hardware companies have seen significant stock price increases in 2023, driven by massive investments in AI infrastructure from large tech firms, raising questions about whether this reflects genuine demand or a market bubble [1][3]. Group 1: Stock Performance - Seagate Technology's stock surged by 156%, making it the best-performing stock in the S&P 500, while Western Digital and Micron Technology saw increases of 137% and 93%, respectively [1][3]. - These companies, often overlooked, are now benefiting from the AI infrastructure investments that large tech companies are making, amounting to hundreds of billions annually [3][4]. Group 2: Market Sentiment - There is a divide on Wall Street regarding this trend; bulls see it as a sign of AI's broad impact on various sectors, while bears warn it may indicate a stock market bubble [3][6]. - Analysts have noted that the rapid price increases of these stocks exceed expectations, with Seagate trading over 20% above its average target price [6][7]. Group 3: Valuation and Investment Outlook - Despite the stock price surges, the valuations of Seagate, Western Digital, and Micron remain relatively reasonable, with price-to-earnings ratios around 10 times, compared to the S&P 500's expected ratio of 23 times [4][5]. - Benchmark Co. analyst Mark Miller raised Seagate's target price to $250, indicating a potential upside of over 13% from its recent closing price [5]. Group 4: Broader Market Trends - The AI boom is also positively impacting other traditional sectors, with companies like Vistra Corp and Broadcom seeing substantial stock price increases [8]. - Oracle's stock surged by 36% after a strong earnings report, highlighting the growing demand for cloud computing services [9].

Group 1 - The recent significant increase in prices of DDR4/LPDDR4X memory chips is driven by the surge in demand from AI and supply constraints due to production cuts by manufacturers [1] - The rise of AI large models is pushing the storage sector to the forefront of technological challenges, emphasizing the need for higher transmission speeds, data storage capacity, and specifications [1] - Chip technology stocks have shown strong performance, with notable increases in various semiconductor ETFs and stocks [1] Group 2 - Key technologies for large-scale AI computing include advanced packaging multi-chip interconnect technology, advanced process foundry, and near-memory computing [2] - Multi-chip interconnect is crucial for expanding AI computing power, as traditional copper interconnect faces challenges in high-frequency and high-speed transmission scenarios [4] - NVIDIA highlighted the importance of data centers in the AI era, focusing on network technologies that combine multiple GPUs into a super-scale GPU [4] Group 3 - NVIDIA's upcoming products, such as the Spectrum-X Photonics Ethernet switch and Quantum-X switch, aim to eliminate bottlenecks in traditional architectures, providing high performance and energy efficiency for modern AI factories [5] - Near-memory computing technologies, represented by HBM, are essential for AI chips, with advancements expected from HBM3E to HBM4 by 2026-2027 [5] - The industry is addressing computing power challenges from multiple dimensions, with new server models being launched to meet the growing demand for AI capabilities [8] Group 4 - Storage performance is critical for maximizing GPU efficiency, and while solutions for previous bottlenecks exist, there remains a significant cost gap between NAND and HDD technologies [9] - The semiconductor industry is focusing on technological upgrades and domestic breakthroughs in storage, which are positively impacting the secondary market [9]

Investment Rating - The report suggests a positive outlook for the electronics sector, indicating a moderate recovery in demand and recommending gradual investment in the sector [4][5]. Core Insights - Huawei has unveiled a comprehensive roadmap for its Ascend AI chips and Kunpeng CPUs, aiming to enhance computing power and support the autonomous development of AI and general computing infrastructure in China [4][10]. - NVIDIA announced a $5 billion investment in Intel, aiming to leverage Intel's strengths in data center and client computing platforms alongside NVIDIA's expertise in process technology and advanced packaging [4][10]. - The electronics industry is experiencing a mild recovery, with price stabilization and increasing demand, particularly in AI server supply chains, AIOT, equipment materials, and automotive electronics [4][5]. Summary by Sections Industry News - NVIDIA's investment in Intel is seen as a strategic alliance that could reshape the chip landscape, with Intel's stock surging over 30% following the announcement [10]. - Huawei's roadmap includes the launch of the Ascend 950PR chip in Q1 2026, which will support low-precision data formats and significantly enhance computing power [10]. - A new optical computing chip developed by a team from the University of Florida has achieved a 10 to 100 times increase in AI computing efficiency [11]. - TCL Huaxing has begun mass production of its Mini LED direct display technology, marking a significant advancement in display technology [11]. - MediaTek has completed the design of its first 2nm flagship SoC, expected to enter mass production by the end of 2026 [13]. Market Performance - The electronics sector outperformed the broader market, with the Shenwan Electronics Index rising by 2.96% while the CSI 300 Index fell by 0.44% [5][18]. - Key sub-sectors such as semiconductors and consumer electronics showed positive growth, with semiconductor stocks increasing by 2.79% and consumer electronics by 4.85% [5][20]. Investment Recommendations - The report recommends focusing on companies benefiting from strong domestic and international demand in the AIOT sector, such as Lexin Technology and Horizon Robotics [5]. - It also highlights opportunities in AI-driven innovation sectors, including computing chips and optical devices, as well as upstream supply chain replacements in semiconductor equipment and materials [5].

Group 1 - The core viewpoint of the articles highlights that traditional hardware companies are experiencing significant stock price increases due to the AI infrastructure investment wave, raising questions about whether this is a genuine market trend or a bubble before a potential crash [1][2]. - Seagate Technology has surged by 156% this year, becoming the best-performing stock in the S&P 500, while Western Digital and Micron Technology have also seen substantial gains of 137% and 93%, respectively [1][2]. - Major tech companies are investing hundreds of billions of dollars annually in semiconductors, networking equipment, and data center power supplies to support AI workloads, benefiting traditional storage manufacturers [1][2]. Group 2 - Despite the stock price surges, the valuations of Seagate, Western Digital, and Micron remain relatively reasonable, with price-to-earnings ratios around 10 times, compared to the S&P 500's expected P/E ratio of 23 times [2]. - Benchmark Co. analyst Mark Miller raised Seagate's target price to $250, indicating a potential upside of over 13% from its recent closing price, citing strong product demand as a key factor [3]. - Concerns about a market bubble are growing, as the rapid stock price increases for these companies exceed analyst expectations, with Seagate trading over 20% above the average target price [4]. Group 3 - The AI hype is also driving stock price increases in other traditional sectors, such as Vistra Corp, which has risen by 53% this year, and Broadcom, which has reached a market capitalization of $1.6 trillion [4]. - Oracle has become the tenth largest company in the S&P 500 due to demand for cloud computing services, with a single-day stock price surge of 36% following its earnings report [5]. - There are warnings that the current AI excitement may be overhyped, similar to the internet bubble, with actual application developments expected to take longer than anticipated [5].