Core Viewpoint - Wolfspeed, a leading manufacturer of silicon carbide chips, is preparing to file for Chapter 11 bankruptcy protection due to unresolved debt issues, despite having significant market share and major clients like Tesla [1][2]. Group 1: Financial Challenges - Wolfspeed is facing a staggering $6.5 billion in debt, with cash reserves only sufficient for five quarters of operation [2]. - The company's yield rate for its 8-inch wafer factory has been consistently below 30%, leading to a high cost of $17,000 per wafer and a drastic drop in gross margin from 32% in 2023 to 10% in 2024 [2][4]. - Since 2021, Wolfspeed has accumulated a net loss of $864 million, exacerbated by management changes, factory closures, and a 20% workforce reduction [2][4]. Group 2: Market Position and Competition - Wolfspeed holds a 33.7% market share in the global silicon carbide substrate market as of 2024, making it the top player [1]. - The company has historically been a technology leader, having started mass production of 6-inch substrates in 2011, while domestic competitors only began around 2019 [5]. - However, the rapid growth of Chinese electric vehicle manufacturers has narrowed the technological gap, increasing competition [5]. Group 3: Pricing and Profitability - The price of 6-inch silicon carbide substrates is projected to drop nearly 30% in 2024, from $1,500 per piece to $450, which pressures high-cost manufacturers like Wolfspeed [5]. - As Chinese firms ramp up production and reduce costs below $500 per substrate, Wolfspeed faces a profitability crisis [5]. Group 4: Policy and Regulatory Environment - Wolfspeed has been adversely affected by the uncertainty surrounding the U.S. CHIPS and Science Act, which was intended to provide $7.5 billion in funding for its expansion but has faced political shifts that jeopardize this support [6]. - The company's convertible bonds are trading at only 60% of their face value due to investor confidence issues stemming from these uncertainties [6]. - The conflicting U.S. semiconductor policies create challenges for Wolfspeed, as the focus on debt reduction may hinder necessary technological advancements [6][7].

Core Viewpoint - The article discusses the recent changes in U.S. semiconductor export controls and their implications for U.S.-China tech competition, particularly focusing on the impact of the Trump administration's policies on the semiconductor and AI industries in both countries [1][2][3]. Group 1: U.S. Policy Changes - The U.S. Department of Commerce has initiated the repeal of the AI diffusion rules signed during Biden's administration and announced additional measures to strengthen global chip export controls, including a ban on the global use of Huawei's Ascend AI chips [1][2]. - The Trump administration's semiconductor control policies indicate a trend towards decoupling the U.S. and Chinese semiconductor industries, with both sides aiming to reduce dependency on each other [2][3]. Group 2: Impact on China - In the short term, Chinese companies will have to endure the impact of U.S. policies and seek partnerships with non-U.S. entities, as the U.S. has limited the autonomy of companies like NVIDIA in supplying AI chips to China [2][3]. - The recent changes in U.S. policy may create opportunities for intermediaries, as traditional smuggling routes could pivot towards AI chip trafficking [4][6]. Group 3: Semiconductor Manufacturing Landscape - The new origin recognition rules for semiconductor products in China aim to encourage domestic manufacturing by defining the origin based on the foundry location, which could lead to a shift in production back to mainland China or other regions like Taiwan and South Korea [7][9]. - The U.S. "Chip Act" has attracted multinational companies to invest in advanced semiconductor production lines in the U.S., but the additional tariffs on exports back to China may diminish the cost advantages of these investments [9][10]. Group 4: Political Implications of Subsidies - The "Chip Act" subsidies have evolved into a political tool, with funding directed towards older semiconductor companies and military-related firms rather than advancing cutting-edge semiconductor capabilities [10][12]. - The timing of subsidy approvals has been strategically aligned with electoral cycles, indicating that the funding has become intertwined with political agendas rather than purely industrial objectives [12][13]. Group 5: International Cooperation and Export Controls - The Biden administration's "small yard, high wall" strategy has pressured allies like Japan and the Netherlands to implement stricter export controls, which could significantly impact China's semiconductor industry [24][25]. - The potential for a new alliance among U.S. allies to enforce semiconductor export controls could strengthen the U.S. position, but uncertainties remain regarding the future cooperation of these allies under a different U.S. administration [27][29].

来源：内容编译自theregister ，谢谢 。 如果您希望可以时常见面，欢迎标星收藏哦~ 《欧洲芯片法案》不太可能实现到 2030 年占据全球半导体市场 20% 份额的目标。 这是根据欧洲审计院（ECA）的特别报告得出的结论，该报告对旨在为整个地区芯片行业注入新 活力的项目进行了审查，并详细列出了其发现的一些缺陷。 报告称，欧盟委员会在实施其战略方面取得了合理进展，但进展过于缓慢，并受到资金分散性的阻 碍，资金远远不足以满足所需的投资水平。 负责审计的 ECA 成员 Annemie Turtelboom 在宣布报告调查结果时强调了半导体对现代世界的重 要性，并指出到本世纪末，仅一辆汽车就可能包含 3,000 多个芯片。 她表示："这是一个快速发展的领域，地缘政治竞争激烈，我们目前距离实现目标还很远。20%的 目标本质上是一个愿景——要实现这一目标，我们需要到2030年将产能提高约四倍，但以我们目 前的进展速度，还远远没有达到这个目标。" 事实上，根据欧盟委员会自己的预测，到 2030 年，欧盟在全球半导体市场中的总体份额可能仅达 到 11.7%，与 2022 年的 9.8% 相比增长不大，从这个角度来看， ...

// 债市综述 // 1. 公开市场操作 央行4月1日以固定利率、数量招标方式开展了649亿元7天期逆回购操作，操作利率1.50%，投标量649亿元，中标量649亿元。Wind数据显示， 当日3779亿元逆回购到期，据此计算，单日净回笼3130亿元。 （*数据来源：Wind-央行动态PBOC） 2. 资金面 跨季后进入月初，银行间资金市场周二非银机构融入隔夜报价虽较季末回落，但仍居高不下。 海外方面，最新美国隔夜融资担保利率为4.34%。 （IMM） （*数据来源：Wind-国际货币资金情绪指数、资金综合屏） 3. 同业存单 （*数据来源：Wind-利差分析） 全国和主要股份制银行一年期同业存单二级市场上最新成交在1.9%附近，较上日有所上行。 （*数据来源：Wind-同业存单-发行结果） 4. 银行间主要利率债走势分化。 | | 1Y | | 2Y | | ЗУ | | SY | | 7Y | | 10Y | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 国债 | 1.5425 40.2 ...

当地时间周五，美股芯片股Wolfspeed股价大幅跳水，盘中还因跌幅过大触发熔断而停牌5分钟。截至收盘 时，该公司股价下跌51.86%，市值缩水至4亿美元。 Wolfspeed是一家碳化硅芯片制造商，2021年11月，公司市值曾超过164亿美元，但随后公司股价连跌3年 多，至今市值仅剩零头。 昔日碳化硅巨头，股价在一天时间内"腰斩"！ 与此同时，Wolfspeed还在等待根据美国《芯片与科学法案》获得约7.5亿美元的联邦资金。《芯片与科学法 案》是2022年美国具有里程碑意义的两党法案，承诺为美国国内半导体芯片制造和生产提供527亿美元的补 贴。然而，本月早些时候，美国总统特朗普表示，美国国会议员应该废除这项法案，并利用相关资金来偿还债 务。 Wol f speed股价暴跌 周五，美股三大指数集体下挫，道指大跌超700点，跌幅达1.69%；标普500指数跌近2%，纳指跌2.70%。大 型科技股全线下跌，谷歌跌近5%，亚马逊、脸书跌超4%，特斯拉跌3.5%，微软跌3%，苹果跌超2%，英伟 达跌1.58%。 值得关注的是，昔日碳化硅巨头Wolfspeed单日放量大跌51.86%。该股开盘后，仅用3分钟时间就跌去了 ...