编者荐语： 6 以下文章来源于硬AI ，作者专注科技产研的 硬AI . 该行称，台积电将继续在先进制程领域保持90%以上的市场份额，维持台积电"增持"评级，目标价1275新台币。 AI时代，快人一步~ 来源 | 硬AI 英特尔代工业务的"复兴"可能对台积电构成的威胁被市场过度夸大。 8月21日，据追风交易台消息，摩根大通科技和电信（Technology and Telecoms）团队在最新研报中称，英特尔代工的"虚假竞争"实际上对台积 电更有利。 该行分析师认为， 英特尔代工业务的存在反而能避免台积电因垄断地位带来的政府监管压力 。摩根大通还称，客户参与英特尔代工"复兴计 划"并非纯粹负面，且英特尔代工面临的根本性挑战远超资金问题。 " 有 选 择 " 的 假 象 比 绝 对 垄 断 更 有 价 值 摩根大通分析师称， 除了最初的狂热情绪（2020年下半年，当市场预期英特尔将大规模外包制造业务时，台积电股价曾达到25-30倍的市盈 率），有关台积电可能在先进制程代工领域成为垄断者的说法，并未推动其市盈率出现显著提升 。 摩根大通认为，这种潜在的垄断地位反而只会引来更多审查（来自政府机构），同时也放大了地缘政治 ...

Core Insights - TSMC has secured a significant client for its 2nm process, with Intel reportedly entrusting the Nova Lake-S desktop processor to TSMC for manufacturing, expected to enter mass production in Q3 2026 [1][2] - The collaboration between Intel and TSMC continues to evolve, with Nova Lake-S being the first processor from Intel to utilize TSMC's 2nm technology, following previous partnerships for 3nm processes [2] TSMC Developments - TSMC is set to hold an earnings call on July 17, 2023, amidst a quiet period prior to the event [1] - TSMC's stock price fell by 5 New Taiwan Dollars to 1,095 New Taiwan Dollars on July 14, 2023, with a subsequent ADR decline of approximately 0.8% [1] Intel Developments - The Nova Lake-S processor is anticipated to feature multiple versions for both desktop and laptop applications, with the high-end variant expected to include 52 cores, comprising 16 performance cores (P-core) and 32 efficiency cores (E-core) [2] - Nova Lake-S will integrate advanced storage controllers capable of supporting speeds up to 8,800 MT/s, with GPU functionalities provided by the Xe3 Celestial architecture and media decoding managed by the Xe4 Druid architecture [2] Market Implications - The addition of Intel as a client for TSMC's 2nm process is expected to enhance TSMC's order volume, following interest from other major companies like Apple, NVIDIA, AMD, Qualcomm, and MediaTek [1] - The flexibility in production offered by TSMC's 2nm process may mitigate potential delays or shortages in chip supply that could arise from Intel's own manufacturing constraints [1]