Core Viewpoint - Morgan Stanley believes that the existence of a slightly weaker competitor in the advanced process field may create a false sense of "choice" for customers, which could actually benefit TSMC by reducing ongoing government scrutiny and pressures from policies like "manufacturing return to the U.S." [2][3][7] Group 1: Market Dynamics - TSMC is expected to maintain over 90% market share in the advanced process field, with a "buy" rating and a target price of 1,275 New Taiwan Dollars [3][7]. - The notion of TSMC becoming a monopolist has not significantly increased its price-to-earnings ratio, which remains under pressure from government scrutiny and geopolitical risks [7][8]. Group 2: Intel's Foundry Business - The market may view the participation of major TSMC clients like Apple and Nvidia in Intel's foundry revival as a direct loss of market share for TSMC, but this is not entirely negative [9]. - Intel's foundry business faces fundamental challenges beyond financial issues, including the need for a different corporate culture and customer-centric innovation [11][12]. Group 3: Competitive Landscape - Intel's foundry strategy has historically struggled to gain traction, even when it had a dominant position in the CPU market [11]. - The best chance for Intel's foundry success may lie in adopting an N-1 approach, which could mitigate risks for potential customers and enhance capacity without directly competing with TSMC in advanced processes [12][13].

Group 1 - Ford is lobbying to retain clean energy manufacturing subsidies from the U.S. government, warning that cuts to tax credits could jeopardize jobs at its battery plant in Michigan [1] - The Marshall battery plant, costing $3 billion, is set to produce 20 GWh of lithium iron phosphate (LFP) batteries annually and employ up to 1,700 workers, with production expected to start in 2026 [1][2] - The plant is significant as it will be the first in the U.S. dedicated to producing LFP batteries for electric vehicles, leveraging technology from China's CATL [2] Group 2 - The "45X production tax credit" from the Inflation Reduction Act is at risk during budget negotiations, which could result in Ford losing approximately $2.3 billion in tax credits from 2026 to 2029 [2] - Ford's initial production capacity for the plant was designed to support 400,000 electric vehicles, but this has been revised down to about 230,000 due to decreased consumer demand [3] - A new tax bill proposed by Senate Republicans aims to terminate tax credits for clean energy, including a $7,500 electric vehicle purchase tax credit, which could impact consumer adoption [3]

Core Viewpoint - Morgan Stanley maintains a bullish outlook on Tesla, reiterating an "Overweight" rating and a target price of $410, despite recent volatility due to public disputes involving CEO Elon Musk and former President Donald Trump [1][5]. Group 1: Market Performance - Tesla's stock experienced a significant decline of nearly 15% last week, with a record single-day loss exceeding 14% on Thursday, impacting major indices like the S&P 500 and Nasdaq [2]. - As of 2025, Tesla's stock has dropped over 25% year-to-date [2]. Group 2: Long-term Outlook - Morgan Stanley emphasizes that the recent political tensions and the potential removal of electric vehicle tax credits will not significantly affect Tesla's long-term fundamentals [5]. - The firm believes that Tesla's leadership in AI, autonomous driving, and robotics positions it favorably for future growth, despite short-term market fluctuations [6][8]. Group 3: Key Growth Drivers - The core growth drivers identified by Morgan Stanley include Full Self-Driving (FSD) technology, the Robotaxi network, and the Optimus AI humanoid robot, with the potential for the robotics market to surpass the global automotive market [8][11]. - The analysis suggests that the integration of advanced AI models and Tesla's Dojo supercomputer will enhance the capabilities of its products, further solidifying its market position [10][11]. Group 4: Financial Projections - Morgan Stanley's bull case estimates a total valuation of $800 per share for Tesla, driven by various segments including automotive, energy, and mobility services [9]. - The base case valuation stands at $410, while the bear case estimates a value of $200, reflecting the potential volatility in Tesla's stock price based on market conditions [9].

Core Viewpoint - The article discusses the challenges faced by American small business owners in the context of the U.S. government's "reciprocal tariff" policy aimed at bringing manufacturing back to the U.S. It highlights the reluctance of consumers to pay higher prices for "American-made" products, despite public support for domestic manufacturing [1][3]. Group 1: Challenges of "American Manufacturing" - A small business owner conducted an online test revealing that all nearly 600 showerheads sold were produced in Asia, with zero sales for the "American-made" option priced at $239 compared to $129 for the Asian-made version [1][2]. - The high cost of "American-made" products, which can exceed $100 more than their Asian counterparts, is attributed to the lack of specialized manufacturing facilities in the U.S. and the need for collaboration with multiple manufacturers to produce a single product [2][5]. - The complexity and cost of logistics in the U.S. further hinder the competitiveness of "American manufacturing," as multiple factories are required to complete different production stages, leading to increased expenses and time delays [5][6]. Group 2: Economic Implications - The "reciprocal tariff" policy may lead to job losses among small business owners who rely on global supply chains, as raising prices to maintain profitability could result in zero sales [7][9]. - The article emphasizes that the U.S. lacks the necessary resources, infrastructure, and skilled labor to support a fully domestic manufacturing model, making it impractical to produce all consumer goods within the country [5][6]. - The uncertainty surrounding future tariffs and trade policies has led companies to pause new product development and reduce marketing efforts, reflecting a cautious approach to risk management in an unpredictable environment [8][9].

Core Viewpoint - The article discusses the potential imposition of a 25% tariff on imported iPhones by Trump, which is linked to Apple CEO Tim Cook's absence from a recent Middle Eastern trip, marking a significant shift in their relationship and increasing pressure on Apple during a critical product launch period [1][4]. Group 1: Trump's Actions and Statements - Trump publicly criticized Tim Cook for not accompanying him on his Middle Eastern trip, which he viewed as a slight, and mentioned Cook multiple times during his visit [2][3]. - During his speeches, Trump praised other CEOs present but pointedly remarked on Cook's absence, indicating a personal grievance [3]. - Trump threatened to impose a 25% tariff on all non-U.S. manufactured iPhones shortly after returning from the trip, which surprised Apple given their previous tariff exemptions [3][4]. Group 2: Apple's Position and Challenges - Under Cook's leadership, Apple has seen its market value increase by over $2.5 trillion, averaging a daily increase of approximately $500 million, with annual net profits nearing $100 billion [6]. - The timing of the tariff threat is particularly challenging for Apple, as the company recently faced a legal setback regarding its App Store practices and is dealing with competitive pressures from former executives [6][7]. - Apple has not committed to manufacturing iPhones in the U.S. and continues to expand its assembly operations in India, which has drawn Trump's ire [6][7]. Group 3: Future Implications - To mitigate criticism regarding overseas production, Apple has pledged to invest $500 billion in the U.S. over the next four years and plans to source $19 billion in chips domestically [7]. - Despite these commitments, Trump remains focused on having iPhones manufactured in the U.S., suggesting that the tariff could be a tool to pressure Apple into compliance [7].

Core Viewpoint - The ongoing tension between Apple CEO Tim Cook and President Trump is impacting Apple's market position and stock performance, with Trump threatening tariffs on iPhones not produced in the U.S. [1][3] Group 1: Trump's Threats and Apple's Response - Trump publicly criticized Cook for planning to build factories in India while promising a $500 billion investment in the U.S. [1][3] - Following Trump's threats, Apple's stock price dropped significantly, losing over $100 billion in market value [1][3]. - Cook has made efforts to maintain a good relationship with Trump, including a $1 million donation to Trump's inauguration and a commitment to invest $500 billion in the U.S. over four years [3][5]. Group 2: Supply Chain and Manufacturing Challenges - Apple's plan to move iPhone assembly to India by the end of 2026 has drawn Trump's ire, as it contradicts his administration's goal of revitalizing U.S. manufacturing [5][6]. - Manufacturing iPhones in the U.S. could increase costs by over 90%, with potential retail prices soaring to $3,500, which would disrupt Apple's business model [6][8]. - The entrenched supply chain in China poses significant challenges for Apple, as many components are uniquely produced there, making relocation to the U.S. a lengthy and costly process [7][8]. Group 3: Skills Gap in U.S. Manufacturing - The skills gap between U.S. and Chinese manufacturing is a critical issue, with the U.S. lacking the necessary skilled labor to support high-tech manufacturing [8]. - Cook has emphasized that China's appeal to foreign investors is not solely based on lower labor costs but also on the availability of a highly skilled workforce [8].

金十数据5月24日讯，美国总统特朗普当地时间周五表示，他当天早些时候对苹果公司发出的关税威胁 也将针对包括三星电子在内的其他设备制造商，以此促使这些公司将产品制造迁移到美国。特朗普 说："范围会更广。这也会包括三星以及任何生产同类产品的制造商，否则就不公平了。所以，任何生 产这类产品的公司都会受到影响，预计从6月底开始实施。"此前特朗普在社交媒体上发布警告称，如果 苹果公司未能将iPhone生产从海外转移到美国，将面临25%的关税。特朗普在白宫的讲话进一步澄清了 他当天早些时候在社交媒体上的声明，明确表示关税措施不仅限于苹果，而是涵盖所有生产类似产品的 企业，旨在通过经济手段推动制造业回流美国。 特朗普威胁对三星等其他iphone制造商征收25%关税 ...

Market Overview - Recent improvement in US stock market sentiment attributed to Trump's successful Middle East visit [1] - Hong Kong stock market remains sluggish with average trading volume around 220 billion, failing to exceed 300 billion for a breakthrough [1] - Both markets are experiencing weakness due to lack of new stimuli following US-China talks, with a focus on stability in policy adjustments [1] Company Developments - BYD announced the establishment of its European headquarters in Budapest, Hungary, with a total investment of 100 billion HUF (approximately 24.8 million euros), creating 2,000 jobs [3] - The new headquarters will focus on sales, after-sales, vehicle certification, and local design, marking a significant step for BYD in the European market [3] - Netease reported strong financial results, maintaining growth despite the absence of new hits, indicating a healthy industry environment [5] Regulatory Changes - A new mandatory national standard for light vehicle automatic emergency braking systems has been drafted, expanding its applicability to N1 class commercial vehicles [4] - This change is expected to significantly benefit companies like Nanchang Special Vehicle Co., which has been a leader in this technology since 2017 [4] Financial Performance - Tencent and Alibaba reported stable earnings with approximately 10% revenue growth, while JD.com faced a decline of over 4% due to potential losses in local services [4] - China Biopharmaceutical is projected to achieve a revenue of 28.87 billion yuan (+10.2%) in 2024, with a notable increase in innovative drug approvals [11][12] - The company has received FDA approval for its first innovative drug in the US, marking a significant milestone [11] Market Trends - The gaming industry shows resilience with increased engagement despite economic downturns, as evidenced by Netease's stock surge of over 13% [5] - The restaurant sector is also performing well, with companies like Zhou Hei Ya and Guoquan showing positive trends [6] - The stock market is witnessing varied attitudes towards technology stocks, with notable movements from major investors like Buffett and Soros [6]

Core Viewpoint - The failure of the Foxconn project in Wisconsin highlights the challenges of reviving American manufacturing, demonstrating that relying solely on policy incentives and subsidies is insufficient for successful manufacturing repatriation [2][6][7]. Group 1: Project Overview - In July 2017, Foxconn announced a $10 billion investment to build a 10.5-generation LCD panel factory in Wisconsin, promising to create 13,000 direct jobs and many more indirect jobs [3]. - The state of Wisconsin committed $4 billion in subsidies, including $2.85 billion in tax breaks and $764 million for infrastructure [3]. - The project was initially celebrated by former President Trump as a significant achievement, referring to it as the "eighth wonder of the world" [3]. Group 2: Investment and Employment Decline - By 2019, Foxconn had only achieved 22% of its hiring goals, leading to the state rejecting tax subsidy applications twice, forcing Foxconn to adjust its investment plans [4]. - In 2021, Foxconn reduced its investment to $1.576 billion, only 15.76% of the original plan, and employment was cut to 1,454 positions, with tax incentives reduced to $80 million [4]. - By 2024, actual funds invested were only $672 million, indicating a significant shortfall from initial commitments [5]. Group 3: Reasons for Failure - The project's failure stemmed from multiple factors, including supply chain issues, high labor costs, political changes, and technological advancements [6][7]. - Wisconsin lacked a foundational panel industry, requiring Foxconn to import 80% of raw materials, which increased logistics and tariff costs [7]. - Labor costs in the U.S. were significantly higher, with hourly wages at $37 compared to $12 in Vietnam, and a shortage of skilled workers hindered recruitment [7]. - Political instability, including changes in state leadership and the loss of Trump's support, diminished the project's viability [7]. - The shift in the panel industry towards OLED technology rendered the 10.5-generation line less relevant, further questioning the project's commercial necessity [7].

Group 1 - Major companies including Nvidia, Johnson & Johnson, Hyundai Motor, Toyota, and SoftBank are gathering at the White House for an "Invest in America" promotional event [1] - President Trump aims to showcase significant investments in defense, technology, healthcare, consumer goods, and large investment funds during his first 100 days in office [1] - The Trump administration is pushing for a "manufacturing return to America" policy through tariffs and trade negotiations to encourage domestic manufacturing [1] Group 2 - The U.S. government has initiated a new round of global trade wars, imposing tariffs on various goods, raising concerns among U.S. airlines, aerospace companies, automakers, and retail giants about the impact on manufacturing and sales [2] - Nvidia's CEO announced plans to invest hundreds of billions in U.S.-made core chips and high-end electronic devices over the next four years, shifting focus from traditional semiconductor suppliers [2] - The White House highlighted commitments from major companies like TSMC, Nvidia, Apple, and Roche to invest in U.S. manufacturing, reflecting confidence in the U.S. economy and dollar assets [2] Group 3 - General Motors is considering a $60 billion investment in U.S. manufacturing but requires clarity and consistency in trade policies before making decisions [3] - The Trump administration's 25% tariff on foreign-made vehicles has taken effect, impacting global automakers and potentially leading to significant price increases for consumers [3] - A new tariff measure affecting nearly 150 categories of automotive parts will come into effect on May 3, covering essential components like engines and batteries [4] Group 4 - Trump is reportedly planning to exempt certain automakers from the most stringent tariffs, a move seen as a concession following lobbying from the automotive industry [5] - The administration's investment plan includes $500 billion for AI infrastructure, aiming to surpass competitors like China in this critical technology sector [5] - Hyundai Motor announced a $21 billion investment in the U.S., including a $5.8 billion steel manufacturing plant in Louisiana, creating over 1,400 jobs [6]