近期，美国与日本、韩国相继签署协议，日本和韩国分别承诺向美国投资5500亿美元和3500亿美元，此举再度提升市场对于特朗普政策能否有效推动美 国"再工业化"的关注度。我们在此前的报告 《特朗普的目标与现实——经济每月谈第六期》 中已从逻 辑层面 剖析美国"再工业化"目标面临的障碍。本报告 则聚焦于2019年以来的实际数据，评估美国推动产业链回流的努力对其制造业产生的客观影响。 2019年以来美国制造业回顾：投资有热度、生产未改善、就业继续下降。 制造业就业继续下滑。 尽管企业宣称"回流"带动的制造业新增就业数量持续增长，但美国劳工局数据显示，实际制造业就业人数近两年反而呈现收缩态势。 尤其值得注意的是，2 024年制 造业就业收缩幅度为2008年次贷危机后（除2020年疫情外）之最。 结构上美国电子产业链局部加速，但整体带动乏力。 前述市场关注到的美国绿地投资宣告流入及制造业建筑业支出激增均集中于电子产业链。如2020年以来 数据中心、计算机及电子设备制造行业的实际建筑支出分别增长了247%、740%。同期，计算机与电子设备制造业生产指数也增长了18%，位列18个制造 业子行业之首。但该行业产出占整体制造业比 ...

Core Viewpoint - The article discusses the U.S. government's evolving approach to semiconductor investments, particularly under the Trump administration, which is considering equity stakes in companies that do not commit to increasing investments in the U.S. semiconductor sector [3][4]. Group 1: U.S. Government's Semiconductor Policy - The U.S. government is exploring holding a 10% stake in Intel and potentially other companies, with a focus on those that have not committed to increasing investments in the U.S. [3][4] - Companies that have pledged to increase investments, such as TSMC and Micron, may not be required to exchange equity for subsidies [8] - The Trump administration aims to incentivize semiconductor companies to invest more in the U.S. by eliminating nearly 100% of chip import tariffs for those that comply with investment commitments [3][4]. Group 2: Financial Support and Investment Commitments - The CHIPS Act, signed by President Biden, allocated $39 billion to revitalize domestic semiconductor manufacturing, aiming to increase U.S. chip production from 12% to 20% by 2030 [7] - Intel is eligible for $8.5 billion in direct funding and $11 billion in loans for new and expanded fabs, while TSMC received $6.6 billion in subsidies and $5 billion in loans for a factory in Arizona [7][8] - The Trump administration's approach contrasts with the previous administration's, as it seeks equity stakes in exchange for financial support, which has faced pushback from companies like TSMC [7][8]. Group 3: Adjustments to the CHIPS Act - The Trump administration is considering reallocating at least $2 billion from the CHIPS Act to support critical mineral development projects, which are essential for semiconductor manufacturing [10] - This proposal aims to enhance the decision-making power of the U.S. Secretary of Commerce in strategic areas related to semiconductor production [10]. - The U.S. Department of Defense has also invested $400 million in a U.S. rare earth producer, becoming the largest shareholder, which aligns with the need for critical minerals in the semiconductor industry [10].

卢特尼克认为，将这些资金转换为英特尔的股权，可能是政府在保护纳税人利益的同时，支持英特尔的最佳方式。 特朗普政府正在讨论收购英特尔10%股份。 据透露，这是政府拯救陷入困境的英特尔和支持美国半导体制造业的努力的一部分，不过，股权投资的结构和条款尚未最终确定。 本月初，特朗普总统要求英特尔首席执行官陈立武因与中国的关系而辞职，白宫与英特尔之间的谈判因此升温。 陈立武随后在白宫拜访了特朗普，两人在会谈中讨论了英特尔持有政府股份的想法。 正在考虑的一个方案是将英特尔原定根据2022年《芯片与科学法案》获得的部分资金转换为股权。 知情人士称，美国商务部长Howard Lutnick正在寻找，提高英特尔等公司根据该法案获得资金的投资回报率的方法。 英特尔是该法案的最大受益者。 拜登政府2024年宣布，英特尔有资格获得约80亿美元的拨款，用于在俄亥俄州及美国各地新建或扩建芯片制造工厂。 英特尔将在达到某些里程碑后获得这笔资金。 转自：芯调查 加入"中国IC独角兽联盟"，请点击进入 是说芯语转载，欢迎关注分享 Q 星标 是说芯语 是说芯语 曲述泛集成电路行业的技术走势 市场应用 行业分析 产 不错过任何一条消息 ▶ 进入公 ...

Group 1 - SanDisk has abandoned plans to build a large chip manufacturing plant in Mundy, Michigan, leading to the failure of a $55 billion semiconductor manufacturing project that was expected to create up to 10,000 jobs in Genesee County [2] - The Michigan state government and economic developers worked for over a year to secure this investment, which was poised to be one of the largest in the state's history [2] - The U.S. aims to regain its status as a semiconductor manufacturing superpower through the $280 billion CHIPS and Science Act, which seeks to reduce reliance on foreign foundries [2] Group 2 - Intel plays a core role in establishing U.S. alternatives to foreign foundries but faces challenges following the sudden departure of former CEO Pat Gelsinger and the need for a new development strategy [3] - Micron Technology is prepared to compete with larger rivals SK Hynix and Samsung Electronics, showcasing its ability to produce advanced memory modules [3] Group 3 - Micron recently detailed its $200 billion investment plan in the U.S., which includes $150 billion for storage manufacturing and $50 billion for R&D, aiming to create approximately 90,000 direct and indirect jobs [4] - The $150 billion investment will fund the construction of a second leading memory factory in Boise, Idaho, and the expansion of existing facilities in Virginia and New York [4] - Micron's investment aims to meet anticipated market demand and support its goal of producing 40% of DRAM in the U.S. [4] Group 4 - Micron's first phase of investment involves building one of the largest and most advanced DRAM production facilities, Fab ID1, in Boise, Idaho, with a cleanroom area of 600,000 square feet [5] - Fab ID1 is expected to reach a key construction milestone by June 2025 and begin wafer production in the second half of 2027 [5] - A second facility, Fab ID2, will be constructed near ID1, benefiting from shared infrastructure and R&D co-location [5] Group 5 - Micron is also working on plans for up to four leading volume wafer fabs in New York, with a cleanroom area of approximately 600,000 square feet [6] - The New York project is more ambitious than the Idaho plan and aims to establish a strong domestic manufacturing footprint to support commercial and national computing needs [6]

Core Viewpoint - The article emphasizes the importance of revitalizing American manufacturing and innovation in the semiconductor industry to enhance economic competitiveness and national security [2][3]. Group 1: Importance of Manufacturing - Revitalizing American manufacturing is a national strategic goal that can create jobs, stimulate economic growth, and reduce reliance on foreign suppliers [2][3]. - The disconnect between innovation and production in the U.S. has led to vulnerabilities, as many technologies developed in the U.S. are produced elsewhere, resulting in lost economic returns and critical knowledge [3]. Group 2: Legislative Support - The CHIPS and Science Act, passed in 2022, aims to bring advanced semiconductor manufacturing back to the U.S. and has established federal incentives to expand domestic semiconductor manufacturing [4]. - Approximately 95% of the incentives from the CHIPS Act are directed towards supporting semiconductor manufacturing, covering the entire semiconductor value chain [4]. Group 3: Investment and Growth - U.S. semiconductor investments have exceeded $540 billion, with expectations of doubling the total chip manufacturing capacity over the next decade [5]. - The resurgence of manufacturing is accompanied by challenges in the supply chain, particularly in labor, infrastructure, and regulatory aspects [5][6]. Group 4: Workforce Development - The semiconductor industry requires both highly skilled engineers and trained workers, but the current education and training systems are not adequately meeting this demand [5][6]. - By 2030, 58% of necessary manufacturing and design positions may remain unfilled, highlighting the urgent need for educational support and workforce development [5]. Group 5: Infrastructure and Regulation - There is a significant infrastructure gap that needs addressing to support efficient operations of new semiconductor facilities, including upgrades to power, transportation, and water systems [6]. - Outdated regulatory processes can delay critical projects, with environmental impact reports taking an average of 4.5 years to complete [7]. Group 6: Trade and Global Competition - High tariffs are being used as negotiation tools, but relying solely on tariffs may not be sufficient to rebuild industrial capacity in the U.S. [7][9]. - China's investment in semiconductor research and production is increasing, with research output in chip design and production now double that of the U.S. [8]. Group 7: Long-term Strategy - A singular tariff strategy cannot address the multifaceted needs of revitalizing American manufacturing, which requires investment in the domestic ecosystem [9][10]. - Continuous public support and tax incentives are essential for the semiconductor industry to thrive in a competitive global landscape [10].

Core Viewpoint - The article discusses the challenges and strategies related to the U.S. semiconductor industry, emphasizing the need for a skilled workforce, competitive wages, and the rebuilding of manufacturing capacity to address the decline in domestic chip production [1][2][3]. Group 1: Legislative and Financial Support - The Biden administration introduced the CHIPS and Science Act to revitalize the domestic semiconductor manufacturing sector, with over $37 billion allocated to 32 companies and 48 projects [1]. - The legislation is seen as a necessary step for national security and manufacturing revitalization, but it is only the beginning of addressing semiconductor challenges [1]. Group 2: Workforce Development Challenges - There is a significant shortage of skilled labor in the semiconductor industry, making it as difficult to staff wafer fabs as it is to build them [2]. - Companies often recruit from a limited talent pool, leading to challenges in training and retaining skilled workers, which hinders private sector investment in necessary training [2]. - The median wage for electronic product manufacturing workers is $24 per hour, which is lower than that of mechanics and welders, complicating competitiveness in the global market [2]. Group 3: Manufacturing Capacity and Supply Chain Issues - The U.S. semiconductor manufacturing capacity has been declining for decades, necessitating a rebuild of the industry [3]. - The complexity of the manufacturing supply chain, including the need for components like printed circuit boards, poses additional challenges [3]. - Without a clear plan for utilizing new domestic semiconductor resources, there is a risk of surplus chips without a market [3]. Group 4: Future Manufacturing Strategies - The U.S. faces a choice between investing in rebuilding electronic manufacturing capabilities or relying on a distributed global assembly model, often referred to as "friend-shoring" [4]. - Establishing a friend-shoring assembly system could help integrate U.S. design expertise with lower-cost labor, potentially reshaping the current international manufacturing landscape [4].

如果您希望可以时常见面，欢迎标星收藏哦~ 来源：内容 编译自彭博社 ，谢谢。 据报道，Wolfspeed Inc.正在努力与投资者达成协议，为其明年到期的 5.75 亿美元可转换债券进行 再融资。 据知情人士透露，这家总部位于北卡罗来纳州达勒姆的芯片制造商一直在与摩根大通公司合作进行 再融资工作，这些知情人士不愿透露姓名。 Wolfspeed 股价周五收于 2.59 美元，此前该公司股价下跌近 52%，创下有史以来最大单日跌幅。根 据该公司股票目前的交易情况，除非股价达到 47.32 美元，否则不太可能转换为股票。根据彭博社 汇编的数据，截至纽约时间周五下午，这些票据的报价约为 60 美分。这也让他们跌至 1998 年以来 的最低水平。 该公司在周五的一份声明中表示： "Wolfspeed 将继续与顾问合作，探索可转换票据的替代方案，并 继续与贷方进行对话"，其中包括阿波罗全球管理公司 (Apollo Global Management Inc.)和瑞萨电 子公司 (Renesas Electronics Corp.) 。 Wolfspeed 的一位代表拒绝就该声明发表进一步评论。摩根大通的一位代表拒绝发表评 ...