【#卢伟冰确认小米17Ultra将涨价#】智通财经获悉，小米集团总裁卢伟冰在近日举办的一场直播互动 活动中明确表态，新一代旗舰机型小米17 Ultra将迎来价格上调。谈及内存价格疯涨对小米17 Ultra带来 的影响，卢伟冰称，"这是我最近很头疼的一个问题。"他提到，过去的三年，AI是爆发式的增长，造成 很多产能要去做HPC（高性能计算）。以前手机是整个内存里最主要的一个需求方，但现在高性能的算 力需求已经超过手机。"这几年其实是没有新增的产能，到2027年底可能才有产出。"卢伟冰判断，2025 到2027年都会是内存成本的上涨年。直播中，他介绍了7-12月台式机内存条的涨价情况，从1000元左右 涨到了3000多元，价格涨了接近3倍。（智通财经） ...

Summary of TSMC Conference Call Company Overview - **Company**: TSMC (Taiwan Semiconductor Manufacturing Company) - **Industry**: Semiconductor Manufacturing Key Points Revenue Growth and Capital Expenditure - TSMC expects a revenue growth rate of approximately 25% over the next five years, driven by technological barriers [2][3] - Capital expenditure guidance for 2025 is set between $35 billion and $42 billion, representing a year-on-year increase of 34% [2][3] Profit Margin Risks - The company faces risks from the appreciation of the New Taiwan Dollar and the migration of manufacturing to the U.S., which could lead to a decline in gross margins by about 1% annually [2][4] - Despite these risks, TSMC anticipates that its gross margin will only decline by 1% per year, which is a relatively optimistic forecast [4][5] AI and HPC Revenue Growth - TSMC is positioned as a key player in the AI computing supply chain, with AI-related revenue expected to double from 2024 to 2025 and maintain a growth rate of around 45% from 2025 to 2029 [2][6] - High-Performance Computing (HPC) accounts for 60% of TSMC's revenue, with quarterly revenues ranging from $14 billion to $15 billion, showing a year-on-year growth of nearly 80% [4][14] Product Pricing and Margins - The average selling price (ASP) of TSMC's products increased by 3% to $8,088, significantly higher than competitors like SMIC [2][8] - The gross margin for Q2 was reported at 58.6%, with only a slight decline of 0.2 percentage points due to increased capacity utilization and ASP growth [2][8] Capacity Expansion and Technology Transition - TSMC plans to expand its 5nm capacity in the second half of 2025 to meet growing customer demand, transitioning some 7nm capacity to 5nm and further to 4nm [4][10] - The company confirmed that its 5nm capacity is currently very tight, which is a core issue for expansion [7][9] Market Dynamics and Competitor Analysis - Despite ASML's weaker performance and subdued EUV equipment investments, TSMC's end-user demand remains strong, indicating potential for upward adjustments in capital expenditures [2][7] - TSMC's wafer prices are projected to increase by 19% in 2025, followed by 12% in 2026 and 7% in 2027 [11] Industry Valuation and Investment Sentiment - TSMC's valuation is aligned with its profit growth, maintaining a price-to-earnings ratio of around 25 times, with a target price-to-book ratio of approximately 7 times [13][25] - Investors are attracted to TSMC due to its expected 25% revenue growth over the next five years and high visibility within the hardware cycle [25] Currency Impact - The recent appreciation of the New Taiwan Dollar by approximately 10% could impact TSMC's gross margins and stock price, necessitating close monitoring of this risk [22] Semiconductor Industry Trends - The global semiconductor industry has been experiencing growth since mid-2023, with a long-term growth rate of around 20%, although most sectors are in cyclical fluctuations [23] - The data center segment is expected to grow by 30% to 40% annually, contributing significantly to the overall industry growth [23][24] Conclusion - TSMC is well-positioned for future growth, particularly in AI and HPC sectors, despite facing some risks related to currency fluctuations and manufacturing shifts. The company's strategic focus on advanced technologies and capacity expansion is expected to drive revenue and maintain competitive advantages in the semiconductor industry.