Core Viewpoint - Nvidia's CEO Jensen Huang praised TSMC during his visit to Taiwan, highlighting the company's significance and expressing that anyone looking to invest in TSMC would be "very smart" [1]. Group 1: Nvidia and TSMC Collaboration - Huang emphasized that TSMC is producing six new products for Nvidia, including a new central processing unit and a new graphics processing unit [1]. - Nvidia is planning to establish the "NVIDIA Constellation" project in Taiwan to accommodate its growing workforce, indicating a strong commitment to the region [6]. Group 2: U.S. Government Involvement in Semiconductor Industry - The U.S. government is considering acquiring stakes in semiconductor companies, including Intel, as part of discussions surrounding the CHIPS Act, which aims to revitalize U.S. semiconductor manufacturing [4]. - TSMC has received a commitment of $6.6 billion under the CHIPS Act to support the construction of three advanced chip manufacturing plants in Arizona [2]. Group 3: Market Reactions and Developments - TSMC's stock has increased by 6.5% year-to-date, reflecting positive market sentiment towards the company [6]. - Nvidia has requested some of its component suppliers to halt production related to the H20 graphics processor due to security concerns raised by China [6][7].

英伟达首席执行官黄仁勋高度赞扬台积电，称任何希望投资该公司的人都"非常聪明"。 黄仁勋周五在中国台湾地区访问期间，他此次来台的主要目的是感谢台积电在英伟达下一代AI芯片平 台Rubin方面的工作。他透露台积电正在为英伟达制造六款新产品，包括新的中央处理器和用于高级计 算特别是AI的通用处理器。 黄仁勋在访问中还透露了英伟达在中国台湾地区的扩张计划——"NVIDIA Constellation"项目——英伟 达最近宣布的台湾地区新办事处，用于安置当地员工。目前英伟达仍在与政府合作解决一些问题，以便 开始建设该项目。 "我们的供应链在这里非常繁忙，"黄仁勋表示。他指出英伟达正与中国台湾各地的芯片公司、系统供应 商和系统制造商合作，需要大量工程师与他们并肩工作。 风险提示及免责条款 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 这一表态正值美国政府释放信号有意收购科技公司股权，特别是那些接受《芯片法案》资金的企业。据 见闻此前文章，特朗普政府正在考虑以股权换取《芯片法案》资金，涉及美 ...

Core Viewpoint - AMD is expected to benefit from the competitive landscape in the artificial intelligence sector, with its stock price having risen significantly this year, outperforming Nvidia [1][3] Group 1: AMD's Performance and Market Position - AMD's stock has increased by 46% in 2025, indicating strong performance among chip manufacturers [1] - The company is gaining market share in the central processing unit (CPU) market by taking share from Intel [4] - AMD's revenue for the second quarter is projected to reach $7.4 billion, a 27% increase year-over-year [3] Group 2: Industry Trends and Competitors - The semiconductor sector has seen strong performance, with the Philadelphia Semiconductor Index rising by 13% [3] - Major tech companies like Meta, Microsoft, Amazon, and Alphabet are expected to invest over $340 billion in capital expenditures this year, primarily for AI capabilities [3] - Nvidia holds a dominant 95% market share in the GPU sector, while AMD only accounts for 5% [3] Group 3: Future Outlook and Analyst Sentiment - Global AI spending is projected to reach $500 billion by 2026, indicating significant growth potential for the semiconductor industry [4] - Analysts are cautious about AMD's growth prospects, with less than 70% recommending a buy, compared to nearly 90% for Nvidia [5] - AMD's stock is trading 15% above the average target price, suggesting limited return potential compared to its peers [5]

在开支削减举措中，英特尔成本高昂的代工部门成为重点。该部门为其他公司生产芯片，目前仍在寻找大客户来支撑业务。数据显示，其 代工业务营收为44亿美元，运营亏损却高达31.7亿美元。基于此，英特尔已取消了计划在德国和波兰建设的晶圆厂项目，并将整合其在越 南和马来西亚的测试和组装业务。同时，公司将放缓在俄亥俄州建设尖端芯片工厂的步伐，具体取决于市场需求以及能否为该工厂争取到 大客户。陈立武在备忘录中直言："过去几年，公司投资过多、过快，而需求不足。在此过程中，我们的工厂布局变得不必要地分散，利用 率也不足。"他还强调，公司即将推出的芯片制造工艺（称为14A）将根据已确认的客户承诺进行打造，"不再有空白支票。每项投资都必须 具有经济意义。" 从业务部门表现来看，英特尔客户端计算部门主要负责销售个人电脑的中央处理器，第二季度销售额为79亿美元，同比下降3%。数据中心 业务部门收入增长了4%，达到39亿美元，该部门包括一些人工智能芯片，但主要为服务器中央处理器。陈立武在备忘录中写道，英特尔希 望重新夺回数据中心芯片的市场份额，并正在寻找该业务的永久领导者。目前，长期竞争对手AMD越来越多地从云客户那里赢得服务器业 务，给 ...

Core Viewpoint - Malaysia aims to reclaim its position in the semiconductor industry amidst rising competition from neighboring countries and geopolitical uncertainties, focusing on attracting investments and enhancing its manufacturing capabilities [2][8][9]. Group 1: Industry Position and Challenges - Malaysia is the sixth-largest exporter of semiconductors globally, but its early advantages have diminished due to corruption and political instability, allowing countries like Thailand and Vietnam to emerge as competitors [2][4]. - The Malaysian government is committed to reducing bureaucratic hurdles and providing incentives such as cheap land and utility subsidies to attract semiconductor investors [2][8]. - The semiconductor industry faces uncertainties due to potential tariff increases on exports to the U.S., which could impact costs and inflation [4][5]. Group 2: Investment and Development Initiatives - The Malaysian government has announced plans to attract at least 500 billion ringgit (approximately 116 billion USD) in semiconductor investments, with over 50 data centers already operating in the country [8][9]. - AT&S has invested around 1.2 billion USD in a high-tech facility in Kulim, expected to create 3,000 jobs and support the growing data center ecosystem in Malaysia [6][8]. - A 250 million USD, 10-year agreement with Arm Holdings aims to enhance Malaysia's capabilities in semiconductor design and technology [8][9]. Group 3: Geopolitical and Market Dynamics - The U.S. has increased scrutiny on semiconductor exports, particularly concerning national security, which has led to investigations into companies like Nvidia for illegal shipments to China [9][10]. - Despite challenges, the demand for chips is expected to grow due to advancements in artificial intelligence, which may mitigate the negative impacts of tariffs [10][11]. - The competitive landscape in Southeast Asia is intensifying, with countries like Thailand and Vietnam attracting significant investments from major companies [8][9].

Market Overview - Major indices in the US closed lower, with the Dow Jones down 389.83 points (0.95%) at 40829.00, Nasdaq down 154.58 points (0.87%) at 17689.66, and S&P 500 down 43.47 points (0.77%) at 5606.91 [1] - European markets showed mixed results, with Germany's DAX30 down 85.84 points (0.37%) at 23249.58, while the UK FTSE 100 rose slightly by 2.92 points (0.03%) to 8599.27 [1] Currency Market - The US Dollar Index fell by 0.59% to 99.237, with the Euro rising to 1.1371 USD from 1.1313 USD, and the British Pound increasing to 1.3376 USD from 1.3289 USD [2] Cryptocurrency and Commodities - Bitcoin increased by 0.51% to 95312.49 USD, while Ethereum dropped over 1.6% to 1791.71 USD [3] - Spot gold prices rose above 3400 USD, with local jewelry prices also increasing, such as Chow Tai Fook's gold price at 1026 CNY per gram, up 28 CNY [3] - Crude oil prices saw significant increases, with NYMEX light crude up 1.96 USD (3.43%) to 59.09 USD per barrel, and Brent crude up 1.92 USD (3.19%) to 62.15 USD per barrel [3] Corporate News - AMD reported first-quarter earnings that exceeded expectations, with a 36% year-over-year revenue increase to 7.44 billion USD, driven by a 57% growth in its data center segment [7] - Microsoft is launching two low-end Surface tablets to promote its AI tools, with the Surface Laptop starting at 899 USD and the Surface Pro at 799 USD, aiming to compete with Apple's devices [8]