Core Viewpoint - TSMC reported record financial performance for Q3 2025, with sales reaching $33.1 billion and operating profit at $16.75 billion, marking a significant recovery in operating margin to over 50% from a previous low of around 40% [2][4]. Financial Performance - TSMC's Q3 2025 sales of $33.1 billion positioned it as the second-largest semiconductor company, trailing only NVIDIA at $46.7 billion, and outperforming competitors like Samsung ($23.2 billion) and Intel ($13.7 billion) [4]. - The quarterly wafer shipments reached a record high of 4.09 million pieces in Q3 2025, demonstrating a V-shaped recovery from a low of 2.9 million pieces in Q3 2023 [8]. Technology and Production Nodes - TSMC's strong performance is attributed to the rapid growth in wafer input for advanced 3nm and 5nm nodes, while contributions from older nodes like 7nm are declining due to a shift in focus among Chinese manufacturers towards mature process nodes [6][12]. - The application of extreme ultraviolet (EUV) lithography technology has been pivotal, with TSMC operating over 150 EUV machines, significantly enhancing its competitive edge [6][11]. Market Dynamics - The semiconductor market is witnessing a shift from smartphone-centric production to a focus on artificial intelligence (AI) and high-performance computing (HPC), with TSMC's HPC business expected to surpass smartphone sales by Q3 2025 [26][31]. - The market share of TSMC's mature nodes is being eroded by Chinese competitors, as they pivot towards these nodes due to U.S. restrictions on advanced technology exports to China [16][17]. Customer Base Evolution - TSMC's top customers are shifting, with NVIDIA projected to account for 22-25% of revenue by 2025, overtaking Apple, which is expected to drop to 20-23% [28][30]. - The dominance of AI semiconductor companies in TSMC's customer base reflects a significant transformation in the company's revenue structure, moving away from reliance on smartphone manufacturers [30][32]. Competitive Landscape - TSMC's lead in advanced semiconductor manufacturing is reinforced by its substantial investment in EUV technology, making it difficult for competitors like Samsung and Intel to catch up [36]. - The ability to supply advanced nodes has become a critical asset, positioning TSMC as a central player in the global semiconductor supply chain, akin to a "central bank" for computing resources [36].

截至周二美股收盘，博通收涨2.94%，报312.83美元。该股今年已累计上涨36%。 摩根士丹利认为，博通业务的长期强劲表现证明了市场对人工智能半导体的热情高涨是合理的。摩根士 丹利认为该公司是人工智能市场上最无争议的公司之一。该机构还上调了其所覆盖的人工智能半导体公 司的目标价。 智通财经APP获悉，摩根士丹利分析师Joseph Moore发布研报，将博通(AVGO.US)目标价从270美元上调 至338美元，并维持对该股的"增持"评级。这种乐观情绪基于该公司在人工智能(AI)半导体市场的地 位。 ...

Group 1 - Tesla has signed a $4.3 billion agreement with LG Energy Solution to procure lithium iron phosphate (LFP) batteries, which will be produced at LG's U.S. factory for energy storage systems, not for vehicles [1] - This marks Tesla's second deal with a South Korean manufacturer this month, following a $16.5 billion agreement with Samsung Electronics for AI semiconductors [1] - LG Energy is looking to expand its energy storage business in the U.S. and plans to increase LFP battery production at its joint venture plant with General Motors in Tennessee [1] Group 2 - LG Energy has a contract worth 5.9 trillion Korean won to supply LFP batteries overseas starting from August 2027 for three years, although the customer and product details were not disclosed [2] - The agreement includes an option to extend the supply period by up to seven years and increase supply volume through negotiations with the customer [2] - LG Energy is competing in the LFP battery market, which is cheaper and offers better energy density in cold climates, to better compete with Chinese rivals [2]

Political Landscape - The emergency presidential election in South Korea is scheduled for June 3, 2025, following political uncertainty due to the declaration of martial law and the impeachment of President Yoon Suk-yeol[6]. - Recent polls indicate that opposition candidates are leading, reflecting a favorable trend for the opposition party amid high public support for changing the current government[7][8]. Economic Policy Outlook - Key economic policy platforms focus on improving corporate governance and addressing the "Korea discount," with retail investors representing nearly 30% of the population[19]. - Major candidates propose four main categories of capital market policies: corporate governance reform, tax incentives, enhanced accessibility for capital markets, and establishing a fair market order[20]. Market Projections - The KOSPI 12-month target has been raised to 2900, indicating a 9% upside potential, driven by the elimination of political risks and advancements in capital market reforms[3][64]. - The potential reclassification of South Korea's MSCI status could attract approximately $20-30 billion in foreign investment, improving market accessibility[48][51]. Corporate Governance Reforms - Both leading candidates emphasize the importance of corporate governance reforms, which could play a crucial role in narrowing the Korea discount[22][23]. - Despite previous efforts, the valuation of the Korean stock market remains significantly discounted compared to regional and global peers, with a price-to-book ratio discount of 48% compared to developed markets[28]. Tax Incentives - Proposed reforms include changes to dividend and inheritance tax policies to encourage higher dividend payouts, which previously saw significant increases when similar policies were implemented in 2014[37][40]. - The inheritance tax reform aims to address undervaluation issues of listed company stocks, particularly for those with a price-to-book ratio below 0.8[38]. Market Order and Transparency - Candidates commit to strengthening penalties for illegal trading practices, such as insider trading, to enhance protection for minority shareholders and improve market transparency[52][53]. - The overall number of unfair trading cases has decreased, but there has been a rise in cases related to interest disclosures in 2024[53]. Sector-Specific Policies - Both candidates support strategic industries such as AI, renewable energy, and defense, with commitments to establish investment funds and incentives for domestic production[59][60]. - The focus on enhancing the competitiveness of the shipbuilding industry and advancing defense technology is also highlighted in their platforms[60].

特朗普：昨天，阿联酋和美国同意为阿联酋从美国公司购买一些最先进的人工智能半导体开辟一条道 路。 ...

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。 总市值超过 8 万亿美元的科技公司正在敦促特朗普政府重新考虑芯片出口限制，他们担心这些限制 会将美国的盟友推向中国竞争对手的怀抱。 周四，微软公司总裁和亚马逊公司首席执行官接连表示，特朗普团队应该重新考虑拜登时代的法 规，该法规将限制向以色列、沙特阿拉伯和阿拉伯联合酋长国等国家出口人工智能半导体。他们的 恳求与英伟达公司首席执行官的类似呼吁相呼应。 在许多科技公司渴望表达对唐纳德·特朗普总统及其经济政策的支持之际，过去 24 小时的言论表明 他们也有一些重大要求。 拜登政府推出的所谓"人工智能扩散规则"将几个国家置于三级类别的第二级，该类别限制了用于训 练人工智能模型的数据中心芯片的出口。微软总裁布拉德·史密斯表示，该政策限制了人工智能芯片 向"具有战略意义的市场"的出口，并可能促使这些国家转向中国寻求先进的半导体。 史密斯周四在一篇企业博客文章中写道："如果不改变这一规定，拜登的规则将使中国在逐步传播自 己的人工智能技术方面获得战略优势，与十年前中国在 5G 电信领域的迅速崛起如出一辙。" 几个小时后，亚马逊老板安迪·贾西（And ...