Rapidus计划到2031年投资超过3万亿日元（约合28.2万亿韩元）用于1.4纳米和1纳米半导体的研 发和量产。总投资额将超过7万亿日元。日本政府累计向Rapidus提供的资金支持已达2.9万亿日 元。该公司计划于2031年上市。 随着Rapidus的加入，2纳米以下先进半导体领域的竞争已演变成一场全国性的较量。美国目前持 有英特尔10%的股份，并支持该公司2纳米以下18A代工业务。美国总统唐纳德·特朗普甚至表 示："创造最先进的半导体和集成电路，而这正是英特尔的专长，也是我们国家未来的基石。"值 得注意的是，美国正引领全球半导体公司在国内生产方面取得领先地位，以构建自身的半导体生 态系统。台湾台积电正在美国亚利桑那州投资650亿美元建设三座先进半导体工厂，而韩国三星 电子也在德克萨斯州泰勒市建设一座2纳米以下先进代工工厂。 台湾也在积极支持台积电。2023年，台湾通过跨党派协议通过了《台湾半导体法》，旨在扶持包 括半导体在内的先进技术，为研发成本提供25%的税收抵免，为半导体和电动汽车等战略产业的 厂房投资提供5%的税收抵免。近期，台积电宣布计划在台南市正在开发的南方科学园区增建三座 2纳米制程工厂。中 ...

Group 1: Samsung's Chip Manufacturing Delays - Samsung's second advanced process chip manufacturing plant in the U.S. has its production timeline pushed back from 2024 to 2026 due to insufficient local customer demand [1] - The company plans to invest over $37 billion in Texas over the coming years, with the Biden administration approving up to $4.7 billion in subsidies under the CHIPS and Science Act [1] - The delay in construction progress is attributed to a severe lack of large customer orders, making immediate production unfeasible even with equipment installation [1] Group 2: Challenges in Samsung's Foundry Business - Samsung's foundry division has postponed the mass production of 1.4nm semiconductors to 2029, two years later than previously planned, indicating a strategic retreat from direct competition with TSMC [2] - The foundry division recorded an operating loss of 2 trillion KRW in 2023, which doubled to 4 trillion KRW the previous year, with analysts predicting an additional loss of 3 trillion KRW by 2025 [2] - In contrast, TSMC continues to see revenue growth, with May revenues reaching NT$320.5 billion (approximately $10.7 billion), a year-on-year increase of 39.6% [2] Group 3: Quality and Yield Issues - Samsung's foundry business faces yield issues, a critical metric for chip manufacturing quality, leading to lost orders due to unstable yields [3] - Although recent improvements in yield have been noted, U.S. export restrictions on high-end chips to China have exacerbated the situation, resulting in lower capacity utilization compared to industry averages [3] - Despite potential short-term performance pressures, Samsung's stock reached a nine-month high, driven by low valuations and the U.S. lifting restrictions on chip design exports to China [3]

Core Viewpoint - Samsung is facing challenges in its semiconductor business due to setbacks in HBM and lagging wafer foundry capabilities, leading to performance issues and loss of market leadership in DRAM to SK Hynix and TSMC [1][2] Group 1: Semiconductor Production Adjustments - Samsung has officially postponed the mass production of 1.4nm semiconductors to 2029, two years later than previously planned, in an effort to enhance the profitability of its 2nm and higher processes [4] - The decision to delay 1.4nm production is seen as a response to a decline in operational rates that resulted in a loss of 4 trillion KRW for Samsung's foundry division last year [4] - Samsung plans to focus on stabilizing its 2nm process and improving the operational rates of its 4, 5, and 8nm processes to ensure profitability [5] Group 2: HBM Supply and Partnerships - Samsung is negotiating with Nvidia for the supply of HBM3E 12-layer chips, emphasizing that its quality is competitive with rivals [7] - The company has also secured supply agreements with AMD for its AI accelerator MI350X series, which has boosted confidence in Samsung's HBM3E 12-layer memory quality [7] - Nvidia is expected to begin shipping its Blackwell Ultra AI accelerator by the end of this year, with initial supply contracts already established with SK Hynix and Micron [8] Group 3: Market Dynamics and Competitive Position - The demand for Blackwell Ultra is anticipated to grow not only next year but also in the following year, as the initial production of the next-generation Vera Rubin is likely to be limited [10] - Samsung's entry as a third major supplier of HBM3E 12-layer memory could provide Nvidia with leverage in price negotiations with existing suppliers [10] - The average selling price (ASP) of HBM3E provided by SK Hynix is reportedly about 60% higher than that of the 8-layer version, indicating a competitive pricing environment [10]

Core Viewpoint - Rapidus aims to mass-produce cutting-edge 2nm semiconductors, although it will be two years behind TSMC, but it claims to enhance the speed of wafer processing to 2-3 times that of TSMC [1][2]. Group 1: Production Plans and Partnerships - Rapidus is currently negotiating with 40-50 companies as potential clients for its foundry services, including major US tech firms and AI chip startups [1]. - The company has signed cooperation memorandums with two US AI chip design startups, including Tenstorrent, to secure large clients and demonstrate production capabilities [2]. - The company plans to start full operations at its factory in Chitose, Hokkaido, by mid-July, with initial trial production already underway [1]. Group 2: Technology and Competitive Landscape - Rapidus has acquired advanced 2nm manufacturing technology from IBM and aims to achieve mass production by 2027, despite Japan's current capability being limited to 40nm [2]. - The company believes that by shortening the production cycle, it can differentiate itself from competitors like TSMC, which aims for 2025 mass production of 2nm chips [2]. - Rapidus is also optimistic about developing the next generation of semiconductors at 1.4nm, emphasizing the need to focus on next-generation technology within 2.5 to 3 years after 2nm production begins [3].