Core Viewpoint - Intel is striving to become a global leader in wafer foundry services, focusing on its 18A process technology as a core part of its strategy amid increasing competition in the 2nm chip market [1][2]. Group 1: Investment and Financial Performance - Over the past four years, Intel has invested more than $90 billion in capital expenditures to expand its wafer foundry business and close the gap with TSMC and Samsung [1]. - Intel's wafer foundry division incurred a loss of nearly $13 billion last year, and the company's stock price has dropped nearly 50% since its peak in 2024 [1]. Group 2: Technological Advancements - Intel's new 18A process, currently in risk production, is expected to enhance performance and energy efficiency through innovations like RibbonFET transistors and PowerVia backside power delivery [2]. - The transition to smaller process nodes, such as 2nm, is costly and complex, with initial yields typically low [1]. Group 3: Competitive Landscape - TSMC holds over two-thirds of the global wafer foundry market share and is expected to maintain a significant lead in 2nm technology, with plans to start mass production in the second half of 2025 [3]. - TSMC's 2nm process is projected to improve performance by 10% to 15% and reduce power consumption by up to 30% compared to the 3nm node, with a current yield rate of 60% [3]. - In contrast, Intel's yield for the 18A process is estimated to be only 20% to 30%, while Samsung's competing technology has a yield of 40% [3]. Group 4: Customer Dynamics - TSMC has a large and loyal customer base, including major clients like Apple and AMD, who have committed to using its 2nm technology [4]. - Intel is diversifying its strategy by considering TSMC as an alternative supplier for its upcoming Nova Lake desktop processors, expected to launch in 2026 [4]. Group 5: Challenges Ahead - Despite claims that the 18A process will offer higher performance and lower power consumption compared to TSMC's nodes, Intel faces challenges in density and cost advantages [5]. - Intel has experienced delays in launching new nodes, with some external customers withdrawing after initial trial production, leading to lower-than-expected demand [5].

该修订于4月30日公布，是泰勒市历时一个月、旨在减少与芯片工厂相关的规划审查和检查开支的 一部分。原先可达2500万美元的返还激励现已被削减至最多900万美元，且这一金额还取决于三星 是否在2026年底前达到设备安装门槛。 泰勒市将这一门槛称为"确保三星在明年底前开始引入设备、启动芯片制造的保证"。 如果您希望可以时常见面，欢迎标星收藏哦~ 来源：本文编译自韩国中央日报 。 由于三星电子耗资370亿美元的半导体制造项目建设进度滞后，加上全球芯片供应过剩削弱了早期 的乐观预期，德克萨斯州泰勒市在最新修订中削减了对该项目的财政激励。 这一变化也反映出特朗普再次就任总统后，美国政策基调发生了转变。特朗普政府推动削减对外国 芯片制造商的补贴，这也是其更广泛保护主义议程的一部分。 在芯片行业之外，特朗普政府也正向三星和苹果施压，要求它们将生产转移至美国，否则将面临从 6月底起实施的25%关税。这对目前一半以上智能手机产自越南的三星来说构成重大挑战。 在修订条款中，泰勒市还要求三星在2026年前完成总建筑面积为600万平方英尺的厂房建设，并在 2028年前再新增100万平方英尺，合计达到700万平方英尺。这一此前未曾列明 ...

每日晨报 2025 年 5 月 13 日 交银国际研究 今日焦点 | 台积电 | | TSM US | | --- | --- | --- | | 先进制程优势在扩大，首予买入 | | 评级: 买入 | | 收盘价: 美元 176.52 目标价: | 美元 225.00 | 潜在涨幅: +27.5% | | 王大卫, PhD, CFA | Dawei.wang@bocomgroup.com | | 产品周期与供需周期均利于业绩稳定增长。从产品周期角度看，我们认 为台积电新产品单价打破之前上市后逐渐下滑的趋势，公司对于半导体 设计厂商客户的议价能力或在增强，3 纳米工艺芯片或不会在 2 纳米上 市前后降价。 从全球先进制程的供需关系看，我们认为之前以智能手机为主导的先进 制程需求正转化为手机和高性能计算需求竞争供给的格局。我们认为全 球先进制程芯片或进入一个长于之前周期的上行周期，而作为全球高端 智能手机芯片和人工智能加速芯片的主要甚至唯一供应商，台积电或进 一步受益。 进入 2 纳米时代技术优势或继续扩大。我们认为台积电在先进制程和先 进封装技术上的优势或在扩大。我们认为 2 纳米工艺相对之前的 3 纳米 工 ...