2月10日消息，据台媒报道，台积电当日召开董事会，集中通过多项关键性投资决策与人事任免决议，其中包括核准高达449.62亿美元的资本预算，持续 加码先进制程与先进封装领域的产能布局，同时正式拍板8位高阶主管的晋升事宜，进一步优化核心管理团队架构。 此次台积电同步推进重大投资与人事调整，既是其加码先进产能、巩固行业领先地位的战略举措，也是优化管理团队梯队、夯实长期发展根基的重要布 局，将进一步支撑其在全球半导体领域的核心竞争力。据悉，台积电2026年股东常会将于6月4日在新竹喜来登大饭店举行。 声明：本文仅为信息交流之用，不构成任何投资建议，股市有风险，投资需谨慎。 加入"中国IC独角兽联盟"，请点击进入 是说芯语原创，欢迎关注分享 在资本支出与长期产能规划层面，此次董事会核准的资本预算约为449.62亿美元（约合新台币1.4万亿元），资金将重点投向四大领域：先进制程产能的建 置与升级、先进封装产能的完善与优化、成熟及特殊制程产能的补充，以及厂房兴建与厂务设施的工程建设，以此精准匹配市场需求预测，支撑公司技术 开发蓝图落地，巩固长期产能竞争优势。据悉，这一预算规模已接近台积电2025年全年680亿美元资本预算的 ...

台积电(TSM.US)盘前涨1.43%，报330.78美元。消息面上，因人工智能需求爆发，台积电先进3纳米制 程面临罕见的生产瓶颈，产能已全数被预订至2027年。此外，英伟达CEO黄仁勋在最近的一档播客节目 中首次证实，英伟达已经取代了苹果，成为台积电的最大客户。有业内人士估计称，英伟达现在占到台 积电总营收的13%，位居第一。(格隆汇) | TSM 台积电 | | | | --- | --- | --- | | 326.120 ↓ -1.040 -0.32% | | 收盘价 01/21 16:00 美东 | | 330.780 + 4.660 +1.43% | | 盘前价 01/22 04:10 美东 | | 三 24 4 4 5 8 9 8 0 | | ● 快捷交易 | | 最高价 333.640 | 开盘价 333.430 | 成交量 1678.98万 | | 最低价 325.680 | 昨收价 327.160 | 成交额 55.21亿 | | 平均价 328.845 | 市盈率TTM 31.16 总市值 1.69万亿 (m) | | | 振 幅 2.43% | 市盈率(静) 31.16 | 总股本 5 ...

Core Viewpoint - TSMC achieved strong performance growth in Q4 2025, with a net profit after tax increasing by 35% to NT$505.74 billion, driven by sustained demand for advanced process technologies [1] Financial Performance - TSMC's consolidated revenue for Q4 reached NT$1.05 trillion, a year-on-year increase of 20.5%, with earnings per share rising to NT$19.50 [1][3] - In USD terms, the quarterly revenue was $33.73 billion, reflecting a 25.5% year-on-year growth and a 1.9% quarter-on-quarter increase [1] - The company's gross margin climbed to 62.3%, and operating margin reached 54.0%, both at historical high levels [1] Capital Expenditure - TSMC's total capital expenditure for 2025 amounted to $40.9 billion [1] Advanced Process Technology - Advanced process technologies (including 7nm and more advanced nodes) have become the main revenue pillar for TSMC, accounting for 77% of total wafer sales for the quarter [4] - The share of the cutting-edge 3nm process shipments increased to 28%, indicating key customers are accelerating the transition to the latest technology nodes [4] - The 5nm process remains the largest single contributor, accounting for 35% of total sales, while the 7nm process holds a 14% share [4]

Group 1 - TSMC's 3nm process is expected to account for 28% of the company's wafer sales revenue in Q4 2025 [1] - The 5nm process will represent 35% of the total wafer sales revenue for the same quarter [1] - The 7nm process will contribute 14% to the overall wafer sales revenue in Q4 2025 [1] Group 2 - Overall, advanced processes (including 7nm and more advanced) will generate 77% of the total wafer sales revenue for the quarter [1]

Core Viewpoint - TSMC's advanced 3nm process is experiencing high demand, leading to a temporary halt in new project kick-offs for this technology, as existing capacity is fully utilized and cannot meet the influx of orders [2] Group 1: TSMC's 3nm Process - TSMC has raised prices for its 3nm process and has stopped new project kick-offs due to full order books and limited capacity [2] - The company is strategically encouraging clients to shift their product planning towards the 2nm process, which offers better cost structures and efficiency [2] - The 3nm family of products is currently filled with orders from AI GPUs, cloud data center ASICs, and high-end mobile processors [2] Group 2: Transition to 2nm Process - The 2nm process is seen as a critical turning point for TSMC, introducing nanosheet transistor architecture that significantly improves performance, power consumption, and density [3] - The introduction of atomic layer deposition (ALD) in the 2nm process does not significantly increase the number of EUV exposure layers, making the overall manufacturing cost more competitive compared to the 3nm process [3] - The GAAFET process represents a significant upgrade in wafer manufacturing, requiring advanced techniques to overcome challenges in material layering and etching [3]

Group 1 - TSMC's Q3 financial report indicates that its U.S. subsidiary earned only approximately NT$40 million in a single quarter, a significant drop from NT$4.232 billion in the previous quarter, highlighting the substantial costs associated with establishing operations in the U.S. [2] - The high operational expenses in the U.S. are attributed to the underdeveloped supply chain, technical talent training, and equipment maintenance compared to Taiwan and Japan, compounded by rising costs for expatriate engineering teams and facility setup [2] - TSMC's second wafer fab in Arizona is expected to complete equipment installation by Q2 2026, leading to increased depreciation burdens, making short-term financial improvements unlikely [2] Group 2 - The key to TSMC's U.S. operations lies not in immediate profit figures but in the successful implementation of advanced processes like 3nm and 2nm, which are crucial for increasing capacity utilization [2] - The demand for advanced packaging is rising, revealing a growing inadequacy in the local supply chain in the U.S., with several Taiwanese material and equipment manufacturers responding to TSMC's expansion by investing in U.S. projects [3] - The overall market is seeing sustained demand for advanced processes driven by AI, with 3nm and 2nm technologies remaining in long-term short supply, while mature processes face pricing pressures due to oversupply and competition from Chinese foundries [3]

Core Viewpoint - TSMC reported a significant increase in revenue for October 2025, with a month-over-month growth of 11% and a year-over-year growth of 16.9% [1] Financial Performance - TSMC's consolidated revenue for October 2025 was approximately 367.47 billion New Taiwan Dollars (NTD), equivalent to about 84.45 billion RMB [1] - For the third quarter of 2025, TSMC's consolidated revenue reached approximately 989.92 billion NTD (about 227.48 billion RMB), reflecting a year-over-year increase of 30.3% [2] - The net profit for the third quarter was around 452.3 billion NTD (approximately 103.94 billion RMB), marking a year-over-year increase of 39.1% [2] - Earnings per share for the third quarter were 17.44 NTD, which is a 39.0% increase compared to the previous year [2] Advanced Technology and Production - In the third quarter, the shipment volume of 3nm process technology accounted for 23% of total wafer revenue, while 5nm and 7nm processes accounted for 37% and 14%, respectively [3] - Advanced process technologies, defined as 7nm and above, constituted 74% of total wafer revenue [3] Capital Expenditure - TSMC's capital expenditure for the first nine months of 2025 totaled 29.39 billion USD (approximately 209.49 billion RMB), indicating sustained high levels of investment to expand capacity in response to strong demand [3]

Core Insights - TSMC's 3nm process has officially entered a golden mass production phase, with third-quarter revenue contribution rising to 23%, surpassing the 5nm process and becoming a key driver for overall operations [2] - The demand for AI and cloud applications is driving TSMC's 3nm production lines to operate at full capacity, with utilization rates at the Tainan Fab18 facility nearing maximum [2] - NVIDIA is a major contributor, increasing its monthly wafer orders to 35,000, which is straining the advanced process capacity [2] Group 1 - TSMC's monthly 3nm production capacity has rapidly increased from 100,000 wafers at the end of last year to 100,000-110,000 wafers, with projections to reach 160,000 wafers by 2025, representing a nearly 50% increase [2] - Major cloud service providers (CSPs) are competing for 3nm capacity, with AWS and Google planning to utilize TSMC's 3nm process for their AI chips [2] - The semiconductor industry anticipates challenges in 3nm wafer supply next year, as CSPs like Google seek to secure more wafer allocations [3] Group 2 - TSMC's 3nm process is expected to account for over 30% of its revenue next year, driven primarily by AI and high-performance computing (HPC) [3] - TSMC plans to increase prices for advanced process technology by 3-5% over the next four years, reflecting strong demand for AI chips and indicating a seller's market for the most advanced wafer foundry services [3] - The introduction of improved versions of the 3nm process, such as N3E and N3P, aims to optimize performance, power consumption, and yield [3]

Core Viewpoint - TSMC is set to increase prices for advanced processes starting in September 2023, with expected price hikes of 3% to 10% for 2026, reflecting rising production costs while maintaining stable customer relationships [1][2] Group 1: Pricing Strategy - TSMC has begun discussions with clients regarding price increases for advanced processes, which will vary based on individual customer procurement levels and cooperation [1] - The anticipated price increase for TSMC's 3nm process is expected to be at least a single-digit percentage for 2026, continuing a trend of price adjustments for the fourth consecutive year [1][2] - TSMC's pricing strategy is guided by long-term partnerships rather than opportunistic pricing, emphasizing value delivery to clients [1] Group 2: Revenue and Growth Drivers - Advanced processes, particularly the 5nm and 3nm families, accounted for 60% of TSMC's revenue in Q2 and Q3 of this year, with 3nm contributing 23% and 5nm 37% [2] - The company is expected to benefit from growing demand in AI applications, with forecasts suggesting that AI-related revenue could reach 35% of TSMC's total income by 2028, potentially being achieved earlier [2] - The semiconductor industry is experiencing a price increase trend driven by AI applications, with wafer fabs planning to raise foundry prices by 2026 [2]

Core Insights - TSMC is capitalizing on AI opportunities as smartphone market inventory stabilizes, with strong demand for its 3nm process chips driven by both Apple and non-Apple brands [2][3] - Apple has reported better-than-expected sales for the iPhone 17 series, leading to increased orders for TSMC's latest 3nm chips [2] - TSMC's advanced manufacturing processes are expected to dominate the smartphone SoC market, with a projected market share of 87% for 5nm and below by 2025, increasing to 89% by 2028 [3] Group 1 - TSMC's chairman expressed confidence in the smartphone inventory levels, stating they have returned to a healthy seasonal state, alleviating concerns about prebuilt inventory [2] - The iPhone 17 series features the new A19 and A19 Pro chips, both utilizing TSMC's latest 3nm process, contributing to strong order momentum [2][3] - MediaTek's latest flagship chip, the Dimensity 9500, and Qualcomm's Snapdragon 8 Elite Gen 5 are also leveraging TSMC's 3nm process, further boosting TSMC's output [3] Group 2 - TSMC anticipates strong AI-related demand through 2025, while non-AI terminal markets are showing signs of recovery [4] - The recovery in high-end smartphone sales is expected to drive further demand for TSMC's 3nm chips, with a potential increase in utilization rates for previously weaker 6/7nm capacities [4] - The automotive semiconductor demand remains weak, pending inventory adjustments from suppliers [4]