更令人脊背发凉的是，这位靠着中国土壤发家的企业家，对着镜头郑重宣称："自1962年入籍美国，我始终是美国 人，别无其他身份！" "如果我们想扼杀他们，中国真的无能为力。"台积电创始人张忠谋在《纽约时报》的专访言论，再次将自己推上舆 论风口。 这番忘恩负义的言论，彻底撕下了他的伪装。讽刺的是，他赖以立足的台积电，从头到脚都刻着中国基因。 1987年台积电刚成立时，不过是个前途未卜的初创公司，根本算不上"天之骄子"。真正让它逆袭成全球巨头，完全 是靠着中国大陆这个"金主"的"强力输血"。 不仅如此，专访中，他还为美国限制大陆芯片的政策站台，断言大陆永无登顶半导体产业的可能。 中美芯片博弈前，大陆每年采购的台积电芯片占其总营收三成以上，华为等企业的大额订单，更是让台积电赚得盆 满钵满，不仅积累起扩张资本，更是攀上了美国这艘大船。 可张忠谋转头就忘了这份恩情，抱着美国大腿配合芯片断供，沦为遏制中国科技的工具。 2020年起，在美国《出口管制条例》的高压下，台积电率先停供华为7纳米及以上先进芯片，这一"釜底抽薪"直接 导致华为高端手机业务陷入停滞。 更过分的是，为换取美国《芯片与科学法案》补贴，台积电斥400亿美元在美 ...

公众号记得加星标⭐️，第一时间看推送不会错过。 因为AI需求超火热，全年业绩上看3.7兆元的台积电，近期传出日本熊本厂（JASM）产能利用率低 迷、亏损无法止血的消息。本刊调查，身为掌舵者的台积电董事长魏哲家，要求内部规划全球产能大 调整，熊本二厂将从原本计划的6纳米，直攻生产2纳米，同时台积电也淡出成熟制程，全面空出旧厂 升级至先进制程。 "目前AI独强，台积电想扩产却地不够用，CC（魏哲家）决定对全球产能进行大 调整，打造最佳战力。"知情人士透露。 上 周 一 （ 8 日 ） ， 美 国 总 统 川 普 宣 布 ， 在 符 合 其 国 家 安 全 条 件 下 ， 允 许 全 球 AI 芯 片 龙 头 英 伟 达 （Nvidia）向中国出口H200芯片，其中"25%的金额将支付给美国，相同原则也将适用于超微、英特 尔等美国企业。"消息一出，立刻激励英伟达股价，就连台积电ADR也跟着大涨。 AI订单超火热，不仅英伟达创办人黄仁勋亲自来台找台积电董事长魏哲家追产能，包括超微、谷歌、 博通等AI芯片挑战者，也频频扩大对台积电下单。不过近来却有件大事，让魏哲家头疼，就是原本各 界看好最快亏转盈的日本熊本厂（JASM ...

Core Viewpoint - TSMC is considering advancing its chip production technology at its second factory in Japan to meet the demand for AI-related products, which may lead to construction delays and design changes [3][4]. Group 1: Factory Development - TSMC's second factory in Kumamoto, Japan, which began construction in late October, is now contemplating a shift to 4nm process technology, moving away from the initially planned 6nm and 7nm chips [3]. - The construction of the Kumamoto factory has reportedly been paused, with heavy machinery cleared from the site by early December [3]. - TSMC has informed suppliers that it will not add equipment to its existing factory in Kumamoto until at least 2026, as demand for 6nm and 7nm chips has decreased [4]. Group 2: Market Demand and Technology Shift - The demand for 6nm and 7nm chips has declined, impacting TSMC's production capacity utilization at its main facility in Taichung, Taiwan [4]. - TSMC has a history of adjusting its construction plans based on market demand, as seen with its facility in Kaohsiung, which shifted from mature processes to advanced 2nm technology [4]. - TSMC is also considering introducing advanced chip packaging technology in Japan, which is crucial for AI chip manufacturing [5]. Group 3: Partnerships and Support - TSMC's projects in Japan are supported by companies such as Sony Semiconductor Solutions, Denso, and Toyota [5].

Core Viewpoint - Intel denies allegations from TSMC regarding the leakage of trade secrets by former TSMC executive Lo Wen-jen, emphasizing its commitment to protecting intellectual property and welcoming Lo's return to the company [1][2]. Group 1: Allegations and Responses - TSMC has filed a lawsuit against Lo Wen-jen, claiming he may have leaked confidential information to Intel, prompting an investigation by Taiwan's Ministry of Economic Affairs [2]. - Intel's CEO Lip-Bu Tan refuted any speculation of wrongdoing, asserting that the company respects all chip manufacturing intellectual property [2][3]. Group 2: Industry Context - Intel and TSMC have a complex relationship, where Intel is both a customer and a competitor to TSMC, which holds a dominant position in the semiconductor foundry market [3]. - TSMC's market capitalization exceeds $1.15 trillion, making it the leading chip foundry globally, far surpassing Intel's historical prominence in the semiconductor industry [2]. Group 3: Intel's Strategic Shift - Intel is focusing on advanced process technology to compete with TSMC and Samsung, aiming to develop cutting-edge chips at 2nm and below [4][5]. - The company is transitioning to a foundry model, targeting high-end chip manufacturing for major clients like NVIDIA and AMD, with the success of its 18A and 16A technologies being crucial for its turnaround [5].

出于对宏观环境和全球消费电子需求疲软的担忧，台积电股价自6月高点下跌11%，市值蒸发770亿美 元。近几个月，随着交易员争相买入看跌合约，波动率偏斜持续上升显示台积电股价将进一步下跌。 得益于全球人工智能（AI）热，这家全球最大的芯片代工制造商股价在去年10月到今年6月之间飙升了 60%。但交易员已趋于谨慎，对AI热将给公司贡献多少利润持怀疑态度，尤其是在智能手机和个人电 脑业务没有回升的情况下。就连高端AI芯片订单的放缓速度也快于预期。 随着投资者准备迎接芯片行业长时间的疲软，台积电自6月中旬以来所损失的市值规模在亚洲排名居 首。本轮下跌可能尚未结束。 与此同时，鉴于台积电曾在6月警告称，资本支出可能会处于320亿-360亿美元年度指引的低端，分析师 对其资本支出亦转谨慎。汇总的预估均值接近300亿美元。虽然削减资本支出通常被视为积极而审慎的 成本管理工具，但分析师表示，最近的削减显示出更长时期内对芯片需求的悲观情绪以及对复苏周期被 拉长的担忧。 高盛集团最近将台积电明年的资本支出预估下调逾20%，至250亿美元，因为担心台积电可能会推迟海 外产能扩张计划。这一规模将是疫情开始以来的最低水平。 数据显示，台 ...

Core Insights - TSMC's investment in the Arizona factory is seen as a milestone for the U.S. chip industry, but rising costs are significantly eroding profits and putting operational pressure on the company [1][2]. Group 1: Financial Performance - TSMC's profits from its U.S. operations have plummeted over 100 times, dropping from NT$42.32 billion to NT$410 million due to the large-scale semiconductor manufacturing plans [2]. - The profitability of TSMC's second factory in Arizona is expected to decline as the company invests heavily in advanced chip production lines, such as the 3nm process [3]. Group 2: Strategic Importance - The Arizona factory is strategically significant for the U.S. chip industry and aims to help build a supply chain that is less affected by geopolitical conflicts [2]. - TSMC's rapid investment in the U.S. is driven by customer preferences for American manufacturing solutions, a trend that has intensified since the Trump administration [2]. Group 3: Cost Challenges - Manufacturing in the U.S. is inherently high-cost due to elevated labor and construction expenses, along with the need to import talent from Taiwan [3]. - The push for advanced processes like 3nm requires substantial resource investment, leading to lower profitability for TSMC's U.S. operations compared to other regions [3].

Core Viewpoint - TSMC's Arizona factory is facing severe financial pressure, with profits plummeting dramatically due to high operational costs and the shift towards advanced 3nm process technology [2][4]. Group 1: Financial Performance - TSMC's profits at the Arizona factory dropped from 42.32 billion New Taiwan Dollars in Q2 2025 to only 410 million New Taiwan Dollars in Q3 2025, marking a staggering decline of 99% [2]. - The financial strain is attributed to the high costs associated with transitioning to advanced semiconductor manufacturing processes [4]. Group 2: Operational Challenges - The costs of building and operating a semiconductor factory in the U.S. are significantly higher than anticipated, including expensive equipment, high labor costs, and reliance on imported technical talent [4]. - TSMC's strategy to meet the growing demand for advanced chips driven by AI requires substantial investment in resources, which is expected to keep profitability lower than in other regions for the foreseeable future [5].

Core Viewpoint - Morgan Stanley's report highlights the increasing demand for 3nm capacity from major AI companies and Tesla, leading to a shortage and urgent capacity expansion by TSMC [2][3]. Group 1: Capacity Expansion - TSMC is expected to increase its 3nm capacity by an additional 20,000 wafers per month by the end of this year, raising the total to 110,000-120,000 wafers per month, exceeding previous expectations [2]. - By 2026, TSMC's 3nm capacity is projected to further expand to 140,000-150,000 wafers per month, primarily from the second phase of the Arizona plant and the conversion of existing 4/5nm lines in Taiwan [3]. Group 2: Capital Expenditure - TSMC's capital expenditure for next year is anticipated to rise from the original plan of $43 billion to a range of $48-50 billion due to the increased capacity expansion [2][3]. - The capital expenditure for 2026 is expected to reach $48-50 billion, with a significant portion allocated to advanced process technologies [3]. Group 3: Industry Impact - The expansion of TSMC's 3nm capacity and increased capital expenditure is expected to have a positive catalytic effect on semiconductor equipment manufacturers [3]. - Tesla's future AI6 chip, utilizing 2nm technology, is projected to generate approximately $2 billion in foundry opportunities for TSMC annually [3].

Core Insights - TSMC reported record revenue for October 2025, with sales reaching NT$367.47 billion, marking an 11.0% increase from September and a 16.9% increase year-over-year, setting a new monthly and annual record [1] - Cumulative sales from January to October reached NT$3.13 trillion, a 33.8% increase compared to the same period in 2024, also a record high [2] - The company's performance is driven by advancements in process technology and increased orders from key clients, alongside long-term benefits from global AI computing demand [3] Revenue Trends - Despite the strong performance, TSMC's monthly sales growth is showing signs of slowing down, with a year-over-year growth of 31.4% in September [4] - TSMC's stock has risen over 46% this year, although recent global market concerns have put pressure on tech stocks [5] Future Outlook - TSMC's CEO emphasized that both revenue and profit are expected to reach record highs this year and in the future, with a focus on the continuation of 3nm expansion and advanced packaging orders [6] - For Q4, TSMC projects sales between $32.2 billion and $33.4 billion, with a gross margin forecast of 59% to 61% [11] Market Position - TSMC's market share in the pure foundry market has increased from 63% in Q1 2024 to 71% in Q2 2025, driven by enhanced 3nm capacity and high utilization of AI GPUs [9] - Advanced technologies (7nm and above) account for 74% of TSMC's total wafer revenue, highlighting the company's strength in advanced processes [9] Sector Contributions - The recovery in consumer electronics and automotive chip markets is also supporting TSMC's revenue growth, with significant orders from Apple and Qualcomm [13] - In the automotive sector, TSMC has seen nearly a 20% year-over-year increase in orders for specialized 28nm/16nm chips for autonomous driving and AI applications [14] Expansion Plans - TSMC is actively expanding its overseas presence, with the construction of a second wafer fab in Japan and plans to accelerate capacity expansion at its Arizona facility [15][16]

Core Viewpoint - TSMC has announced a price increase for advanced process nodes below 5nm, starting from January 2026, reflecting strong demand in the AI and HPC markets and enhancing its bargaining power in the global foundry market [1][3]. Group 1: Price Increase Details - TSMC will implement a four-year price increase plan with an average price increase of approximately 3%-5% for advanced processes below 5nm, starting from January 2026 [1][3]. - The price increase will primarily affect the 2nm, 3nm, 4nm, and 5nm technology nodes, with the 3nm process expected to see a single-digit percentage increase, potentially reaching double-digit increases in the long term [3][4]. Group 2: Market Demand and Client Impact - The price adjustment is driven by the ongoing supply-demand imbalance for AI and computing chips, with major clients like NVIDIA, AMD, Qualcomm, MediaTek, and Apple relying on TSMC's advanced process technologies [3][4]. - TSMC's advanced process revenue share reached 74% in Q3 2025, with 5nm accounting for 37% and 3nm for 23%, and this share is expected to exceed 75% with the mass production of 2nm technology next year [4]. Group 3: Operational Adjustments - To meet the high demand for AI chips, TSMC is reallocating human and equipment resources from mature processes (6nm, 7nm) to advanced technologies below 5nm, which may lead to supply constraints for some mature process customers [4].