来源：EETOP 台积电的亚利桑那工厂堪称美国芯片产业"里程碑式的重大项目"，但不断攀升的成本吞噬了巨额利润，给公司运营带来压力。 台积电美国业务成本持续高企先进制程推进加剧压力 台积电美国工厂外景（EETOP 拍摄于2024年） 这家中国台湾芯片巨头在美国的投资曾被视为一项积极进展—— 它为美国搭建自主供应链开辟了新可能。不过据中国台湾媒体《工商时 报》报道，受大规模半导体建厂计划影响，台积电美国业务利润环比大幅下滑超100倍，从 42.32 亿新台币骤降至 4100 万新台币。此 外，计划在美国布局高端制程，也是其成本高企的原因之一。 台积电的亚利桑那工厂具有重要战略意义：不仅对美国芯片产业至关重要，更助力全球构建"摆脱地缘政治冲突影响" 的供应链。台积电 迅速加码美国投资，一大关键原因是客户对美国制造方案的倾向 —— 这一倾向在特朗普政府上台后愈发强烈。但事实证明，在美国打造 芯片供应链代价高昂，成本显著高于其他地区便是核心体现。 报道指出，台积电亚利桑那第二工厂（Fab 2）的盈利能力预计将下滑，主要因该公司正推进 3 纳米等先进芯片生产线建设，而这需要投 入昂贵的工艺设备。亚利桑那首座工厂聚焦相对成 ...

国芯网[原:中国半导体论坛] 振兴国产半导体产业！ 不拘中国、 放眼世界 ！ 关注 世界半导体论坛 ↓ ↓ ↓ 11月18日消息，据台媒报道，台积电位于美国亚利桑那州的工厂正面临严峻的财务压力。 数据显示， 该工厂的利润呈断崖式下滑， 2025年第2季度盈利42.32 亿新台币，而在第3季度骤降至仅 4100 万新台币， 降幅达到 99%。 报道指出，台积电赴美建厂，一方面满足了美国客户期望制造业回流的需求，另一方面也有助于其在全球范围内建立一条更具弹性的半导 体供应链。然而，理想的战略布局必须直面现实的运营挑战，其中最突出的问题就是在美国建厂的成本远高于预期。 利润下滑的核心原因， 在于台积电正加速推进其亚利桑那二厂向 3 纳米等高端制程节点的转型。 与专注于成熟制程并取得成功的一厂不 同，二厂的目标是满足由 AI 热潮驱动的、对尖端芯片不断增长的客户需求。转向先进制程意味着必须投入极其昂贵的工艺设备，从而大幅 推高了整体的运营开支，直接侵蚀了盈利能力。 在美国制造芯片本身就是一项高成本的投资。除了昂贵的设备外，当地高昂的劳动力成本、建造成本，以及核心技术人才库严重依赖引进 等问题，都进一步加剧了财务压力。 ...

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].

Core Viewpoint - TSMC has initiated a four-year price increase plan for advanced processes below 5nm, starting from September, indicating a potential shift in the semiconductor market dynamics and pricing strategies [2][4]. Group 1: Price Increase and Market Impact - TSMC's price increase is expected to affect the 2nm, 3nm, 4nm, and 5nm advanced technology nodes, with annual adjustments starting in 2026 [4]. - The anticipated price increase is projected to be around 5-10% for advanced processes, with a long-term total increase potentially reaching double digits [4]. - The price adjustments are a response to rising production costs and inflation, as well as TSMC's need to maintain high profit margins [4]. Group 2: Demand and Supply Dynamics - The demand for AI chips and high-performance computing (HPC) applications is driving the need for advanced semiconductor processes, leading to a supply shortage [4]. - Major clients such as NVIDIA, AMD, Qualcomm, MediaTek, and Apple are heavily reliant on TSMC's cutting-edge process technologies [4]. - The acceleration of applications like AI PCs, autonomous driving, and industrial robotics is contributing to explosive growth in demand for chips below 5nm [4].

Core Viewpoint - TSMC is implementing a long-term price increase strategy for advanced processes below 5nm, starting from January 2026, with an average price increase of approximately 3%-5% over four years, reflecting strong demand in AI and high-performance computing (HPC) [1][2] Group 1: Price Increase Strategy - TSMC has notified customers about a price increase for advanced processes (2nm, 3nm, 4nm, and 5nm) starting in 2026, aimed at fairly reflecting rising production costs and capital expenditures [1] - The expected price increase for the 3nm process is projected to be in the single-digit percentage range, with a potential long-term total increase reaching double digits [1] Group 2: Market Demand and Financial Performance - As of Q3 2025, advanced process revenue accounted for 74% of TSMC's total revenue, with 5nm contributing 37% and 3nm 23%, and this is expected to exceed 75% with the mass production of 2nm next year [2] - TSMC anticipates Q4 sales to reach between $32.2 billion and $33.4 billion, with a gross margin of 59% to 61% [2] Group 3: Resource Allocation and Industry Impact - To meet the high demand for AI chips, TSMC is reallocating human and equipment resources from mature processes (6nm and 7nm) to advanced technologies below 5nm, which may lead to supply constraints for some mature process customers [2] - The price increase not only reflects cost pressures but also aims to strengthen industry competitiveness and support long-term R&D investments, with AI-related revenue expected to reach 35% of total revenue by 2026, ahead of the original 2028 target [2]

Core Viewpoint - TSMC is experiencing a surge in orders for its advanced 3nm chips, driven by the strong market performance of Apple's iPhone 17 series, indicating a new peak in demand for its advanced manufacturing processes [1] Group 1: Market Performance - TSMC's stock rose by 1.24% to $305.26 ahead of market opening, reflecting positive investor sentiment [1] - The demand for TSMC's 3nm chips is significantly increasing, with major clients like MediaTek and Qualcomm utilizing this technology for their flagship chips [1] Group 2: Production Capacity - TSMC's 3nm order momentum remains strong, and there is an expectation for an increase in the utilization rates of its previously weaker 6/7nm production capacities [1] Group 3: Client Relationships - NVIDIA has become the sole customer for TSMC's next-generation A16 process, with both companies currently engaged in joint testing [1] - Apple, a long-term major client of TSMC, has not yet initiated discussions regarding the adoption of the A16 process for its mobile application processors [1] Group 4: Future Developments - According to NVIDIA's GPU roadmap, the Feynman architecture GPU, expected to launch in 2028, will fully utilize TSMC's A16 process technology [1]

Core Viewpoint - TSMC's third-quarter financial results demonstrate strong performance, with a significant year-over-year revenue increase, and the company is expected to maintain its solid future outlook despite potential short-term growth slowdowns [1][5][8]. Financial Performance - TSMC reported third-quarter sales of approximately $33 billion, a substantial year-over-year increase of 41%, exceeding analyst expectations by $1.5 billion [5]. - Advanced technology nodes contributed significantly to revenue, with 3nm chips accounting for 23%, 5nm for 37%, and 7nm for 14%, totaling 74% of wafer revenue [5]. - The gross margin slightly improved to 59.5%, with an operating margin of around 50.6% and a net profit margin of 45.7%, showcasing strong profitability for a capital-intensive manufacturing company [5][6]. - The return on equity (ROE) reached 37.8%, indicating effective management of investor funds [6]. Market Position and Strategy - TSMC is a critical player in the AI sector, with major tech companies relying on its manufacturing capabilities for advanced chips, particularly for AI and data center applications [10][11]. - The company plans to increase capital expenditures to $40-$42 billion by 2025 to strengthen its market position amid rising AI demand [10]. - TSMC's advanced process technologies, including the upcoming 2nm node, are expected to further enhance its competitive edge [12]. Pricing Power and Future Outlook - TSMC is anticipated to raise prices for its advanced processes by 5%-10%, with potential increases for the new 2nm process reaching up to 50%, which could significantly boost profitability [13][14]. - The company is projected to achieve an average sales growth rate of about 30% over the next five years, driven by ongoing demand in the AI sector [18]. Valuation - Based on current assumptions, TSMC's fair stock price is estimated to be around $359 per share, indicating substantial upside potential [19]. Conclusion - The ongoing AI race is expected to benefit TSMC significantly, although there are concerns about market prudence in capital investments [21].

Core Viewpoint - TSMC's stock rose over 2.5% to $302.56 following the announcement of the first Blackwell chip produced in the U.S. at its Arizona facility, marking a significant milestone in domestic semiconductor manufacturing [1] Group 1: Company Developments - NVIDIA's CEO Jensen Huang visited TSMC's semiconductor manufacturing plant in Phoenix to celebrate the production of the first Blackwell chip [1] - The Arizona facility will manufacture advanced technology chips, including 2nm, 3nm, and 4nm chips, as well as the A16 chip, which are critical for applications in artificial intelligence, telecommunications, and high-performance computing [1]