根据国际半导体设备材料协会（SEMI）11日发布的《300毫米（12英寸）晶圆厂展望报告》显 示，预计自去年底至2028年，全球晶圆产能将以年均7%的速度增长，到2028年，月晶圆产能预计 将达到创纪录的1110万片。 分析人士将此归因于先进制程产能的持续扩张。预计到2028年，7纳米（nm；1nm=十亿分之一 米）以下先进制程的产能将从去年的每月85万台增长约69%，达到每月140万台，创历史新高。 据报道，半导体行业的跨国公司正在大幅扩大其生产能力，以满足对生成人工智能 (AI) 应用日益 增长的需求。 SEMI预计2纳米以下制程的产能将大幅扩张，今年的产能将不足20万片，到2028年将超过50万 片。SEMI总裁兼首席执行官Ajit Manocha指出："人工智能仍然是推动半导体行业转型的关键驱 动力。人工智能应用的扩展正在推动对先进芯片的需求，因此，整个行业的投资也变得更加活 跃。" 预计到2028年，先进工艺设备的投资将超过500亿美元，高于去年的260亿美元。预计到2028年， 2纳米以下工艺晶圆设备的投资将从去年的190亿美元增加一倍以上，达到430亿美元，增幅达 120%。 如果您希望可以时常 ...

Core Insights - Taiwan Semiconductor Manufacturing Company (TSMC) shares reached a 52-week high of $233.82, closing at $233.60, with an 18.2% year-to-date (YTD) increase, outperforming the Zacks Computer and Technology sector's 5.6% rise [1][10] - TSMC has outperformed peers such as NVIDIA, Advanced Micro Devices, and Intel, which saw YTD increases of 17%, 14.6%, and 9.1%, respectively [2][10] - Investor confidence in TSMC's long-term prospects is growing, supported by strong fundamentals and a favorable long-term outlook [3] Financial Performance - In the first quarter of 2025, TSMC reported a 35% year-over-year revenue increase to $25.53 billion and a 53% rise in net income to nearly $11 billion [8] - The company's earnings per share (EPS) jumped 53.6% to $2.12, exceeding the Zacks Consensus Estimate of $2.03, with an average surprise of 6.9% over the last four quarters [9] AI-Driven Growth - AI-related revenues for TSMC tripled in 2024, contributing a mid-teen percentage to total revenues, with expectations to double again in 2025 and a projected 40% compound annual growth rate over the next five years [7][10] - TSMC is positioned as a key player in the AI revolution, supplying advanced chips to major companies like NVIDIA and AMD [6] Investment and Valuation - TSMC plans to invest between $38 billion and $42 billion in capital expenditures in 2025, significantly higher than the $29.8 billion investment in 2024, with 70% of this focused on advanced manufacturing processes [11] - The Zacks Consensus Estimate predicts revenue growth of 29.8% and 17.3% for 2025 and 2026, respectively, with EPS expected to rise by 31.8% and 15.8% [12] - TSMC's forward 12-month price-to-earnings (P/E) ratio is 23.32X, lower than the sector average of 26.7, making it an attractive option for long-term investors [13][14] Conclusion - TSMC's dominance in advanced nodes, increasing AI-related demand, and aggressive capacity investments position it well for future growth, making it a compelling buy opportunity [15]

There will be many winners as infrastructure is built to support the huge and increasing computing power needed for artificial intelligence (AI) applications. Nvidia continues to pave the way and has already been a huge beneficiary thanks to its leading advanced chips, software, and engagement with developers.Nvidia's revenue has soared from what was then a record $61 billion in fiscal 2024 to more than $130 billion in its fiscal year 2025, ended Jan. 26. That growth continues as sales in the first half of ...

Key Takeaways Taiwan Semiconductor Manufacturing Company (TSM) , also known as TSMC, is aggressively expanding its global manufacturing footprint. In March 2025, it announced a new $100 billion investment in the United States, raising its total planned U.S. spend to $165 billion. This includes five wafer fabs, two advanced packaging plants, and a major research & development center. It's one of the most ambitious expansions in chip history. Construction on the first U.S. fab is done, and volume production i ...

Evelyn Yu +886(2)2730-4187 | evelyn.yu@gs.com Goldman Sachs (Asia) L.L.C., Taipei Branch 更多资料加入知识星球：水木调研纪要 关注公众号：水木Alpha 4 June 2025 | 2:49AM CST Taiwan Technology: Marketing feedback: AI sentiment gaining momentum while geopolitical concern still top of mind; Buy TSMC (CL) We met with over 80 investors during our marketing trip in the US and Singapore over the past week. Overall, investor sentiment is showing signs of improvement particularly around AI sentiment, while investors remain cautious towards non ...