Core Insights - ARM CEO Rene Haas commented on the competitive landscape between Intel and TSMC, stating that Intel has faced "time penalties" due to missed opportunities and that catching up with TSMC is now "very difficult" [1][3]. Group 1: Intel's Key Mistakes - Intel's complete absence in the mobile chip sector has been a significant error, particularly missing the opportunity to supply chips for the iPhone due to the underperformance of its low-power Atom series SoC [3]. - Intel's late investment in Extreme Ultraviolet (EUV) technology has put it behind TSMC, which has been utilizing EUV for advanced chip manufacturing for about a decade [4]. Group 2: Semiconductor Industry Characteristics - The semiconductor industry requires long-term investment and accumulation, with high barriers to entry. Once a company falls behind in chip manufacturing, it becomes extremely challenging to catch up due to the accelerating industry cycle [6]. - TSMC has established a leading position in advanced manufacturing processes, currently providing top-tier wafer fabrication services to major companies like Apple, NVIDIA, and AMD [6]. Group 3: Manufacturing Culture Differences - There is a cultural disparity in manufacturing perceptions between the West and Taiwan, where working at TSMC is seen as prestigious, while in the West, manufacturing is often viewed as a "blue-collar job" [6]. - Establishing advanced manufacturing capabilities in the U.S. requires systemic reforms across multiple industries, along with long-term policy and administrative support [6].

智通财经APP获悉，阿斯麦(ASML.US)将于7月16日公布第二季度业绩。摩根士丹利发布研报，预计阿 斯麦公司第二季度的订单量会十分可观，这得益于潜在的中国市场需求以及台积电(TSM.US)的重摆脱 困境。然而，从中期到长期来看，大摩预计增长会较为有限，原因是EUV技术的层数增加缓慢导致预 期和估值受到影响，而该行认为这种影响是完全负面的，因此维持"持股观望"评级，目标价660欧元， 这反映了谨慎的增长预期。 2025 年第二季度的出货量会保持良好态势吗? 大摩预计，阿斯麦在 2025 年第二季度的订单量将超过 40 亿欧元，这主要得益于中国市场和台积电。该 行预计中国市场在 2025 财年销售额结构中的占比将会增加，可能从 20%左右提升至 25%左右。大摩的 预测与市场对 2025 财年和 2026 财年收入的共识相符，保持稳定。 市场预计阿斯麦公司会公布一份稳健的业绩报告，并且订单金额将超过 40 亿欧元。大摩认为，存在上 涨的可能性，原因在于(i)中国需求出现转折点，以及(ii)台积电可能重新出现EUV订单，而上一季度此 类订单明显减少。大摩预计该公司还将上调 2025 财年在中国的销售比例指引(可 ...

Core Viewpoint - ASML is expanding its workforce in Japan to enhance its EUV technology capabilities, reflecting confidence in the Japanese semiconductor market and supporting local industry advancements [1][2]. Group 1: ASML's Expansion Plans - ASML plans to increase its advanced EUV machine workforce in Japan by five times, indicating a strategic move to meet the growing global demand for high-performance chips [1]. - By 2027, ASML aims to expand its maintenance staff in Japan to 100 personnel to support the increasing number of EUV devices [2]. Group 2: Impact on Japanese Semiconductor Industry - The expansion of ASML's operations is expected to aid in the technological upgrade and talent development of Japan's semiconductor industry [1]. - Japanese semiconductor company Rapidus is set to begin trial production of 2nm technology this month, with a goal of full-scale production by 2027, aligning with ASML's efforts [1]. Group 3: Operational Considerations - Chip manufacturing involves numerous processes, and any downtime during the photolithography stage can lead to significant opportunity losses, estimated by ASML to be thousands of dollars per minute [2]. - ASML's maintenance teams will need to be stationed near client factories to ensure rapid response to any equipment issues [2].

Core Viewpoint - EUV technology is overcoming challenges such as high costs and complex optical systems, showing significant advantages in processes of 10nm and below, with recent advancements from major companies indicating a new phase of commercial application and development [1]. Group 1: High NA EUV Developments - Intel is the first chip manufacturer to purchase High NA EUV lithography machines, with each machine valued at €350 million, currently used for R&D purposes [3]. - Intel's early results show that High NA machines can complete tasks with fewer exposures and processing steps compared to earlier machines, indicating a strong commitment to leading in the High NA EUV era [3][4]. - imec demonstrated a 90% yield in electrical testing of 20nm spaced metal lines using High NA EUV lithography, confirming the technology's capability at such small dimensions [6][10]. Group 2: Competitive Landscape in DRAM - Micron has introduced its first EUV-based 1γ (1-gamma) 16Gb DDR5 devices, achieving a 20% reduction in power consumption and a 30% increase in bit density compared to previous generations [11][15]. - Micron's transition to EUV is expected to improve economic efficiency for new nodes, combining EUV with multiple patterning DUV technology [15][16]. - The competition among major memory manufacturers is intensifying as Micron adopts EUV, with Samsung and SK Hynix also investing in High NA EUV machines to enhance their competitive edge [17]. Group 3: EUV Mask Technology - Samsung has decided to procure EUV pellicles from Mitsui Chemicals to improve production efficiency, following challenges in yield for its 3nm process [22][23]. - The development of EUV pellicles is crucial for reducing pattern defects in chip manufacturing, with ongoing efforts to enhance the performance and lifespan of these films [21][25]. Group 4: Future of EUV Technology - The ongoing innovation in EUV technology is expected to lead to more efficient, precise, and cost-effective chip manufacturing processes, supporting the semiconductor industry's growth and competitiveness [29].