Core Viewpoint - TSMC's employee bonuses and dividends for 2024 have reached a record high, reflecting strong revenue and profit growth from the previous year, with an average payout of over NT$200 million per employee [1][2]. Group 1: Employee Compensation - TSMC will distribute a total of NT$140.59 billion in employee performance bonuses and dividends for 2024, marking a year-on-year increase of over 40% [1][2]. - The average annual bonus per employee is NT$200.84 million, which represents a year-on-year increase of NT$51.32 million, or approximately 34.32% [2]. - Employees with six years of service can expect bonuses as high as NT$1.8 million, while those with five years and top performance ratings can receive around NT$1.16 million [1]. Group 2: Financial Performance - TSMC's total revenue for 2024 is projected to reach NT$2.8943 trillion, with a net profit of NT$1.1732 trillion, both figures representing new highs [1]. - The earnings per share (EPS) is expected to be NT$45.25, showcasing TSMC's strong competitive position in the semiconductor industry [1]. Group 3: Industry Context - The global semiconductor industry is facing challenges, with competitors like Samsung and Intel experiencing delays and operational difficulties in their advanced process technologies [4][5]. - TSMC maintains its leadership in advanced process technology, with plans to mass-produce 2nm processes in the second half of this year and A16 processes by the second half of 2026 [5]. - The demand for high-end processes is expected to rise due to the growing need for AI servers, further solidifying TSMC's position as a leading foundry [5].

Core Viewpoint - TSMC has achieved a significant milestone with its 2nm process technology, boasting a yield rate exceeding 60%, which highlights its technological leadership in advanced semiconductor manufacturing [1][2]. Group 1: TSMC's 2nm Process - TSMC's 2nm process utilizes GAA (Gate-All-Around) technology, which is expected to improve energy efficiency by 10% to 15% and reduce power consumption by 25% to 30% [1]. - The chip density of TSMC's 2nm process is projected to be 15% higher than the current 3nm process [1]. - Major clients for TSMC's 2nm technology include Apple, NVIDIA, AMD, Qualcomm, and MediaTek, with AMD's next-generation EPYC Venice server CPU confirmed to use TSMC's 2nm process [1]. Group 2: Samsung's 2nm Efforts - Samsung is actively working on its 2nm process and plans to start production in the second half of the year, with speculation that it may be for the Exynos 2600 processor for the Galaxy S26 flagship phone [2]. - Despite Samsung's efforts to catch up, TSMC maintains a solid lead in the 2nm process technology [2].

Core Viewpoint - TSMC and Samsung are set to produce the industry's most advanced 2nm chips in the second half of this year, with TSMC having a competitive edge due to higher yield rates compared to Samsung [1][2]. Group 1: TSMC's 2nm Process - TSMC has begun receiving orders for its 2nm process and plans to produce these chips at its Hsinchu and Kaohsiung facilities, utilizing GAA architecture which is expected to improve performance by 10% to 15% and reduce power consumption by 25% to 30% [1][4]. - Major clients for TSMC's 2nm chips include Apple, Nvidia, AMD, Qualcomm, and MediaTek, with MediaTek's CEO hinting at a product design completion by September [1][4]. - TSMC's 2nm defect density has reportedly surpassed that of its 5nm and even 7nm and 3nm processes, indicating a high level of technological maturity [4][5]. Group 2: Samsung's 2nm Process - Samsung aims to start producing 2nm chips in the second half of the year, likely for its Galaxy S26's Exynos 2600 processor, but faces challenges with a lower yield rate of approximately 40% compared to TSMC's 60% [2][1]. - Samsung is leveraging its previous experience with GAA architecture from its 3nm production to improve the yield of its 2nm chips [2]. Group 3: Production Capacity and Future Plans - TSMC's 2nm process is entering trial production, with plans to ramp up to a monthly capacity of 30,000 wafers by the end of 2025, and potentially expand to 120,000 to 130,000 wafers by 2027 [5]. - TSMC is investing over 1.5 trillion NTD to expand its facilities in Hsinchu and Kaohsiung, aiming to create the world's largest semiconductor manufacturing hub [5].

Core Viewpoint - The competition between TSMC and Samsung in the production of advanced 2nm chips is intensifying, with TSMC currently having a higher yield rate, which poses a challenge for Samsung in attracting orders [1][2][3]. Group 1: TSMC's 2nm Progress - TSMC has begun receiving orders for its 2nm process and is expected to start production in H2 2023 at its facilities in Hsinchu and Kaohsiung [1][3]. - The 2nm process utilizes Gate-All-Around (GAA) architecture, which is anticipated to improve performance by 10% to 15% and reduce power consumption by 25% to 30% compared to the 3nm process [1][3]. - Major clients for TSMC's 2nm chips include Apple, Nvidia, AMD, Qualcomm, and MediaTek, with MediaTek's CEO hinting at a product design completion by September 2023 [1][3]. Group 2: Samsung's 2nm Challenges - Samsung aims to start producing 2nm chips in H2 2023, likely for its upcoming Galaxy S26 flagship device, but its yield rate is reportedly around 40%, significantly lower than TSMC's 60% [2][3]. - Samsung is leveraging its previous experience with GAA architecture to improve its 2nm yield rates and attract orders from major tech companies [2]. Group 3: Production Capacity and Future Plans - TSMC's 2nm process is entering trial production, with plans to ramp up to a monthly capacity of 30,000 wafers by Q4 2025, and potentially expand to 120,000 to 130,000 wafers per month by 2027 [4]. - TSMC is investing over 1.5 trillion NTD to expand its facilities in Hsinchu and Kaohsiung, aiming to create the world's largest semiconductor manufacturing hub [4].

Core Insights - TSMC and Samsung are set to produce the industry's most advanced 2nm chips in the second half of this year, leading to intensified competition for orders [1] - TSMC has already begun receiving 2nm orders and is expected to produce them at its Hsinchu and Kaohsiung facilities, utilizing GAA architecture for the first time, which is projected to enhance performance by 10% to 15% and reduce power consumption by 25% to 30% [1] - TSMC's 2nm clients include major companies such as Apple, Nvidia, AMD, Qualcomm, and MediaTek, with MediaTek's CEO hinting at a product design completion by September [1] - Samsung aims to start 2nm chip production in the second half of the year, likely for its new Galaxy S26 flagship device, but its yield rate is reportedly lower than TSMC's [1] - TSMC's 2nm yield has surpassed 60%, while Samsung's yield is around 40%, posing a challenge for Samsung in attracting orders from tech giants [1][2] Company Strategies - Samsung, despite being the first to produce 3nm chips using GAA architecture, has faced challenges with low yield rates and is now focusing on improving its 2nm yield based on previous experiences [2] - To enhance its competitive edge in advanced processes, Samsung has recruited Margaret Han, a former TSMC employee, to lead its foundry division [2]

Core Viewpoint - ASML's first-quarter orders were disappointing, raising concerns about its partnership with Samsung and the overall semiconductor market dynamics [2][4]. Group 1: ASML and Samsung Collaboration - ASML has seemingly abandoned plans to build a semiconductor research facility with Samsung, selling previously acquired land [4]. - Despite the collaboration adjustment, ASML continues to deliver high-density equipment to Samsung, with 23 units of the EXE:5000 delivered in the first quarter, accounting for 58% of global shipments [5]. - Samsung's 2nm process trial yield has reached 30%, ahead of schedule, positioning it to potentially be the first to commercialize 2nm chips [5]. Group 2: Market Dynamics and Financial Outlook - ASML's revenue from the Korean market reached 40% in the first quarter of 2025, surpassing China as its largest customer, driven by significant purchases from Samsung and SK Hynix [4][5]. - The company expects net sales of €7.2 billion to €7.7 billion in the second quarter of 2025, with an annual revenue forecast of €30 billion to €35 billion [6]. - The semiconductor industry is experiencing shifts due to geopolitical factors, with South Korea focusing on localizing production to enhance supply chain security [6].