Investment Rating - The investment rating for the semiconductor and semiconductor production equipment industry is "Positive" and maintained [14]. Core Insights - The silicon carbide (SiC) industry is undergoing a dual transition of new and old driving forces, along with a reshaping of the supply landscape. Demand is shifting from traditional applications like electric vehicles and photovoltaics to AI chip cooling, driven by a surge in computing power needs. This new demand is expected to grow at a higher rate and with long-term certainty, creating a dual driving force alongside a stable fundamental base. On the supply side, domestic companies are leading breakthroughs in 12-inch substrate R&D and pilot production, while overseas leader Wolfspeed is entering bankruptcy restructuring due to ongoing massive losses, accelerating the global supply chain's shift towards China. Domestic substrate companies are poised to capture the dual dividends of "computing power β + domestic α," propelling SiC from a material supplier to a core enabler of computing infrastructure, initiating a new growth cycle characterized by simultaneous increases in volume and price [5][13]. Summary by Sections AI Demand and Constraints - The explosive growth in computing power is facing three rigid constraints: economic, technical, and performance-related. The rising costs associated with process upgrades and design investments are deteriorating the input-output ratio. Technically, transistor miniaturization is approaching atomic scales, leading to quantum tunneling and leakage effects, which slow down single-thread performance growth. Performance-wise, while multi-core stacking increases total computing power, it results in GPU power consumption exceeding 400W, with future overall power consumption potentially surpassing 1kW, creating a "power wall" that restricts frequency enhancement and long-term stability [11][26]. Silicon Carbide as a Cooling Material - Silicon carbide has been validated in high-reliability scenarios such as electric vehicles and photovoltaic inverters over the past decade. Its material properties enable efficient cooling for computing power: a thermal conductivity of 4.9 W/cm·K (about three times that of silicon), low thermal expansion coefficient, and high Young's modulus. Laser-assisted through-silicon vias can precisely construct high aspect ratio 3D thermal channels, significantly optimizing heat flow paths. Stress tests confirm its superiority over silicon-based solutions in controlling radial stress and axial strain [12][13]. Market Growth and Supply Restructuring - The SiC industry is at a historic turning point with "demand expansion + supply restructuring." The demand side sees AI chip cooling creating a new market, with TSMC's CoWoS capacity expected to reach 1 million pieces per month by 2026, potentially generating over $1 billion if 30% adopts SiC solutions. Coupled with steady growth in the renewable energy sector, the industry is entering a high-growth phase driven by dual forces. On the supply side, leading domestic companies are accelerating the realization of their capacity plans, while Wolfspeed's bankruptcy is shifting global supply chain dominance towards China. In this context, leading companies with technological barriers and deep customer ties are set to fully capture the dual dividends of "computing power β + domestic α," elevating SiC from a material supplier to a core enabler of computing infrastructure [13][14].

IT之家注意到，台积电董事会 2025 年核准的资本预算累计达 680 亿美元。换句话说今天这一期的金额就接近去年全年金额的 2/3。 ▲ 图源：台积电 IT之家 2 月 10 日消息，台积电董事会在今日召开的会议上作出了多项决议，其中包括一笔 449.62 亿美元（IT之家注：现汇率约合 3115.65 亿元人民币）的 巨额资本预算。 台积电董事会还核准了 2025 年营业报告书及财务报表、总计超 2000 亿新台币的员工业绩奖金与酬劳（分红）、600 亿新台币的公司债发行额度，并提升了 多位高管的层级。此外台积电今年的股东常会将于 6 月 4 日 09:00 在新竹喜来登大饭店举行。 ...

Core Viewpoint - TSMC's board of directors approved eight key proposals, including maintaining a cash dividend of NT$6 per share and setting a record for employee performance bonuses and compensation totaling approximately NT$206.15 billion [1][2]. Group 1: Financial Performance and Dividends - TSMC's consolidated revenue for 2025 is projected to be approximately NT$3.81 trillion, with a net profit after tax of about NT$1.72 trillion, resulting in earnings per share of NT$66.25 [1]. - The cash dividend for the fourth quarter of 2025 is set at NT$6.0 per share, with the record date for common stock dividend set for June 17, 2026, and the ex-dividend date on June 11, 2026 [1]. Group 2: Employee Compensation - The total employee performance bonuses and compensation for 2025 is approximately NT$206.15 billion, with performance bonuses of about NT$103.07 billion already distributed quarterly, and the remaining compensation to be distributed in July [2]. Group 3: Capital Expenditure and Financial Strategy - TSMC approved a capital budget of approximately USD 44.96 billion to enhance advanced process capacity, upgrade packaging, and construct new facilities [2]. - The company also approved a capital increase of up to USD 30 billion for its wholly-owned subsidiary TSMC Global to reduce foreign exchange hedging costs [2]. - Additionally, TSMC plans to raise up to NT$60 billion in unsecured corporate bonds in the domestic market to support capacity expansion and green-related expenditures [2]. Group 4: Corporate Governance and Personnel Changes - TSMC has scheduled its 2026 annual shareholders' meeting for June 4, 2026, at the Sheraton Hsinchu Hotel [2]. - Several personnel promotions were approved, including the elevation of key executives to senior vice president positions within various operational and research departments [2].

TSMC Stock Is on a Roll. AI Chip Sales, Trump Tariff News Could Keep It Going. - Barron'sSkip to Main ContentThis copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com.# TSMC Stock Is on a Roll as Chip Sales Surge. This Trump Tariff News Could Drive It Higher.By [Adam Clark]ShareRes ...

Core Viewpoint - Taiwan Semiconductor Manufacturing Company (TSMC) reported another month of growing revenue, highlighting its dominant position in the semiconductor supply chain and potential benefits from U.S. tariff relief [1] Group 1: Revenue Growth - TSMC's revenue continues to grow month-over-month, indicating strong demand for its semiconductor products [1] - The company's performance reflects its critical role in the global semiconductor market [1] Group 2: U.S. Tariff Relief - The potential for U.S. tariff relief could further enhance TSMC's revenue and market position [1]

Core Viewpoint - TSMC's latest EDA alliance list, announced on February 6, includes 12 member companies, reflecting the industry's structural adjustments and the importance of EDA in semiconductor development [1][3]. Group 1: EDA Alliance Composition - The EDA alliance remains stable, with major players like Synopsys, Cadence, and Siemens EDA maintaining their dominant positions, while Primarius is the only domestic EDA company included [1][3]. - Ansys has exited the alliance due to its acquisition by Synopsys, which enhances Synopsys's influence within TSMC's EDA ecosystem [3]. - The remaining 11 members of the alliance have not changed, indicating a stable ecosystem [3]. Group 2: Domestic EDA Industry - Primarius's continued presence as the sole Chinese EDA firm highlights its technical recognition and the current state of the domestic EDA industry [4]. - Primarius focuses on core EDA areas such as modeling, simulation, and circuit verification, serving mid-to-high-end analog and mixed-signal circuit design, demonstrating strong technical capabilities [4]. - The exit of Empyrean from the alliance, following significant changes, underscores the challenges faced by domestic EDA firms in maintaining their positions in global ecosystems [7][8]. Group 3: Industry Dynamics - The TSMC EDA alliance is part of its Open Innovation Platform (OIP), aimed at collaborating with global EDA vendors for tool adaptation and methodology optimization [7]. - The stability and minor adjustments in the alliance reflect the ongoing dominance of international EDA giants in the advanced EDA field, while domestic firms still face significant technological gaps [10]. - Domestic EDA companies like Primarius are gradually overcoming technical barriers and integrating into the global semiconductor manufacturing ecosystem through focused R&D and collaboration with foundries [10].

Core Viewpoint - TSMC's January sales growth indicates continued investment in the AI sector despite concerns about a potential bubble, with a year-on-year revenue increase of 37% to NT$401.3 billion (approximately $12.7 billion) [1] Group 1: Company Performance - TSMC's revenue growth exceeded its annual forecast of 30%, highlighting strong demand in the AI-related market [1] - The company is a major beneficiary of the surge in AI-related investments, particularly due to its role in manufacturing advanced AI accelerators for clients like Apple [1] Group 2: Capital Expenditure - TSMC plans to allocate up to $56 billion in capital expenditures this year, a 25% increase compared to 2025, driven by strong demand for data center chips [1] - NVIDIA's CEO referred to the current capital expenditure trend as "a once-in-a-generation infrastructure build," emphasizing the scale of investment in the sector [1] Group 3: Market Concerns - Despite the growth, there are investor concerns regarding the substantial spending by major tech companies like Amazon and Meta Platforms, raising questions about the long-term benefits of AI investments [1] - The cyclical nature of many data center agreements has led to unease among investors who have previously experienced the volatility of the tech industry [1]

Core Viewpoint - The article highlights the strong growth in global artificial intelligence (AI) spending, as evidenced by TSMC's January sales figures, which exceeded expectations and indicate robust demand for AI-related technologies [2][3]. Group 1: TSMC's Financial Performance - TSMC's sales in January reached NT$401.26 billion, representing a year-on-year increase of 36.8% and a month-on-month increase of 19.8% compared to December 2025, surpassing the company's forecasted annual growth of 30% [2][4]. - The strong revenue growth may be influenced by the Lunar New Year holiday, which affected the year-on-year comparison [3]. Group 2: AI Infrastructure Investment - TSMC is positioned as a major beneficiary of the surge in AI investments, particularly due to the high demand for data center chips, leading to a capital expenditure budget of $56 billion for the year, a 25% increase from 2025 [4][8]. - The CEO of NVIDIA referred to the current capital expenditure trend as a "once-in-a-generation infrastructure build," reflecting long-term confidence in AI infrastructure investments within the tech industry [8]. Group 3: Market Sentiment and Concerns - Despite the impressive revenue figures, concerns remain among investors regarding the sustainability of AI spending by major tech companies like Amazon and Meta, raising questions about the profitability of their investments in AI [8]. - There are apprehensions about cyclical trading in data center agreements, as investors remain cautious due to past experiences during technology industry boom-bust cycles [8].

在人工智能(AI)需求推动下，台湾经济已在2025年经历了强劲增长。而即便在这一背景下，市场对其增 长前景的上调仍在持续。美银表示，此次上调"反映了我们对台湾以科技驱动的扩张前景持续保持乐观 态度，并且得到了近期多项进展的进一步强化"，这些进展包括汇率更加稳定、与美国达成贸易协议以 及科技企业加大支出等。 智通财经APP获悉，美国银行大幅上调了对中国台湾地区今年经济增长的预测。根据包括Xiaoqing Pi在 内的美银分析师周二发布的一份报告，美国银行将对2026年台湾GDP增长率的预测从4.5%上调至8%， 理由是台湾企业所生产的科技硬件面临"势不可挡的全球需求"。 美银还表示，鉴于"通胀仍然温和、服务业工资停滞、非科技行业疲弱以及房地产市场持续降温"，其预 计台湾货币政策当局今年不会上调政策利率。该行同时指出，其预测面临的风险还包括"地缘政治动 态"等因素。 美银等机构的观点进一步凸显市场对AI今年持续繁荣的乐观预期，英伟达(NVDA.US)主要芯片制造商 台积电(TSM.US)近日表示，计划投入高达560亿美元的资本支出，这一规模超出市场此前预期。这一表 态正值谷歌(GOOGL.US)、Meta Pla ...

本文源自：金融界AI电报 台积电公布1月营收为4,012.6亿新台币（上月3,350亿新台币），同比增长36.8%，创历史新高。 ...