公众号记得加星标⭐️，第一时间看推送不会错过。 近年生成式人工智能（Generative AI）与高效运算（HPC）需求持续爆发，推动先进封装一跃成为 全球半导体供应链中最关键且最紧张的产能瓶颈。 据 供 应 链 业 内 人 士 透 露 ， 台 积 电 南 科 AP8 厂 区 将 新 增 P2 工 厂 ， 两 座 工 厂 均 以 晶 圆 级 系 统 集 成 （CoWoS）技术为主；而原本聚焦晶圆级多芯片封装（WMCM）、系统级集成芯片（SoIC）及面板 级系统集成封装（CoPoS）的嘉义 AP7 厂区，也将把 SoIC 产线调整为 CoWoS 产线。换言之，台 积电未来两年将全面提升 CoWoS 产能，这也促使稳居台积电 CoWoS 供应链的中国台湾设备与材料 厂商加速扩产，以应对订单满载的市场盛况。 供应链指出，除英伟达已成为 CoWoS 最大客户外，谷歌等定制芯片（ASIC）客户也频繁抛出紧急 订单争抢产能。在这双重需求的推动下，台积电近期已敲定全面上调 2026—2027 年 CoWoS 产能目 标，并重新审视原有的先进封装扩产蓝图。 其中，2026 年底 CoWoS 月产能将突破 14 万片，2027 ...

Group 1: Market Reaction - The prices of gold and silver experienced significant declines, with gold dropping over 12% to a low of $4682 per ounce, marking the largest single-day drop in 40 years, and closing down 9.25% at $4880 per ounce [2] - Silver saw an unprecedented drop of over 36%, reaching a low of $74.28 per ounce, and closing down 26.42% at $85.259 per ounce [2] - The U.S. stock market indices collectively fell, with the Dow Jones down 0.36%, S&P 500 down 0.43%, and Nasdaq down 0.94%, reflecting increased market concerns [3] Group 2: Influencing Factors - The sell-off in gold and silver was triggered by a rebound in the U.S. dollar, following reports of President Trump's nomination of Kevin Warsh as the new Federal Reserve Chairman, which was later confirmed [2][4] - Standard Chartered's global head of commodity research noted that the market was already due for a correction, and the announcement of the Fed Chair nominee, along with broader macroeconomic factors, acted as catalysts for profit-taking [2] - The U.S. dollar index saw a significant increase, marking its largest single-day rise since July of the previous year, which negatively impacted investor confidence in gold and silver [2] Group 3: Sector Performance - The gold sector faced substantial losses, with major companies like Newmont down 11.52%, Barrick Gold down 12.09%, and AngloGold down 13.28% [3] - The technology sector also experienced declines, with major tech stocks like Meta and TSMC dropping nearly 3%, while Amazon fell by 1% [3] - Chinese concept stocks saw a downturn, with the Nasdaq Golden Dragon China Index closing down 2.36%, and individual stocks like Bilibili and Li Auto dropping over 3% [3]

Investment Plans - Taiwan Semiconductor Manufacturing Company Limited (TSM) plans to invest $165 billion in Arizona for developing factories, strengthening ties with the US [1][2] - Taiwan and the US have reached a deal to reduce tariffs on Taiwanese goods from 20% to 15%, facilitating further investments [2] Financial Performance - In Q4 2025, TSM reported consolidated revenue of NT$1,046.09 billion and net income of NT$505.74 billion, with a year-over-year revenue increase of 20.5% and net income rising by 35.0% [3] - Revenue for Q1 2026 is expected to be between US$34.6 billion and US$35.8 billion [3] Industry Context - Taiwan companies are projected to invest a total of $250 billion in the US to enhance production in semiconductors, energy, and AI, with an additional $250 billion in credit guaranteed for further investments [2]

Core Insights - NVIDIA Corporation (NVDA) and Taiwan Semiconductor Manufacturing Company Limited (TSMC) have experienced significant stock price increases of 59.9% and 62% respectively over the past year, driven by strong demand for AI technologies and easing trade tensions [1][2]. TSMC Insights - TSMC is expected to see continued growth due to strong demand for its advanced process technologies, projecting revenues of $34.6 billion to $35.8 billion for Q1 2026, which represents a 25.5% year-over-year increase and a 1.9% sequential rise [3][4]. - The company's gross profit margin for Q1 2026 is anticipated to be between 63% and 65%, slightly up from 62.3% in Q4 2025, driven by increased demand from AI hyperscalers [4]. - TSMC's earnings growth is projected at 46.2% for the current quarter and 29.1% for the full year, with a Zacks Consensus Estimate for EPS of $14.01 indicating a 27.1% year-over-year growth [5]. - Analysts are optimistic about TSMC's stock, with an average short-term price target of $408, suggesting a 19.2% increase from the last close, and a highest target of $520 indicating a potential upside of 51.9% [6]. NVIDIA Insights - NVIDIA is positioned for growth due to eased U.S.-China trade tensions, allowing selective Chinese tech companies to purchase its H200 AI chips, which could enhance its market presence in the region [10][11]. - The company anticipates revenues of nearly $65 billion for the fiscal fourth quarter of 2026, with expected earnings growth rates of 70.8% for the current quarter and 55.9% for the full year [12][13]. - The Zacks Consensus Estimate for NVIDIA's EPS is $4.66, reflecting a year-over-year growth of 10.7% [13]. - Brokers project an average short-term price target for NVDA stock at $254.81, indicating a 33.1% increase from the last closing price, with the highest target at $352 suggesting an upside of 83.8% [15].

With the first month of 2026 nearly over, there are some themes starting to take shape. First, investors are still skeptical that artificial intelligence (AI) spending is real. However, if you paid attention to Taiwan Semiconductor Manufacturing's (NYSE: TSM) fourth-quarter results, then you know that it's real and only going to get bigger. However, the market hasn't caught on to that yet. That leads to a few stocks looking like incredible buys, but there are also some other non-AI stocks that look like ...

TOP ASSETS BY MARKET CAPGold: $37.3 trillionSilver: $6.4 trillionNVIDIA: $4.6 trillionAlphabet: $4.1 trillionApple: $3.8 trillionMicrosoft: $3.1 trillionAmazon: $2.6 trillionMeta Platforms: $1.9 trillionTSMC: $1.8 trillionBitcoin: $1.7 trillion ...

The chipmaker wants to pull ahead of TSMC with a big bet on ASML's cutting-edge systems.Intel (INTC 0.26%), the world's top manufacturer of x86 CPUs, was once a reliable tech stock. Yet over the past five years, its stock declined by 13% while the S&P 500 rose by 83%.Intel lost its luster as it fell behind TSMC (TSM 0.80%) in the "process race" to manufacture smaller, denser chips, and it ceded a massive slice of its PC market to AMD (AMD 0.22%). As it faced those existential challenges, it abruptly shifted ...

Core Insights - Berkshire Hathaway, under Warren Buffett's leadership, has reached a market cap of $1 trillion, marking a significant milestone for the company [1] - Buffett's investment philosophy has historically yielded an aggregate return of nearly 6,100,000% for Berkshire Hathaway's Class A shares [2] - A recent investment misstep has cost Berkshire Hathaway approximately $16 billion, highlighting a rare deviation from Buffett's investment principles [3][10] Investment Philosophy - Buffett's long-term investment mindset emphasizes holding stakes in businesses for years or decades, recognizing that economic cycles favor high-quality companies over time [5] - Value investing is central to Buffett's approach, prioritizing good deals on excellent businesses rather than low prices on mediocre companies [7] - Competitive advantages and sustainable moats are key traits in Buffett's investment choices, focusing on industry leaders [8] - Trust in corporate management and a robust capital-return program are also critical components of Buffett's investment strategy [9] Recent Investment Activity - In Q3 2022, Berkshire Hathaway purchased 60,060,880 shares of Taiwan Semiconductor Manufacturing (TSMC) for $4.12 billion, capitalizing on its unique position in the semiconductor industry [11] - TSMC's technology is pivotal in the AI revolution, making it a strategic investment during a bear market [12] - However, Buffett sold 86% of the TSMC stake in Q4 2022 and completely exited the position in Q1 2023, a decision that deviated from his long-term investment strategy [13] Market Impact - Buffett's exit from TSMC was influenced by concerns over its location and potential export restrictions following the CHIPS and Science Act [15] - The timing of the exit proved detrimental, as TSMC's growth accelerated due to high demand for Nvidia's GPUs, leading to significant appreciation in its stock price [16] - Had Berkshire Hathaway retained its initial stake in TSMC, it would be valued at nearly $20 billion as of January 2023, resulting in a loss of approximately $16 billion due to the premature sale [17] Future Outlook - The new CEO, Greg Abel, is expected to adhere to Buffett's investment principles, maintaining a long-term investment mindset as a cornerstone of Berkshire Hathaway's strategy moving forward [18]

Industry Overview - Hyperscalers are projected to spend $500 billion on AI-related capital expenditures in 2026, indicating a strong commitment to AI infrastructure development [1] - AI developers are expected to invest $500 billion in infrastructure this year, highlighting the ongoing growth in the sector [1] Company Analysis: Broadcom - Broadcom is a key player in the AI infrastructure value chain, providing essential networking gear, switches, and interconnects for AI data centers [5][6] - The company is involved in designing custom silicon solutions for major developers like Alphabet, Apple, ByteDance, and Meta, enhancing its role in the AI ecosystem [6] - Broadcom has a market cap of $1.6 trillion, with a gross margin of 64.71% and a dividend yield of 0.73%, making it an attractive investment opportunity as analysts rate it a buy [4][8] Company Analysis: Taiwan Semiconductor Manufacturing (TSMC) - TSMC is the largest chip manufacturer globally, holding an estimated 70% market share, and serves as a critical supplier for companies like Nvidia, AMD, and Broadcom [9] - The company has experienced a renaissance, becoming less vulnerable to cyclical trends in the semiconductor industry, with consistent demand driven by AI [11][13] - TSMC's revenue and profitability are accelerating, with management guiding for further growth as the AI infrastructure movement continues [13][14] - The company has a market cap of $1.8 trillion, a gross margin of 59.02%, and a dividend yield of 0.91%, positioning it as a potentially undervalued stock in the AI sector [10][11]

Core Viewpoint - Taiwan Semiconductor Manufacturing is experiencing strong demand and robust financial performance, making it a key player in the AI and semiconductor markets [1][2]. Financial Performance - The company reported a 35% increase in net income last quarter, marking the eighth consecutive year-over-year profit growth [2]. - Revenue growth was recorded at 21% for the most recent quarter ending December 31, 2025 [2]. Market Position - Taiwan Semiconductor is a leading manufacturer in the semiconductor industry, benefiting from the growing demand for AI-related technologies [1][4]. - The company's market capitalization is approximately $1.8 trillion, positioning it among the most valuable companies globally [7]. Valuation Metrics - The forward price-to-earnings (P/E) ratio is around 26, which is higher than the S&P 500 average of 22, but is considered reasonable given the company's growth potential in AI [6]. - Despite the stock reaching an all-time high, it is suggested that there may still be significant upside potential for future investments [7]. Investment Considerations - The strong profit margins and consistent earnings growth make Taiwan Semiconductor an attractive long-term investment option [4]. - The stock has appreciated by 50% over the past 12 months, indicating strong market interest [2].