Another intriguing factor to consider is volatility skew. Definitionally, the skew is a distortion of the volatility surface area. Under a condition of no sentiment or structural bias, this indicator would be perfectly flat across the strike price spectrum. However, as smart money traders buy “insurance” against either downside or upside risk, the skew becomes distorted, allowing retail traders to read the sentiment profile of sophisticated market participants.These derivatives typically feature far out-the ...

Group 1 - Artificial intelligence (AI) is a global phenomenon, yet many U.S. investors focus primarily on domestic companies, which is understandable given the presence of major tech firms in the U.S. [1] - Smart investors should consider global opportunities, as some of the best investment prospects are found overseas, particularly in companies like Taiwan Semiconductor Manufacturing (TSMC), which plays a crucial role in AI growth [2] - TSMC's history dates back to the 1980s, but its roots trace back to Morris Chang, a key figure in semiconductor development since the 1950s [3][4] Group 2 - Morris Chang's career began at Texas Instruments in 1958, where he became a leading executive in semiconductor operations before leaving to address Taiwan's semiconductor industry challenges [3][4] - In the 1970s and 1980s, Taiwan faced economic and geopolitical pressures, prompting the government to identify semiconductor manufacturing as a key industry for sustainable development [4] - TSMC was established in 1987 with significant capital from Taiwan's sovereign wealth fund (48% stake) and technology support from Philips, which held a 28% stake [5]

Earnings season is in full swing. So far, Meta Platforms (NASDAQ: META) and Taiwan Semiconductor Manufacturing (NYSE: TSM) have stood out from the pack for their strong performance. The common theme? Artificial intelligence (AI) has presented remarkable growth opportunities, and both companies are effectively hitting it out of the park. As these businesses continue to reach new heights in the AI era, their share prices are bound to follow suit. Where to invest $1,000 right now? Our analyst team just reve ...

格隆汇2月23日｜台积电、阿斯麦跌超1%，美光科技跌近1%，英伟达微跌。 ...

据最新环评资料显示，「台南科学工业园区特定区（开发区块A）新建半导体厂计划」环境影响说明书 公开会议预计在2月24日举行。这块被外界视为加码兴建一座2nm晶圆厂的计划基地位于台南市安定 区，台南科学工业园区特定区之开发区块A范围，南侧临接「树谷园区」，东侧临接南科「台南园 区」。 台积电最新公布的新建厂计划环说书，正式公布计划基地面积约15.46公顷，同时计划期程也正式拍 板。据计划指出，预计2026年启动建筑规划、执照申请及现地开工等作业，2028年办理竣工及申领使 照，预定办理情形将依先期评估及工程作业等实际完成时程调整。 为应对AI芯片订单需求热，台积电规划继续加码投资2nm厂的脚步不停歇。据环评开发进度显示，台积 电去年提出在南科特定区A区区块新建半导体厂环评计划，基地面积约15.46公顷，规划2026年启动建筑 规划、执照申请及现地开工等作业，预计2028年完工启用。 英伟达（NVIDIA）CEO黄仁勋1月表示，英伟达今年需求量很大，更预期未来十年台积电产能可能增 长超过100％。台积电近年扩厂脚步不停歇，去年也提出在南科特定区A区区块新建半导体厂环评计 划，外传是为纾缓2nm订单。 ...

（原标题：玻璃，革命芯片？） 过去半个世纪以来，人类一直痴迷于让事物"更小"。这是在单个芯片上集成更多晶体管的唯一途径。将 晶体管缩小到10纳米、5纳米和3纳米，正是半导体技术的定义。但最终，物理定律给出了冷酷的判 决："你不可能再缩小了。" 对此，人们改变了想法。 "如果我们不能缩小单个单元的尺寸，为什么不把几个单元组合起来建造更大的东西呢?" 这一个问题改变了游戏规则。如今，核心关注点不再是芯片内部的微观电路，而是连接芯片的"桥梁"以 及支撑它们的"接地"。纳米级战争已经结束，微米级战争已经开始。 而在这片战场的正中央，矗立着一块透明的玻璃。 为什么芯片不能再大了 人工智能模型越来越大，芯片上需要集成的晶体管数量也随之增加。为了容纳更多晶体管，芯片尺寸必 须增大——但芯片尺寸存在一个无法突破的极限。 这就是良率问题。不能再小了，也不能再大了。单片芯片是条死路。 所以，业界的应对之策是反其道而行之。 分开，然后重新连接 想象一下，用3D打印机一次性打印出一座霍格沃茨城堡。如果打印过程中出现一个地方出错，整个作 品就得扔掉。但如果你用乐高积木搭建呢?一块坏的积木——换一块就行了。 Chiplet就像乐高积木。 ...

Group 1: Natera - Natera represents 13.2% of the Duquesne Family Office holdings, with a market cap of $28.8 billion, specializing in genetic testing for women's health, oncology, and organ health [4] - The company is currently loss-making but is projected to have revenue growth at a high-teens percentage rate over the next couple of years, with a gross profit margin increasing from 61.8% in Q3 2024 to 64.9% in Q3 2025 [4] - Natera's oncology tests grew by 54% in Q3, making up 24% of total tests, and the bullish case for the stock is supported by its Signatera personalized blood test for detecting molecular residual disease in cancer patients [5][6] Group 2: Taiwan Semiconductor Manufacturing - Taiwan Semiconductor Manufacturing represents 5.4% of the portfolio and has seen an 80% increase over the last year, driven by AI spending [8] - The company reported robust AI-related demand in 2025, while non-AI markets showed only a mild recovery, indicating a dependency on AI spending for future prospects [9] - Capital spending is projected to exceed $101 billion over the next three years due to rising costs and growth support needs, which may limit free cash flow margin expansion opportunities [10][12]

Core Viewpoint - Taiwan Semiconductor is positioned to benefit significantly from the ongoing AI spending, particularly with major AI hyperscalers projected to spend around $650 billion on data center capital expenditures by 2026 [1]. Group 1: Company Overview - Taiwan Semiconductor is favored as a primary investment choice due to its competitive edge in the semiconductor industry, making it a strong buy [2]. - The company is one of the few chip foundries capable of competing at a high level, with Intel struggling and Samsung lacking the capacity to match Taiwan Semiconductor [4]. - Taiwan Semiconductor's client list includes major players like Nvidia, AMD, and Broadcom, indicating its central role in the semiconductor supply chain [6]. Group 2: Market Position and Financials - The company has a market capitalization of $1.9 trillion and a gross margin of 59.02%, with a current stock price of $370.04 [5][6]. - The stock is trading at 26 times forward earnings, which is relatively close to the S&P 500's valuation of 22 times forward earnings, suggesting it is not overly expensive [10]. Group 3: Growth Potential - Taiwan Semiconductor's management anticipates a nearly 60% compound annual growth rate (CAGR) in AI chip revenue from 2024 to 2029, highlighting the substantial growth potential in the AI sector [7]. - The ongoing AI buildout is expected to continue for some time, providing a favorable environment for Taiwan Semiconductor's growth [7].

Group 1 - The U.S. Supreme Court's ruling against Trump's tariffs has led to a strong rally in emerging market assets, with a benchmark index for emerging market currencies reversing weekly losses and an emerging market ETF reaching a historical high [1][5] - Michael Hartnett, a strategist at Bank of America, emphasizes that emerging markets are likely to outperform the U.S. market amid the decline of "American exceptionalism" and a shift in global growth focus [1][7] - The iShares MSCI Emerging Markets ETF has seen a rare "ten consecutive days of gains," reaching a historical peak, with trading volume significantly above its 20-day average [1][4] Group 2 - The strong performance of key stocks like TSMC, Samsung, and SK Hynix has contributed to the iShares MSCI Emerging Markets ETF's rise, which has increased by 14% in 2026, outperforming the S&P 500 and Nasdaq 100 [4] - The ongoing global AI boom and the "sell America" narrative have positioned the Korean stock market as one of the best-performing markets globally, with a 40% increase in its benchmark index this year [4][8] - The Supreme Court's tariff decision is seen as a catalyst for emerging market currencies, highlighting significant uncertainty in U.S. government policies and driving diversification trends [5][8] Group 3 - Recent U.S. economic data indicates weakness, with GDP growth falling short of expectations and inflation measures exceeding forecasts, creating mixed signals for the Federal Reserve's interest rate outlook [6] - Despite geopolitical tensions, most Wall Street strategists believe that these will not escalate into a full-scale war, allowing emerging markets to maintain their strong upward momentum [6][7] - The uncertainty surrounding U.S. fiscal policies and high valuations in the U.S. market are prompting large investors to seek diversification in emerging markets, which are seen as more attractive in terms of valuation and growth expectations [8]

Core Insights - The article discusses the investment strategy of Duan Yongping, highlighting significant changes in his portfolio as of the end of 2025, with a total market value of approximately $17.489 billion, equivalent to over 120 billion RMB [2]. Group 1: Portfolio Adjustments - Duan Yongping significantly reduced his position in Apple, which was previously his largest holding, with a decrease of 7.09% in shares held [4]. - He increased his stake in Nvidia by over 1,110.62%, raising his holdings to 7,237,100 shares valued at approximately $1.35 billion [4]. - Duan also added to his positions in Google and Pinduoduo, while drastically cutting his investment in ASML by 87.63% [3][4]. Group 2: New Investments - Duan initiated small positions in three AI-focused companies: CoreWeave, Credo Technology, and Tempus AI, with respective portfolio allocations of 0.12%, 0.12%, and 0.04% [2][4]. - The portfolio reflects a strategic shift towards technology and AI sectors, indicating a focus on emerging trends in the market [2].