讀後心得

According to a report from the American technology news website The Information, TSMC (2330) has reached a preliminary agreement with Intel to jointly establish a joint venture to operate Intel's wafer fabs in the United States, under pressure from the White House and the Department of Commerce. TSMC will obtain a 20% stake in the new company. This collaboration will help Intel consolidate its advanced manufacturing processes while simultaneously enhancing Taiwan's negotiation leverage. The report also mentioned that, due to tariff and market news impacts, TSMC's ADR fell over 7% in early trading on the US stock market. It is still unclear who will hold the remaining 80% stake in the new company and the source of its funding, as discussions between both parties are ongoing. This issue has garnered significant attention in the semiconductor industry, with TSMC Chairman C.C. Wei recently traveling to Japan to focus on future investment plans.

According to reports, under pressure from the U.S. White House and the Department of Commerce, TSMC has reached a preliminary agreement with Intel to establish a joint venture to operate part of Intel's wafer fabs in the United States, acquiring a 20% stake in the new company. This arrangement not only helps Intel solidify its position in advanced manufacturing processes but also provides the Taiwanese government with more negotiating leverage. Affected by tariffs and market news, TSMC's ADR fell more than 7% in U.S. markets.

Reports indicate that under the agreement, TSMC may share some chip manufacturing technologies with Intel and train Intel personnel to gain a 20% stake in the new company without directly investing. It is currently unclear who the holders of the other 80% stake are, and what the funding sources for the new company will be; discussions are still ongoing, and the final agreement has yet to be finalized. This issue has attracted ongoing attention in the semiconductor industry, with insiders noting that some negotiations are to help Intel revitalize its business.

At the same time, TSMC is also facing other investigations from Washington, including a continuing investigation by the Department of Commerce into whether it has violated U.S. export regulations. The pressure from the White House and the Department of Commerce for a joint agreement aims to resolve Intel's long-term crisis, with Department of Commerce officials expressing support for this preliminary agreement. Reports suggest that this joint venture proposal could help TSMC weaken a major competitor and give the Taiwanese government more leverage in tariff negotiations with the U.S.

Insiders have indicated that this discussion has been stalled for several months, with Intel not appointing a new CEO until March of this year after the previous CEO's abrupt departure. The former CEO had proposed selling the foundry business, but some executives remain cautious about this agreement, worried it could cause a significant disruption to Intel's proprietary technologies and potentially lead to large-scale layoffs.

The specific details of the collaboration between TSMC and Intel still need further clarification, as the production equipment and raw materials used by both parties are different. If TSMC's technologies are adopted, it may force Intel to eliminate many existing facilities, effectively akin to handing over part of the business to TSMC. Should TSMC be involved in the operation of the wafer fabs, Intel may need to consider significantly cutting down on semiconductor engineers and readjusting its equipment procurement strategies, potentially selling some expensive equipment.

Neither TSMC nor Intel has commented on the matter, and the White House and the Department of Commerce have not responded to media requests for comments. Additionally, while the U.S. has a keen interest in TSMC, reports indicate that the chairman of TSMC recently visited Japan, seemingly communicating with local officials regarding its investment plans and focusing on the investments in the two announced factories. There are also industry rumors that due to geopolitical impacts, TSMC’s willingness to invest in the U.S. is increasing, and it will flexibly adjust its development strategies in response to market changes in automotive semiconductors to prioritize investments in new U.S. plants.