讀後心得

U.S. President Trump announced a 32% tariff on Taiwan. Although semiconductors are temporarily exempt, he plans to impose tariffs on semiconductors soon. Additionally, media reports indicate that the U.S. government facilitated a joint venture between TSMC and Intel, where both parties will jointly operate Intel's wafer factory in the U.S., with TSMC holding a 20% stake. Intel's new CEO, Chen Lifeng, emphasized the need to demonstrate strength in the foundry sector. Experts point out that TSMC's negotiation power lies with the U.S., which could lead to technology outflow and a decline in market share. TSMC responded to this news discreetly; currently, Intel's stock price has risen, while TSMC's ADR has dropped.

The U.S. President has imposed a 32% tariff on Taiwan, and although the semiconductor industry has temporarily received an exemption, he stated that tariffs on imported semiconductors will be imposed shortly. Even more surprising, reports indicate that the U.S. government facilitated the collaboration between 台積電 (TSMC) and Intel has not been postponed, with both parties planning to establish a joint venture and jointly operate Intel's wafer fabrication plant in the U.S., in which 台積電 (TSMC) will hold a 20% stake in the new company.

Intel’s new CEO clearly expressed in his speech that the IDM 2.0 model will maintain the parallel operation of wafer foundry and chip design. In his first public address after taking office, the new CEO displayed ambition, stating that the future goal is to become the best wafer foundry. Shortly after, news broke that Intel and 台積電 (TSMC) had reached a preliminary agreement to jointly establish a company to operate a wafer plant, which was announced after Trump imposed tariffs on Taiwan, inevitably putting tremendous pressure on 台積電 (TSMC).

Officials from the White House and the Commerce Department have been pushing for 台積電 (TSMC) to reach an agreement with the U.S. chip giant Intel to address Intel's long-term crisis. Although 台積電 (TSMC) holds a leading position in global technology, the equipment and materials needed for advanced processes are still largely controlled by the U.S. Experts point out that 台積電 (TSMC) may be at a disadvantage in negotiations. Although 台積電 (TSMC) holds a 20% stake in the joint venture, it is likely a technology stake, which may lead to technology leakage and potentially affect its customer base, making it a bad deal for 台積電 (TSMC). 台積電 (TSMC)’s market share in advanced processes may decline as a result, helping to avoid potential future monopoly investigations.

Currently, 台積電 (TSMC) is responding discreetly and refraining from commenting on market rumors. However, this news has boosted Intel's stock price, which rose over 2% even as U.S. stocks significantly declined. Meanwhile, 台積電 (TSMC)’s ADR listed in the U.S. fell over 7%, with a price per share of $157.38.