讀後心得

U.S. President Trump imposed a 32% tariff on Taiwan. Although semiconductors are temporarily exempt, he stated that tariffs on imported semiconductors will be added soon. Even more shocking is the U.S. government's facilitation of cooperation between TSMC and Intel, planning to jointly establish a joint venture, with TSMC holding a 20% stake. Intel's CEO Pat Gelsinger emphasized the parallel model of foundry and design in his speech. Despite TSMC's technological leadership, the power still remains in the hands of the U.S., increasing the risk of TSMC's technology leakage. This news stimulated a rise in Intel's stock price, while TSMC's ADR fell by more than 7%.

The U.S. President has imposed a 32% tariff on Taiwan. Although semiconductor products are temporarily exempt, it has recently been indicated that tariffs may be imposed on imported semiconductors. The market is shocked by reports that the U.S. government facilitated the collaboration plan between TSMC and Intel, which has not been delayed. Both parties plan to jointly establish a joint venture to operate Intel's wafer manufacturing plant in the U.S., with TSMC holding 20% of the new company's shares.

The new CEO of Intel stated in a speech that they will maintain a dual-track model of wafer foundry and chip design (IDM 2.0). His first public statements were ambitious, vowing to become the best wafer foundry provider. Soon after, news surfaced that Intel would reach a preliminary agreement with TSMC to jointly set up a joint venture to operate the wafer plant, coinciding with Trump's announcement of high tariffs on Taiwan.

Experts point out that Trump clearly differentiates between tariffs on general products and semiconductors, believing that higher tax burdens may be imposed on Taiwan in the future concerning semiconductors, which could force TSMC to set up factories in the U.S. Additionally, White House and Commerce Department officials have been promoting an agreement between TSMC and Intel, aimed at addressing Intel's long-term crisis.

Although TSMC's technology holds a leading position globally, most of the equipment, materials, and specialty chemicals required for advanced processes are predominantly controlled by the U.S. Experts analyze that TSMC's negotiating leverage is limited. Currently, the initiative lies with the U.S. If TSMC holds 20% of the joint venture, it could lead to technology leakage and impact its customer base. For TSMC, such collaboration may not be attractive, especially in the face of risks of potentially losing market share.

At present, TSMC has responded discreetly and has not commented on market rumors. This news has driven Intel's stock price to rise despite a significant drop, while TSMC's ADR listed in the U.S. has fallen over 7%.