讀後心得

U.S. President Trump has imposed a 32% tariff on Taiwan. Although semiconductors are temporarily exempted, he has indicated that he will soon impose tariffs on imported semiconductors. Recent reports indicate that the U.S. government is promoting cooperation between TSMC and Intel, with both parties planning to establish a joint venture in which TSMC will hold a 20% stake. Intel's new CEO, Pat Gelsinger, stated that they will advance a dual-track model of wafer foundry and chip design. Experts point out that although TSMC's technology is leading, cooperation under U.S. dominance may impact its technology and customer relationships, posing challenges to its market position. TSMC currently declines to comment on this matter.

U.S. President Trump imposed a 32% tariff on Taiwan, and although the semiconductor industry received a temporary exemption, Trump stated that tariffs on imported semiconductors would be imposed soon. More shockingly, foreign media reported that the U.S. government facilitated the collaboration between TSMC and Intel without delay, with both parties planning to establish a joint venture to operate Intel's wafer manufacturing plant in the U.S., where TSMC will hold a 20% stake in the company.

The CEO of Intel clearly stated in a speech that Intel is the only company in the U.S. that designs and manufactures advanced wafer chips. The newly appointed CEO, Chen Lifeng, expressed ambitions to become the best wafer foundry operator in his first public comments. Shortly after, Reuters reported that Intel and TSMC reached a preliminary agreement to jointly establish a joint venture to operate a wafer factory, coinciding closely with Trump's imposition of high tariffs on Taiwan.

According to expert opinions, Trump has a very clear stance on the semiconductor industry; he believes that sanctions on Taiwan will strengthen, forcing TSMC to consider setting up factories in the U.S. Officials from the White House and the Department of Commerce are still actively facilitating the agreement between TSMC and Intel to address Intel's long-term crisis.

Although TSMC is technologically ahead globally, most of the equipment and materials required for its advanced processes are still controlled by the U.S. Experts point out that TSMC has limited leverage in this negotiation. While the establishment of the joint venture gives TSMC a 20% stake, it may actually lead to the outflow of TSMC's technology and impact its customer base.

Currently, TSMC has not commented on this market rumor. However, this news has already stimulated an increase in Intel's stock price, even though TSMC's ADR share price fell more than 7% amid significant declines in the U.S. stock market.