讀後心得

U.S. President Trump imposed a 32% tariff on Taiwan, and although semiconductors were temporarily exempt, he stated that tariffs on semiconductor imports would soon be increased. What shocked the market even more was that the cooperation plan between TSMC and Intel had not been halted; the two parties planned to establish a joint venture, with TSMC holding 20% of the new company's shares. Intel's new CEO, Chen Linwu, stated that the company would simultaneously engage in wafer foundry and chip design, while experts expressed concerns that this could lead to TSMC's technology leakage and a dispersion of clients. TSMC responded to market rumors with a low-key approach. Following the announcement, Intel's stock price rose, while TSMC's ADR dropped.

The U.S. president has imposed a 32% tariff on Taiwan, and while semiconductors are temporarily exempt, the president has indicated that tariffs will soon be levied on imported semiconductors. Even more shocking to the market is the revelation from foreign media that the U.S. government has facilitated a collaboration between TSMC and Intel, with both parties planning to jointly establish a joint venture to handle Intel's wafer manufacturing business in the U.S.; TSMC will hold a 20% stake in this new company.

The new CEO of Intel emphasized in a speech that Intel is the only company in the U.S. capable of designing and manufacturing advanced wafers. Shortly after this, reports emerged of a preliminary agreement between Intel and TSMC, where both parties will co-manage a wafer factory, coinciding with Trump's announcement of tariffs on Taiwan, which undoubtedly adds pressure.

Semiconductor experts pointed out that Trump is very clear on the tariff issue, distinguishing between tariffs on general products and semiconductors. In the future, higher tariffs may be imposed on Taiwan's semiconductor products, which could prompt TSMC to accelerate its pace of establishing factories in the U.S.

Officials from the White House and the Department of Commerce are continuing to push for an agreement between TSMC and Intel, aiming to address the long-term challenges faced by Intel. Although TSMC has a technological advantage, many of the equipment and materials required for advanced processes are still controlled by the U.S., experts noted that TSMC has limited leverage in the negotiation process, and the initiative is already in the hands of the U.S.

Currently, TSMC has not commented on market rumors. However, this news has stimulated Intel's stock price, which has risen even amidst a significant decline in the U.S. stock market, while TSMC's ADR in the U.S. has experienced a drop.