讀後心得

The American President Trump has imposed a 32% tariff on Taiwanese products, with semiconductor products temporarily exempted; however, he warned that semiconductor tariffs may be increased. Meanwhile, the cooperation plan between TSMC and Intel has not been affected, as both parties plan to establish a joint venture, with TSMC holding a 20% stake. Intel's new CEO, Chen Lifeng, stated that they will continue to promote a dual-track strategy of wafer fabrication and chip design. Experts point out that TSMC does not have the initiative in this negotiation and may face the risk of technology outflow in the future. TSMC declined to comment on this news; however, it has already affected the market, with Intel’s stock price rising and TSMC’s stock price falling.

The U.S. President imposed a 32% tariff on Taiwan, temporarily exempting the semiconductor industry, but Trump hinted that tariffs on imported semiconductors would be imposed soon. What further shook the market was that the U.S. government's facilitation of cooperation between TSMC and Intel remained unaffected; both sides plan to establish a joint venture to jointly operate Intel's wafer manufacturing plant in the U.S., with TSMC holding 20% of the new company's shares.

The newly appointed CEO of Intel emphasized in a public speech the commitment to maintaining the IDM 2.0 model, which operates both wafer foundry and chip design concurrently. Chen Lifeng stated that Intel is the only company in the U.S. that designs and manufactures advanced wafer chips.

After Trump announced the increased tariffs on Taiwan, Intel and TSMC reached a preliminary agreement to establish a joint venture to operate the foundry. Semiconductor experts pointed out that although TSMC's technology is leading, most of the equipment and materials required for advanced processes are controlled by the U.S., putting TSMC at a relative disadvantage in negotiations.

Experts also mentioned that TSMC's 20% stake might involve technology transfer, which could lead to the outflow of TSMC's technology and potentially shake some customer relationships, which would not benefit TSMC's long-term interests. Despite this, the news boosted Intel's stock price, which rose by over 2% amidst a general decline in the U.S. stock market. In contrast, TSMC's ADR listed in the U.S. fell by more than 7%.

• Trump's tariffs impact the semiconductor market.
• TSMC and Intel form a joint venture for wafer manufacturing.
• Experts worry about technology outflow and customer dispersion.
• Intel's stock rebounds, while TSMC's ADR declines.