讀後心得

U.S. President Trump announced a 32% tariff on Taiwanese goods. Although semiconductors are temporarily exempt, he stated that tariffs on imported semiconductors will be implemented soon. Even more shocking to the market was the foreign media report that the U.S. facilitated a collaboration between TSMC and Intel. The two sides plan to establish a joint venture to jointly operate Intel's wafer foundry, with TSMC holding a 20% stake. Intel's new CEO, Chen Lihua, emphasized the continuation of advancing the wafer foundry business. Experts pointed out that this collaboration could lead to the leakage of TSMC's technology and impact its market share. TSMC declined to comment on this matter, and its ADR stock price fell more than 7%.

The President of the United States, Donald Trump, imposed a 32% tariff on Taiwan. Although semiconductors are temporarily exempt, Trump stated that he would soon impose tariffs on imported semiconductors. The market was shocked by reports indicating that the U.S. government facilitating the collaboration between TSMC and Intel had not been delayed. Both parties plan to establish a joint venture to operate Intel's wafer manufacturing facility in the United States, with TSMC holding a 20% stake in the company.

In his first public statement, Intel's new CEO clearly expressed intentions to continue promoting the IDM 2.0 model, which integrates wafer foundry with chip design. Within less than a week, reports revealed that Intel and TSMC had reached a preliminary agreement to jointly establish a joint venture to operate a wafer plant, and this news surfaced just after Trump announced the 32% tariff on Taiwan.

Semiconductor experts pointed out that Trump's stance is quite clear: the tariff policy differs for general products and semiconductors. In the future, higher tax rates may be imposed on Taiwan's semiconductors, which will compel TSMC to accelerate its establishment of manufacturing in the United States.

Officials from the White House and the Department of Commerce have been pushing for TSMC and Intel to reach an agreement to address Intel's long-term crisis. Despite TSMC's unparalleled technology, most of the required advanced process equipment and materials are controlled by the United States. Experts point out that TSMC currently has limited negotiation leverage, and the initiative lies with the U.S. On the surface, the joint venture allows TSMC to hold a 20% stake; however, this move may result in a leak of TSMC's technology and could even affect its customer structure, providing limited benefits to TSMC.

Currently, TSMC is maintaining a low profile regarding market rumors and is not making further comments. However, this news has had a positive impact on Intel's stock price. Despite the U.S. stock market dropping by more than 1,600 points, Intel's stock price still rose by over 2%. Meanwhile, TSMC's American Depositary Receipts (ADR) fell by more than 7%, trading at $157.38 per share.