讀後心得

U.S. President Trump imposed a 32% tariff on products imported from Taiwan. Although semiconductors are temporarily exempt, he revealed that tariffs on imported semiconductors will soon be implemented. More shockingly, reports indicate that the U.S. government has facilitated a collaboration between TSMC and Intel, with both parties planning to establish a joint venture to operate Intel's wafer manufacturing plant in the United States, with TSMC holding a 20% stake. Intel CEO Chen Lifang stated that the company will maintain a dual-track model of wafer foundry and design. Experts analyze that this collaboration may expose TSMC to the risk of technology leakage and could affect its market position. TSMC has not yet commented on this rumor. This news drove Intel's stock price up, but TSMC's American Depositary Receipts fell by over 7%.

U.S. President Trump imposed a 32% tariff on Taiwan, and although semiconductors were temporarily exempted, Trump has indicated that tariffs will be levied on imported semiconductors. The market was shocked by foreign media reports stating that the U.S. government facilitated the collaboration between TSMC and Intel, and the two parties plan to establish a joint venture to jointly operate Intel's wafer manufacturing plant in the United States, with TSMC holding a 20% stake in the new company.

Intel's new CEO, Chen Lifeng, explicitly stated in a speech that the company would continue to promote the IDM 2.0 model, which integrates both foundry services and chip design. This was Chen Lifeng's first public statement showcasing his grand ambitions to become a leading foundry player in the future. Shortly thereafter, Reuters reported that Intel and TSMC reached a preliminary agreement to jointly establish a wafer plant, coincidentally after Trump announced tariffs on Taiwan.

White House and Commerce Department officials have been working to facilitate an agreement between TSMC and American chip giant Intel to address Intel's long-term crisis. Although TSMC is technically ahead worldwide, the equipment, materials, and specialty chemicals required for advanced processes are still predominantly controlled by the U.S., and experts point out that the initiative is currently in the hands of the United States.

The 20% stake held by TSMC may primarily be a technical share, and this arrangement could lead to technological spillover, affecting TSMC's customer base and resulting in certain losses for TSMC. The only benefit is that it can reduce TSMC's market share in the advanced process market, thereby avoiding potential antitrust investigations.

Currently, TSMC has chosen to respond discreetly, offering no comments on market rumors. However, this news propelled Intel's stock price to rise over 2% despite a significant drop of more than 1600 points in the U.S. stock market, while TSMC's ADR in the U.S. fell by more than 7%, reporting at $157.38 per share.