JPM | APAC Technology - TSMC: APAC Technology - Specialist Sales Commentary Hardware - Semiconductors

研报英文原文证据摘录

JPM | APAC Technology - TSMC: APAC Technology - Specialist Sales Commentary Hardware - Semiconductors

MC to see steady increases in pricing, while capacity conversions and cross fab

collaboration should bring increased OP efficiency and utilization across multiple nodes, which should help drive a better cost

structure. Better process maturity at N2 should limit the extent of GM drag once the process ramps to economic scale.

Positioning in the name has been relatively light as used as a hedge to buy higher-beta TSMC proxy names, thus could see

covering post this print

Sector Key Newsflow

• Nvidia's Jensen Huang the latest US tech chief to visit Japan (Nikkei)

• TSMC boosts US investment by US$100B as C.C. Wei outlines long-term capacity planning with customers (Digitimes)

• Taiwan OSATs expand non-China capacity with US and SEA push (Digitimes)

• Nvidia expands Japan AI partnerships with Kawasaki, Toyota, and industrial leaders (Digitimes)

• Samsung turns to titanium to reduce screen creases in next foldables (Digitimes)

• Intel Deploys High-NA EUV for Mass Production; Samsung Exercises Caution (The Chosun)

• Hanmi, Hanwha clash in court over HBM equipment patents (Digitimes)

• LG Electronics ramps up actuator hiring as AXIUM production starts early (Digitimes)

• Huawei aims for growth, Malaysia moves into batteries (Nikkei)

• DeepSeek eyes US$70 billion valuation and Shanghai IPO as Apple Intelligence enters China (Digitimes)

Full Research Links

Company Note:

• TSMC (2330 TT)-2Q26 First Take: Upside in FY26 revenue guide and capex; GMs slightly lower than market expectations-

Gokul Hariharan (Link)

• SpaceX (SPCX US)-Next Starship Flight Approaching- Seth M Seifman (Link)

Sector Note:

• 202607 Kanemoto Elec Comp Company - - Akinori Kanemoto (Link)