<p><strong>标准普尔 500 指数</strong> 和 <strong>纳斯达克综合指数</strong> 都徘徊在历史高点附近。毫无疑问，围绕人工智能（AI）的狂热叙事推动了股价飙升。</p>
<p>科技行业的估值目前并不低迷，这已不是什么秘密。但即便如此，聪明的投资者仍然能够识别出一些低调的价值机会。</p>
<p>虽然像 <strong>英伟达</strong>、<strong>博通</strong> 和 <strong>超微半导体</strong> 这样的公司在半导体领域备受关注，但我鼓励投资者认真关注他们的一位同行：<strong>台积电</strong>（TSM -0.70%）。</p>
<p>让我们探讨一下台积电在芯片市场中的独特角色，以及公司的长期增长前景和当前估值趋势。在我看来，台积电既被低估又被忽视，但这种动态可能不会持续太久。</p>
<h2>台积电的业务是什么？</h2>
<p>半导体公司在人工智能革命中是最大的受益者之一。但为什么呢？</p>
<p>被称为图形处理单元（GPU）的芯片组能够并行运行复杂的算法，帮助企业在众多生成式 AI 应用中更高效地实现突破。英伟达和 AMD 目前是 GPU 设计领域的两大市场领导者。</p>
<p>此外，像博通这样的公司提供了一系列网络基础设施设备和服务，以满足数据中心配备最先进 AI 架构的需求。</p>
<p>在背后，台积电发挥着重要作用。该公司专注于制造和代工服务，帮助将芯片从设计阶段转化为实际的物理产品。根据 TrendForce 汇编的数据，台积电在全球晶圆代工市场中占有 68% 的份额。</p>
<p>考虑到台积电在竞争中的巨大领先地位，投资者需要了解像英伟达和许多其他领先的 AI 开发者在多大程度上依赖于它。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjQ1NzcvZ2V0dHlpbWFnZXMtMTQ2ODI2NjE1MS0yLmpwZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="393" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjQ1NzcvZ2V0dHlpbWFnZXMtMTQ2ODI2NjE1MS0yLmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>华尔街看涨，原因显而易见</h2>
<p>根据 Market.us 的报告，半导体的总可寻址市场预计到 2033 年将达到 9960 亿美元——比两年前的 5300 亿美元大幅增长。</p>
<p>Market.us 还预测，半导体代工市场将在 2024 年至 2033 年间见证 8.5% 的年复合增长率（CAGR），到下个十年初将达到 2760 亿美元的规模。</p>
<p>为了支持这些预测，全球管理咨询公司麦肯锡公司报告称，人工智能基础设施支出到下个十年中期可能接近 7 万亿美元。此外，该公司还建议，AI 数据中心的芯片及相关硬件将获得近一半的支出。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/3f534b807c775489505e4cabb355be11.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="720" height="524" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/3f534b807c775489505e4cabb355be11.png"/></p>
<p>TSM 当前财政年度收入估计数据来自 YCharts</p>
<p>这些长期趋势对台积电都是利好，因为对芯片的需求上升直接推动了公司的代工业务。根据上述数据，华尔街分析师预计，台积电在未来几年将继续实现收入和盈利的加速增长，因为公司寻求利用基础设施支出的上升。</p>
<h2>台积电的股票现在值得买吗？</h2>
<p>以 24.3 的前瞻市盈率（P/E）来看，台积电的交易价格相较于许多其他领先芯片股票而言具有相当大的折扣。有点讽刺的是，像英伟达、AMD 和博通这样的公司在很大程度上依赖于台积电的服务，但市场却对这些企业给予了高于台积电的溢价。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/79c194cd23f65020077300015a45659e.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="720" height="490" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/79c194cd23f65020077300015a45659e.png"/></p>
<p>TSM 前瞻市盈率数据来自 YCharts</p>
<p>如上所述，台积电在制造和代工服务方面处于市场领先地位。此外，云计算巨头的资本支出上升以及对数据中心基础设施的持续投资表明，芯片的需求依然强劲。因此，台积电对其未来增长前景具有高度的可见性。</p>
<p>尽管台积电的估值高于历史平均水平，但仍然相较于 2024 年下半年所见的水平具有相当大的折扣。不过，其增长叙事在过去几个月中有所增强。基于这些原因，它可能不会再继续低调太久。</p>
<p>考虑到这些因素，我认为该公司的当前价格是合理的，我将台积电视为在一片高估的成长股海洋中的隐藏宝藏。这是一个对长期投资者来说非常有吸引力的买入和持有机会。</p>

台积电

半导体 3 倍做多 - Direxion

<p>台湾半导体制造公司（TSMC）在人工智能热潮中被认为是一只被低估的股票，尽管像英伟达和 AMD 这样的主要科技公司的估值已经非常高。TSMC 在全球晶圆代工市场占有 68% 的份额，并且有望从预计到 2033 年将达到 9960 亿美元的半导体市场增长中受益。TSMC 的前瞻市盈率为 24.3，相较于同行而言，其交易价格具有折扣，这使其成为长期投资者一个引人注目的买入和持有机会</p>

<p>Both the <strong>S&amp;P 500</strong> and <strong>Nasdaq Composite</strong> indexes are hovering around all-time highs. Unsurprisingly, a euphoric narrative surrounding all things touching artificial intelligence (AI) has helped fuel stock prices into the stratosphere.</p>
<div class="lb-trans"><p><strong>标准普尔 500 指数</strong> 和 <strong>纳斯达克综合指数</strong> 都徘徊在历史高点附近。毫无疑问，围绕人工智能（AI）的狂热叙事推动了股价飙升。</p>
</div><p>It's no secret that valuations in the technology sector are frothy right now. But even so, smart investors have been able to identify some under-the-radar value opportunities.</p>
<div class="lb-trans"><p>科技行业的估值目前并不低迷，这已不是什么秘密。但即便如此，聪明的投资者仍然能够识别出一些低调的价值机会。</p>
</div><p>While companies such as <strong>Nvidia</strong>, <strong>Broadcom</strong>, and <strong>Advanced Micro Devices</strong> fetch a lot of attention in the semiconductor landscape, I'd encourage investors to take a hard look at one of their peers: <strong>Taiwan Semiconductor Manufacturing</strong>(TSM -0.70%).</p>
<div class="lb-trans"><p>虽然像 <strong>英伟达</strong>、<strong>博通</strong> 和 <strong>超微半导体</strong> 这样的公司在半导体领域备受关注，但我鼓励投资者认真关注他们的一位同行：<strong>台积电</strong>（TSM -0.70%）。</p>
</div><p>Let's explore TSMC's unique role in the chip market, as well as the company's long-term growth prospects and current valuation trends. In my eyes, TSMC is both underappreciated and undervalued, but these dynamics might not last for much longer.</p>
<div class="lb-trans"><p>让我们探讨一下台积电在芯片市场中的独特角色，以及公司的长期增长前景和当前估值趋势。在我看来，台积电既被低估又被忽视，但这种动态可能不会持续太久。</p>
</div><h2>What does Taiwan Semiconductor do?</h2>
<div class="lb-trans"><h2>台积电的业务是什么？</h2>
</div><p>Semiconductor companies have been some of the biggest beneficiaries throughout the AI revolution. But why?</p>
<div class="lb-trans"><p>半导体公司在人工智能革命中是最大的受益者之一。但为什么呢？</p>
</div><p>Chipsets known as graphics processing units (GPUs) are capable of running sophisticated algorithms in parallel, helping businesses achieve breakthroughs across myriad generative AI applications more efficiently. Nvidia and AMD are the two market leaders in GPU design right now.</p>
<div class="lb-trans"><p>被称为图形处理单元（GPU）的芯片组能够并行运行复杂的算法，帮助企业在众多生成式 AI 应用中更高效地实现突破。英伟达和 AMD 目前是 GPU 设计领域的两大市场领导者。</p>
</div><p>In addition, companies like Broadcom supply a host of network infrastructure equipment and services needed to outfit data centers with the most advanced AI architectures.</p>
<div class="lb-trans"><p>此外，像博通这样的公司提供了一系列网络基础设施设备和服务，以满足数据中心配备最先进 AI 架构的需求。</p>
</div><p>In the background lies TSMC. The company specializes in fabrication and foundry services that help bring chips from the design phase to an actual, physical product. According to data compiled by TrendForce, TSMC holds a 68% share of the global wafer foundry market.</p>
<div class="lb-trans"><p>在背后，台积电发挥着重要作用。该公司专注于制造和代工服务，帮助将芯片从设计阶段转化为实际的物理产品。根据 TrendForce 汇编的数据，台积电在全球晶圆代工市场中占有 68% 的份额。</p>
</div><p>Considering TSMC's massive lead over the competition, it's important for investors to understand just how much companies such as Nvidia and many other leading AI developers rely on it.</p>
<div class="lb-trans"><p>考虑到台积电在竞争中的巨大领先地位，投资者需要了解像英伟达和许多其他领先的 AI 开发者在多大程度上依赖于它。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjQ1NzcvZ2V0dHlpbWFnZXMtMTQ2ODI2NjE1MS0yLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F824577%2Fgettyimages-1468266151-2.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>Wall Street is bullish and it's easy to see why</h2>
<div class="lb-trans"><h2>华尔街看涨，原因显而易见</h2>
</div><p>According to Market.us, the total addressable market for semiconductors is expected to reach $996 billion by 2033 -- up from $530 billion just two years ago.</p>
<div class="lb-trans"><p>根据 Market.us 的报告，半导体的总可寻址市场预计到 2033 年将达到 9960 亿美元——比两年前的 5300 亿美元大幅增长。</p>
</div><p>Market.us goes on to project that the semiconductor foundry market will witness an 8.5% compound annual growth rate (CAGR) between 2024 and 2033 -- reaching a size of $276 billion by early next decade.</p>
<div class="lb-trans"><p>Market.us 还预测，半导体代工市场将在 2024 年至 2033 年间见证 8.5% 的年复合增长率（CAGR），到下个十年初将达到 2760 亿美元的规模。</p>
</div><p>To support these forecasts, consider that global management consulting firm McKinsey &amp; Company reports that AI infrastructure spend could reach nearly $7 trillion by the middle of next decade. Moreover, the firm suggests that chips and related hardware for AI data centers will receive nearly half of this allocated spend.</p>
<div class="lb-trans"><p>为了支持这些预测，全球管理咨询公司麦肯锡公司报告称，人工智能基础设施支出到下个十年中期可能接近 7 万亿美元。此外，该公司还建议，AI 数据中心的芯片及相关硬件将获得近一半的支出。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/3f534b807c775489505e4cabb355be11.png" alt="" original-src="https://media.ycharts.com/charts/3f534b807c775489505e4cabb355be11.png"/></p>
<p>TSM Revenue Estimates for Current Fiscal Year data by YCharts</p>
<div class="lb-trans"><p>TSM 当前财政年度收入估计数据来自 YCharts</p>
</div><p>These secular trends all bode well for TSMC, as rising demand for chips is a direct tailwind for the company's foundry business. Per the figures above, Wall Street analysts are calling for continued revenue and earnings acceleration for TSMC over the next few years as the company seeks to capitalize on rising infrastructure spend.</p>
<div class="lb-trans"><p>这些长期趋势对台积电都是利好，因为对芯片的需求上升直接推动了公司的代工业务。根据上述数据，华尔街分析师预计，台积电在未来几年将继续实现收入和盈利的加速增长，因为公司寻求利用基础设施支出的上升。</p>
</div><h2>Is Taiwan Semiconductor stock a buy right now?</h2>
<div class="lb-trans"><h2>台积电的股票现在值得买吗？</h2>
</div><p>With a forward price-to-earnings (P/E) ratio of 24.3, TSMC is trading at a considerable discount when benchmarked against many other leading chip stocks. What is a bit ironic is that companies such as Nvidia, AMD, and Broadcom rely heavily on TSMC's services, and yet the market places a premium on those businesses over TSMC's.</p>
<div class="lb-trans"><p>以 24.3 的前瞻市盈率（P/E）来看，台积电的交易价格相较于许多其他领先芯片股票而言具有相当大的折扣。有点讽刺的是，像英伟达、AMD 和博通这样的公司在很大程度上依赖于台积电的服务，但市场却对这些企业给予了高于台积电的溢价。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/79c194cd23f65020077300015a45659e.png" alt="" original-src="https://media.ycharts.com/charts/79c194cd23f65020077300015a45659e.png"/></p>
<p>TSM PE Ratio (Forward) data by YCharts</p>
<div class="lb-trans"><p>TSM 前瞻市盈率数据来自 YCharts</p>
</div><p>As explored above, TSMC is the king of fabrication and foundry services given its market-leading position. Moreover, rising capital expenditures from cloud hyperscalers and continued investment in data center infrastructure suggests that demand for chips remains robust. As a result, TSMC has a high degree of visibility into its future growth prospects.</p>
<div class="lb-trans"><p>如上所述，台积电在制造和代工服务方面处于市场领先地位。此外，云计算巨头的资本支出上升以及对数据中心基础设施的持续投资表明，芯片的需求依然强劲。因此，台积电对其未来增长前景具有高度的可见性。</p>
</div><p>Although TSMC's valuation is higher than historical averages, it remains at a considerable discount to levels seen throughout the back half of 2024. If anything, though, its growth narrative has strengthened over the last several months. For these reasons, it may not be flying under the radar for too much longer.</p>
<div class="lb-trans"><p>尽管台积电的估值高于历史平均水平，但仍然相较于 2024 年下半年所见的水平具有相当大的折扣。不过，其增长叙事在过去几个月中有所增强。基于这些原因，它可能不会再继续低调太久。</p>
</div><p>With those factors in mind, I think the company's current price is reasonable and I see Taiwan Semiconductor as a hidden bargain in a sea of overpriced growth stocks right now. This is a compelling buy-and-hold opportunity for investors with a long-run time horizon.</p>
<div class="lb-trans"><p>考虑到这些因素，我认为该公司的当前价格是合理的，我将台积电视为在一片高估的成长股海洋中的隐藏宝藏。这是一个对长期投资者来说非常有吸引力的买入和持有机会。</p>
</div>

This Artificial Intelligence (AI) Stock Is Underappreciated and Undervalued

- 台积电在全球晶圆代工市场占有 68% 的份额，受益于 AI 需求增长。  
- 预计到 2033 年，半导体市场将达到 9960 亿美元，推动台积电收入增长。  
- 目前台积电的市盈率为 24.3，较其他芯片公司有显著折扣。  

这只人工智能（AI）股票被低估且未受到足够的重视