<p>当 <strong>英伟达</strong> 首席执行官黄仁勋谈论人工智能（AI）的未来时，投资者都会倾听。黄仁勋最近预测，全球在 AI 基础设施上的支出将从今年的 6000 亿美元激增至到本世纪末的 3 万亿到 4 万亿美元。这是一个巨大的增长，且将需要大量先进的芯片。</p>
<p>黄仁勋最近还特别赞扬了 <strong>台积电</strong>（TSMC -1.59%），称其为 “人类历史上最伟大的公司之一”，并表示 “任何想要购买台积电股票的人都是非常聪明的人。” 作为全球最有价值公司的负责人，这种认可并不是每天都能听到的。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzI5NzIvZ2V0dHlpbWFnZXMtMTgwMjI4NTEwOS5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="420" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzI5NzIvZ2V0dHlpbWFnZXMtMTgwMjI4NTEwOS5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>台积电的特别之处</h2>
<p>制造半导体并不容易。这需要技术专长，制造设施（fabs）需要接近满负荷运转才能盈利。制造这些复杂芯片的过程可能涉及 700 多个步骤，每个步骤都有可能产生过量废料。这种复杂性意味着大规模生产这些芯片需要真正的专业知识。这就是为什么如今大多数芯片制造商不自己生产芯片，而是将设计发送给合同制造商。</p>
<p>这就是台积电的用武之地。它是全球领先的半导体合同制造商，先进的芯片设计师在需要大规模生产其设计时都会选择它。它运营着全球最先进的芯片制造设施，称为晶圆厂，并在生产先进芯片（如图形处理单元（GPU））方面处于明显领先地位，采用最小的工艺节点。更小的工艺节点在每个芯片上集成更多的晶体管，使其更快、更高效。这并不容易做到，像 <strong>英特尔</strong> 和 <strong>三星</strong> 这样的竞争对手在追赶台积电的良率方面遇到了困难。</p>
<p>这就是为什么每个主要的 AI 芯片制造商，从英伟达到 <strong>博通</strong> 再到 <strong>AMD</strong>，都依赖于台积电。无论谁在 AI 芯片设计竞赛中脱颖而出，台积电都能获胜，因为他们都需要其制造专业知识。</p>
<p>台积电的优势不仅仅在于其规模。它在缩小工艺节点和快速转向高产量方面始终领先于行业。现在近四分之三的收入来自于 7 纳米或更小节点制造的芯片，其中 3 纳米芯片已经占据了近四分之一。该公司已经在准备推出 2 纳米生产，保持其在竞争对手前面的领先地位，并锁定客户多年。</p>
<p>这种技术领先使台积电拥有强大的定价能力。它能够稳步提高价格，同时仍然让客户满意，这就是为什么尽管在新制造设施上投入巨大，其毛利率在过去几年中仍然上升。</p>
<p>AI 的机会巨大，台积电正处于捕捉这一机会的完美位置。该公司表示，AI 芯片的需求预计将在 2028 年前以超过 40% 的复合年增长率（CAGR）增长。这是少数公司能够匹配的增长空间，并为台积电的扩张提供了多年的可见性。它已经在与其最大客户紧密合作，以确保产能并满足他们日益增长的需求。</p>
<p>AI 并不是唯一的主要增长驱动力。如果机器人出租车真的在本世纪末开始在城市街道上行驶，它们每辆都需要多个强大的芯片来安全处理实时驾驶数据。这可能成为台积电的另一个巨大市场。新兴技术如机器人技术和量子计算也同样需要尖端芯片。无论计算能力走向何方，台积电很可能都会处于其中。</p>
<h2>台积电股票值得购买吗？</h2>
<p>尽管在半导体生态系统中扮演着关键角色，台积电仍然有些低调。它目前也是半导体领域中最具价值的公司之一，基于分析师对 2026 年的预估，其前瞻市盈率（P/E）为 23 倍，尽管面前仍有巨大的增长空间。</p>
<p>寻找参与 AI 基础设施建设的投资者应该认真考虑黄仁勋的建议。台积电是全球最有利于从即将到来的 AI 支出繁荣中受益的公司之一，可能是未来十年最聪明的买入和持有的股票。</p>

台积电

半导体 3 倍做多 - Direxion

<p>Nvidia 首席执行官黄仁勋预测，到 2030 年，全球人工智能基础设施支出将从 6000 亿美元上升至 3-4 万亿美元，强调了对先进芯片的需求。他称赞台积电为领先公司，表示投资台积电股票是明智的选择。台积电在半导体制造方面表现出色，拥有强大的技术领先优势和定价能力，预计到 2028 年，人工智能芯片需求将以 40% 的年复合增长率增长。台积电在人工智能和其他新兴技术领域具备良好的增长前景，使其成为一个引人注目的投资机会</p>

<p>When <strong>Nvidia</strong> CEO Jensen Huang talks about the future of artificial intelligence (AI), investors listen. Huang recently predicted that global spending on AI infrastructure will surge from $600 billion this year to as much as $3 trillion to $4 trillion by the end of the decade. That is a massive increase, and it is going to require a lot of advanced chips.</p>
<div class="lb-trans"><p>当 <strong>英伟达</strong> 首席执行官黄仁勋谈论人工智能（AI）的未来时，投资者都会倾听。黄仁勋最近预测，全球在 AI 基础设施上的支出将从今年的 6000 亿美元激增至到本世纪末的 3 万亿到 4 万亿美元。这是一个巨大的增长，且将需要大量先进的芯片。</p>
</div><p>Huang also recently went out of his way to praise <strong>Taiwan Semiconductor Manufacturing</strong>(TSM -1.59%), calling it &#34;one of the greatest companies in the history of humanity&#34; and saying that &#34;anybody who wants to buy TSMC stock is a very smart person.&#34; Coming from the head of the world's most valuable company, that is not the kind of endorsement you hear every day.</p>
<div class="lb-trans"><p>黄仁勋最近还特别赞扬了 <strong>台积电</strong>（TSMC -1.59%），称其为 “人类历史上最伟大的公司之一”，并表示 “任何想要购买台积电股票的人都是非常聪明的人。” 作为全球最有价值公司的负责人，这种认可并不是每天都能听到的。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzI5NzIvZ2V0dHlpbWFnZXMtMTgwMjI4NTEwOS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F832972%2Fgettyimages-1802285109.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>What makes TSMC special</h2>
<div class="lb-trans"><h2>台积电的特别之处</h2>
</div><p>Manufacturing semiconductors isn't easy. It requires technological expertise, and fabs (manufacturing facilities) need to be running near full capacity to be profitable. The process for making these complex chips can involve 700-plus steps, with the potential for excess waste overshadowing each step. Such complexity means producing these chips at scale requires real expertise. That is why today most chipmakers don't make their own chips, but instead send their designs to contract manufacturers.</p>
<div class="lb-trans"><p>制造半导体并不容易。这需要技术专长，制造设施（fabs）需要接近满负荷运转才能盈利。制造这些复杂芯片的过程可能涉及 700 多个步骤，每个步骤都有可能产生过量废料。这种复杂性意味着大规模生产这些芯片需要真正的专业知识。这就是为什么如今大多数芯片制造商不自己生产芯片，而是将设计发送给合同制造商。</p>
</div><p>That is where TSMC comes in. It is the world's leading semiconductor contract manufacturer and the company that advanced chip designers turn to when they need their designs manufactured at scale. It runs the most advanced chipmaking facilities on the planet, known as foundries, and is the clear leader in producing advanced chips, like graphics processing units (GPUs), with the smallest nodes. Smaller nodes pack more transistors on each chip, which makes them faster and more efficient. This is not easy to do, and rivals like <strong>Intel</strong> and <strong>Samsung</strong> have struggled to match TSMC's yields.</p>
<div class="lb-trans"><p>这就是台积电的用武之地。它是全球领先的半导体合同制造商，先进的芯片设计师在需要大规模生产其设计时都会选择它。它运营着全球最先进的芯片制造设施，称为晶圆厂，并在生产先进芯片（如图形处理单元（GPU））方面处于明显领先地位，采用最小的工艺节点。更小的工艺节点在每个芯片上集成更多的晶体管，使其更快、更高效。这并不容易做到，像 <strong>英特尔</strong> 和 <strong>三星</strong> 这样的竞争对手在追赶台积电的良率方面遇到了困难。</p>
</div><p>That is why every major AI chipmaker, from Nvidia to <strong>Broadcom</strong> to <strong>AMD</strong>, relies on TSMC. It wins no matter who comes out on top in the AI chip design race, because they all need its manufacturing expertise.</p>
<div class="lb-trans"><p>这就是为什么每个主要的 AI 芯片制造商，从英伟达到 <strong>博通</strong> 再到 <strong>AMD</strong>，都依赖于台积电。无论谁在 AI 芯片设计竞赛中脱颖而出，台积电都能获胜，因为他们都需要其制造专业知识。</p>
</div><p>TSMC's advantage is more than just its scale. It has consistently led the industry in shrinking node sizes and moving production into high volume quickly. Nearly three-quarters of its revenue now comes from chips built on nodes of 7 nanometers or smaller, with 3nm chips already making up nearly a quarter. The company is already preparing to roll out 2nm production, keeping it ahead of competitors and locking in its customers for years to come.</p>
<div class="lb-trans"><p>台积电的优势不仅仅在于其规模。它在缩小工艺节点和快速转向高产量方面始终领先于行业。现在近四分之三的收入来自于 7 纳米或更小节点制造的芯片，其中 3 纳米芯片已经占据了近四分之一。该公司已经在准备推出 2 纳米生产，保持其在竞争对手前面的领先地位，并锁定客户多年。</p>
</div><p>That technological lead has given TSMC strong pricing power. It has been able to steadily raise prices while still keeping its customers happy, which is why its gross margin has climbed over the last several years even as it spends heavily on new fabs.</p>
<div class="lb-trans"><p>这种技术领先使台积电拥有强大的定价能力。它能够稳步提高价格，同时仍然让客户满意，这就是为什么尽管在新制造设施上投入巨大，其毛利率在过去几年中仍然上升。</p>
</div><p>The AI opportunity is massive, and TSMC is in the perfect spot to capture it. The company has said that AI chip demand should grow at more than a 40% compound annual growth rate (CAGR) through 2028. That is the kind of growth runway that few companies can match, and it gives TSMC years of visibility into its own expansion. It is already working closely with its largest customers to secure capacity and meet their growing demand.</p>
<div class="lb-trans"><p>AI 的机会巨大，台积电正处于捕捉这一机会的完美位置。该公司表示，AI 芯片的需求预计将在 2028 年前以超过 40% 的复合年增长率（CAGR）增长。这是少数公司能够匹配的增长空间，并为台积电的扩张提供了多年的可见性。它已经在与其最大客户紧密合作，以确保产能并满足他们日益增长的需求。</p>
</div><p>AI is not the only major growth driver either. If robotaxis really do start lining city streets later this decade, they will each need multiple powerful chips to process real-time driving data safely. That could become another huge market for TSMC. The same goes for emerging technologies like robotics and quantum computing, which will require cutting-edge chips. Wherever computing power is headed, TSMC is likely to be right in the middle of it.</p>
<div class="lb-trans"><p>AI 并不是唯一的主要增长驱动力。如果机器人出租车真的在本世纪末开始在城市街道上行驶，它们每辆都需要多个强大的芯片来安全处理实时驾驶数据。这可能成为台积电的另一个巨大市场。新兴技术如机器人技术和量子计算也同样需要尖端芯片。无论计算能力走向何方，台积电很可能都会处于其中。</p>
</div><h2>Is TSMC stock a buy?</h2>
<div class="lb-trans"><h2>台积电股票值得购买吗？</h2>
</div><p>Despite its critical role in the semiconductor ecosystem, TSMC still flies a bit under the radar. It is also currently one of the best values in the semiconductor space, trading at a forward price-to-earnings (P/E) ratio of 23 times based on analysts' 2026 estimates, despite the huge growth still in front of it.</p>
<div class="lb-trans"><p>尽管在半导体生态系统中扮演着关键角色，台积电仍然有些低调。它目前也是半导体领域中最具价值的公司之一，基于分析师对 2026 年的预估，其前瞻市盈率（P/E）为 23 倍，尽管面前仍有巨大的增长空间。</p>
</div><p>Investors looking for a way to play the AI infrastructure buildout should take Huang's advice seriously. TSMC is one of the best-positioned companies in the world to benefit from the coming AI spending boom, and it might just be the smartest stock to buy and hold through the next decade.</p>
<div class="lb-trans"><p>寻找参与 AI 基础设施建设的投资者应该认真考虑黄仁勋的建议。台积电是全球最有利于从即将到来的 AI 支出繁荣中受益的公司之一，可能是未来十年最聪明的买入和持有的股票。</p>
</div>

Nvidia's CEO Just Delivered Incredible News for Taiwan Semiconductor Manufacturing Stock Investors

- 黄仁勋预测全球 AI 基础设施支出将从 6000 亿美元增至 3 至 4 万亿美元。  
- TSMC 是全球领先的半导体代工厂，主要客户包括 Nvidia 和 AMD。  
- TSMC 在 AI 芯片需求增长中处于有利位置，预计年复合增长率超过 40%。

英伟达的 CEO 刚刚为台积电的股票投资者传递了振奋人心的消息