<p>当投资者想到半导体行业的巨头时，通常主导讨论的名字是 <strong>Nvidia</strong>、<strong>Advanced Micro Devices</strong> 和 <strong>Broadcom</strong>。这些公司负责设计高性能芯片和网络硬件，为下一代数据中心提供前所未有的规模支持。</p>
<p>然而，<strong>台积电</strong>（TSM -1.17%）在背后默默运作。虽然台积电在人工智能（AI）芯片的竞争中不如同行那样引人注目，但公司的支持角色却至关重要。</p>
<p>作为全球最大的芯片代工厂，台积电的市场份额接近 70%。它是许多 AI 行业最先进处理器的制造商。其主导地位使得像 <strong>Intel</strong> 这样的竞争对手苦苦追赶，市场份额的显著增长看起来更像是一个遥不可及的梦想，而非可衡量的现实。</p>
<p>但在一个令人惊讶的转折中，<strong>特斯拉</strong> 首席执行官埃隆·马斯克最近强调了一个对其中一个竞争对手 <strong>三星电子</strong>（SSNL.F 9.01%）的重要突破，给其投资者带来了急需的乐观情绪。这个公告提出了一个重要问题：三星的最新胜利是否会开启一个新的增长时代，并对台积电的主导地位构成严重挑战？</p>
<h2>三星与特斯拉的交易为何重要</h2>
<p>在七月底，马斯克在 X 上宣布，特斯拉与三星签署了一项价值 165 亿美元的协议，以生产其下一代推理芯片，称为 AI6。三星将在德克萨斯州的新代工厂制造这些芯片，战略性地将公司位置靠近特斯拉总部，并增强其在韩国以外的影响力。</p>
<p>特斯拉即将推出的创新——尤其是其 Robotaxi 平台和 Optimus 人形机器人——将需要高度复杂的芯片设计和巨大的计算能力来运作。这使得确保先进的代工服务对公司在快速发展的 AI 领域的雄心至关重要。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQ3ODYvZ2V0dHlpbWFnZXMtNjk3NTg2OTIyLmpwZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="445" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQ3ODYvZ2V0dHlpbWFnZXMtNjk3NTg2OTIyLmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>三星与特斯拉的关系如何影响台积电？</h2>
<p>乍一看，这样规模的交易可能看起来是台积电的重大挫折。然而，现实情况更为复杂。</p>
<p>马斯克澄清，台积电将制造 AI6 的前身芯片——恰如其分地称为 AI5。换句话说，特斯拉故意与多个代工合作伙伴进行合作，作为一种战略性、谨慎的对冲，旨在降低供应链风险并确保冗余。</p>
<p>虽然三星的胜利为其滞后的代工业务提供了信誉提升，但 <strong>摩根士丹利</strong> 的分析师表示，这笔交易不太可能对台积电的主导地位造成实质性影响，也不会对其长期收入和盈利潜力构成实质性阻碍。</p>
<p>此外，随着台积电继续在美国投资自己的基础设施，该公司仍然处于安全的立足点，以进一步加深与 AI 最大支出者的联系。</p>
<h2>三星是否对其最强劲的竞争对手实现了绝杀？</h2>
<p>三星的投资者获得了有形的证据，增强了公司的长期前景，但台积电的持久技术地位仍然得益于深厚的规模、先进的处理器领导地位和深厚的客户关系。就目前而言，这笔交易强调了三星仍然能够争取重要合同，并在台积电的黄金标准声誉依然牢固的行业中保持相关性。</p>
<p>从更宏观的角度来看，这笔交易还表明，随着 AI 应用变得越来越复杂，像特斯拉这样的领先企业希望通过多样化关键制造合作伙伴来保持选择，以确保稳定性、灵活性和供应链韧性。</p>
<p>对于投资者来说，更大的启示是明确的：三星与特斯拉的关系表明，该公司能够赢得重要的战斗。然而，台积电仍然处于领先地位。</p>
<p>与其说这是一次绝杀，不如说这一发展更像是一次短暂的僵局——这一动态将继续演变，因为对下一代芯片架构的全球需求加速，并进一步加剧代工竞争。</p>

三星电子

台积电

半导体 3 倍做多 - Direxion

<p>三星电子与特斯拉达成了一项价值 165 亿美元的协议，将生产其下一代 AI6 芯片，这引发了人们对其与台积电（TSMC）竞争的疑问。尽管这一合作提升了三星的信誉，但分析师表示，这不会对台积电在半导体行业的主导地位产生重大影响。台积电仍将制造前代 AI5 芯片，这表明特斯拉的战略是多元化其代工合作伙伴。总体而言，尽管三星的胜利值得关注，但台积电在市场上的既定地位和关系依然强大，这表明双方处于僵持状态，而非权力的决定性转变</p>

<p>When investors think about powerhouses in the semiconductor industry, the usual names that dominate the conversation are <strong>Nvidia</strong>, <strong>Advanced Micro Devices</strong>, and <strong>Broadcom</strong>. These companies are responsible for designing the high-performance chips and networking hardware powering next-generation data centers at an unprecedented scale.</p>
<div class="lb-trans"><p>当投资者想到半导体行业的巨头时，通常主导讨论的名字是 <strong>Nvidia</strong>、<strong>Advanced Micro Devices</strong> 和 <strong>Broadcom</strong>。这些公司负责设计高性能芯片和网络硬件，为下一代数据中心提供前所未有的规模支持。</p>
</div><p>Operating more quietly in the background, however, is <strong>Taiwan Semiconductor Manufacturing</strong>(TSM -1.17%). While TSMC (as it is also known) is less flashy than its peers in the race for artificial intelligence (AI) chips, the company's supporting role is nonetheless mission-critical.</p>
<div class="lb-trans"><p>然而，<strong>台积电</strong>（TSM -1.17%）在背后默默运作。虽然台积电在人工智能（AI）芯片的竞争中不如同行那样引人注目，但公司的支持角色却至关重要。</p>
</div><p>As the world's largest chip foundry by revenue -- with almost 70% market share -- TSMC is the manufacturer behind many of the AI industry's most advanced processors. Its dominance has left rivals like <strong>Intel</strong> struggling to catch up, with meaningful market share gains appearing more like a pipe dream than measurable reality.</p>
<div class="lb-trans"><p>作为全球最大的芯片代工厂，台积电的市场份额接近 70%。它是许多 AI 行业最先进处理器的制造商。其主导地位使得像 <strong>Intel</strong> 这样的竞争对手苦苦追赶，市场份额的显著增长看起来更像是一个遥不可及的梦想，而非可衡量的现实。</p>
</div><p>But in a surprising twist, <strong>Tesla</strong> CEO Elon Musk recently highlighted a big break for one of those rivals, <strong>Samsung Electronics</strong>(SSNL.F 9.01%), giving its investors some much-needed optimism. The announcement raises an important question: Will Samsung's latest win usher in a new era of growth and pose a serious challenge to TSMC's supremacy?</p>
<div class="lb-trans"><p>但在一个令人惊讶的转折中，<strong>特斯拉</strong> 首席执行官埃隆·马斯克最近强调了一个对其中一个竞争对手 <strong>三星电子</strong>（SSNL.F 9.01%）的重要突破，给其投资者带来了急需的乐观情绪。这个公告提出了一个重要问题：三星的最新胜利是否会开启一个新的增长时代，并对台积电的主导地位构成严重挑战？</p>
</div><h2>Why Samsung's deal with Tesla matters</h2>
<div class="lb-trans"><h2>三星与特斯拉的交易为何重要</h2>
</div><p>In late July, Musk announced on X that Tesla had signed a $16.5 billion agreement with Samsung to produce its next-generation inference chip, known as the AI6. Samsung will be manufacturing these chips at a new foundry in Texas, strategically positioning the company closer to Tesla's headquarters and reinforcing its footprint beyond South Korea.</p>
<div class="lb-trans"><p>在七月底，马斯克在 X 上宣布，特斯拉与三星签署了一项价值 165 亿美元的协议，以生产其下一代推理芯片，称为 AI6。三星将在德克萨斯州的新代工厂制造这些芯片，战略性地将公司位置靠近特斯拉总部，并增强其在韩国以外的影响力。</p>
</div><p>Tesla's upcoming innovations -- most notably its Robotaxi platform and Optimus humanoid robot -- will demand highly sophisticated chip designs and huge computing capacity to function. This makes securing advanced foundry services essential for the company's ambitions in a rapidly evolving AI landscape.</p>
<div class="lb-trans"><p>特斯拉即将推出的创新——尤其是其 Robotaxi 平台和 Optimus 人形机器人——将需要高度复杂的芯片设计和巨大的计算能力来运作。这使得确保先进的代工服务对公司在快速发展的 AI 领域的雄心至关重要。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQ3ODYvZ2V0dHlpbWFnZXMtNjk3NTg2OTIyLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F834786%2Fgettyimages-697586922.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>How does Samsung's relationship with Tesla impact TSMC?</h2>
<div class="lb-trans"><h2>三星与特斯拉的关系如何影响台积电？</h2>
</div><p>At first glance, a deal of this magnitude might look like a major setback for TSMC. The reality, however, is more nuanced.</p>
<div class="lb-trans"><p>乍一看，这样规模的交易可能看起来是台积电的重大挫折。然而，现实情况更为复杂。</p>
</div><p>Musk clarified that TSMC will manufacture the predecessor chip to the AI6 -- aptly called the AI5. In other words, Tesla is deliberately engaging with multiple foundry partners as a strategic, cautious hedge aimed at reducing supply chain risk and ensuring redundancy.</p>
<div class="lb-trans"><p>马斯克澄清，台积电将制造 AI6 的前身芯片——恰如其分地称为 AI5。换句话说，特斯拉故意与多个代工合作伙伴进行合作，作为一种战略性、谨慎的对冲，旨在降低供应链风险并确保冗余。</p>
</div><p>While Samsung's win provides a boost of credibility to its lagging foundry business, analysts at <strong>Morgan Stanley</strong> said that the deal is unlikely to meaningfully dent TSMC's dominance or serve as a material headwind to its long-term revenue and earnings potential.</p>
<div class="lb-trans"><p>虽然三星的胜利为其滞后的代工业务提供了信誉提升，但 <strong>摩根士丹利</strong> 的分析师表示，这笔交易不太可能对台积电的主导地位造成实质性影响，也不会对其长期收入和盈利潜力构成实质性阻碍。</p>
</div><p>Moreover, as TSMC continues to invest in its own infrastructure here in the U.S., the company remains on secure footing to deepen its ties with AI's biggest spenders even further.</p>
<div class="lb-trans"><p>此外，随着台积电继续在美国投资自己的基础设施，该公司仍然处于安全的立足点，以进一步加深与 AI 最大支出者的联系。</p>
</div><h2>Has Samsung delivered a checkmate against its fiercest rival?</h2>
<div class="lb-trans"><h2>三星是否对其最强劲的竞争对手实现了绝杀？</h2>
</div><p>Samsung investors have gained tangible proof that strengthens the company's long-term prospects, but TSMC's durable technological position remains supported by entrenched scale, advanced processor leadership, and deep customer relationships. For now, this deal underscores that Samsung can still compete for landmark contracts and carve out relevance in an industry where TSMC's gold-standard reputation remains firmly intact.</p>
<div class="lb-trans"><p>三星的投资者获得了有形的证据，增强了公司的长期前景，但台积电的持久技术地位仍然得益于深厚的规模、先进的处理器领导地位和深厚的客户关系。就目前而言，这笔交易强调了三星仍然能够争取重要合同，并在台积电的黄金标准声誉依然牢固的行业中保持相关性。</p>
</div><p>At a more macro level, the deal also signals that as AI applications become increasingly more sophisticated, leading enterprises like Tesla are keen on maintaining choice by diversifying key manufacturing partners to ensure stability, flexibility, and supply chain resilience.</p>
<div class="lb-trans"><p>从更宏观的角度来看，这笔交易还表明，随着 AI 应用变得越来越复杂，像特斯拉这样的领先企业希望通过多样化关键制造合作伙伴来保持选择，以确保稳定性、灵活性和供应链韧性。</p>
</div><p>For investors, the larger takeaway is clear: Samsung's relationship with Tesla illustrates that the company is capable of winning meaningful battles. Nevertheless, TSMC is still ahead.</p>
<div class="lb-trans"><p>对于投资者来说，更大的启示是明确的：三星与特斯拉的关系表明，该公司能够赢得重要的战斗。然而，台积电仍然处于领先地位。</p>
</div><p>Rather than a checkmate, this development looks more like a fleeting stalemate at best -- a dynamic that will continue to evolve as global demand for next-generation chip architectures accelerates and further intensifies the foundry race.</p>
<div class="lb-trans"><p>与其说这是一次绝杀，不如说这一发展更像是一次短暂的僵局——这一动态将继续演变，因为对下一代芯片架构的全球需求加速，并进一步加剧代工竞争。</p>
</div>

Did Samsung Just Say "Checkmate" to Taiwan Semiconductor?

- 台积电在半导体行业占据主导地位，市场份额近 70%。  
- 特斯拉与三星签署 165 亿美元协议，生产下一代 AI 芯片。  
- 尽管三星获得合同，台积电的技术地位依然稳固。  

三星是否刚刚对台积电说 “将军” 了？