<p><img src="https://imageproxy.pbkrs.com/https://invezz-wp-media.lon1.digitaloceanspaces.com/2026/03/Sam-1.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1536" height="1024" original-src="https://imageproxy.pbkrs.com/https://invezz-wp-media.lon1.digitaloceanspaces.com/2026/03/Sam-1.png"/></p>
<p>三星正在发出一个超越常规支出的声明。</p>
<p>该公司表示，计划在 2026 年投入超过 110 万亿韩元，约合 733 亿美元，用于资本支出和研发。</p>
<p>这一巨额支出凸显了三星计划同时大力推动其人工智能内存业务和处于困境中的代工业务的决心。</p>
<p>时机非常重要，因为英伟达首席执行官黄仁勋确认三星正在制造英伟达的新型人工智能芯片。</p>
<h2>三星芯片超级周期内部</h2>
<p>三星尚未公开详细列出 2026 年的每一项支出。</p>
<p>但其最新的财务细节揭示了三星的优先事项，因为该公司在 2025 年在设施上支出了 52.7 万亿韩元，在研发上支出了 37.74 万亿韩元。</p>
<p>近 90% 的资本支出用于设备解决方案半导体部门。</p>
<p>这些数字有助于解释 2026 年计划的形态。</p>
<p>三星正在将投资引入扩展其平泽校园周围的生产基础设施。</p>
<p>此外，该公司正在获取更多的极紫外光（EUV）光刻工具，并建立先进的研究能力。</p>
<p>三星在 2 月份宣布已开始大规模生产商业 HBM4，这是用于人工智能服务器的下一代高带宽内存。</p>
<p>联合首席执行官郑英贤将这一扩建视为对比正常上升周期更大事物的回应。</p>
<p>郑告诉股东，他预计到 2026 年芯片需求将保持强劲，因为人工智能投资持续加速，并将这种情况描述为由数据中心建设和内存需求驱动的罕见超级周期。</p>
<h2>为什么英伟达改变了故事</h2>
<p>在英伟达首席执行官表示英伟达的新人工智能芯片由韩国公司制造后，三星的股价上涨了多达 5%。</p>
<p>这具有重要意义，因为三星的代工业务一直是公司半导体故事中的薄弱环节。</p>
<p>分析师认为黄的评论是该部门可能在经历近年来的重大损失后即将复苏的证据。</p>
<p>三星还试图使其内存业务减少波动性。</p>
<p>根据在股东会议上的消息，该公司正在考虑将季度或年度内存协议转变为持续三到五年的合同。</p>
<h2>谁应该担心？</h2>
<p>最明显的受压竞争对手是 SK 海力士。</p>
<p>三星的商业 HBM4 推出直接挑战 SK 海力士在人工智能内存市场中最有利可图的部分。</p>
<p>台积电也应该关注，但不必恐慌。</p>
<p>据报道，三星在德克萨斯州的工厂本月即将达到关键的 EUV“首次光” 里程碑，并可能在下半年开始风险生产。</p>
<p>该工厂将为三星提供更可信的美国制造基地，正当台积电预计在 2026 年因人工智能需求实现约 30% 的收入增长。</p>
<p>英特尔代工无疑面临最不舒服的定位。</p>
<p>行业分析显示，英特尔仍处于赢得主要外部代工客户的早期阶段，使其夹在台积电的规模和三星的支出意愿之间。</p>
<p>关于三星在 2026 年将花费 730 亿美元用于芯片的文章：谁应该担心？首次出现在 Invezz 上。</p>

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<p>三星计划在 2026 年投资超过 730 亿美元用于资本支出和研发，重点关注其人工智能内存业务和代工业务。这项投资是在 2025 年对设施支出达到 52.7 万亿韩元和研发支出达到 37.74 万亿韩元的基础上进行的。该公司旨在扩展生产基础设施并增强研发能力，以应对由人工智能投资驱动的强劲芯片需求。随着三星推出其新的 HBM4 内存并加强其在近年来表现不佳的代工业务，竞争对手如 SK 海力士和台积电可能面临压力</p>

<p><img src="https://imageproxy.pbkrs.com/https://invezz-wp-media.lon1.digitaloceanspaces.com/2026/03/Sam-1.png" alt="" original-src="https://invezz-wp-media.lon1.digitaloceanspaces.com/2026/03/Sam-1.png"/></p>
<p>Samsung is making a statement that goes well beyond routine spending.</p>
<div class="lb-trans"><p>三星正在发出一个超越常规支出的声明。</p>
</div><p>The company said it plans to spend more than 110 trillion won, or about $73.3 billion, on capital expenditure and research in 2026.</p>
<div class="lb-trans"><p>该公司表示，计划在 2026 年投入超过 110 万亿韩元，约合 733 亿美元，用于资本支出和研发。</p>
</div><p>The massive amount underscores how aggressively Samsung is planning to push both its AI memory business and its struggling foundry operation at the same time.</p>
<div class="lb-trans"><p>这一巨额支出凸显了三星计划同时大力推动其人工智能内存业务和处于困境中的代工业务的决心。</p>
</div><p>The timing matters because Nvidia CEO Jensen Huang confirmed that Samsung is manufacturing Nvidia’s new AI chips.</p>
<div class="lb-trans"><p>时机非常重要，因为英伟达首席执行官黄仁勋确认三星正在制造英伟达的新型人工智能芯片。</p>
</div><h2>Inside Samsung’s chip supercycle</h2>
<div class="lb-trans"><h2>三星芯片超级周期内部</h2>
</div><p>Samsung has not publicly broken out every 2026 line item in detail.</p>
<div class="lb-trans"><p>三星尚未公开详细列出 2026 年的每一项支出。</p>
</div><p>But, its latest financial details reveal some details about Samsung's priority as the company spent 52.7 trillion won on facilities and 37.74 trillion won on R&amp;D in 2025.</p>
<div class="lb-trans"><p>但其最新的财务细节揭示了三星的优先事项，因为该公司在 2025 年在设施上支出了 52.7 万亿韩元，在研发上支出了 37.74 万亿韩元。</p>
</div><p>Nearly 90% of that capex went to the Device Solutions semiconductor division.</p>
<div class="lb-trans"><p>近 90% 的资本支出用于设备解决方案半导体部门。</p>
</div><p>Those numbers help explain the shape of the 2026 plan.</p>
<div class="lb-trans"><p>这些数字有助于解释 2026 年计划的形态。</p>
</div><p>Samsung is funneling investment into expanding production infrastructure around its Pyeongtaek campus.</p>
<div class="lb-trans"><p>三星正在将投资引入扩展其平泽校园周围的生产基础设施。</p>
</div><p>Moreover, the company is securing additional EUV lithography tools and building out advanced research capacity.</p>
<div class="lb-trans"><p>此外，该公司正在获取更多的极紫外光（EUV）光刻工具，并建立先进的研究能力。</p>
</div><p>Samsung announced in February that it had begun mass production of commercial HBM4, which is the next generation of high-bandwidth memory used in AI servers.</p>
<div class="lb-trans"><p>三星在 2 月份宣布已开始大规模生产商业 HBM4，这是用于人工智能服务器的下一代高带宽内存。</p>
</div><p>Co-CEO Jun Young-hyun is framing that buildout as a response to something bigger than a normal upcycle.</p>
<div class="lb-trans"><p>联合首席执行官郑英贤将这一扩建视为对比正常上升周期更大事物的回应。</p>
</div><p>Jun told shareholders he expected strong chip demand through 2026 as AI investment keeps accelerating and described the conditions as a rare supercycle driven by data-center buildouts and memory demand.</p>
<div class="lb-trans"><p>郑告诉股东，他预计到 2026 年芯片需求将保持强劲，因为人工智能投资持续加速，并将这种情况描述为由数据中心建设和内存需求驱动的罕见超级周期。</p>
</div><h2>Why Nvidia changes the story</h2>
<div class="lb-trans"><h2>为什么英伟达改变了故事</h2>
</div><p>Samsung shares rose as much as 5% after Nvidia's CEO said Nvidia’s new AI chips were being made by the South Korean company.</p>
<div class="lb-trans"><p>在英伟达首席执行官表示英伟达的新人工智能芯片由韩国公司制造后，三星的股价上涨了多达 5%。</p>
</div><p>That is significant because Samsung’s foundry business has been the weak link in the company’s semiconductor story.</p>
<div class="lb-trans"><p>这具有重要意义，因为三星的代工业务一直是公司半导体故事中的薄弱环节。</p>
</div><p>Analysts saw Huang’s comments as evidence that the division could be poised for recovery after posting heavy losses in recent years.</p>
<div class="lb-trans"><p>分析师认为黄的评论是该部门可能在经历近年来的重大损失后即将复苏的证据。</p>
</div><p>Samsung is also trying to make its memory business less volatile.</p>
<div class="lb-trans"><p>三星还试图使其内存业务减少波动性。</p>
</div><p>As per the sources present at the shareholders meeting, the company is considering shifting from quarterly or annual memory agreements to contracts lasting three to five years.</p>
<div class="lb-trans"><p>根据在股东会议上的消息，该公司正在考虑将季度或年度内存协议转变为持续三到五年的合同。</p>
</div><h2>Who should worry?</h2>
<div class="lb-trans"><h2>谁应该担心？</h2>
</div><p>The most obvious rival under pressure is SK Hynix.</p>
<div class="lb-trans"><p>最明显的受压竞争对手是 SK 海力士。</p>
</div><p>Samsung’s commercial HBM4 rollout directly challenges SK Hynix in the most lucrative part of the AI memory market.</p>
<div class="lb-trans"><p>三星的商业 HBM4 推出直接挑战 SK 海力士在人工智能内存市场中最有利可图的部分。</p>
</div><p>TSMC should also pay attention, though not panic.</p>
<div class="lb-trans"><p>台积电也应该关注，但不必恐慌。</p>
</div><p>Samsung’s Taylor, Texas fab is reported to be nearing a key EUV “first light” milestone this month and could begin risk production in the second half of the year.</p>
<div class="lb-trans"><p>据报道，三星在德克萨斯州的工厂本月即将达到关键的 EUV“首次光” 里程碑，并可能在下半年开始风险生产。</p>
</div><p>The fab will provide Samsung with a more credible US manufacturing base, just as TSMC is guiding for roughly 30% revenue growth in 2026 on AI demand.</p>
<div class="lb-trans"><p>该工厂将为三星提供更可信的美国制造基地，正当台积电预计在 2026 年因人工智能需求实现约 30% 的收入增长。</p>
</div><p>Intel Foundry arguably faces the most uncomfortable positioning of all.</p>
<div class="lb-trans"><p>英特尔代工无疑面临最不舒服的定位。</p>
</div><p>Industry analysis shows Intel is still in the early stages of winning major external foundry customers, leaving it squeezed between TSMC’s scale and Samsung’s willingness to spend.</p>
<div class="lb-trans"><p>行业分析显示，英特尔仍处于赢得主要外部代工客户的早期阶段，使其夹在台积电的规模和三星的支出意愿之间。</p>
</div><p>The post Samsung is spending $73B on chips in 2026: who should be worried? appeared first on Invezz</p>
<div class="lb-trans"><p>关于三星在 2026 年将花费 730 亿美元用于芯片的文章：谁应该担心？首次出现在 Invezz 上。</p>
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Samsung is spending $73B on chips in 2026: who should be worried?

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三星计划在 2026 年投入 730 亿美元用于芯片：谁应该感到担忧？