<p><strong>標準普爾 500 指數</strong> 和 <strong>納斯達克綜合指數</strong> 都徘徊在歷史高點附近。毫無疑問，圍繞人工智能（AI）的狂熱敍事推動了股價飆升。</p>
<p>科技行業的估值目前並不低迷，這已不是什麼秘密。但即便如此，聰明的投資者仍然能夠識別出一些低調的價值機會。</p>
<p>雖然像 <strong>英偉達</strong>、<strong>博通</strong> 和 <strong>超微半導體</strong> 這樣的公司在半導體領域備受關注，但我鼓勵投資者認真關注他們的一位同行：<strong>台積電</strong>（TSM -0.70%）。</p>
<p>讓我們探討一下台積電在芯片市場中的獨特角色，以及公司的長期增長前景和當前估值趨勢。在我看來，台積電既被低估又被忽視，但這種動態可能不會持續太久。</p>
<h2>台積電的業務是什麼？</h2>
<p>半導體公司在人工智能革命中是最大的受益者之一。但為什麼呢？</p>
<p>被稱為圖形處理單元（GPU）的芯片組能夠並行運行復雜的算法，幫助企業在眾多生成式 AI 應用中更高效地實現突破。英偉達和 AMD 目前是 GPU 設計領域的兩大市場領導者。</p>
<p>此外，像博通這樣的公司提供了一系列網絡基礎設施設備和服務，以滿足數據中心配備最先進 AI 架構的需求。</p>
<p>在背後，台積電發揮着重要作用。該公司專注於製造和代工服務，幫助將芯片從設計階段轉化為實際的物理產品。根據 TrendForce 彙編的數據，台積電在全球晶圓代工市場中佔有 68% 的份額。</p>
<p>考慮到台積電在競爭中的巨大領先地位，投資者需要了解像英偉達和許多其他領先的 AI 開發者在多大程度上依賴於它。</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>圖片來源：Getty Images。</p>
<h2>華爾街看漲，原因顯而易見</h2>
<p>根據 Market.us 的報告，半導體的總可尋址市場預計到 2033 年將達到 9960 億美元——比兩年前的 5300 億美元大幅增長。</p>
<p>Market.us 還預測，半導體代工市場將在 2024 年至 2033 年間見證 8.5% 的年複合增長率（CAGR），到下個十年初將達到 2760 億美元的規模。</p>
<p>為了支持這些預測，全球管理諮詢公司麥肯錫公司報告稱，人工智能基礎設施支出到下個十年中期可能接近 7 萬億美元。此外，該公司還建議，AI 數據中心的芯片及相關硬件將獲得近一半的支出。</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 當前財政年度收入估計數據來自 YCharts</p>
<p>這些長期趨勢對台積電都是利好，因為對芯片的需求上升直接推動了公司的代工業務。根據上述數據，華爾街分析師預計，台積電在未來幾年將繼續實現收入和盈利的加速增長，因為公司尋求利用基礎設施支出的上升。</p>
<h2>台積電的股票現在值得買嗎？</h2>
<p>以 24.3 的前瞻市盈率（P/E）來看，台積電的交易價格相較於許多其他領先芯片股票而言具有相當大的折扣。有點諷刺的是，像英偉達、AMD 和博通這樣的公司在很大程度上依賴於台積電的服務，但市場卻對這些企業給予了高於台積電的溢價。</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 前瞻市盈率數據來自 YCharts</p>
<p>如上所述，台積電在製造和代工服務方面處於市場領先地位。此外，雲計算巨頭的資本支出上升以及對數據中心基礎設施的持續投資表明，芯片的需求依然強勁。因此，台積電對其未來增長前景具有高度的可見性。</p>
<p>儘管台積電的估值高於歷史平均水平，但仍然相較於 2024 年下半年所見的水平具有相當大的折扣。不過，其增長敍事在過去幾個月中有所增強。基於這些原因，它可能不會再繼續低調太久。</p>
<p>考慮到這些因素，我認為該公司的當前價格是合理的，我將台積電視為在一片高估的成長股海洋中的隱藏寶藏。這是一個對長期投資者來説非常有吸引力的買入和持有機會。</p>

台積電

半導體 3 倍做多 - Direxion

<p>台灣半導體制造公司（TSMC）在人工智能熱潮中被認為是一隻被低估的股票，儘管像英偉達和 AMD 這樣的主要科技公司的估值已經非常高。TSMC 在全球晶圓代工市場佔有 68% 的份額，並且有望從預計到 2033 年將達到 9960 億美元的半導體市場增長中受益。TSMC 的前瞻市盈率為 24.3，相較於同行而言，其交易價格具有折扣，這使其成為長期投資者一個引人注目的買入和持有機會</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>標準普爾 500 指數</strong> 和 <strong>納斯達克綜合指數</strong> 都徘徊在歷史高點附近。毫無疑問，圍繞人工智能（AI）的狂熱敍事推動了股價飆升。</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>科技行業的估值目前並不低迷，這已不是什麼秘密。但即便如此，聰明的投資者仍然能夠識別出一些低調的價值機會。</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>雖然像 <strong>英偉達</strong>、<strong>博通</strong> 和 <strong>超微半導體</strong> 這樣的公司在半導體領域備受關注，但我鼓勵投資者認真關注他們的一位同行：<strong>台積電</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>讓我們探討一下台積電在芯片市場中的獨特角色，以及公司的長期增長前景和當前估值趨勢。在我看來，台積電既被低估又被忽視，但這種動態可能不會持續太久。</p>
</div><h2>What does Taiwan Semiconductor do?</h2>
<div class="lb-trans"><h2>台積電的業務是什麼？</h2>
</div><p>Semiconductor companies have been some of the biggest beneficiaries throughout the AI revolution. But why?</p>
<div class="lb-trans"><p>半導體公司在人工智能革命中是最大的受益者之一。但為什麼呢？</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>被稱為圖形處理單元（GPU）的芯片組能夠並行運行復雜的算法，幫助企業在眾多生成式 AI 應用中更高效地實現突破。英偉達和 AMD 目前是 GPU 設計領域的兩大市場領導者。</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，像博通這樣的公司提供了一系列網絡基礎設施設備和服務，以滿足數據中心配備最先進 AI 架構的需求。</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>在背後，台積電發揮着重要作用。該公司專注於製造和代工服務，幫助將芯片從設計階段轉化為實際的物理產品。根據 TrendForce 彙編的數據，台積電在全球晶圓代工市場中佔有 68% 的份額。</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>考慮到台積電在競爭中的巨大領先地位，投資者需要了解像英偉達和許多其他領先的 AI 開發者在多大程度上依賴於它。</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>圖片來源：Getty Images。</p>
</div><h2>Wall Street is bullish and it's easy to see why</h2>
<div class="lb-trans"><h2>華爾街看漲，原因顯而易見</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>根據 Market.us 的報告，半導體的總可尋址市場預計到 2033 年將達到 9960 億美元——比兩年前的 5300 億美元大幅增長。</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 還預測，半導體代工市場將在 2024 年至 2033 年間見證 8.5% 的年複合增長率（CAGR），到下個十年初將達到 2760 億美元的規模。</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>為了支持這些預測，全球管理諮詢公司麥肯錫公司報告稱，人工智能基礎設施支出到下個十年中期可能接近 7 萬億美元。此外，該公司還建議，AI 數據中心的芯片及相關硬件將獲得近一半的支出。</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 當前財政年度收入估計數據來自 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>這些長期趨勢對台積電都是利好，因為對芯片的需求上升直接推動了公司的代工業務。根據上述數據，華爾街分析師預計，台積電在未來幾年將繼續實現收入和盈利的加速增長，因為公司尋求利用基礎設施支出的上升。</p>
</div><h2>Is Taiwan Semiconductor stock a buy right now?</h2>
<div class="lb-trans"><h2>台積電的股票現在值得買嗎？</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）來看，台積電的交易價格相較於許多其他領先芯片股票而言具有相當大的折扣。有點諷刺的是，像英偉達、AMD 和博通這樣的公司在很大程度上依賴於台積電的服務，但市場卻對這些企業給予了高於台積電的溢價。</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 前瞻市盈率數據來自 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，台積電在製造和代工服務方面處於市場領先地位。此外，雲計算巨頭的資本支出上升以及對數據中心基礎設施的持續投資表明，芯片的需求依然強勁。因此，台積電對其未來增長前景具有高度的可見性。</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>儘管台積電的估值高於歷史平均水平，但仍然相較於 2024 年下半年所見的水平具有相當大的折扣。不過，其增長敍事在過去幾個月中有所增強。基於這些原因，它可能不會再繼續低調太久。</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>考慮到這些因素，我認為該公司的當前價格是合理的，我將台積電視為在一片高估的成長股海洋中的隱藏寶藏。這是一個對長期投資者來説非常有吸引力的買入和持有機會。</p>
</div>

This Artificial Intelligence (AI) Stock Is Underappreciated and Undervalued

- 台積電在全球晶圓代工市場佔有 68% 的份額，受益於 AI 需求增長。  
- 預計到 2033 年，半導體市場將達到 9960 億美元，推動台積電收入增長。  
- 目前台積電的市盈率為 24.3，較其他芯片公司有顯著折扣。  

這隻人工智能（AI）股票被低估且未受到足夠的重視