$ 台积电 (TSM.US) 多数客户已同意上调代工价格换取可靠的供应。这将带动台积电的毛利率进一步攀升。

不同于美光、英伟达等 AI 股的高波动,无论是云端 AI 之路上的 Cowos 封装、5-7mn 晶圆制造的产能利用率提升,还是端侧 AI 上苹果换机故事带来最先进节点的产能利用率改善,还是 Windows on ARM 取代 Wintel 逻辑下,AI PC 端晶圆制造对于英特尔代工的侵蚀,台积电作为 AI 基础设施股,无论是业绩基本面还是故事逻辑,似乎都更为稳健,虽然涨幅不及美光的英伟达的疯狂上窜,但显然,“稳稳的幸福” 的持股体验也更为友好。

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