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台积电赴美建厂，利润会被吃掉多少？_我的网站
一 | A24 has unveiled the first official poster for Kristoffer Borgli’s highly anticipated film The Drama, starring Robert Pattinson and Zendaya. The reveal arrives just a day before the Sundance Film Festival announces its 2025 lineup, intensifying speculation about whether the film will make a surprise world-premiere debut, though nothing is confirmed yet. Set for release on April 3, 2026, The Drama has already been screened in nearly finished form for select industry viewers. The early reactions have been overwhelmingly strong. Borgli's last feature Dream Scenario, earned praise for its sharp, absurdist storytelling. He is now set to take on his most ambitious project yet with a pairing which features two of Hollywood's favourites in recent years. The film follows a couple, played by Pattinson and Zendaya, whose relationship takes a startling and unpredictable turn just days before their wedding. Borgli’s script reportedly pushes Pattinson into one of his most intense performances, portraying an ordinary British man thrown into an extraordinary and deliberately guarded situation. Those who have seen early cuts describe the film as a psychological jolt, anchored by Pattinson’s transformative work and Zendaya’s emotionally grounded presence. The central twist is said to be bold enough to split audiences. This is leaving many curious about whether A24 will reveal it in trailers or keep it sealed for opening night. View this post on Instagram A post shared by Zendaya (@zendaya) With Sick of Myself premiering at Cannes in 2022 and Dream Scenario becoming a cult favourite, Borgli has quickly emerged as one of the most intriguing new voices in cinema. 2026 is shaping up to be a packed year for the lead pair. Both Robert Pattinson and Zendaya will be seen in Christopher Nolan's The Odyssey and Dennis Villeneuve's Dune: Messiah. Zendaya is also gearing up to return as Rue in the season 3 of Euphoria. She is currently shooting Spider-Man: Brand New Day opposite Tom Holland as well. On the other hand, Robert Pattinson is set to reprise his role as Batman in 2027. He was most recently seen in the critically acclaimed film, Die My Love, opposite Jennifer Lawrence. With the poster now out and a trailer expected soon, anticipation for The Drama is officially in full swing. Also Read: Zendaya on Working With Boyfriend Tom Holland。
二 | 特朗普的"美国制造"压力正在转化为台积电真实的利润代价。这家全球最大晶圆代工厂在创下季度盈利纪录的同时，也首次明确量化了海外扩张对毛利率的侵蚀幅度，而这一压力在未来数年内将持续加剧。 台积电本季度净利润同比大涨77.4%，再度刷新纪录，但亮眼业绩背后，海外晶圆厂的扩张已开始拖累整体利润率。台积电首席财务官Wendell Huang在财报电话会议上表示，毛利率虽高于此前指引，但被海外晶圆厂的摊薄效应所抵消，并警告随着海外项目在未来"数年"内陆续投产，利润率将进一步承压。 与此同时，据日经新闻报道，台积电计划于2027年对先进制程及成熟制程芯片双双提价，幅度最高达10%，部分成本压力或将向客户转移。 自特朗普2025年重返白宫以来，台积电已累计宣布对美投资承诺达2000亿美元，其中包括上周刚刚披露的1000亿美元先进半导体制造及封装设施投资计划。白宫发言人向CNBC表示，"台积电及其他半导体公司数以万亿美元计的投资，正是特朗普贸易与经济政策的成果。" 政治压力驱动扩张，成本代价日益清晰 特朗普重返执政后，持续以关税威胁向不在美国本土生产的企业施压，台积电的大规模赴美投资正是在这一背景下加速推进。 美国商务部长Howard Lutnick在声明中表示，"特朗普总统的领导力正推动企业投资美国制造业，台积电追加1000亿美元投资将创造数以万计的美国就业岗位，并将先进半导体制造业带回美国。" 然而，在美国建厂大幅提高了成本，晨星高级股票分析师Phelix Lee向CNBC表示，"总体而言，我们估计台积电在美生产的芯片成本比中国台湾高出20%至50%，具体取决于补贴时间节点、税收抵免确认及其他成本波动因素。"他同时预计，客户将承担更多因生产成本上升带来的额外费用。 毛利率摊薄幅度已有量化，但尚在可控区间 台积电首次给出了海外扩张对毛利率影响的具体预测：Huang表示，随着海外晶圆厂项目推进，初期毛利率摊薄幅度预计为2%至3%，后期将扩大至3%至4%。 D.A. Davidson技术研究主管Gil Luria认为，这一摊薄幅度在台积电目前的利润水平下尚属可承受范围。
三 | 台积电第二季度毛利率为67.7%，较第一季度的66.2%小幅提升。"台积电整体利润率极高，这一差距是它负担得起的，"Luria表示。 在其他亚洲芯片制造商中，SK海力士等企业也在开发美国本土设施，但台积电的投资承诺规模远超同行，由此带来的成本敞口也最为突出。 垄断地位提供缓冲，成本转嫁客户可期 尽管利润率面临压力，台积电在先进制程市场的主导地位为其提供了重要的议价筹码。 Gartner副总裁分析师Gaurav Gupta向CNBC表示，"对台积电有利的是，它几乎没有实质性竞争对手。"正因如此，"大部分成本上涨将不得不由其客户承担——这些客户要么寻求供应链多元化，要么受美国政府采购本土芯片的政策约束。" 晨星的Phelix Lee也预计，"美国制造"的压力将在特朗普任期结束后延续，但"激励与惩罚机制如何分配，目前尚不明朗"。他指出，新冠疫情对全球供应链的冲击已促使客户主动寻求地理分散化，"客户正在为地缘政治、物流及其他供应链中断风险做准备"。 台积电方面则表示，公司持续看到来自客户的"多年期需求大趋势"，美国扩张受强劲客户需求驱动。过去12个月，受人工智能热潮提振，台积电市值已累计上涨逾100%。
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