$Taiwan Semiconductor Manufacturing(TSM)$
China is currently lacking in high-process chips, and the method of using packaging stacking results in low yield and high cost, which cannot compete with TSMC, which has advanced EUV technology. In fact, TSMC's high-end chips have only seen significant development after the rise of AI. Many chip companies rely on exports, such as Allwinner Technology, Jingcheng Semiconductor, and GigaDevice; their downstream customers are enterprises exporting to Europe and America, like Xiaomi, Midea, and Haier. If the U.S. and China decouple or additional tariffs are imposed with component, the risk is hard to assess. Another risk is that if the U.S. and China reach an agreement and are forced to import a large number of mature-process chips from the U.S., Chinese semiconductor companies will also face a life-or-death test. In fact, 80% of China's semiconductor field has already achieved domestic substitution, and the second phase of the big fund is withdrawing; enterprises will face a winnowing process.
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