Local investors are driving the premium on Taiwan Semiconductor Manufacturing Co. ’s US-listed shares to a two-year low as they pile into the chipmaker’s stock in Taipei on bets the AI boom has further to run. TSMC’s American depositary receipts traded at an average 13.7% premium to its Taipei-listed shares in May, data compiled by Bloomberg show, down from 26% in December and marking the fifth st...
Local investors are driving the premium on Taiwan Semiconductor Manufacturing Co. ’s US-listed shares to a two-year low as they pile into the chipmaker’s stock in Taipei on bets the AI boom has further to run. TSMC’s American depositary receipts traded at an average 13.7% premium to its Taipei-listed shares in May, data compiled by Bloomberg show, down from 26% in December and marking the fifth straight month of decline. This reverses a trend that saw the chipmaker trade at a significantly higher valuation among international investors during the early stages of a global AI rally. The shift has been driven largely by a dramatic run-up in Taiwan-listed shares, which have soared more than 50% this year and outpaced the ADRs’ less than 40% advance. Regulatory changes allowing local equity funds to increase exposure to domestic stocks have added fuel to the rally, while individual investors have poured into AI-related names, spurring a retail frenzy . “Taiwan local market sentiment has turned extremely positive about the AI cycle, much more so than the US over the last few months,” said Vincent Fernando, executive director at Zero One Investment Research . “There are far less concerns about an AI bubble in Taiwan than in the US.” The chipmaker’s ADRs have typically traded at a premium to its Taipei-listed equities, due to a mix of easier access for foreign investors and inclusion in popular indexes. They are also fungible, unlike the Taiwan shares, which need special regulatory approval to be converted into the US equivalent. The erosion of the ADR premium suggests local investors play a bigger role in driving TSMC’s valuation after years of foreign demand being the dominant force. The stock’s surge has been so powerful that it pushed Taiwan into the ranks of the world’s five largest stock markets. TSMC Stock Price Dislocation Reaches Widest Level in 16 Years TSMC’s 25% Arbitrage Trade Is Too Dangerous for Hedge Funds Popular Arbitrage Trade Backfires as TSMC Frenzy Gro...
Star says her older sister, an actor and film-maker, died ‘in her home, in nature, at peace’ Jamie Lee Curtis has announced the death of her sister, the actor Kelly Curtis, at the age of 69, describing her as “talented” and “jaw droppingly beautiful”. Jamie Lee said her sister had died “in her home, in nature, at peace” on Saturday, having had roles in films including Trading Places (1983), in whi...
Star says her older sister, an actor and film-maker, died ‘in her home, in nature, at peace’ Jamie Lee Curtis has announced the death of her sister, the actor Kelly Curtis, at the age of 69, describing her as “talented” and “jaw droppingly beautiful”. Jamie Lee said her sister had died “in her home, in nature, at peace” on Saturday, having had roles in films including Trading Places (1983), in which the pair both appeared, Magic Sticks (1987) and The Devil’s Daughter (1991). No cause of death was given. Continue reading...
Monolithic 3D Silicon Chips Achieve Near-Perfect Yields At Low Temperatures Authored by Neetika Walter via Interesting Engineering , Researchers at the University of Illinois Urbana-Champaign have developed a way to stack high-performance silicon circuits directly on top of one another, a breakthrough that could help the semiconductor industry keep increasing computing power without shrinking tran...
Monolithic 3D Silicon Chips Achieve Near-Perfect Yields At Low Temperatures Authored by Neetika Walter via Interesting Engineering , Researchers at the University of Illinois Urbana-Champaign have developed a way to stack high-performance silicon circuits directly on top of one another, a breakthrough that could help the semiconductor industry keep increasing computing power without shrinking transistors further. The 200-mm wafer contains multiple silicon layers stacked for monolithic 3D chip integration. University of Illinois Urbana-Champaign The approach tackles one of the biggest challenges facing chipmakers as Moore's law begins to slow . For decades, the industry boosted performance by making transistors smaller and packing more of them onto a chip. But as devices approach fundamental physical limits, further miniaturization is becoming increasingly difficult. Instead of shrinking components, the Illinois team is building upward. By stacking multiple layers of silicon circuits, engineers can increase transistor density, reduce communication distances inside chips, and improve energy efficiency. The researchers say their process could accelerate the development of monolithic three-dimensional chips, a long-sought technology that many experts see as the next step in semiconductor scaling. Building Chips Upward "Take something as simple as static random-access memory, which is universal in CPUs and GPUs. Today it takes six microelectronic devices called transistors on a single plane to store one bit of information. With vertical integration, you can distribute them across multiple layers. It's like replacing a sprawling suburb with high-rises: you get the same functionality, but the spatial footprint is reduced while making communication between layers faster and more efficient," said Qing Cao, associate professor of materials science and engineering. While three-dimensional chip technologies already exist commercially, most rely on bonding together separately ma...
在 AI 时代，拥抱 AI 显然是大势所趋，连大名鼎鼎的 Linux 之父 Linus Torvalds 已经从年初开始在个人项目中使用 AI 编程。 但总有一些坚守者，他们的态度很明确：不接受 AI 代码。开源现代编程语言 Zig 是其中的代表之一。 Zig 由一家非营利组织以及一批贡献者共同维护。任何程序员都可以向它的代码仓库提交代码，只要遵守项目的行为准则。 规则之一就是：禁止提交 AI 辅...
在 AI 时代，拥抱 AI 显然是大势所趋，连大名鼎鼎的 Linux 之父 Linus Torvalds 已经从年初开始在个人项目中使用 AI 编程。 但总有一些坚守者，他们的态度很明确：不接受 AI 代码。开源现代编程语言 Zig 是其中的代表之一。 Zig 由一家非营利组织以及一批贡献者共同维护。任何程序员都可以向它的代码仓库提交代码，只要遵守项目的行为准则。 规则之一就是：禁止提交 AI 辅助生成的代码。政策写得很清楚：不接受任何由大语言模型生成的内容，也不接受由大语言模型改写、润色、编辑、头脑风暴或调试过的内容。简单来说，就是让 AI 离 Zig 的代码贡献远一点。 完整内容见链接：https://ziglang.org/code-of-conduct/ 在近日 JetBrains 的播客节目中，Zig 创建者兼首席开发者 Andrew Kelley 将 AI 辅助贡献称为「垃圾」。 Kelley 表示：「有人给我们提交完全没有价值的贡献。它们甚至是负价值，因为会占用团队有限的代码审查时间。」 Zig 的代码贡献主要由少数核心团队成员负责审查。这正是 Kelley 所强调的项目「瓶颈」：提交的 pull request 数量超过了审查者的处理能力。在访谈中，Kelley 提到 Zig 当时还有 200 个未处理的 pull request。 他进一步表示，当我们收到 AI 生成的「垃圾贡献」，并在审核几次之后发现，他们根本不知道自己在做什么。「有些贡献者只是把我们说的话复制粘贴回对话框，并试图通过清洗聊天记录来假装自己没有使用 AI 聊天功能，但我们依然能够看出来，并意识到永远不会有高质量的贡献。」 因此，这些「垃圾贡献」只会进一步拖慢整个团队的节奏。「我们浪费了所有人的时间，其他耐心等待的人提交的代码没有得到审核和合并。」 虽然 Zig 体量相对较小，但它的影响力并不小。比如，Bun 就是用 Zig 开发的，而 Bun 后来被 Anthropic 收购。与 Zig 不同，Bun 是拥抱 AI 的，几天前，Bun 创建者 Jarred Sumner 发推表示自己使用 Claude Code 的新功能动态工作流将 Bun 从 Zig 移植到了 Rust。 在 Claude Code、OpenAI Codex 等工具推动下，AI 辅助写代码已经席卷硅谷。有些人用...
In this article .HSI @DJ.1 Follow your favorite stocks CREATE FREE ACCOUNT Hong Kong's Victoria Harbour. Yaorusheng | Moment | Getty Images Asia-Pacific markets were set to open mixed on Monday as investors monitored lingering uncertainty around U.S.-Iran negotiations after President Donald Trump said he was in "no hurry" to strike a deal to end the conflict, now in its fourth month. The U.S. and ...
In this article .HSI @DJ.1 Follow your favorite stocks CREATE FREE ACCOUNT Hong Kong's Victoria Harbour. Yaorusheng | Moment | Getty Images Asia-Pacific markets were set to open mixed on Monday as investors monitored lingering uncertainty around U.S.-Iran negotiations after President Donald Trump said he was in "no hurry" to strike a deal to end the conflict, now in its fourth month. The U.S. and Iran have still not finalized an agreement to end the conflict , Trump said in an interview with his daughter-in-law, Lara Trump, on Fox News Saturday. He added that he is pressing for a deal that would ensure Iran never acquires a nuclear weapon. While he said he would prefer a swift resolution, he stressed that he was not rushing negotiations and warned that military action could resume if talks collapse. "I'd like to say I'm in a hurry because gasoline prices are going to come tumbling down, but if you're going to be in a hurry, you're not going to make a good deal," Trump said. "And slowly but surely we're getting, I think, what we want, and if we don't get what we want we're going to end it a different way." Japan's Nikkei 225 was poised to rise, with the Chicago futures contract at 66,405 compared with the index's previous close of 66,329.5. In Australia, futures last traded slightly higher at 8,737, compared with the S&P/ASX 200 's last close of 8,731.7. However, Hong Kong's Hang Seng index futures were at 25,098, lower than the index's last close of 25,182.39. Last Friday on Wall Street, U.S. equities closed at record highs while crude prices slipped, helping the major averages score a winning month, boosted by technology. The Nasdaq Composite settled up 0.2% at 26,972.62, while the S&P 500 climbed 0.22% to 7,580.06. The Dow Jones Industrial Average finished up 363.49 points, or 0.72%, at 51,032.46. All three indexes hit fresh all-time intraday highs earlier as well. — CNBC's Sarah Min and Lisa Kailah Han contributed to this report Choose CNBC as your preferred sour...