$AMD(AMD.US)$NVIDIA(NVDA.US)$Taiwan Semiconductor(TSM.US)As a StockPro of AMD, I haven't updated any related news for a long time. In fact, during this period, the StockPro has been gradually liquidating AMD. Yes, completely liquidated, including some NVDA bought near the all-time high, which has also been liquidated. Currently, in the semiconductor sector, only about 20% of TSMC is held.

The main reason is that the computing power of H100 is already oversupplied, and the hardware costs have made AMD's 2-series cards very difficult, with their lifecycle basically over. The hardware costs are similar, but the ecosystem costs are inferior to CUDA, making this battle unwinnable. For Nvidia, the visibility of new card orders suggests the current boom can only last until the first half of next year, with significant uncertainty in the second half. Therefore, there is also uncertainty about how much of AMD's 3-series cards will be produced. Recently, there have been rumors that AMD is unprecedentedly cutting TSMC's CoWoS capacity—this is truly unprecedented. TSMC's advanced capacity has always been in high demand; it's usually TSMC cutting your orders, not the other way around. I personally speculate this is related to slowing demand. The reduction in NVDA holdings is for the same reason.

In the long run, major data centers have clear computing power plans, which can be glimpsed from their power demands and infrastructure plans. However, the short-term marginal changes in supply and demand pose significant risks, so it's better to avoid this phase for now. Keeping some more stable TSMC positions for observation.

Personal opinion, likely wrong—please judge wisely.