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Prof: Iran Will Not Turn Its Back on Russia and Trust US to Be Disappointed Again_我的网站
A | 来自美国总统唐纳德·特朗普的压力，要求全球领先的芯片制造商台积电在美国生产先进半导体，这导致他们成本上升，利润空间缩小。
B | 特朗普在 2025 年重返政坛后，曾多次威胁要对不在美国生产产品的公司征收关税。 此后，台积电已宣布对该国总计2000亿美元的投资承诺，其中包括上周公布的在美国投资1000亿美元用于建设先进半导体制造和封装设施。 Dr. Alexander Azadgan, professor of business studies and international political economy in Southern California, explains why President Putin's trip to Tehran was so significant and reflects on skyrocketing energy prices as well as the future of the Iran nuclear deal.,Sputnik: How effective was President Putin's visit to Tehran, considering the geopolitical challenges countries face at present?,Dr Alexander Azadgan: Very, very effective. We are witnesses of Gazprom and NIOC, which stands for National Iranian Oil Company, signing a $40 billion contract for Russia to develop six Iranian oilfields in the Persian Gulf. Notably, the Pars field, which is shared between Iran and Qatar. The Qataris call it the North field, Iranians call it the South Pars field. It's one of the biggest underwater natural gas reserves in the world, if not the biggest itself. Qatar and Iran have been sharing it. Iran, of course, has not had the technology to extract as much as the Qataris. Around one-fifth of it is in the Iranian territorial water, four-fifths in Qatari water.,RussiaPutin Praises Record-High Trade Turnover With Iran at Meeting With Raisi19 July, 14:12 GMT,There will also be a product swap exchange between Iran and Russia, completion of LNG projects, liquid natural gas plus construction of gas export pipelines and other scientific and technological cooperation. This oil and gas deal is reportedly the largest in Iran's history, $40 billion. Before the Joint Comprehensive Plan of Action (JCPOA) was reneged, French company Total was interested in excavating and helping the Iranians. Of course, they reneged, like so many other things, and Russia has stepped in right now. It's a win-win for both countries, but it has its own complications as well.,Sputnik: Do you agree with President Putin's assertion that Western policies over "the previous decade" were to blame for soaring energy prices?,Dr Azadgan: Iranian relations right now are better than with the previous administration, the Rouhani administration. The conservatives are in charge right now. President Raisi visited Moscow not too long ago. And the conservatives have had the tendency in the past several years to lean more towards Russia, especially with IRGC and all the advancements that that body of military is making. We cannot leave out Iranian internal politics when it comes to the overall Russo-Iranian relations.,RussiaPutin: Western Policies From Last 10 Years to Blame for Soaring Energy Prices20 July, 03:29 GMT,Keep in mind that US invasion and occupation of Iraq, Iraq being one of the top five exporters of oil at that time and one of the top five exporters of oil to United States now, was a catastrophic mistake in a sense that the neocons at that time were delusional to think that by causing havoc in the region, especially obviously toward Iraq, there will be less export of Iraq's oil to the Far East, the growing economies of China, in particular, followed by South Korea and Japan. All that is part of what we are seeing today when it comes to inflation.,Now the supply and demand has not changed in the world - the reason the price of oil has increased is because of the perception of the conflict between Ukraine and Russia to continue. There is no logical reason for this change. I think, unfortunately, with Washington really triggering Russia over NATO's expansion during the past many years, most people think this conflict just started. If you want to go back, it depends on what your frame of reference is. You can go back to 2004 in Ukraine, followed by the Orange Revolution. There's been a lot of political intrusion by Washington and Brussels. And unfortunately, we find ourselves in the current situation, which could affect the entire global economy in a very hyper-inflationary hell, really. This is what economists are most scared of - a hyper inflationary situation.,Sputnik: How much has Europe's decision to turn its back on traditional energy sources added to the present crisis?,Dr Azadgan: With the whole environmental movement, which obviously is of an urgency, we need to realize that green energy is not going to provide the energy demand of 8 billion people. It's just simply not possible. I think we need to be more realistic that obviously oil is going to be with us for a long time. Natural gas is the transitioning method of energy. We will have that for many years, it is cleaner, but both of them are going to be along for a long time. And to start making the change now in such a naive, extreme, erratic way is going to have major economic backlashes.,Not to mention the political turmoil and the geopolitical uncertainty in that part of the world. We need more realism from our policymakers - of course, with Democrats in the White House and Chancellor [Olaf] Scholz in Germany, unfortunately, we are being a little bit too naive and unrealistic when it comes to planning energy resources for the next 60 years.,Sputnik: Russia's deputy prime minister Alexander Novak said that Moscow and Tehran will continue to expand the use of national currencies in foreign trade settlements. How will this affect the dollar's dominance?,Dr Azadgan: Before we even talk about the Iranian rial and the Russian ruble exchange, this is a major breakaway from the past, I would say, 80 years where petroleum was only supposed to be traded in the US dollar given the US dollar’s tremendous power. And unfortunately, we've seen the weaponization of the dollar in the past few decades - this is the problem. Yes, this is a clear and present danger to United States national interests.,WorldTehran Exchange Launches Trading in Iranian Rial/Ruble19 July, 10:06 GMT,Several years ago, China and Russia exchanged an oil contract where the Russians provided oil and natural gas to China and the whole thing was around $400 billion when it was exchanged in rubles and yuan. At that time, US policymakers took notice. And now we are in this situation where because of the US' rash reaction into pushing for a war, believe it or not, between Russia and Ukraine, more countries as a result of that are leaning toward the East. And by east, I mean the shifting of power to China and Russia.,China has tremendous manufacturing capabilities. Russia - the same in addition to tremendous amounts of all sorts of natural resources and rare minerals. In the decades to come, we will see the weakening of the dollar, which would result in the US national debt, which is $28 trillion, more or less. That's going to be a problem that will contribute into inflation. And we saw how Mr Biden had to go to Saudi Arabia and lobby Mohammed bin Salman to open up the coffers of oil so that prices go down. That would have been never possible in the past.,Crude Prices Skyrocket After Biden Returns From Saudi Arabia Without Oil Deal18 July, 15:17 GMT,The US president had to go to Saudi Arabia and beg for oil. Usually that was done through a phone call. And if the answer was ‘No’ by the Saudis, guess what? That would have been a coup in the palace. So, unfortunately, we have put ourselves in a situation where we have lost our leverage or are in the way of losing more leverage.,Sputnik: To what extent will the switch to national currencies help eliminate the effect of Western-imposed sanctions?,Dr Azadgan: That's where we're going: from this point on, because of all the miscalculations and the weaponization of the dollar, countries are eventually going to do that. They're not going to peg their currency against the dollar, which has been the case. Don't forget, the Iranian economy has been in shambles during the past 15 years. When it comes to this $40 billion oil contract, the Iranian currency lost 9/10th of its value since 2013, when President Ahmadinejad left office - they went from 3500 tomans to over 30,000 tomans [1 toman = 10,000 rials].,RussiaKremlin: Russia and Iran May Ditch Dollar When Measuring Bilateral Trade Volume18 July, 09:12 GMT,This has been a disaster. Because they decided to peg their currency even more toward a US dollar. And this is an Iranian liberal policy leaning more toward the West, whereas the Iranian conservatives have a tendency to lean more toward the growing economies of the east. There's demand for the Iranian currency that would hopefully have an impact on the Iranian rial currency to stop hemorrhaging. It's at a point where we could possibly face a major economic collapse in Iran, which would even make the prices of oil higher. I think Russia is stepping in at the right time, in the right place, especially in the context of the Russia-Ukraine conflict, and we'll see where that will go.,Sputnik: How important is Russia's and Iran's cooperation over the JCPOA, especially amid increased US attention towards a diplomatic resolution? How strong is Iran now in this regard?,Dr Azadgan: Washington has no one to blame but the previous administration. In 2018, President [Donald] Trump reneged from the P5+1 [the UN Security Council’s five permanent members (China, France, Russia, the UK and the US) plus Germany]. Iran was single-handedly negotiating with six superpowers, with one stroke of the pen President Trump got us out of that, and Iranians have lost all hopes in US in terms of their liberal persuasion within the Iranian political power structure. That's why we had Mr. Raisi coming in, the Conservatives coming in, and President Putin's visit to Iran, many visits to Iran during the liberal administration of President Rouhani, in my estimation, was an economic, political, geopolitical and military persuasion of Iranians to lean more towards the East.,Had the JCPOA been successful under the Rouhani administration, the country would have leaned westward for decades to come. Those policies failed, and as a result, we have conservatives in the Iranian executive branch, and there's a shift in power in that country. The JCPOA, I'm afraid, won't be going anywhere. It's just for keeping up appearances. Having said that, let us not forget that at the very beginning of the Russia-Ukraine conflict, Washington was very concerned to get reassurances from Russia that there is no nuclear non-proliferation going on by the Iranians.,Biden, Lapid Sign Joint Declaration Pledging to 'Never Allow Iran to Acquire Nuclear Weapon'14 July, 11:15 GMT,That's their number one concern in the Middle East right now because of the terrible relationship between Iran and Israel. But the fact that this topic came up in the first place shows how much Washington is worried, the Biden administration is worried that Iranians could be very close to having weapon-grade bomb, even though they clearly have denied it, for decades to come they claim they just want to enrich uranium and they want peaceful use of the technology. But Washington is not buying that.,Sputnik: What could Russia’s role be in securing the JCPOA?,Dr Azadgan: It's a very difficult situation. On the one hand, President Biden is desperate. His poll numbers are so low in this country because of inflation, because of the high price of oil. So if somehow the US and Iran decide, especially the US decides to bring Iran's oil production online - as you know, Iran is capable of exporting around 2,5 to 3 million barrels per day; under US sanctions it's not even 500,000. And the rest of it, let's just say they use creative methods of exporting the oil. If that supply comes online, the price of oil will come down. But I don't think Biden wants to negotiate at all with the Iranians, and the Iranians don't trust them. I think the Iranians really negotiated in good faith. If you ask me very naively that liberal Rouhani administration. And look at what they got for it, in 2018, just with a push of a pen, the whole thing was reneged. There's really not much to salvage out of JCPOA because I don't see any policy changes from the Biden administration at all.,West in Hurry to Conclude JCPOA Deal Amid Ukraine Crisis, Iranian Negotiator Says4 July, 13:52 GMT,They see Iran right now in the grips of conservatives. The conservatives are hawks just like any other nation. They negotiate more realistically, shall we say. And Iran is at a point where they have enriched uranium up to 60 percent. And militarily, they are very powerful. I think that for the time being, they have the upper hand, minus their economy, which is in shambles. But in other areas, they have the upper hand. It really depends on what kind of signals we get from the Biden administration and knowing how, unfortunately, the Israeli lobby plays such a crucial role in US foreign policy in the Middle East, we have also to keep in mind how willing Israel will be in back-channel communications possibly taking place. We do know, however, that under the Rouhani administration, this is a matter of fact, there were very covert back-channel conversations between Iran and Israel, and that was not to the liking of the IRGC and the conservatives. So it's very, very convoluted.,There's a massive deficit of trust between the US and Iran. And just because Russia is in a difficult position right now, I don't see Iranians turning their back toward the Russians and trust Washington and be disappointed again. The Iranians really have no one to trust, if you ask me. They're petrified of being of any superpower’s pawn. This is very important. There is no good history between some of Iran's new allies now. I think it's a battle of persuading the Iranian public on the policies that the Iranian government is suggesting. There's a lot of persuasion that needs to be done because they’re looking at decades to come. Literally the Russo-Iranian relations, which go further, they're looking at a change in policy for decades to come. I think Washington is very much petrified of that.,Sputnik: What about an agreement on grain exports? Can we expect a breakthrough in this, through the joint efforts of Russia and Turkey?,Dr Azadgan: We have to. We could be at the threshold of a famine in the world. Don't forget that the biggest importers of Russia's grain are some of the poorest countries in the world. The top five are Egypt at $3.2 billion; Turkey, since they are part of this negotiation in Tehran, at $1.7 billion a year, buying Russian wheat; Nigeria, one of the poorest countries in the world, but one of the richest in terms of natural resources, they import $566 million; Bangladesh, practically an economic disastrous country.,I'm afraid they will be next after Sri Lanka, they aim for $409 billion, followed by another very poor but powerful country, Pakistan, which imports close to $400 billion a year of Russian wheat. And then Egypt, Pakistan and Turkey are the fastest growing export markets for Russia. So it's extremely, extremely important because you're talking about the food supply chain security. The top five exporters of wheat in the world are first and foremost Russia, followed by the US, Australia, Canada and Ukraine at the fifth place. And after Ukraine it is France, Argentina and Germany. And the fastest export market for Ukraine is Pakistan, Lebanon and Vietnam.,Istanbul Grain DealErdogan Hopes to See Implementation of UN Plan on ‘Grain Issue’ in Coming Days20 July, 12:09 GMT,So Russia and Ukraine are finding themselves in a difficult competitive position for the Pakistani market. And everyone knows how Lebanon is on the verge of economic and social and political collapse. The only one that is somehow unscathed is Vietnam. So they just have to find a way to negotiate the export exit of Ukrainian wheat through the Black Sea, through the Turkish Strait and into the Middle Eastern and African markets, they are very much at risk.。台积电表示，尽管人工智能热潮提振了公司业绩——过去 12 个月，台积电的市值增长超过 100%——但本季度强劲的盈利却受到海外扩张的影响。 台积电首席财务官黄文德在财报电话会议上表示，毛利率增长超出预期，但被海外晶圆厂带来的利润稀释所抵消。他还补充说，随着海外晶圆厂项目“逐步推进”，未来“几年”毛利率将进一步被稀释。
C | “特朗普总统的领导力正在推动企业投资美国制造业，”商务部长霍华德·卢特尼克在一份声明中表示。 “继我们与中国台湾达成历史性的贸易和投资协议后，台积电宣布追加1000亿美元的投资，这将创造数万个美国就业岗位，并将先进的半导体制造业带回美国。” 其他亚洲芯片制造商，包括SK海力士，也纷纷加入竞争。 投资美国，台积电陷入两难 在众多企业中，台积电在美国的投资规模最大。其在美国的积极扩张使其面临更高的生产成本，这可能会对利润率构成潜在不利影响。
D | 台积电周四公布，第二季度利润同比增长77.4%，远超预期，这家全球最大的芯片代工制造商又创下了一个季度的纪录。 台积电的黄告诉 CNBC，该公司在美国也正积极扩张，因为公司持续看到客户提出的“多年需求大趋势”。 政治压力是推动海外扩张的另一个关键因素。 白宫发言人告诉CNBC：“台积电和其他半导体公司数万亿美元的投资是特朗普总统贸易和经济政策的结果，从与中国台湾达成的历史性贸易协议到重新谈判的芯片法案投资。” 在美国建造房屋的成本要高得多。 晨星公司高级股票分析师李菲利（Phelix Lee）告诉CNBC：“总体而言，我们估计台积电在美国生产的芯片成本比中国台湾生产的芯片高出20%至50%，具体价格取决于补贴到位时间、税收抵免确认以及其他成本波动。” 李菲利补充说，他预计客户将承担更多更高的生产成本。 据《日经新闻》周二报道，台积电计划在2027年将先进芯片和成熟芯片的生产价格上调至多10%。台积电告诉CNBC，公司不对定价问题置评。 Gartner副总裁分析师Gaurav Gupta告诉CNBC：“台积电的优势在于缺乏实质性的竞争。
E | ” Gupta表示，由于台积电在尖端节点市场占据主导地位，“增加的成本很大一部分将不得不由其客户承担，这些客户要么正在寻求多元化发展，要么受到美国政府的强制要求购买本地芯片。” 黄先生表示，公司预计未来几年海外晶圆厂产能提升带来的毛利率稀释，初期将达到 2% 至 3%，后期将扩大至 3% 至 4%。 “台积电整体利润率很高，因此能够承受这样的利润率差异，”DA Davidson技术研究主管吉尔·卢里亚表示。
F | 台积电第二季度毛利率为67.7%，略高于第一季度的66.2%。 晨星公司的李表示，尽管特朗普加倍呼吁发展本土制造业，“但在新冠疫情扰乱全球供应链之后，客户越来越倾向于寻求地域多元化”。 他补充道：“客户正在为地缘政治、物流和其他供应链中断做好准备。我们预计，即使在特朗普卸任后，对美国制造的需求压力仍将持续，尽管目前尚不清楚胡萝卜加大棒的策略将如何实施。” 晶圆厂成本过高，痛苦根源 据半导体文摘报道，领先的工程、建设和设计公司Exyte表示，在中国台湾建设一座晶圆厂大约需要19个月，而在美国建设一座晶圆厂则需要长达38个月的时间，原因是获得许可需要很长时间，而且晶圆厂的建设并非24小时不间断。 中国台湾的晶圆厂建设周期约为19个月，新加坡和马来西亚紧随其后，耗时23个月。欧洲项目需要34个月，而美国最慢，需要38个月。造成这种差异的关键原因在于中国台湾简化的审批流程和全天候的施工，而美国和欧洲则面临审批延误，且无法实现全天候施工。美国已颁布法律，豁免部分美国晶圆厂接受联邦环境评估，但这显然不足以使其与中国台湾的效率相媲美。 成本差异也很大。据Exyte公司称，尽管设备成本相近，但在美国建厂的成本大约是中国台湾的两倍。这种差异源于更高的劳动力成本、繁琐的监管要求以及供应链效率低下。此外，Exyte公司高管赫伯特·布拉希茨表示，中国台湾劳动力经验丰富，因此中国台湾的建筑商需要的详细图纸较少，因为他们熟悉流程的每个步骤，这加快了晶圆厂项目的完成速度。 为了与拥有完善供应链、经验丰富的劳动力和高效监管流程的中国台湾地区有效竞争，美国和欧洲必须简化审批流程、优化施工技术并采用数字孪生等先进规划工具。布拉希茨建议采用“虚拟调试”方法，即在实际施工开始前创建工厂的数字模型。这有助于及早发现潜在问题，从而降低成本和环境影响，同时提高速度和效率。 现代半导体生产设施规模庞大，无论从规模还是投资额来看都是如此。
G | 据介绍，一座领先的晶圆厂——例如英特尔、三星晶圆代工或台积电运营的晶圆厂——需要超过200亿美元的投资，其中仅厂房建设本身就需要40亿至60亿美元。 据报道，整个建设过程需要3000万至4000万工时，使用8.3万吨钢材、5600英里长的电线和78.5万立方码混凝土。
H | 一个典型的晶圆厂可能包括一个4万平方米的洁净室，配备2000台用于光刻、沉积、蚀刻、清洗和其他操作的生产设备。每台设备大约需要50个独立的公用设施和工艺连接。 正因这样，一个晶圆厂变得挑战重重。 台积电海外厂开始赚钱 虽然但是，据台媒报道，台积电包括美国厂在内的海外工厂，都纷纷挣钱了。 根据今年第一季财报，台积电美国亚利桑那厂（TSMC Arizona）继2025年全年转亏为盈、认列获利161.41亿元后，2026年第一季获利动能续强，单季获利达188.08亿元，贡献已超越去年全年水准。
I | 日本熊本厂（JASM）也由亏转盈，第一季获利9.51亿元，台积电按持股比例认列投资收益6.91亿元，显示海外新厂随量产、稼动率提升，财务表现逐步改善。 台积电近年推动全球制造布局，美国、日本、德国等海外投资案备受市场关注。其中，亚利桑那厂因建厂成本、人力成本与初期量产进度，一度被外界视为最具挑战性的海外基地。
J | 不过，2025年财报显示，TSMC Arizona已由2024年认列亏损142亿元，转为2025年获利161.41亿元，成为台积电海外设厂财务结构转变的重要讯号。
K | 最新季度数据更凸显美国厂营运放大效益。2026年第一季，TSMC Arizona当期获利188.08亿元，认列投资收益达169.09 亿元。市场解读，亚利桑那第一座晶圆厂于2024年第四季量产4纳米制程后，产能利用率维持高档，已让美国厂由“高成本建厂期”逐步进入“营运贡献期”。 日本熊本厂同样出现转机。JASM 2025年全年仍认列亏损97.67亿元，主因初期量产、折旧及营运费用偏高；不过，2026年第一季已转为获利9.51亿元。
L | 熊本厂营运曲线明显改善，法人分析，主要与成熟制程亦进入紧俏有关。 亮眼的海外厂表现，坚定台积电海外扩张脚步持续推进。据悉，台积电正以过去约两倍速度扩张产能，2025年至2026年已加速至每年约九座新厂；全球各地预计新建与改造18座晶圆厂，其中包括五座先进封测厂，以同步提升先进制程与先进封装产能。 法人分析，台积电海外厂获利转正，不能单纯解读为成本压力消失，而是量产进度、客户需求与折旧摊提节奏共同作用。随美国厂单季再赚百亿元、熊本厂转亏为盈，台积电全球制造版图正由“战略投资期”迈入“营运验证期”，海外产能将在AI、高效能运算及供应链在地化趋势下，成支撑中长期成长的重要平台。 但在六年投资增加22倍的背景下，台积电什么时候能重新挣钱，这值得等待。
M | （来源：CNBC） *免责声明：本文由作者原创。文章内容系作者个人观点，半导体行业观察转载仅为了传达一种不同的观点，不代表半导体行业观察对该观点赞同或支持，如果有任何异议，欢迎联系半导体行业观察。
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