[Core News] ON Semiconductor gave up its acquisition of Allegro, and TSMC reported a price increase of 30%

1. ON Semiconductor abandons $6.9 billion acquisition of Allegro

• end time:Withdrawn per share on April 14$35.10All-cash offer (valued at approx.$6.9 billion）
• direct cause: Allegro Board of DirectorsUnwilling to participate in negotiations, think the quotation is insufficient
• strategic turn: ON Semiconductor switches fundsstock buyback, focusing on the core business of automotive/industrial/AI data centers
• industry signals: Large-scale semiconductor mergers and acquisitions have been cold.Valuation divergence + regulatory riskheating up

2. TSMC’s U.S. factory has tight 4nm production capacity and plans to increase prices by 30%

• Price increase background: Major American manufacturers (Apple/NVIDIA/AMD) aretax avoidanceGrab orders for Arizona factory
• Production capacity status: The monthly output of one factory is only20,000-30,000 pieces 4nm, orders are scheduled to2027
• Price increase: OEM quotation30% increase, covering the United StatesHigh cost + short supply
• Expansion of production: Mass production at the second factory1 year in advance, introduceFOPLP advanced packaging

3. Intel sells 51% stake in Altera, collecting US$4.46 billion

• Transaction party: Private EquitySilver Lake, valuation$8.75 billion
• Equity structure:IntelReserve 49%, Altera recoveryOperate independently
• strategic purpose：Focus on IDM / OEM, reduce costs, strengthen balance sheet
• Historical comparison: 2015$16.7 billionAcquisitions, Valuation Todaycut in half

4. China’s mobile phone market recovers in Q1: Xiaomi ranks first, Apple declines

• total shipments：70.9 million units, year-on-year **+3.3%**
• Ranking：
  1. Xiaomi: 13.3 million (+39.9%), share19%
  2. Huawei: 12.9 million (+10.0%）
  3. OPPO, vivo, Apple (-9%）

5. Xiaomi establishes chip platform department, self-developed 3nm SoC is coming

• organizational adjustment: Newly established mobile phone departmentChip Platform Department, former Qualcomm executiveQin Muyunresponsible
• Self-developed chip：Xuan Ring O1(3nm), expectedXiaomi 15S Prostarter
• Team size：Over 2500 people, cumulative investmentOver 13.5 billion yuan

6. TI/ST new products: automotive radar/lidar/automotive MCU

• TI：
  • LMH13000: Integrated lidar driver,Longer distance measurement and safer
  • AWR2944P: Millimeter wave radar,Accuracy + AI acceleration
  • BAW car clock：Anti-interference, high reliability
• ST：
  • Stellar xMemory: Based onPCM phase change memory, used forSoftware Defined Vehicle/EV

7. GAC releases 12 car-grade chips, cooperating with domestic IC manufacturers

• Core Highlights：
  • C01(+ZTE Microelectronics): The first in China16-core central computing chip
  • G-T01(+ Yutaiwei): the first in ChinaAutomotive-grade Gigabit TSN switching chip
  • G-T02(+ Renxin Technology): The world’s first16Gbps SerDes
  • G-K01(+SiLijie): the world’s firstASIL-D 6 Core RISC-V
• ecology: startAutomotive chip application ecological co-construction plan

Industry Trend Summary

1. Supply chain restructuring:Tariff-drivenU.S. production capacity shortage, TSMC prices increase, the global division of labor is accelerating adjustment
2. Strategic downsizing：Intel / ON SemiconductorStrip away non-core, focus on main business + cost reduction
3. Domestic substitution breaks out：
   • mobile phone: Xiaomi’s self-developed SoC benchmarks flagship
   • car: GAC United IC Factory breaks throughCentral Computing/Communications/Security
4. Automotive electronics：MCU/Radar/LiDAR/StorageComprehensive upgrade,Software defined carsbecome the main line