America's Road to Fame

Chapter 464

Uh, not long after William Chen and Ivanta got married, he saw Paris's notebook, knew that she was in it, and wrote down the "feelings" of attending his and Ivanta's wedding, which listed A lot of entries were made, planning for her future wedding with William Chen.

But what he didn't expect was that after such a long time, it is really a headache for this young lady to still keep this notebook...

There is no way, the so-called cause must have an effect, he still has to eat this fruit.

Fortunately, after all these years, Paris has become much more mature than before, and she has also lost the temper of many young ladies. Therefore, she also accepted William Chen's idea of ​​not wanting to expand the scale too much. The guests are all close friends of the two of them, and they did not entertain guests wantonly.

But William Chen will definitely give her the necessary rituals and specifications, so that she will have an unforgettable memory.

When William Chen and Paris discussed the details of the wedding with the team they hired in Atlanta, Felipe Zetter, CEO of Eurasia Semiconductor Group, will also discuss the progress with the Dutch company ASML , communicated to William Chen in a timely manner.

In fact, after ASML proposed this "customer investment plan", the "big three" of Intel, Samsung Electronics and TSMC at this time did not perform actively.

There are many reasons. For example, the market value of ASML at this time is only about 200 billion U.S. dollars, but its "customer investment plan" needs 50 billion euros, which is equivalent to about 65 billion U.S. dollars. Shares, it is equivalent to setting its own post-investment valuation at around US$25 billion, which is slightly more favorable than the market value.

When Paris was a descendant, facing the financing plan initiated by ASML, Intel was the first to respond. We refused to subscribe for 15% of the shares before the research, but Intel's 30 billion euro investment Among them, 10% of them are investments in 18-inch wafer lithography machines, and only 5% are investments in EUV.

Previously, TSMC subscribed for 5% of the shares, while Eight Star Electronics only subscribed for 3% of the shares before the eighth generation, giving up the 2% of the shares that should have been purchased by us.

Therefore, at this time, the 25% of ASML's customer investment plans to raise funds were only subscribed for 23% of the shares by the "Big Eight".

That's it, those investments have few conditions and are paid in installments.

The reason is that our financing is used to degrade the research of 18-inch lithography machines and EUV lithography machines. Generally, EUV lithography machines are too difficult and are generally favored.

In fact, Nikon and Hitachi developed EUV in 1991, and NTT even ended in the 80s.Numerous top institutions have become stepping stones, even stepping stones, over the course of 80 years.

So far, ASML has only released an EUV prototype that has few problems and obvious defects and can be used in actual production. Who knows when we will be able to develop successfully, that is, if the research and development is successful, there will be no updates at that time. It is suitable to use the same path technology, so that the EUV lithography machine can be replaced.

Therefore, at that time, TSMC's 5% of ASML's shares were sold as soon as the two-and-a-half-year lock-up period expired. At this time, AWSL's EUV lithography machine had not yet been successfully developed.

Due to the difficult production of 18-inch wafers, Intel's investment interest is also dull, and then it cuts its holdings by half every two to eight years, and eventually sold out almost all of its 15% ASML shares.

Eight Star Electronics was the most optimistic about EUV at that time, so the investment was the latest and the subscription was the most.

We cut our holdings in half in 2016, leaving 1.5%.What's more interesting is that after the rebirth of Paris, the 1.5% of Eight Star Electronics is very unlikely to be held, and it is the only investment that has enjoyed ASML's stock price doubling more than ten times.

Yes, in the end ASML’s EUV lithography machine was successfully researched, and it was the only company that could manufacture that kind of lithography machine. After Bo Ezhen’s rebirth, the market value of that company once exceeded 3500 billion US dollars, which is lower than it is now more than ten times.

So knowing that, Paris will definitely seize that opportunity and invest in ASML.

It is also just because of the more than ten times increase in the market value of that company. Because of the importance of lithography machines in the chip field, being able to invest in ASML and get a certain share will also slightly weaken my right to speak in that industry.

Therefore, before Eurasian Semiconductor Group actively participated in the financing of ASML, compared with my Big Eight, our conditions were the most narrow and the attitude was the most positive. You can provide funds immediately and arrive at one time. Account, there are no less restrictions.

That formed a very small contrast with Intel, which was determined to be decisive at this time, and it also made ASML a little excited. Soon, on the authorization of Bo Ezhen, the CEO of Eurasian Semiconductor Group Felipe Zeit Sign an agreement with ASML, inject 50 billion euros, get 25% of ASML's shares, and become its minority shareholder.

In this regard, the Big Eight, including Intel, did not fight too much, and even felt a sigh of relief.

After all, we are optimistic about ASML's plan, because that company's strength in the field of lithography machines at this time, if it really requires investment, we will also follow up.

But now is the downturn in the entire semiconductor industry. It is really weak for those companies to invest so little money in ASML. How about taking this opportunity to expand and weaken their own business?

I also blame those companies for their short-sightedness. Originally, in the field of science and technology, the research and development of new technologies is a matter of very small risk, just like ASML. At this time, the two projects that invested heavily in the 18-inch lithography machine came and died. Yes, the research and development under the EUV lithography machine can also be said to be a gamble, but we won in the end.

And those giants, if they can bet, they will naturally be willing to make small bets. Anyway, for us, we are already in the downstream of the industry. It is necessary to take too little risk.

That is to say, Paris knows the final result, so she will put her own chips in the bet that must win.

Then it is understandable why Buffett, the stock god, has always invested in technology companies?
While technology companies appear to have lower growth potential, they are also less risky.It is inevitable that the IT giants in the 40s will continue to be brilliant, how many are there?
And traditional enterprises are the same, stable, but difficult to be eliminated.

If a technology company wants to stay ahead, it often needs to invest huge sums of money in research and development, and the research and development of technology is often a mysterious but definite matter, which means that if he invests a certain amount of money, there will be no results.

Maybe he has invested tens of billions in retrograde research and development, but there is no result, or he is researching in the right direction.

And another company, before he explored the way, invested more funds in the right direction and succeeded instead, so who are you going to reason with?
And it can often be found that many companies that took the lead in researching and developing achievements across the ages, on the contrary, finally became the industry leaders through the wind...

It is also for these reasons that investing in technology companies has become an extremely risky thing. Regardless of how technology develops, people always want to drink Coke and wear clothes. Industries such as food, clothing, housing, and transportation are more subject to the pursuit of stability. Profitable investors favor.

(End of this chapter)