How Asia Tech Selloff Unfolded Over DUVs, Circular Deals

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I guess the very popular song of Tracy Chapman,
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similar name, this market is moving quicker
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than a fast car, getting these triggered.
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So another day, so
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I'm losing count now of the number of days this month that we've seen
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either the COSDAQ or the COSPI just get halted because
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of just how volatile things have been.
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But yes, that's where we are currently, so we'll revisit,
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of course, what goes on there
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in about 20 minutes when things, of course, resume trade.
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Joining us here on set to help us make sense of where exactly we are on the COSPI story
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in the broader Asian markets, joining us here is Frank Benzimra,
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head of Asia Equity Strategy
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at Sokjun.
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Frank, very nice to see you and good morning.
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Has Korea come up?
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Well, Korea is by far the most volatile market.
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That's very interesting to see that the company now,
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the semiconductor companies are publishing
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record earnings, but we are at top margin and
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the market is reminding that this market is cyclical.
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And we have on top of that, and
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maybe a little bit unlike what we see in the US, we have the leverage,
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which is super concentrated on few names.
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So when we put all this, we have this volatility on the market.
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What to do now about, what's the advice to clients about Korea?
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Well, that to Korea, you have the semiconductor Korea,
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where you have some deleveraging,
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which is happening, which is not being done, and
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on which we need to be cautious.
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And then you have the other Korea.
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You remove the top two semiconductor name.
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Then you have a price to book of 1.5 times at a time when
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you have some governance reform,
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which are happening, and a pretty good level of earnings.
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And I think this is this kind of Korea that we need to focus on now.
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Yeah, there's certainly a lot of cross currents that you're talking about here.
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Obviously, this whole China DUV sort of lithography,
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whatever innovation that we've been seeing,
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according to some reports from the information,
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that certainly is roiling the chips trade here today.
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You add that to the NVIDIA story and these big,
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massive frenzy of deals that they keep making here
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with the likes of Esky Hynix and the like is,
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once again, sparking those concerns of circular deals, right?
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So you're seeing that being reflected across the bond market,
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credit markets, spreads are winding out, and the like.
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So there's quite a bit of angst, not just in this equity market,
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but also when it comes to bond markets as well.
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Take a look when it comes to the open in China, and
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they are not immune to this sell-off here today.
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You see the ChinaX, specifically the tech-heavy benchmark,
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that's already lowered by 3% here right now.
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You are seeing some big names like Capricorn Tech.
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That's down by 2.
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CATL also seeing a bit of pressure in the A-share market.
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But interesting enough, in terms of bright spots,
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it's the consumer space, right?
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So maybe there is a bit of that rotation out of those AI plays here this morning to the likes of Medea Group,
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Kuei Chao, Mao Tai, and the like.
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We take a look when
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it comes to what we're seeing across the tech gauges here.
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Obviously, yesterday, it was about CXMT.
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We are seeing even that stock come off just a bit here today.
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But this is what the chips sector is seeing here.
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So you are seeing the likes of Hua Hong Semi.
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SMIC is actually going the opposite direction, but
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most of them are slightly lower here.
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On the back of this report, right, you know,
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this whole, you know, it all happened to ASML shares.
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Just one report itself of what China may be doing.
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A state-backed company in China is mass-producing these deep ultraviolet lithography tools.
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So, you know, this adds to the whole kind of tech self-sufficiency sort of theme that we've been seeing alongside CXMT yesterday.
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How true and how much it delivers is certainly one thing that the sell side is really mapping out here today.
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I think most of the sell side have chimed in and
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said, look, when it comes to that technological
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gap between China and Western names right now, i
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t's still quite wide, right?
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You know, Masahiro, our BI analyst,
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is it's seven to ten years it would
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take to actually close it at this point.
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So maybe right now markets are going ahead of it.
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COSDAC has now triggered the circuit breaker trading halted after that index fell by 8% as well.
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So trading in South Korea's COSDAC now also in a trading halt.
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Well, let's get more details now on those stories fueling this AI angst across Asia.
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Our China correspondent Min Min Lo joins us from Hong Kong along with Asia Equities reporter Winnie Su.
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So Min Min, let's start with you.
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What do we know about the scale at which China can produce DUV machines?
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Because this has been one of the catalysts that's seen the sell-off today.
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That's right.
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And this is according to the information's reporting.
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And according to their sources,
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China is planning to produce fi
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ve of these machines this year and 20 next year.
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This is a particular company that is based in Shanghai.
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It has not been named by the information, but
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it's a homegrown company that is gathering ex
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pertise from other Chinese firms, including a
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state-backed startup as well.
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And according to the information,
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most of the components of these D
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UV machines are locally sourced,
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except for some key components that are coming from Japan.
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So this is sparking the sell-off because
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we know that ASML has been a major playe
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r, in fact, very dominant, one of the fe
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w monopolies out there in this sector.
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And ASML has been prevented from selling its most advanced machines to China.
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Now, mind you, these DUV machines are not top of the range.
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The most advanced machines that ASML can sell are the EUV,
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extreme ultraviolet lithography machines.
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DUV is deep ultraviolet lithography machines.
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So it's slightly less advanced.
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But still, the vast majority of chips require only a DUV machine.
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Only a small sliver of the most advanced chips require EUV machines to make.
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So this is why we are seeing the market sell-off here in Asia as well when
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it comes to the Cosby, the Tyaxe, and many of these tech names in Asia.
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I want to get to Winnie Su for the second one of those one-two punches.
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And Winnie, it's all about circular financing.
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I mean, NVIDIA's announced a bunch more deals,
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financing and taking stakes in projects that a
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re going to use its chips.
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So there's been worries about circular financing for some time.
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Why has it all come to a head today?
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Yeah, exactly, Paul.
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You just mentioned how actually we've been hearing about this since last year.
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But because of these concerns around the hyperscalers spending recently,
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that is really raising further concerns around this circulation that we're looking at.
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Now, it is all about how companies like NVIDIA are financing the support for its key customers.
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And these customers then have further money or funds to then
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buy more from NVIDIA.
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And some of the examples we're hearing recently is, for example,
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the one with SK Group committing about $500 billion between each other.
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So it is circulation because
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it includes SK Group buying these supercomputers from NVIDIA.
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And then NVIDIA also buying memory chips from SK Hynix.
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Now, this is a little bit unclear in terms of how this money is actually going to be divided.
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So that is why investors are a bit concerned in terms of how it's a bit less transparent.
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Now, when it comes to the deal or that talk that we heard from yesterday
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about them potentially backstopping about $250 billion for OpenAI to lease that $500 billion worth of data center
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being built out by SoftBank in Ohio,
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that is a bit more complicated with them providing that $200 billion
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to support the build out of SoftBank.
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And SoftBank has a big stake in OpenAI, and
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they really lease that data center to OpenAI.
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Then OpenAI, which is a key customer of NVIDIA,
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buys further chips from NVIDIA.
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So that kind of circulation is raising concerns because
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it potentially skews the demand
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and also raises the risk when
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it comes to a potential fallout of this whole AI demand story.
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我想 Tracy Chapman 那首非常流行的歌曲，
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名字相似，這個市場移動得比快車還快，
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導致這些觸發器被啟動。
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所以又是新的一天，所以
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我現在已經數不清這個月裡我們看到
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either COSDAQ 或 COSPI 因為
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市場波動性太大而暫停交易的天數了。
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但沒錯，這就是我們目前的情況，所以我們會再回來討論，
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當然，那裡發生了什麼
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大約 20 分鐘後，當市場恢復交易時。
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歡迎來到我們的錄影棚，幫助我們理解 COSPI 故事的確切情況
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在更廣泛的亞洲市場中，歡迎 Frank Benzimra，
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亞洲股票策略主管
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來自 Sokjun。
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Frank，很高興見到你，早安。
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韓國的情況有出現嗎？
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嗯，韓國無疑是最具波動性的市場。
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現在看到公司
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半導體公司發布
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創紀錄的獲利，這非常有趣，但我們處於利潤率頂峰，
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市場提醒我們這個市場是週期性的。
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而且我們還有，
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也許與我們在美國看到的情況略有不同，我們有槓桿，
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這超級集中在少數幾個名稱上。
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所以當我們將這些因素加在一起時，我們就面臨著市場的波動性。
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現在該怎麼辦？對韓國客戶的建議是什麼？
1:22.840–1:26.508
嗯，對於韓國，你有半導體韓國，
1:26.508–1:28.820
在那裡，你面臨一些去槓桿化的情況，
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這正在發生，但尚未完成，
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我們需要對此保持謹慎。
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然後還有另一個韓國。
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你去掉前兩大半導體名稱。
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那麼你會在某個時候看到市淨率為 1.5 倍，
1:44.636–1:47.000
此時正在進行一些治理改革，
1:47.280–1:51.680
並且獲利水平相當不錯。
1:52.160–1:56.720
我認為這就是我們現在需要關注的那種韓國。
1:57.040–2:00.480
是的，這裡確實有很多交叉的力量，正如你所談論的。
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顯然，這整個中國 DUV 光刻技術，
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無論我們一直看到的
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根據資訊時報的一些報導，
2:08.107–2:10.200
這無疑在今天擾動了晶片貿易。
2:10.200–2:12.556
再加上輝達的故事，以及他們在此持續進行的龐大、
2:12.556–2:15.160
海量交易狂潮，
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像是與海力士等公司的交易，
2:17.482–2:20.900
再次引發了對循環交易的擔憂，對吧？
2:20.960–2:23.656
因此，你在債券市場看到了這種反映，
2:23.656–2:26.040
信用市場、利差擴大等情況。
2:26.140–2:29.098
因此，不僅是在股市，
2:29.098–2:31.260
在債券市場也存在著相當多的焦慮。
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來看看中國市場的開盤情況，
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他們也無法避免今天的拋售。
2:36.200–2:39.411
你看見中國X，特別是科技權重的基準指數，
2:39.411–2:41.740
目前已經下跌了3%。
2:42.060–2:45.200
你看到一些大名字，比如嘉實科技。
2:45.340–2:46.500
下跌了2%。
2:46.820–2:49.440
寧德時代在A股市場也面臨一些壓力。
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但有趣的是，在亮點方面，
2:51.986–2:53.340
是消費領域，對吧？
2:53.340–2:58.720
所以也許今天早上有一些從AI主題轉向麥德龍集團、
2:58.840–3:00.020
貴州茅台等公司的輪動。
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我們來看看
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在科技指數方面的情況。
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顯然，昨天是關於長鑫存儲。
3:06.540–3:09.740
我們看到這隻股票今天也略微下跌。
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但這就是晶片行業在此的情況。
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因此，你看見華虹半導體等公司。
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中芯國際實際上朝相反方向走，但
3:17.766–3:19.760
大多數公司在此略微下跌。
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基於這份報告，對吧，你知道，
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這一切，你知道，都發生在阿斯麥的股價上。
3:25.080–3:29.420
僅一份關於中國可能在做什麼的報告。
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一家中國國有企業正在量產這些深紫外光刻設備。
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所以，你知道，這增加了我們昨天與長鑫存儲一起看到的科技自給自足主題。
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它有多真實以及能帶來多少成果，確實是賣方今天正在仔細規劃的一件事。
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我認為大多數賣方都參與其中並
3:52.386–3:55.276
表示，看，在技術
3:55.276–3:58.166
中國與西方公司之間的差距方面，
3:58.166–3:59.900
仍然相當大，對吧？
4:00.040–4:02.176
你知道，我們的BI分析師正田雅弘，
4:02.176–4:04.170
需要七到十年才能
4:04.170–4:06.520
到那時才能真正關閉它。
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所以也許現在市場正在超前發展。
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韓國COSDAC也觸發了斷路器機制，在指數下跌8%後暫停交易。
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因此，韓國COSDAC的交易也處於暫停狀態。
4:20.640–4:25.900
現在讓我們深入了解這些在亞洲引發AI焦慮的故事。
4:26.160–4:31.240
我們的中國特派員羅敏敏與亞洲股票記者蘇婉儀從香港聯線。
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敏敏，我們先從你開始。
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關於中國生產DUV機器的規模，我們知道些什麼？
4:38.160–4:41.040
因為這一直是導致今天拋售的催化因素之一。
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沒錯。
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這是根據資訊報導的內容。
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根據他們的消息來源，
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中國計劃今年生產五
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台這些機器，明年生產20台。
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這是一家位於上海的公司。
4:55.900–4:58.131
資訊未提及該公司名稱，但
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這是一家本土公司，正在匯聚來自其他中國企業，包括一家國有支持的初創企業
5:00.421–5:02.773
的專業知識。
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根據資訊報導，
5:05.080–5:06.955
這些DUV機器的大部分組件
5:06.955–5:08.701
都是本地採購，
5:08.701–5:10.512
除了部分來自日本的关键組件。
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因此這引發了拋售，因為
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我們知道ASML一直是主要的參與者，
5:16.445–5:18.783
事實上，非常主導，是該領域少數
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壟斷企業之一。
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ASML被禁止向中國出售其最先進的機器。
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現在，請注意，這些DUV機器並非頂級產品。
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ASML能出售的最先進機器是EUV，
5:33.200–5:36.527
極紫外光刻機器。
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DUV是深紫外光刻機器。
5:39.320–5:42.080
所以它們稍微落後一些。
5:42.200–5:44.320
但即便如此，絕大多數晶片只需要DUV機器。
5:44.460–5:48.180
只有極少數最先進的晶片需要EUV機器來製造。
5:48.180–5:53.320
這就是為什麼當談到亞洲的COSDAC、Tyaxe以及許多這些科技名稱時，我們看到市場拋售的原因。
5:53.440–5:56.848
我想請蘇婉儀談談第二個一記重拳。
5:56.848–6:00.140
蘇婉儀，這一切都關於循環融資。
6:00.300–6:03.300
我的意思是，NVIDIA宣布了一系列更多交易，
6:03.480–6:05.840
溫妮，這一切都關於循環融資。
6:06.020–6:08.407
我的意思是，NVIDIA 宣布了一堆更多的交易，
6:08.407–6:10.795
融資並對將使用其晶片的项目進行股權投資
6:10.795–6:12.080
這些項目將使用其晶片。
6:12.080–6:16.020
因此，關於循環融資的擔憂已存在一段時間。
6:16.440–6:17.840
為什麼這些擔憂在今天集中爆發？
6:19.340–6:20.420
沒錯，保羅。
6:20.460–6:23.980
你剛才提到，我們其實從去年就開始聽到相關消息。
6:24.100–6:28.980
但由於近期超大型雲端服務商（hyperscalers）支出的這些擔憂，
6:28.980–6:33.760
這確實進一步引發了我們對當前循環現象的關注。
6:33.760–6:41.640
現在，重點在於像 NVIDIA 這樣的企業如何為其關鍵客戶提供支持進行融資。
6:41.980–6:46.656
這些客戶隨後擁有更多資金，
6:46.656–6:48.340
用於向 NVIDIA 購買更多產品。
6:48.760–6:51.720
我們最近聽到的一些例子包括，
6:51.860–6:58.140
例如 SK 集團之間承諾約 5000 億美元的相互投資。
6:58.140–7:00.291
因此，這屬於循環融資，因為
7:00.291–7:05.040
它包括 SK 集團向 NVIDIA 購買這些超級電腦。
7:05.180–7:08.420
然後 NVIDIA 也向 SK 海力士購買記憶體晶片。
7:08.740–7:13.820
現在，關於這些資金實際上如何分配還有些不清楚。
7:14.300–7:19.260
因此，投資者對其透明度較低感到有些擔憂。
7:19.720–7:23.640
現在，談到昨天我們聽到的交易或討論，
7:23.640–7:36.880
關於他們可能為 OpenAI 租賃價值 5000 億美元的數據中心
7:36.880–7:39.763
由軟銀在俄亥俄州建設的項目提供約 2500 億美元的後援支持，
7:39.763–7:45.240
這涉及他們提供 2000 億美元
7:45.240–7:48.380
以支持軟銀的建設項目，情況變得更加複雜。
7:48.380–7:51.324
軟銀在 OpenAI 中持有重大股權，並且
7:51.324–7:54.520
他們確實將該數據中心租賃給 OpenAI。
7:54.940–7:57.788
然後，作為 NVIDIA 的關鍵客戶，OpenAI
7:57.788–7:59.760
向 NVIDIA 購買更多晶片。
8:00.060–8:03.629
因此，這種循環引發了擔憂，因為
8:03.629–8:05.680
它可能扭曲需求，
8:05.680–8:07.779
並且在
8:07.779–8:12.240
整個 AI 需求故事可能出現負面影響時，也增加了風險。
0:00.000–0:03.469
I guess the very popular song of Tracy Chapman,
我想 Tracy Chapman 那首非常流行的歌曲，
0:03.469–0:06.760
similar name, this market is moving quicker
名字相似，這個市場移動得比快車還快，
0:06.760–0:09.640
than a fast car, getting these triggered.
導致這些觸發器被啟動。
0:09.780–0:10.984
So another day, so
所以又是新的一天，所以
0:10.984–0:15.480
I'm losing count now of the number of days this month that we've seen
我現在已經數不清這個月裡我們看到
0:15.480–0:18.951
either the COSDAQ or the COSPI just get halted because
either COSDAQ 或 COSPI 因為
0:18.951–0:21.420
of just how volatile things have been.
市場波動性太大而暫停交易的天數了。
0:21.500–0:23.767
But yes, that's where we are currently, so we'll revisit,
但沒錯，這就是我們目前的情況，所以我們會再回來討論，
0:23.767–0:24.900
of course, what goes on there
當然，那裡發生了什麼
0:24.900–0:26.980
in about 20 minutes when things, of course, resume trade.
大約 20 分鐘後，當市場恢復交易時。
0:26.980–0:32.720
Joining us here on set to help us make sense of where exactly we are on the COSPI story
歡迎來到我們的錄影棚，幫助我們理解 COSPI 故事的確切情況
0:32.720–0:35.794
in the broader Asian markets, joining us here is Frank Benzimra,
在更廣泛的亞洲市場中，歡迎 Frank Benzimra，
0:35.794–0:37.160
head of Asia Equity Strategy
亞洲股票策略主管
0:37.160–0:38.080
at Sokjun.
來自 Sokjun。
0:38.160–0:39.600
Frank, very nice to see you and good morning.
Frank，很高興見到你，早安。
0:39.980–0:40.760
Has Korea come up?
韓國的情況有出現嗎？
0:42.760–0:47.180
Well, Korea is by far the most volatile market.
嗯，韓國無疑是最具波動性的市場。
0:48.120–0:50.932
That's very interesting to see that the company now,
現在看到公司
0:50.932–0:53.360
the semiconductor companies are publishing
半導體公司發布
0:53.360–0:56.861
record earnings, but we are at top margin and
創紀錄的獲利，這非常有趣，但我們處於利潤率頂峰，
0:56.861–1:01.120
the market is reminding that this market is cyclical.
市場提醒我們這個市場是週期性的。
1:02.100–1:04.110
And we have on top of that, and
而且我們還有，
1:04.110–1:08.800
maybe a little bit unlike what we see in the US, we have the leverage,
也許與我們在美國看到的情況略有不同，我們有槓桿，
1:09.020–1:11.700
which is super concentrated on few names.
這超級集中在少數幾個名稱上。
1:12.100–1:16.820
So when we put all this, we have this volatility on the market.
所以當我們將這些因素加在一起時，我們就面臨著市場的波動性。
1:16.820–1:22.020
What to do now about, what's the advice to clients about Korea?
現在該怎麼辦？對韓國客戶的建議是什麼？
1:22.840–1:26.508
Well, that to Korea, you have the semiconductor Korea,
嗯，對於韓國，你有半導體韓國，
1:26.508–1:28.820
where you have some deleveraging,
在那裡，你面臨一些去槓桿化的情況，
1:29.600–1:32.752
which is happening, which is not being done, and
這正在發生，但尚未完成，
1:32.752–1:34.800
on which we need to be cautious.
我們需要對此保持謹慎。
1:35.280–1:37.380
And then you have the other Korea.
然後還有另一個韓國。
1:37.840–1:40.920
You remove the top two semiconductor name.
你去掉前兩大半導體名稱。
1:40.920–1:44.636
Then you have a price to book of 1.5 times at a time when
那麼你會在某個時候看到市淨率為 1.5 倍，
1:44.636–1:47.000
you have some governance reform,
此時正在進行一些治理改革，
1:47.280–1:51.680
which are happening, and a pretty good level of earnings.
並且獲利水平相當不錯。
1:52.160–1:56.720
And I think this is this kind of Korea that we need to focus on now.
我認為這就是我們現在需要關注的那種韓國。
1:57.040–2:00.480
Yeah, there's certainly a lot of cross currents that you're talking about here.
是的，這裡確實有很多交叉的力量，正如你所談論的。
2:00.540–2:03.544
Obviously, this whole China DUV sort of lithography,
顯然，這整個中國 DUV 光刻技術，
2:03.544–2:06.080
whatever innovation that we've been seeing,
無論我們一直看到的
2:06.200–2:08.107
according to some reports from the information,
根據資訊時報的一些報導，
2:08.107–2:10.200
that certainly is roiling the chips trade here today.
這無疑在今天擾動了晶片貿易。
2:10.200–2:12.556
You add that to the NVIDIA story and these big,
再加上輝達的故事，以及他們在此持續進行的龐大、
2:12.556–2:15.160
massive frenzy of deals that they keep making here
海量交易狂潮，
2:15.160–2:17.482
with the likes of Esky Hynix and the like is,
像是與海力士等公司的交易，
2:17.482–2:20.900
once again, sparking those concerns of circular deals, right?
再次引發了對循環交易的擔憂，對吧？
2:20.960–2:23.656
So you're seeing that being reflected across the bond market,
因此，你在債券市場看到了這種反映，
2:23.656–2:26.040
credit markets, spreads are winding out, and the like.
信用市場、利差擴大等情況。
2:26.140–2:29.098
So there's quite a bit of angst, not just in this equity market,
因此，不僅是在股市，
2:29.098–2:31.260
but also when it comes to bond markets as well.
在債券市場也存在著相當多的焦慮。
2:31.360–2:33.780
Take a look when it comes to the open in China, and
來看看中國市場的開盤情況，
2:33.780–2:36.200
they are not immune to this sell-off here today.
他們也無法避免今天的拋售。
2:36.200–2:39.411
You see the ChinaX, specifically the tech-heavy benchmark,
你看見中國X，特別是科技權重的基準指數，
2:39.411–2:41.740
that's already lowered by 3% here right now.
目前已經下跌了3%。
2:42.060–2:45.200
You are seeing some big names like Capricorn Tech.
你看到一些大名字，比如嘉實科技。
2:45.340–2:46.500
That's down by 2.
下跌了2%。
2:46.820–2:49.440
CATL also seeing a bit of pressure in the A-share market.
寧德時代在A股市場也面臨一些壓力。
2:49.880–2:51.986
But interesting enough, in terms of bright spots,
但有趣的是，在亮點方面，
2:51.986–2:53.340
it's the consumer space, right?
是消費領域，對吧？
2:53.340–2:58.720
So maybe there is a bit of that rotation out of those AI plays here this morning to the likes of Medea Group,
所以也許今天早上有一些從AI主題轉向麥德龍集團、
2:58.840–3:00.020
Kuei Chao, Mao Tai, and the like.
貴州茅台等公司的輪動。
3:00.580–3:01.323
We take a look when
我們來看看
3:01.323–3:03.700
it comes to what we're seeing across the tech gauges here.
在科技指數方面的情況。
3:03.780–3:06.360
Obviously, yesterday, it was about CXMT.
顯然，昨天是關於長鑫存儲。
3:06.540–3:09.740
We are seeing even that stock come off just a bit here today.
我們看到這隻股票今天也略微下跌。
3:09.840–3:12.560
But this is what the chips sector is seeing here.
但這就是晶片行業在此的情況。
3:12.680–3:14.220
So you are seeing the likes of Hua Hong Semi.
因此，你看見華虹半導體等公司。
3:15.000–3:17.766
SMIC is actually going the opposite direction, but
中芯國際實際上朝相反方向走，但
3:17.766–3:19.760
most of them are slightly lower here.
大多數公司在此略微下跌。
3:19.760–3:21.938
On the back of this report, right, you know,
基於這份報告，對吧，你知道，
3:21.938–3:24.600
this whole, you know, it all happened to ASML shares.
這一切，你知道，都發生在阿斯麥的股價上。
3:25.080–3:29.420
Just one report itself of what China may be doing.
僅一份關於中國可能在做什麼的報告。
3:29.540–3:36.980
A state-backed company in China is mass-producing these deep ultraviolet lithography tools.
一家中國國有企業正在量產這些深紫外光刻設備。
3:37.300–3:43.360
So, you know, this adds to the whole kind of tech self-sufficiency sort of theme that we've been seeing alongside CXMT yesterday.
所以，你知道，這增加了我們昨天與長鑫存儲一起看到的科技自給自足主題。
3:44.100–3:49.640
How true and how much it delivers is certainly one thing that the sell side is really mapping out here today.
它有多真實以及能帶來多少成果，確實是賣方今天正在仔細規劃的一件事。
3:49.640–3:52.386
I think most of the sell side have chimed in and
我認為大多數賣方都參與其中並
3:52.386–3:55.276
said, look, when it comes to that technological
表示，看，在技術
3:55.276–3:58.166
gap between China and Western names right now, i
中國與西方公司之間的差距方面，
3:58.166–3:59.900
t's still quite wide, right?
仍然相當大，對吧？
4:00.040–4:02.176
You know, Masahiro, our BI analyst,
你知道，我們的BI分析師正田雅弘，
4:02.176–4:04.170
is it's seven to ten years it would
需要七到十年才能
4:04.170–4:06.520
take to actually close it at this point.
到那時才能真正關閉它。
4:06.560–4:08.720
So maybe right now markets are going ahead of it.
所以也許現在市場正在超前發展。
4:08.720–4:15.680
COSDAC has now triggered the circuit breaker trading halted after that index fell by 8% as well.
韓國COSDAC也觸發了斷路器機制，在指數下跌8%後暫停交易。
4:15.820–4:20.120
So trading in South Korea's COSDAC now also in a trading halt.
因此，韓國COSDAC的交易也處於暫停狀態。
4:20.640–4:25.900
Well, let's get more details now on those stories fueling this AI angst across Asia.
現在讓我們深入了解這些在亞洲引發AI焦慮的故事。
4:26.160–4:31.240
Our China correspondent Min Min Lo joins us from Hong Kong along with Asia Equities reporter Winnie Su.
我們的中國特派員羅敏敏與亞洲股票記者蘇婉儀從香港聯線。
4:31.240–4:33.320
So Min Min, let's start with you.
敏敏，我們先從你開始。
4:33.620–4:38.100
What do we know about the scale at which China can produce DUV machines?
關於中國生產DUV機器的規模，我們知道些什麼？
4:38.160–4:41.040
Because this has been one of the catalysts that's seen the sell-off today.
因為這一直是導致今天拋售的催化因素之一。
4:42.740–4:43.420
That's right.
沒錯。
4:43.500–4:45.920
And this is according to the information's reporting.
這是根據資訊報導的內容。
4:45.920–4:47.957
And according to their sources,
根據他們的消息來源，
4:47.957–4:49.918
China is planning to produce fi
中國計劃今年生產五
4:49.918–4:52.860
ve of these machines this year and 20 next year.
台這些機器，明年生產20台。
4:52.940–4:55.900
This is a particular company that is based in Shanghai.
這是一家位於上海的公司。
4:55.900–4:58.131
It has not been named by the information, but
資訊未提及該公司名稱，但
4:58.131–5:00.421
it's a homegrown company that is gathering ex
這是一家本土公司，正在匯聚來自其他中國企業，包括一家國有支持的初創企業
5:00.421–5:02.773
pertise from other Chinese firms, including a
的專業知識。
5:02.773–5:04.340
state-backed startup as well.
根據資訊報導，
5:05.080–5:06.955
And according to the information,
這些DUV機器的大部分組件
5:06.955–5:08.701
most of the components of these D
都是本地採購，
5:08.701–5:10.512
UV machines are locally sourced,
除了部分來自日本的关键組件。
5:10.512–5:13.680
except for some key components that are coming from Japan.
因此這引發了拋售，因為
5:13.960–5:16.445
So this is sparking the sell-off because
我們知道ASML一直是主要的參與者，
5:16.445–5:18.783
we know that ASML has been a major playe
事實上，非常主導，是該領域少數
5:18.783–5:21.122
r, in fact, very dominant, one of the fe
壟斷企業之一。
5:21.122–5:23.460
w monopolies out there in this sector.
ASML被禁止向中國出售其最先進的機器。
5:23.460–5:29.760
And ASML has been prevented from selling its most advanced machines to China.
現在，請注意，這些DUV機器並非頂級產品。
5:30.140–5:33.060
Now, mind you, these DUV machines are not top of the range.
ASML能出售的最先進機器是EUV，
5:33.200–5:36.527
The most advanced machines that ASML can sell are the EUV,
極紫外光刻機器。
5:36.527–5:39.160
extreme ultraviolet lithography machines.
DUV是深紫外光刻機器。
5:39.320–5:42.080
DUV is deep ultraviolet lithography machines.
所以它們稍微落後一些。
5:42.200–5:44.320
So it's slightly less advanced.
但即便如此，絕大多數晶片只需要DUV機器。
5:44.460–5:48.180
But still, the vast majority of chips require only a DUV machine.
只有極少數最先進的晶片需要EUV機器來製造。
5:48.180–5:53.320
Only a small sliver of the most advanced chips require EUV machines to make.
這就是為什麼當談到亞洲的COSDAC、Tyaxe以及許多這些科技名稱時，我們看到市場拋售的原因。
5:53.440–5:56.848
So this is why we are seeing the market sell-off here in Asia as well when
我想請蘇婉儀談談第二個一記重拳。
5:56.848–6:00.140
it comes to the Cosby, the Tyaxe, and many of these tech names in Asia.
蘇婉儀，這一切都關於循環融資。
6:00.300–6:03.300
I want to get to Winnie Su for the second one of those one-two punches.
我的意思是，NVIDIA宣布了一系列更多交易，
6:03.480–6:05.840
And Winnie, it's all about circular financing.
溫妮，這一切都關於循環融資。
6:06.020–6:08.407
I mean, NVIDIA's announced a bunch more deals,
我的意思是，NVIDIA 宣布了一堆更多的交易，
6:08.407–6:10.795
financing and taking stakes in projects that a
融資並對將使用其晶片的项目進行股權投資
6:10.795–6:12.080
re going to use its chips.
這些項目將使用其晶片。
6:12.080–6:16.020
So there's been worries about circular financing for some time.
因此，關於循環融資的擔憂已存在一段時間。
6:16.440–6:17.840
Why has it all come to a head today?
為什麼這些擔憂在今天集中爆發？
6:19.340–6:20.420
Yeah, exactly, Paul.
沒錯，保羅。
6:20.460–6:23.980
You just mentioned how actually we've been hearing about this since last year.
你剛才提到，我們其實從去年就開始聽到相關消息。
6:24.100–6:28.980
But because of these concerns around the hyperscalers spending recently,
但由於近期超大型雲端服務商（hyperscalers）支出的這些擔憂，
6:28.980–6:33.760
that is really raising further concerns around this circulation that we're looking at.
這確實進一步引發了我們對當前循環現象的關注。
6:33.760–6:41.640
Now, it is all about how companies like NVIDIA are financing the support for its key customers.
現在，重點在於像 NVIDIA 這樣的企業如何為其關鍵客戶提供支持進行融資。
6:41.980–6:46.656
And these customers then have further money or funds to then
這些客戶隨後擁有更多資金，
6:46.656–6:48.340
buy more from NVIDIA.
用於向 NVIDIA 購買更多產品。
6:48.760–6:51.720
And some of the examples we're hearing recently is, for example,
我們最近聽到的一些例子包括，
6:51.860–6:58.140
the one with SK Group committing about $500 billion between each other.
例如 SK 集團之間承諾約 5000 億美元的相互投資。
6:58.140–7:00.291
So it is circulation because
因此，這屬於循環融資，因為
7:00.291–7:05.040
it includes SK Group buying these supercomputers from NVIDIA.
它包括 SK 集團向 NVIDIA 購買這些超級電腦。
7:05.180–7:08.420
And then NVIDIA also buying memory chips from SK Hynix.
然後 NVIDIA 也向 SK 海力士購買記憶體晶片。
7:08.740–7:13.820
Now, this is a little bit unclear in terms of how this money is actually going to be divided.
現在，關於這些資金實際上如何分配還有些不清楚。
7:14.300–7:19.260
So that is why investors are a bit concerned in terms of how it's a bit less transparent.
因此，投資者對其透明度較低感到有些擔憂。
7:19.720–7:23.640
Now, when it comes to the deal or that talk that we heard from yesterday
現在，談到昨天我們聽到的交易或討論，
7:23.640–7:36.880
about them potentially backstopping about $250 billion for OpenAI to lease that $500 billion worth of data center
關於他們可能為 OpenAI 租賃價值 5000 億美元的數據中心
7:36.880–7:39.763
being built out by SoftBank in Ohio,
由軟銀在俄亥俄州建設的項目提供約 2500 億美元的後援支持，
7:39.763–7:45.240
that is a bit more complicated with them providing that $200 billion
這涉及他們提供 2000 億美元
7:45.240–7:48.380
to support the build out of SoftBank.
以支持軟銀的建設項目，情況變得更加複雜。
7:48.380–7:51.324
And SoftBank has a big stake in OpenAI, and
軟銀在 OpenAI 中持有重大股權，並且
7:51.324–7:54.520
they really lease that data center to OpenAI.
他們確實將該數據中心租賃給 OpenAI。
7:54.940–7:57.788
Then OpenAI, which is a key customer of NVIDIA,
然後，作為 NVIDIA 的關鍵客戶，OpenAI
7:57.788–7:59.760
buys further chips from NVIDIA.
向 NVIDIA 購買更多晶片。
8:00.060–8:03.629
So that kind of circulation is raising concerns because
因此，這種循環引發了擔憂，因為
8:03.629–8:05.680
it potentially skews the demand
它可能扭曲需求，
8:05.680–8:07.779
and also raises the risk when
並且在
8:07.779–8:12.240
it comes to a potential fallout of this whole AI demand story.
整個 AI 需求故事可能出現負面影響時，也增加了風險。

影片筆記：How Asia Tech Selloff Unfolded Over DUVs, Circular Deals

一句話總結

影片探討亞洲科技股（特別是韓國與中國）因半導體週期性、中國 DUV 光刻機量產進展，以及 NVIDIA 與 SK Group 等公司間的「循環融資」爭議所引發的市場劇烈波動與資金流向變化。

核心重點

  • 韓國市場高波動性：儘管半導體公司財報亮眼，但市場擔憂其週期性、高槓桿與集中度，導致 KOSDAQ 觸發斷路器暫停交易。
  • 中國 DUV 技術突破：據《資訊週刊》報導，中國本土公司量產 DUV 光刻機，雖非頂級技術（EUV），但引發對 ASML 壟斷地位及中國技術自給能力的擔憂。分析師認為技術差距仍需 7-10 年縮小。
  • 循環融資（Circular Financing）疑慮：NVIDIA 與 SK Hynix、SK Group 的交易，以及 OpenAI 與 SoftBank 的案例，引發資金在供應商與客戶間循環、扭曲真實需求的擔憂。
  • 市場資金流向：韓國股市暫停交易；中國科技股（CXMT、華虹、中芯國際）下跌，資金部分轉向消費板塊（美團、貴州茅台等）。

詳細大綱

1. 韓國市場現況與波動

  • 市場反應：KOSPI 與 KOSDAQ 因波動性觸發暫停交易機制。
  • 基本面與風險：半導體公司發布創紀錄財報，但市場強調其週期性特徵與高槓桿風險。
  • 策略建議：
  • 「半導體韓國」：需去槓桿，投資態度應謹慎。
  • 「其他韓國」：涉及治理改革，估值相對合理。

2. 中國 DUV 光刻機技術突破

  • 報導來源：《資訊週刊》（The Information）報導中國本土公司正量產深紫外線（DUV）光刻機。
  • 供應鏈結構：大部分組件來自本土來源，關鍵組件來自日本。
  • 市場解讀：
  • 雖非最頂級技術（EUV），但影響多數晶片生產。
  • 引發市場對 ASML 壟斷地位的擔憂。
  • 分析師觀點：中國與西方技術差距仍需 7-10 年縮小，市場反應可能過度。

3. NVIDIA 交易與循環融資疑慮

  • 交易案例：
  • NVIDIA 與 SK Hynix、SK Group 的交易引發透明度擔憂。
  • SK Group 與 NVIDIA 的交易涉及約 5000 億美元，包含互相購買產品。
  • OpenAI 與 SoftBank 案例：SoftBank 建設數據中心，OpenAI 租賃並購買 NVIDIA 晶片，資金流向被指不透明。
  • 投資者擔憂：循環融資可能扭曲真實需求，增加 AI 需求故事的風險。

4. 亞洲市場整體反應

  • 韓國：KOSDAQ 暫停交易。
  • 中國：
  • 科技股下跌：CXMT、華虹半導體、中芯國際。
  • 資金流向消費板塊：美團、貴州茅台、麥當勞（註：原文提及 Medea Group，疑為美團聽誤）。
  • 債券與信用市場：利差擴大，反映市場焦慮。

工具 / 模型 / 名詞整理

  • 指數/市場名稱：
  • KOSDAQ
  • KOSPI
  • ChiNext (原文聽寫為 ChinaX，疑指中國創業板)
  • A-share market (A股市場)
  • 公司名稱：
  • Sokjun (原文聽寫，疑為某機構名稱，需查證)
  • NVIDIA
  • SK Hynix
  • SK Group
  • ASML
  • CXMT (長鑫存儲)
  • Hua Hong Semi (華虹半導體)
  • SMIC (中芯國際)
  • OpenAI
  • SoftBank
  • Capricorn Tech (原文聽寫，需查證)
  • CATL (寧德時代)
  • Medea Group (原文聽寫，疑為 Meituan 美團)
  • Kuei Chao (原文聽寫，疑為 Guizhou Moutai 貴州茅台)
  • Mao Tai (茅台)
  • Esky Hynix (原文聽寫，疑為 SK Hynix)
  • 技術/產品名稱：
  • DUV (Deep Ultraviolet Lithography，深紫外線光刻機)
  • EUV (Extreme Ultraviolet Lithography，極紫外線光刻機)
  • Supercomputers (超級電腦)
  • Data center (數據中心)
  • 人物/職位：
  • Frank Benzimra (Sokjun Asia Equity Strategy Head)
  • Masahiro (BI analyst)
  • Min Min Lo (China correspondent)
  • Winnie Su (Asia Equities reporter)
  • Paul (主持人)

操作流程整理

  • 市場監控：監控 KOSPI 與 KOSDAQ 波動性，觸發斷路器時暫停交易。
  • 技術追蹤：關注《資訊週刊》等媒體關於中國 DUV 光刻機量產的報導，評估供應鏈本土化程度及與日本關鍵組件的依賴關係。
  • 交易結構分析：檢視 NVIDIA 與 SK Group、SK Hynix 之間的資金往來，識別潛在的循環融資模式（如互相購買產品、數據中心建設與租賃的資金迴圈）。
  • 資金流向觀察：觀察中國科技股（CXMT、華虹、中芯國際）下跌時，資金是否轉向消費板塊（美團、貴州茅台等）。
  • 風險評估：評估循環融資對真實需求的扭曲程度，以及技術差距（7-10年）對市場情緒的影響。

值得注意的限制或風險

  • 循環融資風險：資金在供應商與客戶間循環，可能扭曲真實需求，增加 AI 需求故事的風險。
  • 技術差距：中國與西方在光刻技術上的差距仍需 7-10 年縮小，市場反應可能過度。
  • 市場波動性：韓國市場因半導體公司的高槓桿與集中度，導致劇烈波動，甚至觸發斷路器。
  • 透明度問題：NVIDIA 與 SK Group、OpenAI 與 SoftBank 的交易結構透明度引發擔憂。

逐字稿辨識疑點

  • Sokjun：原文提及 "head of Asia Equity Strategy at Sokjun"，此名稱不常見，需查證是否為特定機構名稱或聽寫錯誤。
  • ChinaX：原文提及 "ChinaX, specifically the tech-heavy benchmark"，通常中國科技基準指數為 ChiNext 或 STAR Market，需查證 "ChinaX" 是否為特定指數或聽寫錯誤。
  • Capricorn Tech：原文提及 "Capricorn Tech. That's down by 2"，需查證此公司名稱是否正確，或是否為其他科技公司名稱的聽誤。
  • Medea Group：原文提及 "Medea Group, Kuei Chao, Mao Tai"，在消費板塊背景下，"Medea Group" 極大機率為 "Meituan" (美團) 的聽寫錯誤，但依規則僅標記為疑點。
  • Kuei Chao：原文提及 "Kuei Chao"，在消費板塊與 "Mao Tai" 並列，極大機率為 "Guizhou Moutai" (貴州茅台) 的聽寫錯誤，但依規則僅標記為疑點。
  • Esky Hynix：原文提及 "Esky Hynix"，應為 "SK Hynix" 的聽寫錯誤，但依規則僅標記為疑點。
  • The Information：原文提及 "according to some reports from the information"，指媒體《資訊週刊》(The Information)，但原文小寫，需確認是否為專有名詞。
  • BI analyst：原文提及 "Masahiro, our BI analyst"，"BI" 可能指 Business Intelligence 或其他部門縮寫，需查證具體含義。
  • $500 billion / $250 billion / $200 billion：原文提及 "SK Group committing about $500 billion" 及 "backstopping about $250 billion"、"$200 billion"，金額極大，需查證是否為聽寫錯誤（如 $500 million 或 $50 billion），但依規則僅標記為疑點。
  • COSDAC：原文多次提及 "COSDAC"，應為 "KOSDAQ" 的聽寫錯誤，但依規則僅標記為疑點。
  • Cosby：原文提及 "sell-off here in Asia as well when it comes to the Cosby"，應為 "KOSPI" 或 "KOSDAQ" 的聽寫錯誤，但依規則僅標記為疑點。
  • Tyaxe：原文提及 "the Cosby, the Tyaxe"，應為 "ChiNext" 或類似指數的聽寫錯誤，但依規則僅標記為疑點。

可延伸追問

  • 中國 DUV 光刻機的具體性能參數與產能規模為何？
  • NVIDIA 與 SK Group 的交易細節及對雙方財報的影響？
  • 循環融資在 AI 產業鏈中的普遍性與監管應對？
  • 韓國市場斷路器機制對長期投資信心的影響？
  • 中國科技股下跌後，消費板塊的持續性與潛力？

生字列表

生字讀音類型中文
volatileばくりょう形容動詞波動大的，不穩定的
cyclicalサイクリカル形容動詞週期性的
leverageレバレッジ名詞槓桿，槓桿效應
deleveragingディレバレッジ名詞去槓桿化
cautious注意深い形容動詞謹慎的，小心的
governanceガバナンス名詞治理，管理
cross currentsクロスカレント名詞片語交叉力量，相互衝突的因素
roilロイル動詞擾動，使翻騰
frenzyフレンジー名詞狂熱，瘋狂
spark火花動詞引發，觸發
reflect反映動詞反映，體現
angstアングスト名詞焦慮，不安
immune免疫の形容動詞免疫的，不受影響的
benchmarkベンチマーク名詞基準，指標
bright spot明るい点名詞片語亮點，積極因素
rotationローテーション名詞輪動，輪換
sliverスライバー名詞少量，極小部分
catalyst触媒名詞催化劑，觸發因素

生字解說

volatile ばくりょう

形容動詞 · N2

意思：波動大的，不穩定的

解說：形容價格、市場或情況變化劇烈且難以預測。在金融領域常用於描述股價或匯率的劇烈起伏。

影片原句
Well, Korea is by far the most volatile market.
嗯，韓國無疑是最具波動性的市場。
延伸例句
為替相場は非常にvolatileだ。
匯率市場非常波動。

cyclical サイクリカル

形容動詞 · N1

意思：週期性的

解說：指事物按照一定的週期循環往復，如經濟週期或產業週期。

影片原句
the market is reminding that this market is cyclical.
市場提醒我們這個市場是週期性的。
延伸例句
半導體産業はcyclicalな性質を持っている。
半導體產業具有週期性的性質。

leverage レバレッジ

名詞 · N1

意思：槓桿，槓桿效應

解說：金融術語，指利用借入資金來擴大投資收益或損失的機制。

影片原句
we have the leverage, which is super concentrated on few names.
我們有槓桿，這超級集中在少數幾個名稱上。
延伸例句
高いレバレッジをかけた投資はリスクも大きい。
高槓桿投資的風險也很大。

deleveraging ディレバレッジ

名詞 · N1

意思：去槓桿化

解說：指減少債務或降低槓桿率的過程，通常發生在市場下行或風險控制時。

影片原句
where you have some deleveraging, which is happening
在那裡，你面臨一些去槓桿化的情況，這正在發生
延伸例句
企業のディレバレッジが進んでいる。
企業的去槓桿化正在進行。

cautious 注意深い

形容動詞 · N2

意思：謹慎的，小心的

解說：形容對某事保持警惕，不輕易行動或決策的態度。

影片原句
on which we need to be cautious.
我們需要對此保持謹慎。
延伸例句
投資には注意深い態度が必要だ。
投資需要謹慎的態度。

governance ガバナンス

名詞 · N1

意思：治理，管理

解說：指企業或組織的管理結構、規則和流程，特別是指公司治理（Corporate Governance）。

影片原句
you have some governance reform, which are happening
此時正在進行一些治理改革
延伸例句
企業のガバナンス改革が求められている。
企業被要求進行治理改革。

cross currents クロスカレント

名詞片語 · N1

意思：交叉力量，相互衝突的因素

解說：比喻多種相反或不同的力量同時作用，導致局勢複雜難辨。

影片原句
there's certainly a lot of cross currents that you're talking about here.
這裡確實有很多交叉的力量，正如你所談論的。
延伸例句
政治的なクロスカレントが複雑になっている。
政治上的交叉力量變得複雜。

roil ロイル

動詞 · N1

意思：擾動，使翻騰

解說：原意為使液體翻騰，引申為使市場、情緒或局勢陷入混亂或不穩定。

影片原句
that certainly is roiling the chips trade here today.
這無疑在今天擾動了晶片貿易。
延伸例句
ニュースが市場をroilさせた。
新聞擾動了市場。

frenzy フレンジー

名詞 · N2

意思：狂熱，瘋狂

解說：形容極度興奮、激動或瘋狂的狀態，常指市場上的非理性行為。

影片原句
massive frenzy of deals that they keep making here
海量交易狂潮
延伸例句
株式市場のフレンジーが続いている。
股市的狂熱持續著。

spark 火花

動詞 · N2

意思：引發，觸發

解說：指引起某種反應、情緒或事件，如同火花引發火災。

影片原句
once again, sparking those concerns of circular deals
再次引發了對循環交易的擔憂
延伸例句
彼の発言が議論をsparkした。
他的發言引發了討論。

reflect 反映

動詞 · N2

意思：反映，體現

解說：指某種情況、態度或事實通過另一種形式表現出來。

影片原句
So you're seeing that being reflected across the bond market
因此，你在債券市場看到了這種反映
延伸例句
世論が政策に反映されている。
民意反映在政策中。

angst アングスト

名詞 · N1

意思：焦慮，不安

解說：源自德語，指深層的焦慮、恐懼或不安情緒，常用於描述市場情緒。

影片原句
So there's quite a bit of angst, not just in this equity market
因此，不僅是在股市，也存在著相當多的焦慮。
延伸例句
将来へのangstを感じている。
感到對未來的焦慮。

immune 免疫の

形容動詞 · N2

意思：免疫的，不受影響的

解說：原指對疾病有抵抗力，引申為對某種影響、變化或情況不敏感或不受影響。

影片原句
they are not immune to this sell-off here today.
他們也無法避免今天的拋售。
延伸例句
経済危機にimmuneな企業は少ない。
對經濟危機免疫的企業很少。

benchmark ベンチマーク

名詞 · N1

意思：基準，指標

解說：指用於比較或評估標準的參數或指數，如股市基準指數。

影片原句
specifically the tech-heavy benchmark
特別是科技權重的基準指數
延伸例句
株式市場のベンチマーク指数。
股市基準指數。

bright spot 明るい点

名詞片語 · N2

意思：亮點，積極因素

解說：指在整體負面或平淡的情況中，少數表現良好或積極的部分。

影片原句
in terms of bright spots, it's the consumer space
在亮點方面，是消費領域
延伸例句
経済全体の中で明るい spot が見られる。
在整體經濟中可以看到亮點。

rotation ローテーション

名詞 · N1

意思：輪動，輪換

解說：投資術語，指資金在不同板塊或行業之間轉移的現象。

影片原句
there is a bit of that rotation out of those AI plays
有一些從AI主題轉向...的輪動
延伸例句
株式市場でのセクターローテーション。
股市中的板塊輪動。

sliver スライバー

名詞 · N1

意思：少量，極小部分

解說：指非常小的一塊或一部分，常用來強調數量之少。

影片原句
Only a small sliver of the most advanced chips require EUV machines
只有極少數最先進的晶片需要EUV機器
延伸例句
市場の小さな sliver を占める。
佔據市場的一小部分。

catalyst 触媒

名詞 · N1

意思：催化劑，觸發因素

解說：原指化學反應中的催化劑，引申為促使事件發生或加速變化的因素。

影片原句
this has been one of the catalysts that's seen the sell-off today.
因為這一直是導致今天拋售的催化因素之一。
延伸例句
政策が経済成長の catalyst となった。
政策成為經濟成長的催化劑。

句型解說（含實例）

either A or B

意思：不是A就是B，或者A或者B

接續：either + 名詞/動詞 + or + 名詞/動詞

解說：表示兩者中選擇其一，或兩者皆有可能。在否定句中常用 neither A nor B。

影片原句
either the COSDAQ or the COSPI just get halted
either COSDAQ 或 COSPI 因為
實例
  1. either 行くか 帰るか だ。
    不是去就是回。
  2. either 成功するか 失敗するか だ。
    不是成功就是失敗。

by far the most...

意思：遠遠最...，無疑是最...

接續：by far + the most + 形容詞/名詞

解說：用於強調最高級的程度，表示在某方面遠遠超過其他對象。

影片原句
Korea is by far the most volatile market.
嗯，韓國無疑是最具波動性的市場。
實例
  1. 彼は by far the most 優秀な 学生だ。
    他無疑是最優秀的學生。
  2. それは by far the most 重要な 問題だ。
    那是無疑最重要的問題。

on top of that

意思：此外，而且

接續：on top of that + 文

解說：用於在已有情況或理由之上，追加另一個情況或理由，通常帶有負面或複雜的語氣。

影片原句
And we have on top of that, and maybe a little bit unlike what we see in the US
而且我們還有，而且也許與我們在美國看到的情況略有不同
實例
  1. 雨だ。 on top of that、風も強い。
    下雨了。此外，風也很大。
  2. お金がない。 on top of that、時間もない。
    沒有錢。此外，也沒有時間。

when it comes to A

意思：當提到A時，在A方面

接續：when it comes to + 名詞/動詞原形

解說：用於將話題轉向特定主題，表示在該主題或領域的情況。

影片原句
when it comes to bond markets as well.
在債券市場也存在著相當多的焦慮。
實例
  1. 料理 when it comes to 日本料理 だ。
    說到料理，是日本料理。
  2. 仕事 when it comes to 技術 だ。
    說到工作，是技術方面。

not just A, but also B

意思：不僅是A，也是B

接續：not just + A + but also + B

解說：表示不僅僅是前者，還包括後者，強調兩者的並存或遞進關係。

影片原句
not just in this equity market, but also when it comes to bond markets as well.
不僅是在股市，在債券市場也存在著相當多的焦慮。
實例
  1. not just 英語, but also 日本語 を 話す。
    不僅說英語，也說日語。
  2. not just 子供, but also 大人 が 参加した。
    不僅是孩子，大人也參加了。

according to A

意思：根據A，據A說

接續：according to + 名詞/來源

解說：用於引用消息來源或依據，表示所述內容基於該來源。

影片原句
according to some reports from the information
根據資訊時報的一些報導
實例
  1. according to 新聞, 天気は 晴れだ。
    根據新聞，天氣是晴天。
  2. according to 先生, 試験は 難しい。
    根據老師說，考試很難。

mind you

意思：請注意，要知道

接續：mind you + 文

解說：用於引起聽者注意，強調後續內容的重要性或與前文的區別，帶有提醒意味。

影片原句
Now, mind you, these DUV machines are not top of the range.
現在，請注意，這些DUV機器並非頂級產品。
實例
  1. 彼は 優しい。 mind you、 厳しくも なる。
    他很溫柔。請注意，他也會很嚴格。
  2. 安い。 mind you、 品質は 低い。
    很便宜。要知道，品質很低。

it is all about A

意思：這一切都關於A，關鍵在於A

接續：it is all about + 名詞/動名詞

解說：用於指出某事的核心、重點或本質。

影片原句
Now, it is all about how companies like NVIDIA are financing
現在，重點在於像 NVIDIA 這樣的企業如何為其關鍵客戶提供支持進行融資。
實例
  1. it is all about 信頼 だ。
    這一切都關於信任。
  2. it is all about 努力 だ。
    這一切都關於努力。