台湾的人工智能股票热潮正为投资者创造更多从其芯片供应链获利的途径，使得早期初创企业的融资推介变得更加艰难。
Taiwan’s AI stock boom is creating more ways for investors to profit from its chip supply chain, making early-stage startups a tougher pitch.
台湾基准加权股价指数今年上涨逾50%，超越韩国综合股价指数，成为全球表现最好的主要股指。涨幅远不止台积电一家，还延伸至芯片设计、先进封装、网络和服务器公司。今年台湾上市股票中约有7%股价翻倍，而韩国这一比例为3%。这种更广泛的敞口使台湾成为亚洲地区首选的人工智能投资标的。美国银行9月的一项调查显示，35%的基金经理预期台湾将从人工智能周期的下一阶段获益最多，与美国持平。仅有5%选择韩国。
Taiwan’s benchmark Taiex index is up more than 50% this year, making it the world’s best-performing major index after pulling ahead of South Korea’s Kospi. The gains extend well beyond Taiwan Semiconductor Manufacturing Co., spanning chip design, advanced packaging, networking, and server companies. About 7% of Taiwan-listed stocks have doubled this year, compared with 3% in South Korea. That wider exposure has made Taiwan a preferred Asian AI trade. A September Bank of America survey found that 35% of fund managers expected Taiwan to benefit most from the next phase of the AI cycle, tying it with the US. Just 5% chose South Korea.
对于初创企业而言，公开市场回报的吸引力可能重塑融资考量。获得Y Combinator孵化的工业人工智能初创企业Operon Solutions创始人兼首席执行官陈安德（Anderson Chen，音译）表示，这种考量是塑造其融资方式的因素之一。陈安德称，他选择主要从硅谷投资者手中为Operon筹集70万美元的种子前轮融资，为台湾亲友留出参与空间。
For startups, the appeal of those public-market returns can reshape the funding calculation. For Anderson Chen, the founder and CEO of Operon Solutions, a Y Combinator-backed industrial AI startup, that calculus was part of what shaped how he raised money. Chen said he chose to raise Operon’s $700,000 pre-seed primarily from Silicon Valley investors, leaving room for Taiwanese friends and family to participate.
“半导体市场实在太火了，从股市就能获得10倍回报，”陈安德告诉《商业内幕》。在他看来，即使初创企业成功上市，给投资者带来的回报也可能只有两三倍。这给试图打造台湾下一代赢家的初创企业带来了挑战。
“The market in semiconductors is just too good, and you can get 10X returns from the stock market,” Chen told Business Insider. In his view, even a successful startup IPO might generate only a two- or threefold return for investors. That creates a challenge for startups trying to build Taiwan’s next generation of winners.
早期投资人、台湾Nova Studio创始人朱凯乐（Caleb Chu，音译）告诉《商业内幕》，股市上涨吸引了许多台湾投资者转向上市股票，远离风险投资和初创企业。由政府委托、追踪台湾创业生态系统的平台Findit发现，2021年台湾风投机构的投资交易中，种子轮和天使轮占比38.4%。到2024年，这一比例已降至17.1%。
Caleb Chu, an early-stage investor and founder of Taiwan-based Nova Studio, which backs young founders, told Business Insider that the stock rally had drawn many Taiwanese investors toward listed shares and away from venture capital and startups. Findit, a government-commissioned platform that tracks Taiwan's startup ecosystem, found that seed and angel rounds made up 38.4% of investment deals by Taiwanese VC firms in 2021. By 2024, their share had fallen to 17.1%.
相比之下，2024年B轮和C轮交易共计39笔，占总数的29.1%。朱表示，台湾投资人越来越青睐B轮、C轮以及Pre-IPO阶段的公司，因为这些阶段的回报路径更为清晰。私募股权基金面临相关但并不完全相同的压力。毕马威台湾3月发布的一份报告称，台积电股价的强劲表现对私募基金产生了“挤出效应”，因为投资者更倾向于流动性强的公开市场AI股票，而非锁定期较长、退出更不确定的基金。
By contrast, B- and C-round deals accounted for 39 deals, or 29.1% of the total, in 2024. Chu said Taiwanese investors had increasingly favored B- and C-round and pre-IPO companies, where the route to returns was clearer. Private-equity funds face a related, though not identical, pressure. A March report by KPMG Taiwan said TSMC’s share-price strength had created a “crowding-out effect” for private funds, as investors favored liquid public AI stocks over funds with longer lockups and less certain exits.
美国风投数据显示出不同的、尽管仍不均衡的组合。PitchBook和美国国家风险投资协会表示，2026年第一季度，早期交易对AI初创企业比非AI同行更有利。在另一份报告中，他们发现，上半年美国风投投入的资金中，87.5%流向了1亿美元或以上的融资轮次。“当你观察全球统计数据时，世界正倾向于早期阶段，因为投资者意识到这能产生高得多的回报。台湾则相反，”朱说。
US venture data shows a different, if still uneven, mix. PitchBook and the National Venture Capital Association said early-stage dealmaking was more favorable for AI startups than for non-AI peers in the first quarter of 2026. In a separate report, they found that 87.5% of US venture dollars invested in the first half went to rounds of $100 million or more. “When you look at the statistics around the world, the world is leaning toward early stage because investors realize it can generate much higher returns. Taiwan is the opposite,” Chu said.
对创始人而言，这可能意味着要到海外寻找早期支持。Operon的陈表示，得益于台湾的技术人才和半导体专长，台湾深度科技初创企业寻求海外资本的融资总体上变得更容易了。他的初创企业70万美元的Pre-seed轮融资在三天内完成。“总体上融资变容易了，但不一定是在台湾，”他说。
For founders, that can mean looking abroad for early backing. Operon's Chen said fundraising had become easier overall for Taiwanese deep-tech startups seeking overseas capital, helped by Taiwan’s technical talent and semiconductor expertise. His startup's $700,000 pre-seed round closed within three days. “It's gotten easier to fundraise in general, but maybe not necessarily in Taiwan,” he said.