2027 Semiconductor Industry Outlook

English summary

Core content: Advanced packaging, CoWoS packaging forecast adjustments; other industry updates. 1. Forecast adjustments related to advanced packaging and CoWoS packaging. We maintain our previous industry forecast that TSMC's overall CoWoS packaging capacity will reach 180,000 wafers per month by the end of 2027. At the same time, we raise ASE's FoCoS packaging capacity forecast to 50,000 wafers per month to meet demand from CPU and networking chip customers. For the 2028 market, based on current year-end capacity planning calculations, TSMC's capacity has room for upward adjustment that year. We judge that TSMC will slow down the expansion pace of SoIC packaging and prioritize capacity resources toward CoWoS packaging expansion. Compared with the previous forecast of 90,000 wafers for Q4 2028, we lower the packaging expansion capacity forecast for that period to 70,000 wafers. In terms of packaging capacity allocation, NVIDIA remains TSMC's largest customer, accounting for over 50% of TSMC's packaging capacity share.…