Semiconductor packaging industry update

Research evidence excerpt

Semiconductor packaging industry update

Global Markets Research

Semiconductor packaging industry update 14 July 2026

EQUITY: JAPAN ELECTRONIC PARTS

Research Analysts

Packaging substrate shipments up 36% y-y Japan electronic parts

Manabu Akizuki - NSC

manabu.akizuki@nomura.com

Fiercer competition between TSMC and Intel in quad-die packaging +81 3 6703 1185

Packaging-related monthly statistics: May shipments hit record high after

slowdown in April

According to the Current Survey of Production for May, released on 14 July, shipments of

packaging substrates (rigid module substrates) rose 36% y-y to ¥27.8bn, surpassing the

previous record high of ¥27.3bn set in March. Shipments in terms of m² rose 10% y-y and

the average price per m² rose 23% to ¥1.356mn, above the previous record high of

¥1.226mn set in April. We infer that shipments of Rubin packages will pick up in earnest

this summer (around August at the latest), and think shipments of these packages have

been rising gradually.

Intel releases technical paper on EMIB-T at ECTC, we see evidence of improved

power supply performance

There is a growing view in the packaging industry that the structure of the Rubin Ultra will

be changed from four dies, which were announced at GTC in March, to two (see, for

example, our QuickNote-SemiAnalysisreportonRubinUltra), and some observers are

starting to take the view that the Feynman will have a two-module structure with two dies

in 3D stacking configuration. We think it may have become technically more difficult to

combine larger interposers (greater than 5.5x the reticle size) with HBM4, which has more

wiring, and we think companies developing cutting-edge packages using interposers

(such as TSMC) may consider their future roadmap to be based on the use of 3.5D