Semiconductors - Asia-Pacific: AI semis update: Stronger CoWoS capacity add in 2027 for CPU/ASIC demand upside

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Semiconductors - Asia-Pacific: AI semis update: Stronger CoWoS capacity add in 2027 for CPU/ASIC demand upside

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Semiconductors - Asia-Pacific

AI semis update: Stronger CoWoS capacity

add in 2027 for CPU/ASIC demand upside

Industry Overview

CoWoS expansion reaccelerates from 2H26 into 2027 21 May 2026

We are updating our CoWoS industry model (Exhibit 2), with utilization for CoWoS-S and Equity

CoWoS-R/L expected to stay high through 2026 and resilient into 2027 on healthy demand Asia-Pacific

across GPUs, ASICs, and CPUs even with another strong capex cycle from TSMC along with Semiconductors

1st-tier OSATs. On supply, we expect the annual CoWoS capacity to grow 68% YoY in Haas Liu >>

2027 (vs +57% prior) after a modest increase in 2026 (+59% vs +56% prior). The faster Research Analyst

capacity growth is also evidenced in industry back-end capex being revised up to Merrill+886 2Lynch2376 (Taiwan)3727

+76%/+39% in 2026/27. The incremental capacity addition is led by TSMC to support haas.liu@bofa.com

projects with larger packaging size, critical especially with CoPoS push-out. ASE is also Vivek Arya

Research Analyst

growing its CoWoS supply share from 8%/14% in 2025/26 to ~25% in 2027 on CPU/ASIC. BofAS

vivek.arya@bofa.com

AMD’s CPU+GPU promotion lifting CoWoS consumption Mike Yang >>

For industry demand, we expect CoWoS wafer consumption to grow 92%/54% in 2026/27 Merrill Lynch (Taiwan)

(vs. +68%/+40% prior). One of the key updates is the much stronger build for AMD’s +886 2 2376 3729 mike.c.yang@bofa.com

Venice CPU, as it is gaining share on more sufficient capacity support from TSMC on 2nm

Cathy Hsu >>

and ASE on CoWoS vs. Intel relying on its own fully utilized capacity with limited room for Research Analyst

further production.