Alchip Technologies Trn3 ramp commences; Good progress with Trn4 and potential CoT opportunities with other CSPs; OW

研报英文原文证据摘录

Alchip Technologies Trn3 ramp commences; Good progress with Trn4 and potential CoT opportunities with other CSPs; OW

J P M O R G A N Asia Pacific Equity Research

16 June 2026

Alchip Technologies Overweight

3661.TW, 3661 TT

Trn3 ramp commences; Good progress with Trn4 and Price (15 Jun 26):NT$4,250.00

potential CoT opportunities with other CSPs; OW Price Target (Jun-27):NT$6,000.00

While the AWS supply chain has been relatively quiet compared to TPU over the Technology and Telecoms

ACpast few months, we believe clearer momentum should emerge following the Gokul Hariharan

long‑awaited Trainium 3 ramp in late 2Q26. Alchip's May revenue came in a bit (852) 2800-8564

light due to slower ADAS chip ramp, but Trn3 shipments have already gokul.hariharan@jpmorgan.com

commenced, with stronger ramp in June and further ramp into 2H26. Meanwhile, J.P.MorganMorganBrokingSecurities(Hong (AsiaKong)Pacific)LimitedLimited/ J.P.

the N2 Trn4 project appears to be on track to tape out by YE26, with Alchip as the

Jennifer Hsieh

sole back-end design service partner. As TSMC aligns wafer procurement more (886-2) 2725-9868

clearly with the chip-designers in the future (unlike for N3 wafers sourced through jennifer.hsieh@jpmorgan.com

multiple Fabless vendors), we believe that Alchip’s role in Trn4 supply chain is J.P. Morgan Securities (Taiwan) Limited

likely to be clearer. Beyond AWS, we believe that Alchip is in discussions for other David Chou

CSP engagements as more CSP vendors seek out a full CoT (Customer owned (886-2) 2725-9618

tooling) design model to reduce costs of procurement. We remain OW on the stock david.chou@jpmorgan.com

with a PT of NT$6,000 based on a 25x 12-month forward P/E. J.P. Morgan Securities (Taiwan) Limited

Jason Chen