Asian Semis May WSTS data: YoY growth accelerates on strong memory and AI semis, with additional upside from broad-based price increases

研报英文原文证据摘录

Asian Semis May WSTS data: YoY growth accelerates on strong memory and AI semis, with additional upside from broad-based price increases

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

09 July 2026

Asian Semis

May WSTS data: YoY growth accelerates on strong

memory and AI semis, with additional upside from

broad-based price increases

Overall semi revenues rose 118% YoY in May (vs 106% YoY in April), with logic Technology and Telecoms

ACsemis increasing 34% YoY (vs 33% YoY in April) and memory increasing 321% Gokul Hariharan

YoY (vs 359% YoY in April). Semis marked the ninth consecutive month of (852) 2800-8564

acceleration and the highest YoY growth since 1994, surpassing April's prior gokul.hariharan@jpmorgan.com

record. This was primarily driven by: 1) continued AI compute demand across J.P.MorganMorganBrokingSecurities(Hong (AsiaKong)Pacific)LimitedLimited/ J.P.

accelerators, AI CPUs, and networking; 2) ongoing memory ASP strength,

Jennifer Hsieh

underpinned by structurally tight supply-demand, with memory now anticipated (886-2) 2725-9868

to reach over half of total CSP hardware capex this year, up from mid-teens at the jennifer.hsieh@jpmorgan.com

start of the AI cycle; and 3) broadening mature foundry pricing traction across J.P. Morgan Securities (Taiwan) Limited

power management, industrial, and AI-adjacent applications. David Chou

(886-2) 2725-9618

Logic semi revenue rose 34% YoY (vs 33% in April), marking 33 consecutive david.chou@jpmorgan.com

J.P. Morgan Securities (Taiwan) Limited

months of YoY growth. We believe the primary driver remains leading-edge

Jason Chendemand intensity, with TSMC's N3 UTR running at 110-120% and the N3 supply-

(886-2) 2725-9864

demand gap now estimated at ~600k wafers given N3 becoming major nodes for jason.bh.chen@jpmorgan.com