Semiconductors - Asia-Pacific: Intel read through: Limited competition and supply disruption to TSMC ecosystem

研报英文原文证据摘录

Semiconductors - Asia-Pacific: Intel read through: Limited competition and supply disruption to TSMC ecosystem

Accessible version

Semiconductors - Asia-Pacific

Intel read through: Limited competition

and supply disruption to TSMC ecosystem

Industry Overview

Front-end capacity further skewed to data center CPUs 24 July 2026

We profile the takeaways on Intel’s server CPU forecast and comment on manufacturing Equity

progress (see our US analyst Vivek Arya’s note ). Intel is aggressively adding supply from Asia-Pacific

late 3Q26 to meet strong double digits YoY growth for server CPU with business Semiconductors

visibility extended into ’28 (vs. ’27 prior) by shifting the capacity from its client business. Haas Liu >>

Research Analyst

Merrill Lynch (Taiwan)Lifting capex commitment in ’26-27 for strong tool pull in

+886 2 2376 3727

To accelerate its front-end capacity expansion on Intel 3 and 18A for its CPU strength haas.liu@bofa.com

and advanced packaging readiness amid growing customer financial commitment, its Mike Yang >>

capex is raised to US$20bn+ for 2026 (vs. ~US$18bn prior) and would grow significantly Research Analyst

Merrill Lynch (Taiwan)

higher YoY in ’27, with tool spending mix higher to +40% YoY in ’26 (vs. +25% YoY +886 2 2376 3729

prior). It is locking in tool purchase orders and securing memory/substrate supply. mike.c.yang@bofa.com

Cathy Hsu >>

Front/back-end technology roadmap advancement on track ResearchMerrill LynchAnalyst(Taiwan)

Intel’s 18A node saw meaningful output for its Panther Lake and Wildcat Lake client +886 2 2376 3726

cathy.hsu3@bofa.com

CPUs in 2Q26 with yield improvement ahead of expectations and should see Clearwater

Forecast server CPUs ramp. In addition, its derivative 18A-P began risk production in