AI Supply Chain: Preliminary 2027 TSMC CoWoS Allocation

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AI Supply Chain: Preliminary 2027 TSMC CoWoS Allocation

Idea

June 23, 2026 10:09 AM GMT

Morgan Stanley Taiwan Limited+MAsia-Pacific Technology | Asia Pacific Charlie Chan

Equity Analyst

AI Supply Chain: Preliminary Charlie.Chan@morganstanley.comDaniel Yen, CFA +886 2 2730-1725

Daniel.Yen@morganstanley.com +886 2 2730-2863

2027 TSMC CoWoS Allocation Morgan Stanley Asia Limited+

Daisy Dai, CFA

Nvidia's GPU and CPU remain the key drivers of TSMC’s 2027 Equity Analyst

Daisy.Dai@morganstanley.com +852 2848-7310

CoWoS demand. With improved ABF substrate supply sourcing,

Morgan Stanley Taiwan Limited+

MediaTek's 2027 and 2028 TPU shipments could show upside. Tiffany Yeh

Into 2027, Nvidia likely remains the major user of TSMC’s CoWoS capacity: At Tiffany.Yeh@morganstanley.com +886 2 7712-3032

Computex in early June, in response to our question about TSMC’s capacity Lucas Wang

allocation, Nvidia’s CEO indicated that it has secured sufficient TSMC capacity to Research Associate

Lucas.Wang@morganstanley.com +886 2 2730-2875

support robust growth in 2027. In our previous episode, we had raised our 2027

Morgan Stanley Asia Limited+

TSMC CoWoS capacity assumption to 200kwpm by year-end (from 170kwpm), Ethan Jia

implying ~60% Y/Y growth for the global AI XPU industry. Based on our industry Research Associate

Ethan.Jia@morganstanley.com +852 3963-2287

checks, we break down TSMC’s customer mix. Nvidia uses TSMC’s CoWoS-L as the

Henry Zhao

single source for its AI GPU products (e.g., Blackwell and Rubin). Its 2027 CoWoS-L Research Associate

consumption could reach ~910k, up ~40% Y/Y. Strong CoWoS-R bookings by Nvidia Henry.Zhao@morganstanley.com +852 2239-7731

aslo suggest very strong Vera CPU shipments (almost doubling). Taken together,