Agentic AI CPU ramp further tightens advanced foundry and back-end supply

研报英文原文证据摘录

Agentic AI CPU ramp further tightens advanced foundry and back-end supply

Accessible version

Semiconductors - Asia-Pacific

Agentic AI CPU ramp further tightens

advanced foundry and back-end supply

Rating Change

Server CPU inflection – scaling with AI inference/agentic 24 June 2026

The global server CPU market is reaccelerating as usage shifts from training-centric GPU Equity

workloads to inference and agentic workloads, with our US semiconductor analyst Vivek Asia-Pacific

Arya expecting TAM to expand from ~US$35bn in ‘25 to US$170bn+ by ‘30 at 37% Semiconductors

CAGR (vs HPC semis market growing from US$306bn in ‘25 to US$980bn in ’28). With Haas Liu >>

AMD’s x86 and hyperscalers’ ARM based server CPUs leading the innovation and gaining Research Analyst

share, their fab-lite model (vs. Intel’s IDM model) could lift the outsourced production Merrill+886 2Lynch2376 (Taiwan)3727

share from 52% in a US$15bn smiconductor manufacturing TAM in ’25 to 71% in the haas.liu@bofa.com

~US$49bn market by ‘28. Mike Yang >>

Research Analyst

Beneficiaries across foundry, OSAT, design and equipment Merrill+886 2Lynch2376 (Taiwan)3729

We are raising our ’26-28 EPS estimates and PO for the server CPU supply chain (see mike.c.yang@bofa.com

more detail in Exhibit 8) and upgrade Kinik from Neutral to BUY. We highlight leading- Cathy Hsu >> Research Analyst

edge foundry (TSMC), OSATs (ASE and KYEC) to benefit from the rising server CPU Merrill Lynch (Taiwan)

production outsourcing as AMD/ARM-based solutions gain traction in a strong AI +886cathy.hsu3@bofa.com2 2376 3726

investment environment. To support the incremental CPU demand, foundries and OSATs’

capex on the advanced node and packaging/testing will further grow from the current