UBS Global I/O Semiconductors: Cloud AI: TSMC and ASE driving faster CoWoS expansion, unlocking larger TAM

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UBS Global I/O Semiconductors: Cloud AI: TSMC and ASE driving faster CoWoS expansion, unlocking larger TAM

2026, shingo.hirata@ubs.com

implying 57% growth in Nvidia's CoWoS demand in 2027. Rubin GPU ramp was slower +81-3-5208 6224

in Q226 due to redesigns, but we anticipate a steep pick up in H226 to reach 2.1mn for Ryan Sun

2026. We forecast Google TPU chipset units to rise from 4.1mn in 2026 to 9.0mn in Associate Analyst

2027, with MediaTek expected to support 4mn units of TPU v8t capacity. Amazon ryan-za.sun@ubs.com

Trainium 3 demand is growing and we lift 2026/27E unit estimates to 1.8mn/2.8mn +886-2-8722 7267

(from 1.7m/2.3m). See our CoWoS supply vs demand analysis in Figure 2TotalCoWoSinterposerwaferdemand-Figure 12CoWoSdemandfrommajorcustomers. Christine Chen

Associate Analyst

More diversified supply ahead, but TSMC should remain the largest player christine.chen@ubs.com

+886-2-8722 7352

As previously noted, we anticipate advanced packaging supply to become more

diversified from 2027-28 onward. We see increasing opportunities for ASE and Amkor in Diana Chang

H226/2027, mainly driven by server CPUs. Intel's EMIB-T is gaining traction, but we Analyst

diana.chang@ubs.combelieve Intel may face resource and capacity constraints in 2028, and will likely prioritise

+886-2-8722 7335

internal products and Google/MediaTek's TPU v9 initially. Overall, we think TSMC's

advanced packaging sales should sustain solid ~50% growth over the next five years on Jimmy Yoon

its leading market share, rising content through 3D stacking, and tech upgrades such as Analyst

jimmy.yoon@ubs.com

CoPoS and co-packaged optics.

+65-6495 4617

Stock recommendations; ASE/GPTC price target raised to NT$835/$5,000

Along the semiconductor supply chain for cloud AI, our top picks are TSMC (the