AI Supply Chain: Further Updates on 2027 CoWoS Allocation and ASIC Dynamics

研报英文原文证据摘录

AI Supply Chain: Further Updates on 2027 CoWoS Allocation and ASIC Dynamics

Idea

July 8, 2026 06:45 AM GMT

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

Equity Analyst

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

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

Updates on 2027 CoWoS Morgan Stanley Asia Limited+

Daisy Dai, CFA

Equity AnalystAllocation and ASIC Dynamics Daisy.Dai@morganstanley.com +852 2848-7310

AMD’s 2027 CoWoS allocation remains at 240k for now, with Morgan Stanley Taiwan Limited+

Tiffany Yeh

Equity Analystcombined MI455/MI450 shipments at 1.5mn. TPU MP timing

Tiffany.Yeh@morganstanley.com +886 2 7712-3032

skews toward 4Q. Blackwell chip "inventory" turned out to be a

Lucas Wang

supply chain buffer and will be fully consumed by 2026. We Research Associate

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

expect ~7mn Rubin chips and 90k NVL72 racks in 2027.

Morgan Stanley Asia Limited+

Further updates on our AMD CoWoS allocation: We published our preliminary Ethan Jia

Research Associate

2027 CoWoS allocation last week and received many investor queries on AMD's Ethan.Jia@morganstanley.com +852 3963-2287

(covered by Joe Moore) CoWoS number. Some MI300 series and upcoming MI500 Henry Zhao

production will still run in 2027. However, the MI400 series will come in two Research Associate

Henry.Zhao@morganstanley.com +852 2239-7731

versions: (1) MI455: the standard version with 2 compute dies and 12 HBM4 12hi,

paired with the Helios rack (18 CPUs and 72 GPUs), with Microsoft, AWS, and Oracle

as key customers; (2) MI450: a Meta-customized, half-size chip paired with 1

compute die and 6 HBM4 12hi (9 CPUs and 36 GPUs). We still expect AMD's 2027