TSMC: CoWoS and Advanced Packaging Updates

研报英文原文证据摘录

TSMC: CoWoS and Advanced Packaging Updates

J P M O R G A N Asia Pacific Equity Research

10 July 2026

TSMC Overweight

2330.TW, 2330 TT

CoWoS and Advanced Packaging Updates Price (09 Jul 26):NT$2415.0

Price Target (Jun-27):NT$3100.0

• Raising CoWoS capacity further at TSMC and at a faster pace at OSATs: Technology and Telecoms

AC We are raising our FY26/27/28 CoWoS capacity estimates further by Gokul Hariharan

1%/9%/11%, with TSMC’s CoWoS capacity reaching 115k/190k/225k wfpm (852) 2800-8564

by end 26/27/28. TSMC appears to have accelerated its capacity expansion gokul.hariharan@jpmorgan.com

plans in AP7 Phase 2 (now 50-60% allocated to CoWoS, compared to 100% J.P.MorganMorganBrokingSecurities(Hong (AsiaKong)Pacific)LimitedLimited/ J.P.

SoIC in prior plans) and also outsourcing interposer wafer manufacturing

Jennifer Hsieh

selectively to Vanguard, to bring on more capacity. TSMC also seems to be (886-2) 2725-9868

again expanding some CoWoS-R capacity, in response to strong CPU and jennifer.hsieh@jpmorgan.com

accelerator demand from NVDA and AWS, respectively. At the same time, J.P. Morgan Securities (Taiwan) Limited

OSAT capacity expansion for CoWoS-like processes is picking up momentum, David Chou

and we expect OSATs CoWoS-like capacity to reach 15k/50k/85k wfpm by end (886-2) 2725-9618

26/27/28. Bulk of OSAT capacity is likely to be deployed for server CPU david.chou@jpmorgan.com

packaging, followed by networking and small volumes for accelerator chips J.P. Morgan Securities (Taiwan) Limited

such as LPU or Trainium 3. Overall, the demand-supply gap has recently Jason Chen

(886-2) 2725-9864

expanded to ~20%, given the meaningful upside from agentic AI CPU demand. jason.bh.chen@jpmorgan.com

• 3DSoIC ramp continues, but more focused on 2028, to intercept mass J.P.