JPM | APAC Technology - INTC / Disco / Unimicron: APAC Technology - Specialist Sales Commentary Hardware - Semiconductors

研报英文原文证据摘录

JPM | APAC Technology - INTC / Disco / Unimicron: APAC Technology - Specialist Sales Commentary Hardware - Semiconductors

Specialist Sales

APAC Specialist Sales J P M O R G A N

24 July 2026

JPM | APAC Technology - INTC / Disco / Unimicron

Duncan Wagner

+852 2800 8874

duncan.wagner@jpmorgan.com

INTC: mgmt cited tightness across Front-End Wafers, as guided tool capex +40% w/ cleanroom pull-in, Substrates, Memory,

CPUs, T-glass (thou EMC noted has sufficient capacity) link. Reads positively towards front-end semi cap equip suppliers TEL,

SCREEN and legacy supplier Lasertec, thou note Intel is shifting towards KLAC metrology tools as Mio/Gokul believe

Lasertec’s fortunes are predicated on TSMC A14 mass production qualification, expected later this year / early next year.

Advantest a beneficiary, as Mio expects Intel to outsource testers, thou remains a well-held name by longer-term investors. Intel

secured long-term Substrate supply which remains constrained; Ibiden, Unimicron are the critical suppliers and proliferating

EMIB-T technology, as TSMC welcomed alternate Advanced Packaging sources on their call given the capacity shortage. Intel

noted Memory shortage as we continued to receive several queries re: Kioxia flattening sequential NAND pricing, which JPMe

Mio/Jay and consensus already model. Investors have also questioned CXMT listing, is more of a direct comp to NYT/Winbond;

thou NYT has signed LTAs w/ Kioxia for DDR4 supply for eSSDs, while Winbond sells on a quarterly basis. Korea authorities to

seek more steps on single stock levered ETFs continuing to weigh on SEC. CPU strength and higher GPU tie-ratio due to agentic

AI reads positively towards related plays ASPEED, Lotes once clears inventory. Intel positivity thou was weighed by co-specific