Amkor Technology: Stronger leverage to a strong server CPU cycle

研报英文原文证据摘录

Amkor Technology: Stronger leverage to a strong server CPU cycle

day, the company discussed engagements across 2.5D (18

engagements and 4 in production with 11 customers), HDFO RDL (10 engagements and

4 in production with 5 customers including 2 CPU and 2 data center), 1 HDFO bridge

engagement on a CPU with AMD and 3 CPO active engagements.

FigureSource:Company1: AmkorData,customerUBS Estimatesengagements by advanced packaging typeAmkor

Key activities for Amkor include:

H200 2.5D packaging. Amkor has most of the H200 full flow advanced

packaging using the mature CoWoS-S process and interposers from UMC and

other foundries with TSMC focused on CoWoS-R/L to meet strong Blackwell/

Rubin and ASIC demand. We revise down from 750mn to 500k units and 1.4% of

2026 sales as China also promotes its own GPUs for more of its compute demand.

For 2027, we estimate volumes falling back to 200k units.

CoWoS-S projects. Amkor has more than 6 customers in production for relatively

low volume products on the relatively more mature silicon based process. We

believe it is supporting packaging for Broadcom and NVIDIA switches, routers and

some ADAS applications with this capacity although only about 1% of sales.

Vera CPU ramping with the Rubin generation. The Vera CPU used in NVIDIA's

Vera-Rubin NVL72 racks will be NVIDIA's first multi-chiplet design integrated an 88

core compute die with an I/O chip for advanced connectivity interfaces and would

be packaged on a board with multiple SOCAMM2 LPDDR5X modules. We believe

Amkor would be lead source and estimate 60% share of the Vera CPU with the

balance at TSMC. We estimate Amkor packages 600k units in 2026 and 3.3mn at

full volume scale in 2027 (8% of sales). Amkor's US$1.5bn commitment with