UBS Global I/O Semiconductors Can Intel challenge TSMC‘s advanced packaging leadership?

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UBS Global I/O Semiconductors Can Intel challenge TSMC‘s advanced packaging leadership?

Global Research

27 July 2026ab

UBS Global I/O Semiconductors Equities

AsiaCan Intel challenge TSMC's advanced packaging

leadership? Semiconductors

Sunny Lin

Analyst

sunny.lin@ubs.com

Intel's EMIB-T vs TSMC's CoPoS—the race is on +886-2-8722 7346

Advanced packaging is key to scaling Cloud AI performance while improving power Randy Abrams

efficiency. The advanced packaging TAM is growing rapidly and could reach US$122bn Analyst

by 2030E, from US$19bn in 2026E, a 59% CAGR. TSMC’s CoWoS (chip on wafer on randy.abrams@ubs.com

substrate) is the current mainstream for Cloud AI accelerators, but as packages increase +886-2-8722 7338

in size and complexity, the industry needs new solutions. Intel’s EMIB-T is emerging as a Nicolas Gaudois

competitive alternative given TSMC's supply constraints and growing interest in supply- Analyst

chain diversification, while TSMC is advancing CoPoS (chip on panel on substrate). This nicolas.gaudois@ubs.com

report examines competitive strengths and supply chain opportunities for both. +65-6495 5148

Timothy Arcuri

EMIB-T ideal for scalability & cost; CoPoS offers better performance Analyst

EMIB-T and CoPoS are both credible next-gen advanced packaging platforms for large timothy.arcuri@ubs.com

AI accelerators, but they are optimized for different priorities. EMIB-T’s core value +1-415-352 5676

proposition is its simpler bridge-based architecture, competitive structural cost through Shingo Hirata, CFA

elimination of the interposer, and greater scalability to ultra-large package sizes by Analyst

building directly on large substrates. By contrast, TSMC’s CoPoS should offer stronger shingo.hirata@ubs.com