TSMC(US:TSM) Zhi Tong Cai Jing·2025-08-11 05:49Group 1 - The core viewpoint is that AI is driving a significant increase in semiconductor demand, with the global semiconductor market expected to reach $1 trillion by 2030, largely due to AI and HPC applications [1] - TSMC is expanding its CoWoS capacity to meet the growing demand, as the current supply is insufficient [1][4] - The advanced packaging technology is leading a global upgrade in the semiconductor testing industry, with rapid capacity expansion driven by strong demand in HPC and AI [1][5] Group 2 - TSMC's advanced packaging platform, 3D Fabric, is continuously being upgraded, with plans to launch CoWoS-L with 5.5 times the mask size by 2026 and further enhancements by 2027 [2] - The CoWoS technology allows for the stacking of chips on the same silicon interposer, enhancing both performance and efficiency in AI chips [3] - The integration of HBM with CoWoS technology is crucial for improving AI chip performance, with ongoing advancements in mask size and integration levels [3] Group 3 - Major companies like Google, Meta, and Amazon are increasing their capital expenditure forecasts, indicating a booming AI industry and a significant opportunity for growth [4] - The domestic advanced packaging supply chain is expected to benefit from the limitations on overseas CoWoS capacity, emphasizing the need for self-sufficiency in China's semiconductor industry [5] - Domestic integrated circuit manufacturing and packaging processes have made significant advancements, with local suppliers accelerating their product development and technology integration [5]