Huan Qiu Wang Zi Xun·2025-10-11 04:27Core Insights - UBS predicts a significant increase in NVIDIA's demand for advanced packaging, specifically CoWoS, driven by the success of the Blackwell series and upcoming Rubin AI chips, with a projected demand of 678,000 wafers in 2026, a nearly 40% increase from 2025 [1][2] - The overall GPU production is expected to exceed 7.4 million units, highlighting the strong demand for high-end chip manufacturing in the global AI industry [1] Group 1 - The growth in CoWoS demand is primarily driven by two key product lines: the strong market performance of the Blackwell and Blackwell Ultra series, which is expected to see a 30% quarter-on-quarter increase in shipments [2] - The next-generation AI chip architecture, Rubin, is set to begin production ramp-up in early 2026, becoming a crucial new driver for demand [2] - The newly launched Rubin CPX platform, focused on AI inference tasks, relies on CoWoS-L packaging technology, further intensifying demand as enterprise clients show increasing interest in inference-specific hardware [2] Group 2 - CoWoS is a critical component in high-end AI chip manufacturing, and its supply capacity directly impacts the pace of global AI industry development [3] - The semiconductor industry is experiencing explosive growth in demand for advanced packaging, not only from NVIDIA but also from other chip manufacturers [3] - TSMC, as the main supplier of CoWoS capacity, is currently facing significant capacity pressures, making it challenging to meet the semiconductor and packaging order demands from tech giants, highlighting a critical supply-demand imbalance in the industry [3]