Alphabet(US:GOOG) Hua Er Jie Jian Wen·2025-11-19 14:37Group 1 - The core viewpoint of the report emphasizes that AI will remain the main focus of the market through 2026, with significant investor consensus on this direction [1][2] - The investment logic in the Taiwan technology sector is becoming highly concentrated, with AI being the only area attracting substantial funding, while non-AI sectors are experiencing a decline in interest [2][3] - There is a notable increase in investor interest in the Google TPU supply chain, extending from core ecosystem companies to secondary beneficiaries such as testing and probe card sectors, presenting new investment opportunities [2][3] Group 2 - Specific companies like WinWay and MPI are expected to see valuation re-evaluations due to their involvement in the AI ASIC field and plans to supply probe cards to Google TPU, with projected revenue growth of 42% and 46% respectively by 2026 [3] - The CoWoS equipment sector is facing short-term caution among investors due to concerns over TSMC's capital expenditure guidance for 2026 and insufficient profit growth momentum, leading to a shift in funds towards more elastic growth areas like memory [3] - Despite short-term volatility, the report suggests that the advanced packaging sector has solid long-term structural demand, with potential growth driven by new technologies and increased contributions from OSAT starting in 2027 [3]