TSMC(US:TSM) Jing Ji Ri Bao·2025-12-07 23:12Core Viewpoint - TSMC is experiencing a surge in orders for advanced packaging, particularly from major clients like Nvidia, Google, Amazon, and MediaTek, leading to full capacity utilization of its CoWoS series [1][2] Group 1: Advanced Packaging Demand - TSMC's CoWoS advanced packaging orders are reportedly overflowing, with both CoWoS-L and CoWoS-S processes fully loaded [1] - The demand for advanced packaging is expected to remain high, with TSMC aiming to expand CoWoS-L capacity to 100,000 wafers per month by the end of 2026, driven by orders from Nvidia's GPUs and custom ASICs [1][2] Group 2: Capacity Expansion and Partnerships - TSMC is actively expanding its CoWoS capacity and collaborating with partners to meet customer demands, with plans to achieve supply-demand balance by 2025-2026 [2] - The company is outsourcing some of its advanced packaging processes to partners to ensure seamless integration of technologies and timely fulfillment of customer needs [1] Group 3: Competitive Landscape - Despite rumors of major clients like Apple and Qualcomm considering Intel's advanced packaging as a backup option, industry insights suggest that TSMC's deep partnerships and comprehensive service offerings will limit the flow of orders to Intel [2]