摩根大通：台积电的cowos下调解读

J P M O R G A N Asia Pacific Equity Research 03 March 2025 TSMC Addressing "CoWoS order cuts" during a period of strong demand and tight supply In the last couple of days,severalinvestors have asked us about broadCoWoSorder cuts from various customers, mainly NVDA and Marvell/ AWS(for Trainium 2). Based on oursupply chain research,indeed some ofthe very high initial projections (which were well above JPMe andTSMC's ability to fulfill)for 2025 demand have come down ~8-10%. Our preliminary view isthat this do ...