跃居全球最大封装厂，台积电要颠覆电源

Core Viewpoint - TSMC is expected to become the world's largest packaging supplier, surpassing ASE, with advanced packaging revenue projected to account for 10% of total revenue this year due to the surge in demand for AI chips using CoWoS technology [1] Group 1: CoWoS Technology Development - TSMC's recent technology seminar highlighted the next steps in CoWoS technology, indicating a potential technological revolution and intense cross-industry competition [1] - The new CoWoS structure will integrate more functionalities, including an integrated voltage regulator (IVR), which is a significant advancement over previous designs [3][4] - The IVR will be embedded within the silicon interposer, presenting technical challenges in terms of size and performance requirements [5] Group 2: Industry Implications - TSMC's dominance in advanced packaging could threaten the existence of independent power module suppliers like Delta and Infineon, as their products may be integrated into TSMC's CoWoS solutions [4][8] - The shift towards integrating more functions into chips could lead to a reshuffling of market positions among suppliers in the data center market, with Nvidia and TSMC taking the lead [8][9] Group 3: Power Supply Architecture - The power requirements for future AI servers are substantial, with single racks potentially consuming up to 1MW, necessitating a complete overhaul of power supply architectures [8] - TSMC and Nvidia are promoting an 800V high-voltage direct current (HVDC) power system to improve efficiency and reduce heat generation in AI data centers [8] - The transition to this new power architecture may lead to significant changes in supplier relationships, as companies like Infineon prioritize their own needs over external sales [9]