半导体行业观察·2025-07-31 01:20Core Viewpoint - NVIDIA is considering adopting CoWoP as its next packaging solution for the upcoming Rubin GPU, indicating a potential shift in its packaging strategy from the established CoWoS technology [3][7]. Group 1: CoWoP Technology Overview - CoWoP (Chip-on-Wafer-on-Platform PCB) offers several advantages, including improved signal and power integrity, reduced substrate loss, and enhanced voltage regulation proximity to the main GPU chip [4][5]. - The technology allows for direct contact between cooling solutions and the silicon chip, eliminating the need for a packaging lid, which reduces costs [4][5]. - NVIDIA has begun early testing of CoWoP technology with a sample based on the GB100 GPU, aiming to evaluate manufacturing processes and electrical functionality [4][7]. Group 2: Future Plans and Testing - NVIDIA plans to start testing a fully functional GB100 CoWoP device in August 2025, which will retain the same dimensions and focus on manufacturability and thermal design [4][7]. - The GR100 CoWoP will serve as a testing platform for the GR150 "Rubin" solution, expected to enter production by late 2026, with market availability anticipated in 2027 [7]. Group 3: Market Dynamics and Competition - Morgan Stanley predicts that NVIDIA will dominate the CoWoS wafer demand in 2026, with an estimated 595,000 wafers needed, accounting for about 60% of the global market [10][11]. - The competition for CoWoS capacity is intensifying, with TSMC expected to be the major beneficiary, as global demand for CoWoS wafers is projected to grow significantly from 370,000 in 2024 to 1 million in 2026 [9][11]. - Other tech giants like AMD and Broadcom are also expected to secure significant shares of CoWoS capacity, indicating a competitive landscape in the AI chip market [10][11].