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一文读懂英伟达下一代芯片封装技术“CoWoP”
NvidiaNvidia(US:NVDA) 硬AI·2025-08-05 16:02

Core Viewpoint - Morgan Stanley reports that Nvidia is exploring a revolutionary chip packaging technology called CoWoP (Chip-on-Wafer-on-PCB), which is expected to replace the existing CoWoS packaging solution [4][5]. Group 1: CoWoP Technology Overview - CoWoP utilizes advanced high-density PCB technology to eliminate the ABF substrate layer found in CoWoS packaging, directly connecting the intermediary layer to the PCB [5][9]. - The potential advantages of CoWoP include simplified system architecture, improved thermal management, lower power consumption, and reduced substrate costs [18][20]. Group 2: Supply Chain Impact - The introduction of CoWoP is seen as negative news for ABF substrate manufacturers, as the added value of substrates may significantly decrease or disappear [14]. - Conversely, PCB manufacturers are presented with significant opportunities, as the technology shift may lead to increased demand for advanced PCB capabilities [15][6]. Group 3: Commercialization Challenges - Despite the potential benefits, Morgan Stanley analysts believe that the commercialization probability of CoWoP in the medium term remains low due to multiple technical challenges [7][17]. - Current PCB technologies, even with mSAP, can only achieve line/space widths of 20-30 microns, which is still far from the desired performance levels [20]. Group 4: Nvidia's Innovation Leadership - Regardless of the success of CoWoP, Nvidia continues to lead innovations in data center AI infrastructure through a system-level approach [23][24]. - Nvidia's ongoing exploration of CoWoS-L and CoPoS technologies, along with its potential leadership in large-scale CPO applications, is expected to maintain its competitive edge in the GPU market [24].