做不完！台积电外包订单！

Core Viewpoint - TSMC is facing a significant capacity bottleneck in its CoWoS advanced packaging, unable to meet the explosive demand for AI chips from clients like Nvidia and Apple, leading to a strategic shift towards outsourcing overflow orders to partners like ASE and SPIL [1][3]. Group 1: Capacity Challenges - TSMC's CoWoS production lines are fully booked, severely limiting the delivery speed of AI chips [3]. - The company has decided to implement an outsourcing strategy to alleviate the pressure of unfulfilled orders by distributing some of the overflow to capable partners [3]. Group 2: Outsourcing Strategy - The primary partners for outsourcing are ASE and SPIL, which will handle the overflow orders that TSMC cannot process in a timely manner [3]. - ASE and other firms have announced investments of several billion dollars to expand their production capacity to meet this demand [3]. Group 3: Competitive Landscape - TSMC's decision to outsource is also driven by competitive pressures, particularly from Intel, which is actively trying to attract clients like Apple and Qualcomm in the advanced packaging sector [3]. - By expanding available capacity through outsourcing, TSMC aims to prevent clients from turning to competitors due to long wait times, thereby solidifying its dominance in the high-end packaging market [3].