台积电狂建封装厂

Core Viewpoint - TSMC plans to expand its advanced packaging (AP) factories to address capacity shortages and maintain its competitive edge in the semiconductor industry, particularly in advanced packaging technologies like CoWoS [1][4][6] Group 1: TSMC's Expansion Plans - TSMC is set to announce the construction of four advanced packaging factories in Tainan, including locations in Chiayi Science Park and Southern Science Park [1] - The company aims to start mass production at its AP factory 1 in the Ziyi Technology Park in the first half of this year [1] - TSMC's expansion is also a response to concerns about its potential transformation into "American TSMC" due to recent factory expansions in the U.S. [1] Group 2: Advanced Packaging Technology - The global tech industry is in a fierce competition for advanced packaging technology, particularly TSMC's CoWoS, which is crucial for connecting high-performance chips with ultra-fast memory [4][5] - The complexity of modern AI hardware and the need for advanced packaging techniques like CoWoS-L are creating significant bottlenecks in the supply chain [5][6] - TSMC's shift to hybrid bonding technology enhances performance and reduces heat but requires stringent cleanroom conditions, elevating the risk associated with packaging processes [6] Group 3: Market Dynamics and Competition - NVIDIA has secured nearly 60% of TSMC's CoWoS capacity for 2026, forcing competitors like AMD and Broadcom to vie for the remaining capacity [7] - The advanced packaging secondary market is rapidly maturing, with companies like Intel and Samsung offering alternatives to TSMC's services [8] - The dependency on TSMC for advanced packaging remains a vulnerability for the industry, as geopolitical stability in Taiwan is critical for global AI economic growth [8] Group 4: Financial Performance and Projections - TSMC reported a record revenue of $122.42 billion in 2025, a 35.9% year-over-year increase, with a net profit of $55.18 billion [14][20] - The company anticipates significant capital expenditures to meet future chip etching and packaging demands, with estimates suggesting $250 billion over the next few years [22] - AI-related revenue is projected to grow substantially, with estimates indicating that AI accelerator sales could account for approximately 27.3% of total revenue by 2025 [27][28]