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 [2][5]. Group 1: CoWoP Technology Overview - CoWoP utilizes advanced high-density PCB technology to eliminate the ABF substrate layer in CoWoS packaging, directly connecting the intermediary layer to the PCB [3][6]. - The potential advantages of CoWoP include simplified system structure, improved data transmission efficiency, better thermal management, and lower power consumption [9]. 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 [10]. - Conversely, PCB manufacturers are presented with significant opportunities due to the shift in complexity and precision routing to the RDL layer [10][11]. Group 3: Commercialization Challenges - Morgan Stanley analysts believe that the probability of CoWoP's commercialization in the medium term is low due to multiple technical challenges [5][12]. - Current PCB technology, even with mSAP, can only achieve line/space widths of 20-30 microns, which is still far from the desired performance [13]. Group 4: Nvidia's Innovation Leadership - Regardless of whether CoWoP is successfully mass-produced, Nvidia continues to lead innovation in data center AI infrastructure through a system-level approach [17]. - Nvidia's roadmap, which includes advancements towards CoWoS-L and CoPoS, may conflict with the pursuit of CoWoP [15].