Core Viewpoint - The semiconductor industry is undergoing a significant transformation characterized by a shift towards "light packaging" and a focus on manufacturing, as major players like Texas Instruments (TI), Analog Devices (ADI), Qorvo, and Infineon adjust their manufacturing and packaging strategies [2][11]. Group 1: "Light Packaging" as a New Normal - ADI has signed a memorandum of understanding with ASE to sell its wholly-owned packaging subsidiary in Malaysia, marking a strategic shift towards a Fab-Lite model, which allows ADI to maintain control over core processes while outsourcing less critical manufacturing [3][4]. - Since 2020, ADI has been reducing its manufacturing burden by closing older packaging lines and outsourcing wafer production to TSMC and GlobalFoundries, while still expanding internal investments in key areas [4][6]. - Infineon has also sold its packaging facilities in the Philippines and South Korea to ASE, focusing on core manufacturing capabilities while ensuring stable packaging capacity through long-term supply agreements [7][8]. Group 2: Focus on Core Competencies - Qorvo announced the sale of its packaging and testing facilities in China to Luxshare Precision, aiming to reduce capital intensity and focus on high-value RF front-end design and domestic wafer manufacturing [9][10]. - The trend of divesting non-core packaging assets is seen as a response to increasing capital pressures and geopolitical uncertainties, allowing companies to streamline operations and enhance cash flow for R&D investments [11]. Group 3: ASE as a Major Beneficiary - ASE Technology Holding is emerging as a key player in the semiconductor packaging sector, acquiring facilities from major companies and establishing long-term supply agreements, thus transitioning from a service provider to a strategic manufacturing partner [11][12]. - ASE is expanding its operations in Malaysia, with plans for a new packaging and testing facility aimed at AI chips and automotive power devices, indicating a robust growth trajectory [12]. Group 4: Structural Adjustments in Manufacturing - The industry is witnessing a decline in 150mm wafer lines due to technological advancements and aging equipment, with TI planning to close its 150mm facility in Texas by 2025 [13]. - Companies like NXP and Infineon are shifting focus towards more advanced 12-inch wafer production, closing older 8-inch facilities to enhance efficiency and reduce costs [15][16]. Group 5: Texas Instruments' Unique Position - TI is bucking the trend by significantly investing in domestic wafer and packaging capabilities, with plans to invest over $60 billion in seven semiconductor factories in the U.S., creating over 60,000 jobs [16][20]. - TI's strategy emphasizes maintaining control over the entire manufacturing process, with a goal of achieving 95% internal manufacturing by 2030, despite the high capital expenditure involved [20][21]. Group 6: Future of Semiconductor Manufacturing - The semiconductor supply chain is being redefined, with a shift from self-sufficiency to collaborative ecosystems, as companies adapt to the demands of the AI era [22].