本文档仅供上海信鱼私募基金管理有限公司18860455898研究使用，请勿外传 ab 20 November 2025 Global Research UBS Global I/O Semiconductors Cloud AI: how tight could N3 foundry and CoWoS be in 2026? [ERRATUM] New analysis of N3 foundry supply-demand In this note, we set out our proprietary analysis of N3 foundry supply. Cloud AI accelerators including Nvidia's Rubin and ASICs like Google's TPUs and Amazon's Trainium are due to migrate from N4 to the N3 process in 2026, all to be carried out at TSMC. Our research in October highlighted TSMC' ...