半导体：先进封装加速扩张，以支撑 2026-2027 年云 AI 产品新周期- Semiconductors_ Advanced packaging_ accelerating expansion to support new Cloud AI product cycle in 2026-27

5 February 2026 UBS Global I/O Semiconductors Advanced packaging: accelerating expansion to support new Cloud AI product cycle in 2026-27 Faster industry CoWoS capacity expansion Based on our analysis, we raise our estimate of the industry's CoWoS capacity to 150kwpm by the end of 2026E, from 135kwpm previously, up from 90kwpm at the end of 2025. The more aggressive capacity expansion reflects the strength of new cloud AI products ramping from H226E into 2027E, including Nvidia's Rubin, Google's TPU v8AX an ...