UBS: CoWoS Capacity Raised to 270kwpm, ASIC and CPU Drive Subsequent Expansion
Source：
www.techflowpost.com
UBS believes that demand for ASICs and CPUs continues to drive sequential volume growth, and further capacity expansion will be needed by 2028. The packaging volume for Google TPUs and Amazon Trainiums is expected to reach 9 million and 3.2 million units in 2027, respectively, with Broadcom and Marvell capturing the primary orders. UBS assigns an Outperform rating to NVIDIA, AMD, and Broadcom, and a Buy rating to TSMC, setting a target price of NT$3,650. On the equipment side, UBS lowered its target price for GPTC to NT$4,300, while maintaining a Buy rating.
