Advanced packaging is poised for a pivotal shift: Goldman Sachs is bullish on the leading glass substrate player, while Ming-Chi Kuo strongly backs Taiwan Semiconductor (TSM.US). - Moomoo

As demand for AI and high-performance computing continues to rise, advanced packaging technologies are becoming a critical component of the semiconductor supply chain. Recently, Goldman Sachs maintain... Read original →

The industrialization of glass core substrates is triggering a deep restructuring of the advanced packaging stack. TSMC’s CoPoS architecture, despite high costs, offers superior CTE matching with silicon, enabling higher interconnect density and yield for sub-3nm AI chips—forcing ABF suppliers to upgrade materials urgently. Nitto Boseki benefits short-term from increased substrate size, but its upside hinges on GCS ramp timing. Geopolitically, deepening U.S.-Japan material alliances heighten Taiwan, China’s foundry reliance on Japanese inputs; any export control extension to advanced substrates could bottleneck TSMC’s HPC output. Samsung may accelerate Korean-material-backed alternatives, while Intel could double down on EMIB/Foveros integration to bypass GCS. Commercial-scale GCS won’t arrive before 2028, but the validation window is now open—if TSMC achieves yield targets with Ibiden and Innolux by 2027, it will lock in next-gen AI packaging dominance.