Research Report Analysis: TSMC’s AI Revenue to Double by 2027, CoWoS Capacity Remains a Bottleneck - 深潮TechFlow

Morgan Stanley's latest research report forecasts that TSMC's AI-related revenue will surge to $86.3 billion by 2027, up 218% from $27.1 billion in 2026. This growth is driven by GPU, custom AI chips,... Read original →

TSMC’s AI revenue surge is underpinned by a systemic bottleneck in CoWoS advanced packaging. Technologically, the tight coupling of CoWoS-L/S with EUV and ABF substrates is forcing NVIDIA and AMD to redesign chip architectures for yield optimization, while Google’s TPU push accelerates packaging standardization. Geopolitically, U.S. CHIPS Act incentives favor domestic assembly, yet >80% of high-end CoWoS remains in Taiwan, China—elevating supply chain insurance costs. Competitively, Samsung’s I-Cube and Intel’s EMIB lag in yield and ecosystem maturity, cementing TSMC’s pricing dominance. Over the next 12–24 months, ABF supply normalization may ease mid-tier constraints, but sub-3nm AI chips will sustain CoWoS scarcity, prolonging TSMC’s capex cycle and accelerating OSATs like ASE and SPIL into high-density fan-out solutions.