Global Semiconductors: HBM, CoWoS, and On-Device AI
HBM supply shortage, advanced packaging competition, on-device AI demand — the three defining currents in semiconductors right now.
Semiconductors are the most direct beneficiary of the AI era. Three currents are reshaping the industry: HBM memory, CoWoS advanced packaging, and on-device AI. TSMC's foundry monopoly and NVIDIA's GPU monopoly are the central bottlenecks in AI infrastructure supply.
Market Size
Global semiconductor market: $700B+ projected for 2026 (15% YoY growth driven by AI demand)
Key Trends
HBM Supply Shortage
HBM3e demand far exceeds supply. SK Hynix supplies 80%+ to NVIDIA, securing strong bargaining power.
CoWoS Packaging Bottleneck
TSMC's CoWoS packaging capacity shortage is the key bottleneck limiting GPU shipments.
On-Device AI
Growing AI inference on smartphones/PCs stimulating demand for Qualcomm Snapdragon, Apple M-series, Intel Core Ultra.
2nd Foundry Race
Samsung 3GAE and Intel 18A challenging TSMC monopoly, but yield gaps at mass production persist.