AI chips aren’t being limited by silicon wafers anymore.
The real constraint is packaging — the specialized process required to connect high-performance chips with memory.
TSMC’s CoWoS capacity is essentially sold out through 2027.
Google has already cut TPU production by 25%, and Intel is outsourcing EMIB packaging for the first time.
Packaging is becoming the quiet bottleneck of the 2026 semiconductor cycle. We break down the tickers best positioned.
Source: TradingView
Key Report Insights:
Packaging Bottleneck: AI compute is now capped by CoWoS, not wafers
CoWoS Sold Out: TSMC interposer capacity is pre-booked through 2027
Google Cutback: TPU production trimmed 25% from packaging constraints
Intel Outsources EMIB: First-ever shift to AMKR signals OSAT pull-through
Best Expression: Long OSAT scale (ASE/AMKR) + tools (BESI/ACMR)
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