Morgan Stanley has CapEx of CSPs ~12% in 2028, with spending on AI semiconductors expected to increase even more.

> CoWoS/CoPoS/EMIB-T capacity is estimated to grow by 50% in 2028, while infrastructure spending (such as factories and AI data centers) will remain flat, and memory prices will grow moderately in 2028.

> TSMC's CoWoS capacity will expand from 130,000 wafers per month in 2026, 200,000 wafers per month in 2027, to 260,000 wafers per month in 2028.

> MI500 series (codename Arcadia) is expected to enter small-scale production by the end of 2027. Production capacity for both the MI455 and MI450 is likely to reach approximately 500,000–650,000 units.

> TSMC's total CoWoS-L orders will increase by 200% year-on-year to 210,000 wafers in 2027.

> TSMC's CoPoS capacity is projected to reach 50,000–100,000 wafers per month in 2028 and 100,000–200,000 wafers per month in 2029, but this will depend on the results of the trial production.

> MS forecasts that TSMC's CoPoS capacity is projected to reach 50,000–100,000 wafers per month in 2028 and 100,000–200,000 wafers per month in 2029, but this will depend on the results of the trial production.

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