AMD, TSMC and OSAT Channel Check:

1. AMD's AI GPU production (MI455/MI450) is expected to remain 100% at TSMC CoWoS in 2027. Production estimates land at a mid-point of 600k units for both SKUs next year per recent MS forecasts.

2. While ASE and Amkor still lead OSAT capacity, their capacity ramps are rumoured to be progressing slower than expected. This means that TSMC may be required to support CoWoS-L wafers for AMD's Venice CPU prodction which would further constrain internal capacity for MI455/MI450 production. Per MS, this would equate to TSMC supporting ~80k CoWoS-L for Venice production.

$AMD(AMD.US) $Taiwan Semiconductor(TSM.US) $Amkor Tech(AMKR.US) $Advanced Semiconductor Engineering(ASX.US)