台积电扩大CoWoS外包以缓解AI芯片瓶颈
台积电正在扩大其用于封装AI芯片的关键工艺的外包，此举被视为缓解AI半导体供应链制造瓶颈的努力。
原文深度解读
本文报道台积电扩大其CoWoS先进封装工艺中CoW（芯片-晶圆）阶段的外包，以缓解AI芯片制造瓶颈。涉及主体包括台积电、OSAT厂商（如日月光ASE、安靠Amkor、矽品SPIL）及韩国设备供应商。关键时间点为8月4日行业消息。关键数字：台积电占全球AI半导体制造约90%份额。与电子元器件供应链的关系：该外包决策将引发OSAT厂商资本支出，并带动后端材料、组件和设备供应商需求。
- 台积电决定将CoWoS封装工艺中的CoW阶段进一步外包给OSAT厂商，包括日月光（ASE）。
- 主要OSAT厂商正在下设备订单以建设新产线，并与韩国材料、组件和设备供应商进行采购订单讨论。
- 投资规模未披露，但预计产能将显著扩大。
- CoWoS是台积电的2.5D先进封装技术，用于制造AI芯片，集成GPU/SoC与HBM，通过中介层连接。
- 此前台积电主要外包WoS阶段，CoW外包规模有限；此次大幅扩大CoW外包被视为应对AI芯片制造瓶颈。
- 台积电估计占全球AI半导体制造约90%份额，但需求仍超过其内部产能，促使增加外包。
供应链影响
- OSAT厂商（如ASE、Amkor、SPIL）可能获得更多CoW订单，其资本支出和产能扩张可能加速，取决于订单落实速度。
- 后端半导体材料、组件和设备供应商（尤其是韩国企业）可能受益于新增设备需求，特别是激光加工和键合设备。
- 台积电的产能瓶颈可能部分缓解，但整体AI芯片供应仍可能受限于其他环节，如HBM供应或基板产能。
- 外包扩大可能导致先进封装技术扩散，OSAT厂商的技术能力可能提升，长期可能影响台积电在封装领域的市场份额。
- 供应链投资可能集中于切割和键合工艺，相关设备供应商的订单可能增加，但具体影响取决于投资规模和时间。
系统解读，仅作为判断线索，不构成备货、出货、涨价或投资建议。
图示：台积电CoWoS封装架构示意图
台积电正在扩大其用于封装人工智能（AI）芯片的关键工艺的外包，此举被视为缓解AI半导体供应链制造瓶颈的努力。此前由台积电处理的大量产能预计将转移至外包半导体封装测试（OSAT）供应商，可能引发该行业的大规模资本投资。
据8月4日的行业消息人士称，台积电已决定将其CoWoS先进封装工艺中的芯片-晶圆（CoW）封装阶段进一步外包给包括日月光（ASE）在内的OSAT公司。据报道，主要OSAT供应商正在下设备订单以建设新产线，同时也在与韩国材料、组件和设备供应商进行采购订单讨论。
尽管投资规模尚未披露，但预计这些公司将从现有水平显著扩大产能。
CoWoS是Chip-on-Wafer-on-Substrate的缩写，是台积电用于制造AI芯片的2.5D先进封装技术。它将AI处理器（如图形处理单元GPU和系统级芯片SoC）与围绕其排列的高带宽内存（HBM）堆栈集成在一起。中介层（一种中间基板）连接处理器和内存组件。
台积电将芯片附着到中介层的过程称为CoW，而随后将中介层键合到封装基板的过程称为晶圆-基板（WoS）。
到目前为止，台积电主要外包WoS阶段。包括日月光（ASE）、安靠（Amkor）和矽品（SPIL）在内的公司已根据台积电的技术许可生产这些封装。虽然部分CoW产能也已外包，但据信规模有限。
大幅扩大CoW外包的决定被广泛视为对AI芯片制造持续瓶颈的回应。需求不仅来自以英伟达（Nvidia）为首的全球无晶圆厂芯片开发商，也来自开发和部署自有定制芯片的AI数据中心运营商。
据估计，台积电占全球AI半导体制造约90%的份额。然而，需求持续超过其内部产能，促使该公司增加外包。
“台积电持续投资于AI芯片生产的封装设备，但先进封装仍是瓶颈，”一位行业消息人士表示。“随着市场需求持续增长，此次外包扩张似乎是旨在与关键OSAT合作伙伴一起增加产能。”
随着接收台积电CoW订单的OSAT公司加大资本支出，后端半导体材料、组件和设备供应商预计也将受益。投资可能集中于切割晶圆和中介层的切割工艺，以及用于连接晶圆和中介层的键合工艺。
据多位韩国半导体设备行业消息人士称，正在讨论供应用于激光加工和键合的CoW相关设备。
Diagram illustrating TSMC's CoWoS packaging architecture
TSMC is expanding its outsourcing of a key process used to package artificial intelligence (AI) chips, a move seen as an effort to ease manufacturing bottlenecks in the AI semiconductor supply chain. A substantial share of the volume previously handled by TSMC is expected to shift to outsourced semiconductor assembly and test (OSAT) providers, potentially triggering major capital investment across the sector.
According to industry sources on Aug. 4, TSMC has decided to further outsource the chip-on-wafer (CoW) packaging stage of its CoWoS advanced packaging process to OSAT companies including ASE. Major OSAT providers are reportedly placing equipment orders to build new production lines, while also holding purchase-order discussions with South Korean materials, components and equipment suppliers.
Although the scale of investment has not been disclosed, the companies are expected to significantly expand production capacity from current levels.
CoWoS, short for Chip-on-Wafer-on-Substrate, is TSMC's 2.5D advanced packaging technology used to manufacture AI chips. It integrates AI processors such as graphics processing units (GPUs) and system-on-chips (SoCs) with high-bandwidth memory (HBM) stacks arranged around them. An interposer—an intermediate substrate—connects the processor and memory components.
TSMC refers to the process of attaching chips to an interposer as CoW, while the subsequent process of bonding the interposer to the package substrate is known as wafer-on-substrate (WoS).
Until now, TSMC has mainly outsourced the WoS stage. Companies including ASE, Amkor and SPIL have produced these packages under technology licenses from TSMC. While some CoW volume had also been outsourced, the scale was believed to be limited.
The decision to sharply expand CoW outsourcing is widely viewed as a response to persistent bottlenecks in AI chip manufacturing. Demand has surged not only from global fabless chip developers led by Nvidia, but also from AI data-center operators developing and deploying their own custom chips.
TSMC is estimated to account for roughly 90% of the global market for AI semiconductor manufacturing. However, demand continues to outpace the company's in-house production capacity, prompting it to increase outsourcing.
“TSMC has continued to invest in packaging equipment for AI chip production, but advanced packaging remains a bottleneck,” an industry source said. “With market demand continuing to grow, this outsourcing expansion appears to be an effort to increase capacity alongside key OSAT partners.”
As OSAT companies receiving CoW orders from TSMC ramp up capital spending, suppliers of back-end semiconductor materials, components and equipment are also expected to benefit. Investment is likely to focus on dicing processes for cutting wafers and interposers, as well as bonding processes used to join wafers and interposers.
According to multiple South Korean semiconductor-equipment industry sources, discussions are under way to supply CoW-related equipment for laser processing and bonding.