Continued Growth in CSP Spending, GPU Output Value Estimated to Exceed 兆
Recently, market noise has continued over the timing of returns on artificial intelligence investment and power supply, but a local institutional investor in-depth industry report notes that global cloud service provider capital expenditure momentum shows no sign of stopping, estimated to climb to 1兆4300億美元 in 2027年 and to exceed 1兆8500億美元 in 2028年. Driven by both packaging volume and chip value, global GPU and AI ASIC output value in 2028年 is expected to reach 1兆1120億美元, up 49.4% year-on-year. Institutional investors believe Taiwan supply chains, with their key position, are fully embracing long-term business opportunities.
台積電 Remains at the Core of CoWoS
In advanced logic processes and CoWoS advanced packaging, 台積電 (2330) has the most direct and broad business exposure. As AI computing demand surges, institutional investors forecast its EPS will reach 112.6元 in 2026年 and 166.1元 in 2027年, with a buy rating and a target price of 3500元. Institutional investors note that although high-end packaging equipment carries high unit prices, related supply chain momentum remains strong as the wafer foundry leader continues to expand capacity and demand warms up.
OSAT and Testing Chains Welcome High-Power Opportunities
As chip structures move toward chiplets and heterogeneous integration, back-end OSAT and testing demand is rising. 日月光投控 (3711) is pursuing outsourced packaging opportunities through its VIPack platform, with institutional investors forecasting EPS of 21.9元 in 2026年 and 36.6元 in 2027年, a buy rating, and a target price of 820元. 京元電子 (2449) is benefiting from burn-in and testing demand driven by high-power chips, with EPS forecast at 8.3元 in 2026年 and 15.0元 in 2027年 and a target price of 350元. 致茂 (2360) plays a key role in advanced packaging measurement and testing equipment, with EPS for the next two years forecast at 50.2元 and 69.8元 and a target price of up to 2700元.
ASIC and Server Assembly Advance Together
Customized ASICs and server assembly are both highlights of this wave. 聯發科 (2454) is actively expanding customized ASIC projects and is expected to win more orders from international majors, with institutional investors forecasting EPS of 153.3元 in 2026年 and 70.8元 in 2027年, a buy rating, and a target price of 6000元. 鴻海 (7769) offers assembly and vertical integration strength, with EPS forecast at 135.8元 in 2026年 and 216.5元 in 2027年 and a target price of up to 8600元. Local institutional investors believe that as long as end demand and capacity arrive as scheduled, earnings performance of Taiwan semiconductor and technology supply chains is worth looking forward to. Investing always involves risk, and decisions should be carefully evaluated at one's own risk.