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Omitted: the free-text notes of the internal check passes and of rating reconciliations, and the location of the internal card review; references to local evidence files and to internal method decisions are replaced by plain descriptions.","roster":{"members":[{"entityId":"tsmc","slot":"importance","since":"2026-10-22"},{"entityId":"ase","slot":"importance","since":"2026-10-22"},{"entityId":"disco","slot":"importance","since":"2026-10-22"},{"entityId":"ajinomoto-abf","slot":"importance","since":"2026-10-22"},{"entityId":"unimicron","slot":"importance","since":"2026-10-22"},{"entityId":"amkor","slot":"importance","since":"2026-10-22"},{"entityId":"ibiden","slot":"importance","since":"2026-10-22"},{"entityId":"sj-semiconductor","slot":"importance","since":"2026-10-22"},{"entityId":"nittobo","slot":"importance","since":"2026-10-22"},{"entityId":"kyec","slot":"rising","since":"2026-10-22"}],"pending":{},"lastRun":"2026-10-22"},"card":{"schema":"5lc-index-card/1","key":"chips-packaging","layer":"chips","sublayer":"packaging","version":2,"scope":"Packaging and test of AI data-centre chips: 2.5D/3D integration, assembly and test services, package substrates with their build-up film and glass cloth, and the bonding, dicing and grinding equipment used for this work and for HBM stacking; HBM stacking itself counts in Memory, test equipment and front-end wafer equipment in Tools, other package materials (underfill, mould compound, solder) are excluded here and in Tools, and TSMC's packaging business is scored as part of TSMC.","outputMeasure":"Value of 2025 spending on packaging and testing AI data-centre chips, including substrates, film, glass cloth and equipment.","basis":"Share of the function's AI data-centre revenue in US dollars, calendar 2025 or nearest fiscal year","hardToReplace":"Integration, build-up film and high-end glass cloth have few alternatives at scale; new capacity takes a year or more. Assembly, test and equipment have more.","functions":[{"id":"integration","name":"2.5D/3D integration","why":"Joins each AI processor to its HBM; the 2023–25 bottleneck.","weight":{"low":0.44,"central":0.542,"high":0.72},"weightSource":{"url":"https://epoch.ai/data-insights/ai-chip-component-cost-shares","title":"Memory has grown to nearly two-thirds of AI chip component costs","publisher":"Epoch AI","publishedDate":"2026-05-21","accessedDate":"2026-10-22","tier":"T4","locator":"Quarterly table, Q1 2024 to Q4 2025: packaging (CoWoS) share of AI chip component cost and total component cost; 2025 quarters 17.20%, 16.74%, 15.75%, 14.82%"},"shareData":"AI-related revenue shares; CoWoS-class capacity shares where needed (labelled)"},{"id":"assembly-test","name":"Assembly and test","why":"Mounts, tests and burns in each package.","weight":{"low":0.06,"central":0.17,"high":0.25},"weightSource":{"url":"https://www.sec.gov/Archives/edgar/data/1122411/000095010326001662/dp241167_6k.htm","title":"ASE Technology Holding Co., Ltd. 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18.6%; global IC substrate output US$14.75bn in 2025"},"shareData":"AI-related revenue shares; whole-function shares where no AI split exists (labelled)"},{"id":"substrate-film","name":"Substrate build-up film","why":"Insulating film in nearly all advanced substrates; one maker.","weight":{"low":0.008,"central":0.014,"high":0.024},"weightSource":{"url":"https://www.ajinomoto.com/sustainability/pdf/2026/ASV_Report_2026_A4_en_014-015.pdf","title":"ASV Report 2026 (integrated report): Review of financial results by segment","publisher":"Ajinomoto Co., Inc.","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T2","locator":"p.15: Healthcare and Others FY2025 sales 341.5 billion yen; sales composition by business, Functional Materials 30%; growth from strong sales of Electronic Materials (ABF)"},"shareData":"AI-related revenue shares; whole-function shares where no AI split exists (labelled)"},{"id":"substrate-glass-cloth","name":"Substrate glass cloth","why":"Core glass cloth of AI substrates; one company makes most.","weight":{"low":0.003,"central":0.006,"high":0.01},"weightSource":{"url":"https://www2.infomart.co.jp/web/jp/images/upload/3794/140120260805509865_23719696.pdf","title":"Consolidated Financial Results for the First Three Months of the Fiscal Year Ending March 31, 2027 (Japanese GAAP)","publisher":"Nittobo (Nitto Boseki Co., Ltd.); English translation hosted by Infomart","publishedDate":"2026-08-05","accessedDate":"2026-10-22","tier":"T2","locator":"Qualitative information: Electronic Materials Business net sales 14,589 million yen (up 29.5% YoY) as AI server demand raised sales of Special Glass with low-dielectric and low thermal expansion properties for semiconductor package substrates; segment table"},"shareData":"AI-related revenue shares; whole-function shares where no AI split exists (labelled)"},{"id":"packaging-equipment","name":"Packaging equipment","why":"Bonders, dicers and grinders, including for HBM stacking.","weight":{"low":0.06,"central":0.112,"high":0.16},"weightSource":{"url":"https://disco.co.jp/eg/ir/library/doc/fr/fr20260422.pdf","title":"Consolidated Financial Results of Fiscal Year 2025 (FY2025 4Q)","publisher":"DISCO Corporation","publishedDate":"2026-04-22","accessedDate":"2026-10-22","tier":"T2","locator":"Business performance overview: FY2025 (April 2025 to March 2026) net sales 436.889 billion yen; demand for advanced logic and HBM remained high"},"shareData":"AI-related revenue shares; whole-function shares where no AI split exists (labelled)"}],"risingFloorPct":1,"validationCaseIds":["chips-packaging-tsmc-cowos-2023"],"knownGaps":["No public source splits AI packaging spend by function; the weights combine Epoch AI's CoWoS cost series, ASE's leading-edge packaging and test revenue, TPCA's ABF substrate output with an estimated AI share, Ajinomoto's and Nittobo's materials sales, and bonding and dicing equipment sales.","Assembly companies that buy substrates 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Technology","reachPct":0.4484,"importance":0.162029089418,"importanceRank":27,"functions":[{"id":"integration","weight":0.542,"sharePct":0.2,"shareLowPct":0.08,"shareHighPct":0.32,"stale":false,"offBasis":false,"level":1,"years":0.25,"disagreement":false,"defaultLevel":true},{"id":"assembly-test","weight":0.17,"sharePct":2,"shareLowPct":0.4,"shareHighPct":3.6,"stale":true,"offBasis":false,"level":1.66666666667,"years":0.3968502629929668,"disagreement":false},{"id":"substrates","weight":0.156,"sharePct":0,"shareLowPct":0,"shareHighPct":0,"stale":false,"offBasis":false,"level":null,"years":null,"disagreement":false},{"id":"substrate-film","weight":0.014,"sharePct":0,"shareLowPct":0,"shareHighPct":0,"stale":false,"offBasis":false,"level":null,"years":null,"disagreement":false},{"id":"substrate-glass-cloth","weight":0.006,"sharePct":0,"shareLowPct":0,"shareHighPct":0,"stale":false,"offBasis":false,"level":null,"years":null,"disagreement":false},{"id":"packaging-equipment","weight":0.112,"sharePct":0,"shareLowPct":0,"shareHighPct":0,"stale":false,"offBasis":false,"level":null,"years":null,"disagreement":false}],"rising":null,"risingEligible":false,"risingComponents":{},"mc":{"medianRank":26,"rankP10":24,"rankP90":27,"pTop8":0,"pSelected":0,"stability":"borderline"},"baselineRevenueRank":7},{"entityId":"sekisui-chemical","name":"Sekisui Chemical (build-up film)","reachPct":0.07,"importance":0.07,"importanceRank":28,"functions":[{"id":"integration","weight":0.542,"sharePct":0,"shareLowPct":0,"shareHighPct":0,"stale":false,"offBasis":false,"level":null,"years":null,"disagreement":false},{"id":"assembly-test","weight":0.17,"sharePct":0,"shareLowPct":0,"shareHighPct":0,"stale":false,"offBasis":false,"level":null,"years":null,"disagreement":false},{"id":"substrates","weight":0.156,"sharePct":0,"shareLowPct":0,"shareHighPct":0,"stale":false,"offBasis":false,"level":null,"years":null,"disagreement":false},{"id":"substrate-film","weight":0.014,"sharePct":5,"shareLowPct":1.5,"shareHighPct":8.5,"stale":true,"offBasis":true,"level":3,"years":1,"disagreement":false},{"id":"substrate-glass-cloth","weight":0.006,"sharePct":0,"shareLowPct":0,"shareHighPct":0,"stale":false,"offBasis":false,"level":null,"years":null,"disagreement":false},{"id":"packaging-equipment","weight":0.112,"sharePct":0,"shareLowPct":0,"shareHighPct":0,"stale":false,"offBasis":false,"level":null,"years":null,"disagreement":false}],"rising":null,"risingEligible":false,"risingComponents":{},"mc":{"medianRank":28,"rankP10":27,"rankP90":28,"pTop8":0,"pSelected":0,"stability":"borderline"},"baselineRevenueRank":null}],"selection":{"importanceIds":["tsmc","ase","disco","ajinomoto-abf","unimicron","amkor","ibiden","sj-semiconductor"],"risingIds":["kyec"],"filledFromImportance":["nittobo"]},"risingPools":{"growth":13,"shareChange":0,"committed":3},"weightSensitivity":[{"functionId":"integration","end":"low","entered":[],"left":[]},{"functionId":"integration","end":"high","entered":[],"left":[]},{"functionId":"assembly-test","end":"low","entered":[],"left":[]},{"functionId":"assembly-test","end":"high","entered":[],"left":[]},{"functionId":"substrates","end":"low","entered":[],"left":[]},{"functionId":"substrates","end":"high","entered":["semco"],"left":["nittobo"]},{"functionId":"substrate-film","end":"low","entered":[],"left":[]},{"functionId":"substrate-film","end":"high","entered":[],"left":[]},{"functionId":"substrate-glass-cloth","end":"low","entered":["besi"],"left":["nittobo"]},{"functionId":"substrate-glass-cloth","end":"high","entered":[],"left":[]},{"functionId":"packaging-equipment","end":"low","entered":[],"left":[]},{"functionId":"packaging-equipment","end":"high","entered":["besi"],"left":["nittobo"]}],"validation":[{"caseId":"chips-packaging-tsmc-cowos-2023","entityId":"tsmc","rank":1,"pass":true}],"baseline":{"spearman":0.326470588235,"baselineTop10NotSelected":["jcet","tongfu","powertech","ats"],"selectedNotInBaselineTop10":["ajinomoto-abf","unimicron","sj-semiconductor","nittobo"]},"raterAgreement":{"within":0.875,"weightedKappa":0.911764705882,"disagreements":[]}},"inputs":{"tsmc":{"schema":"5lc-index-inputs/1","key":"chips-packaging","entityId":"tsmc","name":"TSMC","kind":"public","commercialActivityVerified":true,"shares":{"integration":{"low":87,"central":87,"high":87,"unit":"percent","basis":"Share of the function's AI data-centre revenue in US dollars, calendar 2025 or nearest fiscal year","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://epoch.ai/data-insights/ai-chip-component-cost-shares","title":"Memory has grown to nearly two-thirds of AI chip component costs","publisher":"Epoch AI","publishedDate":"2026-05-21","accessedDate":"2026-10-22","tier":"T5","locator":"Quarterly table, Q1-Q4 2025: packaging (CoWoS) cost $1.695bn + $1.798bn + $2.242bn + $2.571bn = $8.31bn; the category is defined as TSMC CoWoS advanced packaging"},"note":"T5 derivation. Epoch's 2025 CoWoS cost for the four designers it tracks (Nvidia, AMD, Google, Amazon) is $8.31bn, all labelled TSMC CoWoS. The card's 2025 integration spend is $9.55bn (that 8.31 times 1.15, for designers Epoch does not track and 2.5D work outside TSMC). 8.31 / 9.55 = 87%. TSMC does not disclose CoWoS revenue; its 20-F says only that packaging and testing, mask making, design and royalties together make up the roughly 14% of 2025 net revenue outside wafer fabrication. Full-pass cross-check: TSMC's CFO said advanced packaging was 'slightly over 10%' of 2025 revenue (revenue USD122bn, so at least about $12bn) and about 8% in 2024 (4Q25 call, T2). That total also holds InFO for phones and SoIC and is not split by AI use, so the 87% stays tied to the Epoch CoWoS series that the card's $9.55bn is built on."},"assembly-test":{"low":4,"central":4,"high":4,"unit":"percent","basis":"Share of the function's AI data-centre revenue in US dollars, calendar 2025 or nearest fiscal year","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/1046179/000162828026025362/tsm-20251231.htm","title":"TSMC Form 20-F for fiscal 2025","publisher":"TSMC (SEC filing)","publishedDate":"2026-04-16","accessedDate":"2026-10-22","tier":"T5","locator":"Item 4: TSMC offers 'TSMC 3DFabric advanced silicon stacking and packaging services, and testing services' and operates seven advanced backend fabs"},"note":"T5 judgement. No split is disclosed. The card counts CoWoS-class work as integration, so only TSMC's own assembly and test steps outside that count here: about 4% of the card's $3.0bn (about $0.12bn). Wide on purpose."},"substrates":{"participates":false,"evidence":{"url":"https://www.sec.gov/Archives/edgar/data/1046179/000162828026025362/tsm-20251231.htm","title":"TSMC Form 20-F for fiscal 2025","publisher":"TSMC (SEC filing)","publishedDate":"2026-04-16","accessedDate":"2026-10-22","tier":"T1","locator":"Item 4 (business, services offered) and Item 5 (net revenue composition): wafer fabrication was about 86% of 2025 net revenue; the rest was mainly packaging and testing services, mask making, design and royalty income. No substrate, build-up film, glass-cloth or equipment sales are described."}},"substrate-film":{"participates":false,"evidence":{"url":"https://www.sec.gov/Archives/edgar/data/1046179/000162828026025362/tsm-20251231.htm","title":"TSMC Form 20-F for fiscal 2025","publisher":"TSMC (SEC filing)","publishedDate":"2026-04-16","accessedDate":"2026-10-22","tier":"T1","locator":"Item 4 (business, services offered) and Item 5 (net revenue composition): wafer fabrication was about 86% of 2025 net revenue; the rest was mainly packaging and testing services, mask making, design and royalty income. No substrate, build-up film, glass-cloth or equipment sales are described."}},"substrate-glass-cloth":{"participates":false,"evidence":{"url":"https://www.sec.gov/Archives/edgar/data/1046179/000162828026025362/tsm-20251231.htm","title":"TSMC Form 20-F for fiscal 2025","publisher":"TSMC (SEC filing)","publishedDate":"2026-04-16","accessedDate":"2026-10-22","tier":"T1","locator":"Item 4 (business, services offered) and Item 5 (net revenue composition): wafer fabrication was about 86% of 2025 net revenue; the rest was mainly packaging and testing services, mask making, design and royalty income. No substrate, build-up film, glass-cloth or equipment sales are described."}},"packaging-equipment":{"participates":false,"evidence":{"url":"https://www.sec.gov/Archives/edgar/data/1046179/000162828026025362/tsm-20251231.htm","title":"TSMC Form 20-F for fiscal 2025","publisher":"TSMC (SEC filing)","publishedDate":"2026-04-16","accessedDate":"2026-10-22","tier":"T1","locator":"Item 4 (business, services offered) and Item 5 (net revenue composition): wafer fabrication was about 86% of 2025 net revenue; the rest was mainly packaging and testing services, mask making, design and royalty income. No substrate, build-up film, glass-cloth or equipment sales are described."}}},"activityGrowth":{"current":{"low":8305845448,"central":8305845448,"high":8305845448,"unit":"USD","basis":"TSMC CoWoS spend on AI chips from the four designers Epoch AI models (Nvidia, AMD, Google, Amazon), calendar year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://epoch.ai/data-insights/ai-chip-component-cost-shares","title":"Memory has grown to nearly two-thirds of AI chip component costs","publisher":"Epoch AI","publishedDate":"2026-05-21","accessedDate":"2026-10-22","tier":"T4","locator":"Table 'AI chip component cost shares by quarter', Packaging cost: Q1-Q4 2025 = $1,694,912,268 + $1,797,859,746 + $2,241,595,663 + $2,571,477,771"},"note":"Sum of Epoch's four 2025 quarterly packaging (CoWoS) figures = $8,305,845,448. Epoch estimates per-chip cost times modelled volumes; this is a model, not TSMC's reported revenue, and it covers four designers only. Cross-check from the company: advanced packaging rose from about 8% of 2024 revenue to slightly over 10% of 2025 revenue (USD122bn), about +70% (4Q25 call, T2)."},"prior":{"low":3973133382,"central":3973133382,"high":3973133382,"unit":"USD","basis":"TSMC CoWoS spend on AI chips from the four designers Epoch AI models (Nvidia, AMD, Google, Amazon), calendar year, US dollars","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://epoch.ai/data-insights/ai-chip-component-cost-shares","title":"Memory has grown to nearly two-thirds of AI chip component costs","publisher":"Epoch AI","publishedDate":"2026-05-21","accessedDate":"2026-10-22","tier":"T4","locator":"Same table, Packaging cost: Q1-Q4 2024 = $610,923,803 + $774,459,876 + $1,072,954,485 + $1,514,795,218"},"note":"Sum of Epoch's four 2024 quarterly packaging figures = $3,973,133,382, from the same table and method as 2025. Growth 2025 over 2024 = 8,305.8 / 3,973.1 - 1 = +109%."}},"committedExpansion":{"low":2,"central":2,"high":2,"unit":"ratio","basis":"Planned CoWoS capacity at end-2028 divided by expected CoWoS capacity at end-2026 (wafers a month)","period":"CoWoS capacity, end-2028 plan vs end-2026","periodEnd":"2028-12-31","source":{"url":"https://www.trendforce.com/news/2026/09/14/news-tsmc-reportedly-targets-22-2nm-16-3nm-capacity-boost-by-mid-2027-cowos-to-double-by-2028/","title":"[News] TSMC Reportedly Targets 22% 2nm, 16%+ 3nm Capacity Boost by Mid-2027; CoWoS to Double by 2028","publisher":"TrendForce News","publishedDate":"2026-09-14","accessedDate":"2026-10-22","tier":"T3","locator":"CoWoS capacity about 130,000 wafers a month by end-2026 and 260,000 by end-2028 (cites Economic Daily News, via Wccftech)"},"note":"260,000 / 130,000 = 2.0. This is press reporting of capacity plans (expansion centred on the AP7 site in Taiwan and Arizona), not a TSMC disclosure; TSMC itself says it is building 13 leading-edge and advanced packaging fabs in Taiwan over the next several years (3Q26 call, 15 Oct 2026). Other 2026 capacity estimates found range from 95,000 to 140,000 wafers a month at end-2026, so the denominator is uncertain."},"baselineRevenueUsd":{"low":12200000000,"central":12200000000,"high":12200000000,"unit":"USD","basis":"TSMC advanced packaging revenue, calendar year, US dollars (at least 10% of net revenue)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://investor.tsmc.com/japanese/encrypt/files/encrypt_file/reports/2026-01/51d09df96cd89ac19d65af39032b038dc2896a24/TSMC%204Q25%20Transcript.pdf","title":"TSMC 4Q25 earnings conference call transcript","publisher":"TSMC (LSEG StreetEvents edited transcript)","publishedDate":"2026-01-15","accessedDate":"2026-10-22","tier":"T2","locator":"p.10, CFO: advanced packaging revenue contribution 'slightly over 10%' of 2025 revenue, about 8% in 2024; prepared remarks: 2025 revenue USD122 billion"},"note":"10% x USD122bn = $12.2bn. The company says 'slightly over 10%', so this is a floor. The business line is advanced packaging (CoWoS, InFO, SoIC) for all customers, not only AI chips; scored as part of TSMC, never TSMC's total revenue."},"screening":{"integration":{"levelLow":4,"levelHigh":5},"assembly-test":{"levelLow":1,"levelHigh":3}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"40c8eb0cbab1b6819fe85b49a56ebe6b6cdceddfc6d193757a14915d8fb698ef"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"40c8eb0cbab1b6819fe85b49a56ebe6b6cdceddfc6d193757a14915d8fb698ef"}}},"ase":{"schema":"5lc-index-inputs/1","key":"chips-packaging","entityId":"ase","name":"ASE Technology Holding","kind":"public","commercialActivityVerified":true,"shares":{"integration":{"low":2.2,"central":2.2,"high":2.2,"unit":"percent","basis":"Share of the function's AI data-centre revenue in US dollars, calendar 2025 or nearest fiscal year","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/1122411/000119312526135585/d50802d20f.htm","title":"ASE Technology Holding Form 20-F for fiscal 2025","publisher":"ASE Technology Holding (SEC filing)","publishedDate":"2026-04-01","accessedDate":"2026-10-22","tier":"T5","locator":"Item 4 technologies: FOCoS and FOCoS-Bridge ('ASICs and HBM for HPC, networking, server and AI/ML'), TSV-based 2.5D and 3D IC"},"note":"T5 derivation. The card puts about $0.35bn of OSAT work that is really 2.5D integration (CoWoS back-end steps, FOCoS) outside assembly and test. Assumed ASE (with SPIL) holds 60% of it, about $0.21bn, which is 2.2% of the card's $9.55bn."},"assembly-test":{"low":40,"central":40,"high":40,"unit":"percent","basis":"Share of the function's AI data-centre revenue in US dollars, calendar 2025 or nearest fiscal year","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/1122411/000095010326001662/dp241167_6k.htm","title":"Fourth Quarter 2025 Earnings Release","publisher":"ASE Technology Holding (SEC filing)","publishedDate":"2026-02-05","accessedDate":"2026-10-22","tier":"T5","locator":"2025 review: leading-edge advanced packaging and test (LEAP) revenue US$1.6bn, 13% of ATM revenue, up from US$0.6bn in 2024; testing up 36%; 2026 LEAP expected to double, about 75% packaging and 25% testing"},"note":"T5 derivation from a company figure (T2). LEAP was $1.6bn in 2025; less about $0.2bn of FOCoS-type work counted under integration and about $0.15bn of LEAP not for AI data-centre chips, leaves about $1.25bn, which is 40% of the card's $3.0bn. I opened the Form 6-K itself (a single sec.gov document) and confirmed the figures: LEAP reached US$1.6bn in 2025, 13% of ATM revenue, up from US$0.6bn (6%) in 2024; testing grew 36% in 2025; 2026 LEAP is expected to double to US$3.2bn, about 75% packaging and 25% testing. ASE's 20-F confirms demand 'increasingly driven by customers developing AI processors, HPC chips'. Full-pass cross-check from the 20-F segment note (T1, local copy): 2025 external revenue was NT$308.3bn in packaging (NT$261.7bn in 2024, +17.8%) and NT$71.9bn in testing (NT$54.6bn, +31.8%), NT$380.2bn together or US$12.12bn at the filing's convenience rate (NT$31.37), so LEAP of $1.6bn is 13.2% of ATM revenue, as the presentation says. The 40% share is unchanged."},"substrates":{"participates":false,"evidence":{"url":"https://www.sec.gov/Archives/edgar/data/1122411/000119312526135585/d50802d20f.htm","title":"ASE Technology Holding Form 20-F for fiscal 2025","publisher":"ASE Technology Holding (SEC filing)","publishedDate":"2026-04-01","accessedDate":"2026-10-22","tier":"T1","locator":"Item 4: ASE's interconnect-materials operations supplied 'approximately 8.7% of our consolidated substrate requirements by value' in 2025, for its own packages; the rest is bought from independent makers (the filing names Kinsus, Nan Ya PCB and Unimicron as limited suppliers of IC substrates). ASE sells no AI-grade substrates on the card's revenue basis."}},"substrate-film":{"participates":false,"evidence":{"url":"https://www.sec.gov/Archives/edgar/data/1122411/000119312526135585/d50802d20f.htm","title":"ASE Technology Holding Form 20-F for fiscal 2025","publisher":"ASE Technology Holding (SEC filing)","publishedDate":"2026-04-01","accessedDate":"2026-10-22","tier":"T1","locator":"Item 4 and Item 3 risk factors: ASE's business is packaging, testing and electronic manufacturing services. No sales of build-up film, glass cloth or packaging equipment are described."}},"substrate-glass-cloth":{"participates":false,"evidence":{"url":"https://www.sec.gov/Archives/edgar/data/1122411/000119312526135585/d50802d20f.htm","title":"ASE Technology Holding Form 20-F for fiscal 2025","publisher":"ASE Technology Holding (SEC filing)","publishedDate":"2026-04-01","accessedDate":"2026-10-22","tier":"T1","locator":"Item 4 and Item 3 risk factors: ASE's business is packaging, testing and electronic manufacturing services. No sales of build-up film, glass cloth or packaging equipment are described."}},"packaging-equipment":{"participates":false,"evidence":{"url":"https://www.sec.gov/Archives/edgar/data/1122411/000119312526135585/d50802d20f.htm","title":"ASE Technology Holding Form 20-F for fiscal 2025","publisher":"ASE Technology Holding (SEC filing)","publishedDate":"2026-04-01","accessedDate":"2026-10-22","tier":"T1","locator":"Item 4 and Item 3 risk factors: ASE's business is packaging, testing and electronic manufacturing services. No sales of build-up film, glass cloth or packaging equipment are described."}}},"activityGrowth":{"current":{"low":1600000000,"central":1600000000,"high":1600000000,"unit":"USD","basis":"ASE leading-edge advanced packaging and test (LEAP) revenue, calendar year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/1122411/000095010326001662/dp241167_6k.htm","title":"Fourth Quarter 2025 Earnings Release","publisher":"ASE Technology Holding (furnished to the US SEC)","publishedDate":"2026-02-05","accessedDate":"2026-10-22","tier":"T2","locator":"2025 review: LEAP revenue US$1.6bn, 13% of ATM revenue"},"note":"The company says LEAP was $1.6bn in 2025 (13% of ATM revenue); confirmed on the Form 6-K itself, opened as a single sec.gov document. Taipei Times (6 Feb 2026, T3) gives the same $1.6bn. LEAP is primarily in computing applications (company, Q2 2026 call)."},"prior":{"low":600000000,"central":600000000,"high":600000000,"unit":"USD","basis":"ASE leading-edge advanced packaging and test (LEAP) revenue, calendar year, US dollars","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/1122411/000095010326001662/dp241167_6k.htm","title":"Fourth Quarter 2025 Earnings Release","publisher":"ASE Technology Holding (furnished to the US SEC)","publishedDate":"2026-02-05","accessedDate":"2026-10-22","tier":"T2","locator":"2025 review: LEAP revenue up from US$0.6bn in 2024 (6% of ATM revenue)"},"note":"The company says LEAP was $0.6bn in 2024, 6% of ATM revenue. Check with the 20-F: ATM external revenue in 2024 was NT$316.3bn (about $10.1bn at the 2025 convenience rate), and 6% of that is $0.6bn. Growth = 1.6 / 0.6 - 1 = +167%."}},"baselineRevenueUsd":{"low":12121225000,"central":12121225000,"high":12121225000,"unit":"USD","basis":"ASE assembly, test and materials (ATM: packaging plus testing) revenue from external customers, calendar year, US dollars at the filing's convenience rate","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/1122411/000119312526135585/d50802d20f.htm","title":"ASE Technology Holding Form 20-F for fiscal 2025","publisher":"ASE Technology Holding (SEC filing)","publishedDate":"2026-04-01","accessedDate":"2026-10-22","tier":"T1","locator":"Segment note, revenue from external customers 2025: Packaging $9,829,219 thousand + Testing $2,292,006 thousand"},"note":"Packaging NT$308,342.6m + Testing NT$71,900.2m = NT$380,242.8m = US$12,121.2m (rate NT$31.37). Excludes EMS (USI, $8.2bn) and other revenue, so it is the packaging and test business only."},"screening":{"integration":{"levelLow":2,"levelHigh":4},"assembly-test":{"levelLow":2,"levelHigh":3}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"17b4500c70385720e82f05078087d22b456199f4b23b6609ee1b9c83084b78c2"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"17b4500c70385720e82f05078087d22b456199f4b23b6609ee1b9c83084b78c2"}}},"disco":{"schema":"5lc-index-inputs/1","key":"chips-packaging","entityId":"disco","name":"Disco","kind":"public","commercialActivityVerified":true,"shares":{"integration":{"participates":false,"evidence":{"url":"https://disco.co.jp/eg/ir/library/doc/fr/fr20260422.pdf","title":"DISCO consolidated financial results of fiscal year 2025","publisher":"DISCO","publishedDate":"2026-04-22","accessedDate":"2026-10-22","tier":"T1","locator":"Results release: DISCO reports precision processing equipment (dicing, grinding, polishing); it describes no packaging service, substrate, build-up film or glass-cloth business."}},"assembly-test":{"participates":false,"evidence":{"url":"https://disco.co.jp/eg/ir/library/doc/fr/fr20260422.pdf","title":"DISCO consolidated financial results of fiscal year 2025","publisher":"DISCO","publishedDate":"2026-04-22","accessedDate":"2026-10-22","tier":"T1","locator":"Results release: DISCO reports precision processing equipment (dicing, grinding, polishing); it describes no packaging service, substrate, build-up film or glass-cloth business."}},"substrates":{"participates":false,"evidence":{"url":"https://disco.co.jp/eg/ir/library/doc/fr/fr20260422.pdf","title":"DISCO consolidated financial results of fiscal year 2025","publisher":"DISCO","publishedDate":"2026-04-22","accessedDate":"2026-10-22","tier":"T1","locator":"Results release: DISCO reports precision processing equipment (dicing, grinding, polishing); it describes no packaging service, substrate, build-up film or glass-cloth business."}},"substrate-film":{"participates":false,"evidence":{"url":"https://disco.co.jp/eg/ir/library/doc/fr/fr20260422.pdf","title":"DISCO consolidated financial results of fiscal year 2025","publisher":"DISCO","publishedDate":"2026-04-22","accessedDate":"2026-10-22","tier":"T1","locator":"Results release: DISCO reports precision processing equipment (dicing, grinding, polishing); it describes no packaging service, substrate, build-up film or glass-cloth business."}},"substrate-glass-cloth":{"participates":false,"evidence":{"url":"https://disco.co.jp/eg/ir/library/doc/fr/fr20260422.pdf","title":"DISCO consolidated financial results of fiscal year 2025","publisher":"DISCO","publishedDate":"2026-04-22","accessedDate":"2026-10-22","tier":"T1","locator":"Results release: DISCO reports precision processing equipment (dicing, grinding, polishing); it describes no packaging service, substrate, build-up film or glass-cloth business."}},"packaging-equipment":{"low":33,"central":33,"high":33,"unit":"percent","basis":"Share of the function's AI data-centre revenue in US dollars, calendar 2025 or nearest fiscal year","period":"FY2025 (April 2025 to March 2026)","periodEnd":"2026-03-31","source":{"url":"https://disco.co.jp/eg/ir/library/doc/fr/fr20260422.pdf","title":"DISCO consolidated financial results of fiscal year 2025","publisher":"DISCO","publishedDate":"2026-04-22","accessedDate":"2026-10-22","tier":"T5","locator":"FY2025 (April 2025 to March 2026): net sales JPY 436.889bn; 'AI, and demand for high-performance semiconductors such as advanced logic and HBM remained high'; precision processing equipment shipments at a record"},"note":"T5 derivation from a filing (T1). DISCO sells dicing saws, grinders and polishers. Net sales JPY 436.9bn are about $2.91bn at JPY 150; DISCO does not split sales by end use, so I use the card's assumption that about 30% is AI-related, about $0.87bn, which is 33% of about $2.6bn. Shares are of about $2.6bn, the sum of the named suppliers' AI-related equipment revenue; the card's central total ($1.97bn, range 1.0 to 2.8) is lower, so the named suppliers do not fit inside it. Full-pass check: DISCO's results presentation (22 Apr 2026) credits generative AI for the growth in IC applications of dicers and grinders but gives no AI share of shipments, so the card's 30% assumption stays."}},"activityGrowth":{"current":{"low":436889000000,"central":436889000000,"high":436889000000,"unit":"JPY","basis":"DISCO consolidated net sales (dicers, grinders, polishers and tools), fiscal year, yen","period":"FY2025 (April 2025 to March 2026)","periodEnd":"2026-03-31","source":{"url":"https://disco.co.jp/eg/ir/library/doc/fr/fr20260422.pdf","title":"DISCO consolidated financial results of fiscal year 2025","publisher":"DISCO","publishedDate":"2026-04-22","accessedDate":"2026-10-22","tier":"T1","locator":"Consolidated operating results: net sales FY2025 (year ended 31 March 2026)"},"note":"All of DISCO's sales are precision processing equipment and tools; AI-related sales are not split out, so this proxy understates the growth of AI-related sales. Shipment value was JPY 442.8bn and the company credits generative AI shipments."},"prior":{"low":393313000000,"central":393313000000,"high":393313000000,"unit":"JPY","basis":"DISCO consolidated net sales (dicers, grinders, polishers and tools), fiscal year, yen","period":"FY2024 (April 2024 to March 2025)","periodEnd":"2025-03-31","source":{"url":"https://disco.co.jp/eg/ir/library/doc/fr/fr20260422.pdf","title":"DISCO consolidated financial results of fiscal year 2025","publisher":"DISCO","publishedDate":"2026-04-22","accessedDate":"2026-10-22","tier":"T1","locator":"Consolidated operating results: net sales FY2024 (year ended 31 March 2025)"},"note":"Growth = 436,889 / 393,313 - 1 = +11.1% (company-stated +11.1%)."}},"baselineRevenueUsd":{"low":2912600000,"central":2912600000,"high":2912600000,"unit":"USD","basis":"DISCO consolidated net sales, fiscal year, US dollars","period":"FY2025 (April 2025 to March 2026)","periodEnd":"2026-03-31","source":{"url":"https://disco.co.jp/eg/ir/library/doc/fr/fr20260422.pdf","title":"DISCO consolidated financial results of fiscal year 2025","publisher":"DISCO","publishedDate":"2026-04-22","accessedDate":"2026-10-22","tier":"T1","locator":"Consolidated operating results: net sales JPY 436,889 million"},"note":"JPY 436,889m / 150 = $2,912.6m (the card's rate). DISCO sells only dicing, grinding and polishing equipment and tools, so total sales are the sublayer activity."},"screening":{"packaging-equipment":{"levelLow":3,"levelHigh":4}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"d077b6d250bbfc10a1bb1a688f15c69c47a024f57e622cbcfea84982c1387516"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"d077b6d250bbfc10a1bb1a688f15c69c47a024f57e622cbcfea84982c1387516"}}},"ajinomoto-abf":{"schema":"5lc-index-inputs/1","key":"chips-packaging","entityId":"ajinomoto-abf","name":"Ajinomoto Build-up Film (Ajinomoto Fine-Techno)","kind":"unit","parentId":"ajinomoto","commercialActivityVerified":true,"shares":{"integration":{"participates":false,"evidence":{"url":"https://www.ajinomoto.com/sustainability/pdf/2026/ASV_Report_2026_A4_en_014-015.pdf","title":"Review of financial results by segment","publisher":"Ajinomoto Co., Inc. (ASV Report 2026, pp.14-15)","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T2","locator":"Segments are Seasonings & Foods, Frozen Foods, and Healthcare and Others (which holds Electronic Materials, i.e. ABF). Sales growth in Healthcare and Others came from 'strong sales of Electronic Materials'. The report describes no packaging service, substrate, glass-cloth or equipment business."}},"assembly-test":{"participates":false,"evidence":{"url":"https://www.ajinomoto.com/sustainability/pdf/2026/ASV_Report_2026_A4_en_014-015.pdf","title":"Review of financial results by segment","publisher":"Ajinomoto Co., Inc. (ASV Report 2026, pp.14-15)","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T2","locator":"Segments are Seasonings & Foods, Frozen Foods, and Healthcare and Others (which holds Electronic Materials, i.e. ABF). Sales growth in Healthcare and Others came from 'strong sales of Electronic Materials'. The report describes no packaging service, substrate, glass-cloth or equipment business."}},"substrates":{"participates":false,"evidence":{"url":"https://www.ajinomoto.com/sustainability/pdf/2026/ASV_Report_2026_A4_en_014-015.pdf","title":"Review of financial results by segment","publisher":"Ajinomoto Co., Inc. (ASV Report 2026, pp.14-15)","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T2","locator":"Segments are Seasonings & Foods, Frozen Foods, and Healthcare and Others (which holds Electronic Materials, i.e. ABF). Sales growth in Healthcare and Others came from 'strong sales of Electronic Materials'. The report describes no packaging service, substrate, glass-cloth or equipment business."}},"substrate-film":{"low":95,"central":95,"high":95,"unit":"percent","basis":"Share of the global ABF interlayer-film market for semiconductor package substrates, all applications","offBasis":true,"period":"FY2025 (April 2025 to March 2026)","periodEnd":"2026-03-31","source":{"url":"https://www.trendforce.com/news/2026/05/08/news-ajinomoto-ramps-chip-packaging-push-with-%C2%A51-2b-land-buy-for-new-plant-in-2032-abf-margins-top-50-on-ai-boom/","title":"[News] Ajinomoto Boosts Chip Materials Business With ¥1.2B Land Buy for 2032 Plant; ABF Margins Top 50% on AI Boom","publisher":"TrendForce News","publishedDate":"2026-05-08","accessedDate":"2026-10-22","tier":"T3","locator":"TV Asahi (cited by TrendForce): Ajinomoto 'is said to hold more than 95% of the global ABF market share'; electronic materials sales JPY 100.7bn in the year to March 2026, up 31%, operating margin above 50% (per NNA Asia)"},"note":"Off basis: 95% is Ajinomoto's share of the whole global ABF market, all applications, not of AI data-centre revenue, so the observation is flagged offBasis and the engine widens its range by 25 points. TV Asahi's claim (T3, reported by TrendForce News, 8 May 2026) is undated; Diamond (English edition 9 Nov 2022, T3) also puts Ajinomoto at about 95%. The company's FY2025 Q4 presentation (p.25) shows servers and high-end networks taking 70% of ABF volume in FY2025 (PC 20%), so Ajinomoto's AI share of film is not separately disclosed. A market-research page quoting 98% was seen but is not cited. The segment's sales (ABF is most of it) are a unit figure, not the parent's total. Capacity expansion: about JPY 25bn by 2030 (TrendForce, 2025)."},"substrate-glass-cloth":{"participates":false,"evidence":{"url":"https://www.ajinomoto.com/sustainability/pdf/2026/ASV_Report_2026_A4_en_014-015.pdf","title":"Review of financial results by segment","publisher":"Ajinomoto Co., Inc. (ASV Report 2026, pp.14-15)","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T2","locator":"Segments are Seasonings & Foods, Frozen Foods, and Healthcare and Others (which holds Electronic Materials, i.e. ABF). Sales growth in Healthcare and Others came from 'strong sales of Electronic Materials'. The report describes no packaging service, substrate, glass-cloth or equipment business."}},"packaging-equipment":{"participates":false,"evidence":{"url":"https://www.ajinomoto.com/sustainability/pdf/2026/ASV_Report_2026_A4_en_014-015.pdf","title":"Review of financial results by segment","publisher":"Ajinomoto Co., Inc. (ASV Report 2026, pp.14-15)","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T2","locator":"Segments are Seasonings & Foods, Frozen Foods, and Healthcare and Others (which holds Electronic Materials, i.e. ABF). Sales growth in Healthcare and Others came from 'strong sales of Electronic Materials'. The report describes no packaging service, substrate, glass-cloth or equipment business."}}},"activityGrowth":{"current":{"low":100700000000,"central":102450000000,"high":104200000000,"unit":"JPY","basis":"Ajinomoto Functional Materials segment sales (electronic materials, mainly ABF, and others), fiscal year, yen","period":"FY2025 (April 2025 to March 2026)","periodEnd":"2026-03-31","source":{"url":"https://www.ajinomoto.com/sustainability/pdf/2026/ASV_Report_2026_A4_en_014-015.pdf","title":"Review of financial results by segment","publisher":"Ajinomoto Co., Inc. (ASV Report 2026, pp.14-15)","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T5","locator":"p.15: Healthcare and Others FY2025 sales JPY 341.5bn; sales composition by business, Functional Materials 30%"},"note":"T5 derivation from a company figure (T2): 30% x JPY341.5bn = JPY102.45bn. The company rounds the 30% (29.5-30.5% gives JPY100.7-104.2bn); TrendForce (8 May 2026, T3, citing NNA Asia) gives electronic materials sales of JPY100.7bn. The company says ABF sales for AI, server and network boards were strong; the segment also holds adhesives and other materials."},"prior":{"low":78200000000,"central":78200000000,"high":78200000000,"unit":"JPY","basis":"Ajinomoto Functional Materials segment sales (electronic materials, mainly ABF, and others), fiscal year, yen","period":"FY2024 (April 2024 to March 2025)","periodEnd":"2025-03-31","source":{"url":"https://www.ajinomoto.co.jp/company/en/ir/event/presentation/main/011111114/teaserItems1/01/linkList/00/link/FY25Q4_Presentation_E.pdf","title":"Forecast for FY2026 (Ending March 31, 2027) and Initiatives for Enhancing Corporate Value (FY2025 Q4 results presentation)","publisher":"Ajinomoto Co., Inc.","publishedDate":"2026-05-07","accessedDate":"2026-10-22","tier":"T5","locator":"p.25: Functional Materials sales chart, FY25 at 131% of the previous year (FY24 at 125%, FY26 plan 110%)"},"note":"T5 derivation from the company's stated growth: JPY102.45bn / 1.31 = JPY78.2bn. Growth = +31%. The same slide shows the share of ABF volume going to servers and high-end networks at 70% in both FY2024 and FY2025 (PC 20%)."}},"baselineRevenueUsd":{"low":671300000,"central":683000000,"high":694700000,"unit":"USD","basis":"Ajinomoto Functional Materials segment sales (mainly ABF), fiscal year, US dollars","period":"FY2025 (April 2025 to March 2026)","periodEnd":"2026-03-31","source":{"url":"https://www.ajinomoto.com/sustainability/pdf/2026/ASV_Report_2026_A4_en_014-015.pdf","title":"Review of financial results by segment","publisher":"Ajinomoto Co., Inc. (ASV Report 2026, pp.14-15)","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T5","locator":"p.15: Functional Materials 30% of Healthcare and Others sales of JPY 341.5bn"},"note":"JPY102.45bn / 150 = $683m (the card's rate); the rounding range of the 30% gives $671-695m. A unit figure, never Ajinomoto's group sales (JPY1,583.7bn)."},"screening":{"substrate-film":{"levelLow":4,"levelHigh":5}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"35393487eb907fed0af090c5f28a4fce491ff6ea7c5c03df9ec6f39aded3859f"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"35393487eb907fed0af090c5f28a4fce491ff6ea7c5c03df9ec6f39aded3859f"}}},"unimicron":{"schema":"5lc-index-inputs/1","key":"chips-packaging","entityId":"unimicron","name":"Unimicron Technology","kind":"public","commercialActivityVerified":true,"shares":{"integration":{"participates":false,"evidence":{"url":"https://mopsov.twse.com.tw/nas/STR/303720260225E001.pdf","title":"2025 Q4 Financial Review","publisher":"Unimicron Technology Corp. (investor presentation filed on TWSE MOPS)","publishedDate":"2026-02-25","accessedDate":"2026-10-22","tier":"T2","locator":"Pages 9 and 11 (sales breakdown by technology): the company's sales are split into Substrate, HDI, PCB, FPC and Other only; no packaging-service (assembly or test), build-up film, glass-cloth or equipment line appears."}},"assembly-test":{"participates":false,"evidence":{"url":"https://mopsov.twse.com.tw/nas/STR/303720260225E001.pdf","title":"2025 Q4 Financial Review","publisher":"Unimicron Technology Corp. (investor presentation filed on TWSE MOPS)","publishedDate":"2026-02-25","accessedDate":"2026-10-22","tier":"T2","locator":"Pages 9 and 11 (sales breakdown by technology): the company's sales are split into Substrate, HDI, PCB, FPC and Other only; no packaging-service (assembly or test), build-up film, glass-cloth or equipment line appears."}},"substrates":{"low":28,"central":28,"high":28,"unit":"percent","basis":"Share of the function's AI data-centre revenue in US dollars, calendar 2025 or nearest fiscal year","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://mopsov.twse.com.tw/nas/STR/303720260225E001.pdf","title":"2025 Q4 Financial Review","publisher":"Unimicron Technology Corp. (investor presentation filed on TWSE MOPS)","publishedDate":"2026-02-25","accessedDate":"2026-10-22","tier":"T5","locator":"p.5: Q1~Q4-25 net sales NT$131,241m (2024: NT$115,373m); p.11: Substrate (ABF plus BT) 58% of 2025 sales"},"note":"T5 derivation from company figures (T2), all opened. (1) The company's 2025 Q4 results deck (25 Feb 2026) gives 2025 net sales of NT$131,241m and substrates (ABF plus BT) at 58% of them, about NT$76.1bn (pp.5 and 11). (2) ABF's part of substrates: the company's 2Q26 investor deck (https://mopsov.twse.com.tw/nas/STR/303720260730E001.pdf, p.7) splits 2Q25 sales of NT$32,466m into ABF 46% and BT 12%, which together equal the 58% substrate share of the full year, so I take ABF at 46% of 2025 sales, NT$60.4bn. The 4Q25 deck gives no full-year ABF/BT split, so this assumes 2Q25 is representative (judgement). (3) The company says AI-related applications were 40% of its ABF substrate revenue in 2025 (Taiwan News, 1 Jun 2026, https://www.taiwannews.com.tw/en/news/6373911), so AI-related ABF is about NT$24.1bn. (4) NT$24.1bn / 31.11 (TSMC's 2025 weighted-average rate, 20-F local copy, used across this sublayer) = $0.78bn, which is 28% of the card's $2.75bn (2.748). The ABF substrate market is $7.72bn (TPCA/ITRI, the card's source), so ABF at NT$60.4bn is about a quarter of it. Unimicron's own site failed the certificate check and was not read; both decks were opened from TWSE's MOPS file host."},"substrate-film":{"participates":false,"evidence":{"url":"https://mopsov.twse.com.tw/nas/STR/303720260225E001.pdf","title":"2025 Q4 Financial Review","publisher":"Unimicron Technology Corp. (investor presentation filed on TWSE MOPS)","publishedDate":"2026-02-25","accessedDate":"2026-10-22","tier":"T2","locator":"Pages 9 and 11 (sales breakdown by technology): the company's sales are split into Substrate, HDI, PCB, FPC and Other only; no packaging-service (assembly or test), build-up film, glass-cloth or equipment line appears."}},"substrate-glass-cloth":{"participates":false,"evidence":{"url":"https://mopsov.twse.com.tw/nas/STR/303720260225E001.pdf","title":"2025 Q4 Financial Review","publisher":"Unimicron Technology Corp. (investor presentation filed on TWSE MOPS)","publishedDate":"2026-02-25","accessedDate":"2026-10-22","tier":"T2","locator":"Pages 9 and 11 (sales breakdown by technology): the company's sales are split into Substrate, HDI, PCB, FPC and Other only; no packaging-service (assembly or test), build-up film, glass-cloth or equipment line appears."}},"packaging-equipment":{"participates":false,"evidence":{"url":"https://mopsov.twse.com.tw/nas/STR/303720260225E001.pdf","title":"2025 Q4 Financial Review","publisher":"Unimicron Technology Corp. (investor presentation filed on TWSE MOPS)","publishedDate":"2026-02-25","accessedDate":"2026-10-22","tier":"T2","locator":"Pages 9 and 11 (sales breakdown by technology): the company's sales are split into Substrate, HDI, PCB, FPC and Other only; no packaging-service (assembly or test), build-up film, glass-cloth or equipment line appears."}}},"activityGrowth":{"current":{"low":16250000000,"central":16250000000,"high":16250000000,"unit":"TWD","basis":"Unimicron consolidated revenue (all PCB and substrate products), single month, NT$","period":"July 2026","periodEnd":"2026-07-31","source":{"url":"https://www.taiwannews.com.tw/en/news/6418300","title":"Taiwan's printed circuit board makers post record monthly sales","publisher":"Taiwan News (citing CTEE)","publishedDate":"2026-08-10","accessedDate":"2026-10-22","tier":"T3","locator":"Unimicron July 2026 revenue NT$16.25 billion, up 9.11% from June and 43.69% year on year"},"note":"Company-wide monthly revenue (printed circuit boards and IC substrates); the monthly series carries no ABF split. ABF-only quarterly sales are in the company's 2Q26 deck (p.7: ABF sales up 51% on 2Q25), but that deck gives no monthly figure, so this series stays company-wide. The company says AI orders drive growth (Taiwan News, 1 Jun 2026)."},"prior":{"low":11310000000,"central":11310000000,"high":11310000000,"unit":"TWD","basis":"Unimicron consolidated revenue (all PCB and substrate products), single month, NT$","period":"July 2025","periodEnd":"2025-07-31","source":{"url":"https://www.taiwannews.com.tw/en/news/6418300","title":"Taiwan's printed circuit board makers post record monthly sales","publisher":"Taiwan News (citing CTEE)","publishedDate":"2026-08-10","accessedDate":"2026-10-22","tier":"T3","locator":"Same article: July 2026 revenue up 43.69% year on year"},"note":"Derived: 16.25 / 1.4369 = NT$11.31bn. Growth = +43.7%. A single month is noisy; the article calls July 2026 the fourth consecutive monthly high."}},"screening":{"substrates":{"levelLow":3,"levelHigh":4}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"0baefddf8cd621c6a948510450760548b0fa31bd9b82280bbbbe59ed4fa99535"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"0baefddf8cd621c6a948510450760548b0fa31bd9b82280bbbbe59ed4fa99535"}}},"amkor":{"schema":"5lc-index-inputs/1","key":"chips-packaging","entityId":"amkor","name":"Amkor Technology","kind":"public","commercialActivityVerified":true,"shares":{"integration":{"low":1.5,"central":1.5,"high":1.5,"unit":"percent","basis":"Share of the function's AI data-centre revenue in US dollars, calendar 2025 or nearest fiscal year","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/1047127/000104712726000014/amkr-20251231.htm","title":"Amkor Technology Form 10-K for fiscal 2025","publisher":"Amkor Technology (SEC filing)","publishedDate":"2026-02-20","accessedDate":"2026-10-22","tier":"T5","locator":"Item 1: 2.5D integration and HDFO with and without bridges 'for high performance computing, networking and data center applications'; wafer bumping equipment is bought for 2.5D and HDFO services, 'which is used for HPC and artificial intelligence systems'"},"note":"T5 derivation. The card puts about $0.35bn of OSAT 2.5D work outside assembly and test; assumed Amkor holds 40% of it, about $0.14bn, which is 1.5% of the card's $9.55bn."},"assembly-test":{"low":21,"central":21,"high":21,"unit":"percent","basis":"Share of the function's AI data-centre revenue in US dollars, calendar 2025 or nearest fiscal year","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/1047127/000104712726000014/amkr-20251231.htm","title":"Amkor Technology Form 10-K for fiscal 2025","publisher":"Amkor Technology (SEC filing)","publishedDate":"2026-02-20","accessedDate":"2026-10-22","tier":"T5","locator":"Net sales by end market (Item 1 and the notes): Computing (data center, infrastructure, PC/laptop, storage) was 20% of 2025 net sales of $6,708.0m"},"note":"T5 derivation from a filing (T1). Computing was 20% of $6.708bn, about $1.34bn, and includes PC and storage. Assuming about half is AI data-centre packaging and test gives about $0.63bn, which is 21% of the card's $3.0bn. The card's own estimate is $0.75bn. Full-pass cross-check: the CEO said advanced packaging was about 20% of revenue at the end of 2025 and that computing revenue rose 16% in 2025 (Q4 2025 call, 9 Feb 2026, via a transcript copy); 2026 capex guidance is $2.5-3bn. No disclosure splits AI data-centre work from PC and storage inside computing, so 21% stays a T5 estimate."},"substrates":{"participates":false,"evidence":{"url":"https://www.sec.gov/Archives/edgar/data/1047127/000104712726000014/amkr-20251231.htm","title":"Amkor Technology Form 10-K for fiscal 2025","publisher":"Amkor Technology (SEC filing)","publishedDate":"2026-02-20","accessedDate":"2026-10-22","tier":"T1","locator":"Item 1: Amkor sells packaging and test services; it buys laminate substrates, ICs, capacitors, leadframes and bonding wires as materials. No sales of substrates, build-up film, glass cloth or equipment are described."}},"substrate-film":{"participates":false,"evidence":{"url":"https://www.sec.gov/Archives/edgar/data/1047127/000104712726000014/amkr-20251231.htm","title":"Amkor Technology Form 10-K for fiscal 2025","publisher":"Amkor Technology (SEC filing)","publishedDate":"2026-02-20","accessedDate":"2026-10-22","tier":"T1","locator":"Item 1: Amkor sells packaging and test services; it buys laminate substrates, ICs, capacitors, leadframes and bonding wires as materials. No sales of substrates, build-up film, glass cloth or equipment are described."}},"substrate-glass-cloth":{"participates":false,"evidence":{"url":"https://www.sec.gov/Archives/edgar/data/1047127/000104712726000014/amkr-20251231.htm","title":"Amkor Technology Form 10-K for fiscal 2025","publisher":"Amkor Technology (SEC filing)","publishedDate":"2026-02-20","accessedDate":"2026-10-22","tier":"T1","locator":"Item 1: Amkor sells packaging and test services; it buys laminate substrates, ICs, capacitors, leadframes and bonding wires as materials. No sales of substrates, build-up film, glass cloth or equipment are described."}},"packaging-equipment":{"participates":false,"evidence":{"url":"https://www.sec.gov/Archives/edgar/data/1047127/000104712726000014/amkr-20251231.htm","title":"Amkor Technology Form 10-K for fiscal 2025","publisher":"Amkor Technology (SEC filing)","publishedDate":"2026-02-20","accessedDate":"2026-10-22","tier":"T1","locator":"Item 1: Amkor sells packaging and test services; it buys laminate substrates, ICs, capacitors, leadframes and bonding wires as materials. No sales of substrates, build-up film, glass cloth or equipment are described."}}},"activityGrowth":{"current":{"low":1341596200,"central":1341596200,"high":1341596200,"unit":"USD","basis":"Amkor net sales in the computing end market (data center, infrastructure, PC/laptop, storage), calendar year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/1047127/000104712726000014/amkr-20251231.htm","title":"Amkor Technology Form 10-K for fiscal 2025","publisher":"Amkor Technology (SEC filing)","publishedDate":"2026-02-20","accessedDate":"2026-10-22","tier":"T5","locator":"Item 1, end markets: Computing 20% of net sales (an approximation); Item 7: net sales $6,707,981 thousand in 2025"},"note":"T5 derivation from a filing (T1): 20% x $6,707,981k = $1,341.6m. The 10-K percentages are approximations. The computing market includes PC, storage and networking as well as AI data centres, so this is a proxy for the AI-related business."},"prior":{"low":1156548448,"central":1156548448,"high":1156548448,"unit":"USD","basis":"Amkor net sales in the computing end market (data center, infrastructure, PC/laptop, storage), calendar year, US dollars","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/1047127/000104712726000014/amkr-20251231.htm","title":"Amkor Technology Form 10-K for fiscal 2025","publisher":"Amkor Technology (SEC filing)","publishedDate":"2026-02-20","accessedDate":"2026-10-22","tier":"T5","locator":"Item 7: 'The computing end market increased 16% in 2025 compared to 2024 primarily driven by strength in AI related PC devices and networking infrastructure'"},"note":"T5 derivation: $1,341.6m / 1.16 = $1,156.5m. The filing's own 16% growth is used because the rounded end-market percentages (20% in 2025, 19% in 2024 of $6,318m) would give +12% and are too coarse."}},"baselineRevenueUsd":{"low":6707981000,"central":6707981000,"high":6707981000,"unit":"USD","basis":"Amkor net sales (packaging and test, all end markets), calendar year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/1047127/000104712726000014/amkr-20251231.htm","title":"Amkor Technology Form 10-K for fiscal 2025","publisher":"Amkor Technology (SEC filing)","publishedDate":"2026-02-20","accessedDate":"2026-10-22","tier":"T1","locator":"Item 7: net sales increased to $6,708.0 million in 2025 from $6,317.7 million in 2024"},"note":"All of Amkor's net sales are packaging and test services."},"screening":{"integration":{"levelLow":2,"levelHigh":4},"assembly-test":{"levelLow":2,"levelHigh":3}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"b790db6a6291f515fcde5df10ca2cb24715d4d95ffe77cd3b0395d9cc2b2c34c"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"b790db6a6291f515fcde5df10ca2cb24715d4d95ffe77cd3b0395d9cc2b2c34c"}}},"ibiden":{"schema":"5lc-index-inputs/1","key":"chips-packaging","entityId":"ibiden","name":"Ibiden","kind":"public","commercialActivityVerified":true,"shares":{"integration":{"participates":false,"evidence":{"url":"https://www.ibiden.com/company/profile/info/","title":"Ibiden company outline","publisher":"Ibiden","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Company outline, main products: 'IC Package Substrate, SiC-DPF, Substrate Holding Mat, Graphite Specialty, High Temperature Insulation Wool', EV battery safety materials; segments Electronics, Ceramics, Others. No packaging services, build-up film, glass cloth or packaging equipment."}},"assembly-test":{"participates":false,"evidence":{"url":"https://www.ibiden.com/company/profile/info/","title":"Ibiden company outline","publisher":"Ibiden","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Company outline, main products: 'IC Package Substrate, SiC-DPF, Substrate Holding Mat, Graphite Specialty, High Temperature Insulation Wool', EV battery safety materials; segments Electronics, Ceramics, Others. No packaging services, build-up film, glass cloth or packaging equipment."}},"substrates":{"low":20,"central":20,"high":20,"unit":"percent","basis":"Share of the function's AI data-centre revenue in US dollars, calendar 2025 or nearest fiscal year","period":"FY2025 (April 2025 to March 2026)","periodEnd":"2026-03-31","source":{"url":"https://www.ibiden.com/ir/library/statement/items/ConsolidatedFinancialResultsFY2025_1.pdf","title":"Consolidated Financial Results for the year ended March 31, 2026","publisher":"Ibiden","publishedDate":"2026-05-11","accessedDate":"2026-10-22","tier":"T5","locator":"Segment information FY2025: Electronics net sales JPY 243,316 million of JPY 416,201 million total (IC package substrates and printed wiring boards)"},"note":"T5 derivation from a filing (T1). Electronics sales were JPY 243.3bn, about $1.62bn at JPY 150 per dollar (the card's rate). The filing does not split IC package substrates from printed wiring boards (Philippines PC products) or give an AI share. Assuming 80% IC package substrates and 40% of those for AI servers gives about $0.52bn, 19% of the card's $2.75bn; rounded up to 20%. A search summary of Ibiden's flip-chip package page (not opened) says it serves GPUs for AI. Full-pass cross-check: Ibiden's FY2025 results presentation (12 May 2026, p.13) charts its IC package substrate production load (area-weighted, index CY2024 = 100; CY2025 = 119) by use. Reading the bars, AI servers and ASICs were about 45 of the 119 points in CY2025 (about 38%), with general-purpose servers about 47 and PCs about 26 (my reading of the chart; no figures are printed). That supports the 40% AI share assumed above, but a load share is not a revenue share (AI products carry higher prices), so the 20% stays a T5 estimate."},"substrate-film":{"participates":false,"evidence":{"url":"https://www.ibiden.com/company/profile/info/","title":"Ibiden company outline","publisher":"Ibiden","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Company outline, main products: 'IC Package Substrate, SiC-DPF, Substrate Holding Mat, Graphite Specialty, High Temperature Insulation Wool', EV battery safety materials; segments Electronics, Ceramics, Others. No packaging services, build-up film, glass cloth or packaging equipment."}},"substrate-glass-cloth":{"participates":false,"evidence":{"url":"https://www.ibiden.com/company/profile/info/","title":"Ibiden company outline","publisher":"Ibiden","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Company outline, main products: 'IC Package Substrate, SiC-DPF, Substrate Holding Mat, Graphite Specialty, High Temperature Insulation Wool', EV battery safety materials; segments Electronics, Ceramics, Others. No packaging services, build-up film, glass cloth or packaging equipment."}},"packaging-equipment":{"participates":false,"evidence":{"url":"https://www.ibiden.com/company/profile/info/","title":"Ibiden company outline","publisher":"Ibiden","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Company outline, main products: 'IC Package Substrate, SiC-DPF, Substrate Holding Mat, Graphite Specialty, High Temperature Insulation Wool', EV battery safety materials; segments Electronics, Ceramics, Others. No packaging services, build-up film, glass cloth or packaging equipment."}}},"activityGrowth":{"current":{"low":243316000000,"central":243316000000,"high":243316000000,"unit":"JPY","basis":"Ibiden Electronics segment net sales (IC package substrates and printed wiring boards), fiscal year, yen","period":"FY2025 (April 2025 to March 2026)","periodEnd":"2026-03-31","source":{"url":"https://www.ibiden.com/ir/library/statement/items/ConsolidatedFinancialResultsFY2025_1.pdf","title":"Consolidated Financial Results for the year ended March 31, 2026","publisher":"Ibiden","publishedDate":"2026-05-11","accessedDate":"2026-10-22","tier":"T1","locator":"Segment information FY2025: Electronics net sales to third parties JPY 243,316 million"},"note":"Segment total. The segment also holds printed wiring boards made in the Philippines for PCs, so it understates the growth of AI substrates alone. The company says AI GPU and ASIC demand drove the upward revisions (results presentation, 12 May 2026)."},"prior":{"low":197223000000,"central":197223000000,"high":197223000000,"unit":"JPY","basis":"Ibiden Electronics segment net sales (IC package substrates and printed wiring boards), fiscal year, yen","period":"FY2024 (April 2024 to March 2025)","periodEnd":"2025-03-31","source":{"url":"https://www.ibiden.com/ir/library/statement/items/ConsolidatedFinancialResultsFY2025_1.pdf","title":"Consolidated Financial Results for the year ended March 31, 2026","publisher":"Ibiden","publishedDate":"2026-05-11","accessedDate":"2026-10-22","tier":"T1","locator":"Segment information FY2024: Electronics net sales to third parties JPY 197,223 million"},"note":"Growth = 243,316 / 197,223 - 1 = +23.4%."}},"committedExpansion":{"low":1.64,"central":1.64,"high":1.64,"unit":"ratio","basis":"Planned FY2028 IC package substrate capacity index divided by FY2025 index (FY2024 = 1.0)","period":"Capacity plan, FY2028 (April 2028 to March 2029) vs FY2025","periodEnd":"2029-03-31","source":{"url":"https://www.ibiden.com/ir/items/en_kessannsetsumeiFY2025.pdf","title":"Financial Results of FY2025 (results presentation)","publisher":"Ibiden","publishedDate":"2026-05-12","accessedDate":"2026-10-22","tier":"T2","locator":"p.13 'Capacity Expansion Plan (Index)': 1.0 in FY2024, 1.4 in FY2025, 1.7 in FY2026, 2.0 in FY2027, 2.3 in FY2028; p.14: JPY 500bn investment (Cell6 at Gama, Cell8 at Ono) starting operation from FY2027"},"note":"2.3 / 1.4 = 1.64. The company says it will execute the JPY 500bn investment announced on 3 Feb 2026, with customers bearing investment costs and paying part in advance (Q&A, 12 May 2026). The index values are printed on a chart; I read the step labels 1.4, 1.7, 2.0 and 2.3 against the FY2025 to FY2028 columns."},"baselineRevenueUsd":{"low":1622100000,"central":1622100000,"high":1622100000,"unit":"USD","basis":"Ibiden Electronics segment net sales, fiscal year, US dollars","period":"FY2025 (April 2025 to March 2026)","periodEnd":"2026-03-31","source":{"url":"https://www.ibiden.com/ir/library/statement/items/ConsolidatedFinancialResultsFY2025_1.pdf","title":"Consolidated Financial Results for the year ended March 31, 2026","publisher":"Ibiden","publishedDate":"2026-05-11","accessedDate":"2026-10-22","tier":"T1","locator":"Segment information FY2025: Electronics net sales JPY 243,316 million"},"note":"JPY 243,316m / 150 = $1,622m (the card's rate). The Electronics segment (IC package substrates and printed wiring boards) is the unit scored, not Ibiden's total (JPY 416.2bn, which includes ceramics)."},"screening":{"substrates":{"levelLow":3,"levelHigh":4}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"7609a0bd68482d8d857ba8508ddd3f3dd4555a1e75a6a8fa0937ad79355d93a0"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"7609a0bd68482d8d857ba8508ddd3f3dd4555a1e75a6a8fa0937ad79355d93a0"}}},"sj-semiconductor":{"schema":"5lc-index-inputs/1","key":"chips-packaging","entityId":"sj-semiconductor","name":"SJ Semiconductor (SJSemi)","kind":"public","commercialActivityVerified":true,"shares":{"integration":{"low":2.5,"central":4.5,"high":8,"unit":"percent","basis":"Share of the function's AI data-centre revenue in US dollars, calendar 2025 or nearest fiscal year","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://m.jiemian.com/article/13671051.html","title":"IPO雷达 | 国内第四大封测厂盛合晶微无实控人，第一大客户收入占比已超七成","publisher":"Jiemian News (citing the SJSemi prospectus)","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Revenue by business: chiplet multi-chip integrated packaging (2.5D and 3DIC) RMB 2.079bn in 2024 (44.39% of RMB 4.705bn) and RMB 1.782bn in H1 2025 (56.24% of RMB 3.178bn)"},"note":"T5 derivation with a conflicting T3 figure. SJSemi's prospectus (as reported by Jiemian; the page shows no date) puts its chiplet multi-chip integration line, which holds its 2.5D and 3DIC work, at RMB 2.079bn in 2024 and RMB 1.782bn in the first half of 2025, 56.24% of half-year revenue. Full-year 2025 revenue was RMB 6.521bn (36Kr, 21 Apr 2026). Taking half of 2025 revenue (between 2024's 44.4% and the first half's 56.2%) gives RMB 3.26bn, about $0.45bn at 7.2, which is 4.7% of the card's $9.55bn; I use 4.5% to allow for chiplet work that is not AI data-centre. This replaces the screening figure of 3.8%, which assumed 40% of revenue. The high end, 8%, is TrendForce's 8% of the global 2.5D market in 2024 (EE Times China, T3), a wider market than the card's. The largest customer is 74% of H1 2025 revenue and unnamed."},"assembly-test":{"low":0.5,"central":0.5,"high":0.5,"unit":"percent","basis":"Share of the function's AI data-centre revenue in US dollars, calendar 2025 or nearest fiscal year","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.trendforce.com/news/?p=56428","title":"SJ Semiconductor STAR Market debut and 2.5D packaging","publisher":"TrendForce News","publishedDate":"2026-04-23","accessedDate":"2026-10-22","tier":"T5","locator":"Article: SJSemi has wafer probing, bumping and wafer-level packaging capability"},"note":"T5 judgement. Its wafer probing and back-end work for AI chips is not split out; estimate 0.5% of $3.0bn."},"substrates":{"participates":false,"evidence":{"url":"https://www.trendforce.com/news/?p=56428","title":"SJ Semiconductor STAR Market debut and 2.5D packaging","publisher":"TrendForce News","publishedDate":"2026-04-23","accessedDate":"2026-10-22","tier":"T3","locator":"TrendForce article lists SJSemi's business as bumping, wafer probing, wafer-level packaging and 2.5D silicon-based packaging (12-inch mid-end manufacturing); it lists no substrate, build-up film, glass-cloth or equipment sales."}},"substrate-film":{"participates":false,"evidence":{"url":"https://www.trendforce.com/news/?p=56428","title":"SJ Semiconductor STAR Market debut and 2.5D packaging","publisher":"TrendForce News","publishedDate":"2026-04-23","accessedDate":"2026-10-22","tier":"T3","locator":"TrendForce article lists SJSemi's business as bumping, wafer probing, wafer-level packaging and 2.5D silicon-based packaging (12-inch mid-end manufacturing); it lists no substrate, build-up film, glass-cloth or equipment sales."}},"substrate-glass-cloth":{"participates":false,"evidence":{"url":"https://www.trendforce.com/news/?p=56428","title":"SJ Semiconductor STAR Market debut and 2.5D packaging","publisher":"TrendForce News","publishedDate":"2026-04-23","accessedDate":"2026-10-22","tier":"T3","locator":"TrendForce article lists SJSemi's business as bumping, wafer probing, wafer-level packaging and 2.5D silicon-based packaging (12-inch mid-end manufacturing); it lists no substrate, build-up film, glass-cloth or equipment sales."}},"packaging-equipment":{"participates":false,"evidence":{"url":"https://www.trendforce.com/news/?p=56428","title":"SJ Semiconductor STAR Market debut and 2.5D packaging","publisher":"TrendForce News","publishedDate":"2026-04-23","accessedDate":"2026-10-22","tier":"T3","locator":"TrendForce article lists SJSemi's business as bumping, wafer probing, wafer-level packaging and 2.5D silicon-based packaging (12-inch mid-end manufacturing); it lists no substrate, build-up film, glass-cloth or equipment sales."}}},"activityGrowth":{"current":{"low":6521000000,"central":6521000000,"high":6521000000,"unit":"CNY","basis":"SJ Semiconductor total revenue (bumping, mid-end wafer processing and chiplet integration packaging), calendar year, yuan","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.36kr.com/p/3776121218417411","title":"开盘市值超1800亿，无锡国资大赚627%","publisher":"36Kr","publishedDate":"2026-04-21","accessedDate":"2026-10-22","tier":"T3","locator":"SJSemi revenue about RMB 6.521 billion in 2025"},"note":"Total revenue; the chiplet line (2.5D and 3DIC) grew faster, from RMB 2.079bn in 2024 to 56% of H1 2025 revenue, so the total understates AI-related growth. The company listed on the STAR Market on 21 April 2026."},"prior":{"low":4705000000,"central":4705000000,"high":4705000000,"unit":"CNY","basis":"SJ Semiconductor total revenue (bumping, mid-end wafer processing and chiplet integration packaging), calendar year, yuan","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://www.36kr.com/p/3776121218417411","title":"开盘市值超1800亿，无锡国资大赚627%","publisher":"36Kr","publishedDate":"2026-04-21","accessedDate":"2026-10-22","tier":"T3","locator":"SJSemi revenue about RMB 4.705 billion in 2024 (also in the Jiemian prospectus summary)"},"note":"Growth = 6.521 / 4.705 - 1 = +38.6%."}},"baselineRevenueUsd":{"low":905700000,"central":905700000,"high":905700000,"unit":"USD","basis":"SJ Semiconductor total revenue, calendar year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.36kr.com/p/3776121218417411","title":"开盘市值超1800亿，无锡国资大赚627%","publisher":"36Kr","publishedDate":"2026-04-21","accessedDate":"2026-10-22","tier":"T3","locator":"SJSemi revenue about RMB 6.521 billion in 2025"},"note":"RMB 6.521bn / 7.2 = $905.7m (my rate). Total revenue is the sublayer activity: bumping, wafer processing and chiplet integration."},"screening":{"integration":{"levelLow":1,"levelHigh":3},"assembly-test":{"levelLow":1,"levelHigh":2}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"3ed88c404ba595037ccba646d1a00a0f846644105f4bb3d969aa2546ec8e6296"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"3ed88c404ba595037ccba646d1a00a0f846644105f4bb3d969aa2546ec8e6296"}}},"kyec":{"schema":"5lc-index-inputs/1","key":"chips-packaging","entityId":"kyec","name":"King Yuan Electronics (KYEC)","kind":"public","commercialActivityVerified":true,"shares":{"integration":{"participates":false,"evidence":{"url":"https://www.kyec.com.tw/Upfiles/EDUp/files/%E6%8A%95%E8%B3%87%E4%BA%BA%E9%97%9C%E4%BF%82/%E6%AF%8F%E5%AD%A3%E7%87%9F%E9%81%8B%E5%A0%B1%E5%91%8A/KYEC(2449)_2Q26%20Investor%20update_English.pdf","title":"KYEC 2Q26 investor update","publisher":"King Yuan Electronics","publishedDate":"2026-08","accessedDate":"2026-10-22","tier":"T2","locator":"Investor update (Aug 2026): KYEC calls itself 'a pure-play testing house'; test services were about 98% of revenue, the rest equipment and tooling sales, lease and miscellaneous income. The deck lists an 'Assembly Service' among its services, but test is about 98% of revenue, so 2.5D integration is not a revenue line. Site lists wafer probing, final test and burn-in. No substrate, film or cloth."}},"assembly-test":{"low":11.5,"central":11.5,"high":11.5,"unit":"percent","basis":"Share of the function's AI data-centre revenue in US dollars, calendar 2025 or nearest fiscal year","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.kyec.com.tw/Upfiles/EDUp/files/%E6%8A%95%E8%B3%87%E4%BA%BA%E9%97%9C%E4%BF%82/%E6%AF%8F%E5%AD%A3%E7%87%9F%E9%81%8B%E5%A0%B1%E5%91%8A/KYEC(2449)_4Q25%20Investor%20update_English.pdf","title":"KYEC 4Q25 investor update","publisher":"King Yuan Electronics","publishedDate":"2026-03","accessedDate":"2026-10-22","tier":"T5","locator":"p.6: revenue breakdown by application, 2025: Data Processing 30.8%; p.14: quarterly revenue NT$7,315m, 8,362m, 9,291m, 9,966m in Q1-Q4 2025"},"note":"T5 derivation from company data (T2). 2025 revenue was NT$34,934m (7,315 + 8,362 + 9,291 + 9,966) and the company's own application split gives Data Processing 30.8%: NT$10,760m, about $0.346bn at NT$31.11 per dollar (TSMC's 20-F weighted-average rate for 2025). Data Processing includes PC and other non-AI chips, while AI network chips tested under other applications are outside it, so I take it as the AI and HPC test figure: 0.346 / 3.0 = 11.5% of the card's $3.0bn. This replaces the screening figure of 16%, which assumed 42% AI and HPC because the application chart had not been read; Data Processing was 28.1% of Q1 2025 revenue, 32.2% in Q4 2025, 33.9% in Q1 2026 and 36.3% in Q2 2026. Other estimates seen: AI-related chips 18% of 2024 revenue (Digitimes, 30 Dec 2024, T3). Nvidia is a KYEC customer (Taiwan News, 14 Oct 2026)."},"substrates":{"participates":false,"evidence":{"url":"https://www.kyec.com.tw/Upfiles/EDUp/files/%E6%8A%95%E8%B3%87%E4%BA%BA%E9%97%9C%E4%BF%82/%E6%AF%8F%E5%AD%A3%E7%87%9F%E9%81%8B%E5%A0%B1%E5%91%8A/KYEC(2449)_2Q26%20Investor%20update_English.pdf","title":"KYEC 2Q26 investor update","publisher":"King Yuan Electronics","publishedDate":"2026-08","accessedDate":"2026-10-22","tier":"T2","locator":"Investor update (Aug 2026): KYEC calls itself 'a pure-play testing house'; test services were about 98% of revenue, the rest equipment and tooling sales, lease and miscellaneous income. The deck lists an 'Assembly Service' among its services, but test is about 98% of revenue, so 2.5D integration is not a revenue line. Site lists wafer probing, final test and burn-in. No substrate, film or cloth."}},"substrate-film":{"participates":false,"evidence":{"url":"https://www.kyec.com.tw/Upfiles/EDUp/files/%E6%8A%95%E8%B3%87%E4%BA%BA%E9%97%9C%E4%BF%82/%E6%AF%8F%E5%AD%A3%E7%87%9F%E9%81%8B%E5%A0%B1%E5%91%8A/KYEC(2449)_2Q26%20Investor%20update_English.pdf","title":"KYEC 2Q26 investor update","publisher":"King Yuan Electronics","publishedDate":"2026-08","accessedDate":"2026-10-22","tier":"T2","locator":"Investor update (Aug 2026): KYEC calls itself 'a pure-play testing house'; test services were about 98% of revenue, the rest equipment and tooling sales, lease and miscellaneous income. The deck lists an 'Assembly Service' among its services, but test is about 98% of revenue, so 2.5D integration is not a revenue line. Site lists wafer probing, final test and burn-in. No substrate, film or cloth."}},"substrate-glass-cloth":{"participates":false,"evidence":{"url":"https://www.kyec.com.tw/Upfiles/EDUp/files/%E6%8A%95%E8%B3%87%E4%BA%BA%E9%97%9C%E4%BF%82/%E6%AF%8F%E5%AD%A3%E7%87%9F%E9%81%8B%E5%A0%B1%E5%91%8A/KYEC(2449)_2Q26%20Investor%20update_English.pdf","title":"KYEC 2Q26 investor update","publisher":"King Yuan Electronics","publishedDate":"2026-08","accessedDate":"2026-10-22","tier":"T2","locator":"Investor update (Aug 2026): KYEC calls itself 'a pure-play testing house'; test services were about 98% of revenue, the rest equipment and tooling sales, lease and miscellaneous income. The deck lists an 'Assembly Service' among its services, but test is about 98% of revenue, so 2.5D integration is not a revenue line. Site lists wafer probing, final test and burn-in. No substrate, film or cloth."}},"packaging-equipment":{"participates":false,"evidence":{"url":"https://www.kyec.com.tw/Upfiles/EDUp/files/%E6%8A%95%E8%B3%87%E4%BA%BA%E9%97%9C%E4%BF%82/%E6%AF%8F%E5%AD%A3%E7%87%9F%E9%81%8B%E5%A0%B1%E5%91%8A/KYEC(2449)_2Q26%20Investor%20update_English.pdf","title":"KYEC 2Q26 investor update","publisher":"King Yuan Electronics","publishedDate":"2026-08","accessedDate":"2026-10-22","tier":"T2","locator":"Investor update (Aug 2026): KYEC calls itself 'a pure-play testing house'; test services were about 98% of revenue, the rest equipment and tooling sales, lease and miscellaneous income. The deck lists an 'Assembly Service' among its services, but test is about 98% of revenue, so 2.5D integration is not a revenue line. Site lists wafer probing, final test and burn-in. No substrate, film or cloth. Equipment and tooling sales are a small part of 'Others' and are KYEC's own test systems, not packaging equipment."}}},"activityGrowth":{"current":{"low":3455000000,"central":3455000000,"high":3455000000,"unit":"TWD","basis":"KYEC data-processing application revenue (NT$), single quarter","period":"Q1 2026","periodEnd":"2026-03-31","source":{"url":"https://www.kyec.com.tw/Upfiles/EDUp/files/%E6%8A%95%E8%B3%87%E4%BA%BA%E9%97%9C%E4%BF%82/%E6%AF%8F%E5%AD%A3%E7%87%9F%E9%81%8B%E5%A0%B1%E5%91%8A/KYEC(2449)_1Q26%20Investor%20update_English.pdf","title":"KYEC 1Q26 investor update","publisher":"King Yuan Electronics","publishedDate":"2026-05","accessedDate":"2026-10-22","tier":"T5","locator":"p.6: Q1'26 Data Processing 33.9% of revenue; p.14: Q1'26 revenue NT$10,192m"},"note":"T5 derivation from company data (T2): 33.9% x NT$10,191.9m = NT$3,455m. Data Processing is the application group that holds AI and HPC test work (with PC and others), so it is the closest company-reported measure of AI-related activity."},"prior":{"low":2055000000,"central":2055000000,"high":2055000000,"unit":"TWD","basis":"KYEC data-processing application revenue (NT$), single quarter","period":"Q1 2025","periodEnd":"2025-03-31","source":{"url":"https://www.kyec.com.tw/Upfiles/EDUp/files/%E6%8A%95%E8%B3%87%E4%BA%BA%E9%97%9C%E4%BF%82/%E6%AF%8F%E5%AD%A3%E7%87%9F%E9%81%8B%E5%A0%B1%E5%91%8A/KYEC(2449)_1Q25%20Investor%20update_English.pdf","title":"KYEC 1Q25 investor update","publisher":"King Yuan Electronics","publishedDate":"2025-05","accessedDate":"2026-10-22","tier":"T5","locator":"p.6: Q1'25 Data Processing 28.1% of revenue; Net Revenue NT$7,315.5m (excluding the ex-subsidiary in China)"},"note":"T5 derivation from company data (T2): 28.1% x NT$7,315.5m = NT$2,055m. Growth = 3,455 / 2,055 - 1 = +68%. Quarter figures are used because the 2024 application split is not in a deck I could open."}},"committedExpansion":{"low":4.18,"central":4.18,"high":4.18,"unit":"ratio","basis":"Nvidia prepayment for US test capacity (up to NT$45bn) divided by KYEC's 2025 data-processing test revenue (NT$10.76bn)","period":"Prepayment agreed July-October 2026","periodEnd":"2026-10-14","source":{"url":"https://www.taiwannews.com.tw/news/6457710","title":"Taiwan's King Yuan Electronics secures Nvidia prepayment for NT$45 billion US expansion","publisher":"Taiwan News","publishedDate":"2026-10-14","accessedDate":"2026-10-22","tier":"T5","locator":"Nvidia will pay up to NT$45 billion in advance for testing services at KYEC's future US facility; KYEC deducts service costs from it until used; board approved the plan in July"},"note":"45,000 / 10,760 = 4.18. The prepayment is a signed offtake and a cap ('up to'), drawn down over several years once the US facility (24 months or more to build, not yet located) starts testing. Tier is the lower of the two inputs: the NT$45bn is press reporting of company statements (T3) and the denominator is my T5 derivation. KYEC also raised 2026 capex to a record NT$50bn from NT$39.4bn (Taiwan News, 14 Oct 2026)."},"baselineRevenueUsd":{"low":1122900000,"central":1122900000,"high":1122900000,"unit":"USD","basis":"KYEC net revenue (test services, about 98% of revenue), calendar year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.kyec.com.tw/Upfiles/EDUp/files/%E6%8A%95%E8%B3%87%E4%BA%BA%E9%97%9C%E4%BF%82/%E6%AF%8F%E5%AD%A3%E7%87%9F%E9%81%8B%E5%A0%B1%E5%91%8A/KYEC(2449)_4Q25%20Investor%20update_English.pdf","title":"KYEC 4Q25 investor update","publisher":"King Yuan Electronics","publishedDate":"2026-03","accessedDate":"2026-10-22","tier":"T2","locator":"p.14: quarterly revenue Q1-Q4 2025 NT$7,315m + 8,362m + 9,291m + 9,966m = NT$34,934m"},"note":"NT$34,934m / 31.11 = $1,122.9m (NT$31.11 per dollar (TSMC's 20-F weighted-average rate for 2025)). KYEC is a pure-play test house, so total revenue is the sublayer activity."},"screening":{"assembly-test":{"levelLow":2,"levelHigh":4}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"5a6061e96bc66649c5465355bb2d127e936bd8086cb726d3193f202de2961c37"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"5a6061e96bc66649c5465355bb2d127e936bd8086cb726d3193f202de2961c37"}}},"nittobo":{"schema":"5lc-index-inputs/1","key":"chips-packaging","entityId":"nittobo","name":"Nitto Boseki (Nittobo)","kind":"public","commercialActivityVerified":true,"shares":{"integration":{"participates":false,"evidence":{"url":"https://www2.infomart.co.jp/web/jp/images/upload/3794/140120260805509865_23719696.pdf","title":"Consolidated Financial Results for the First Three Months of the Fiscal Year Ending March 31, 2027 (Japanese GAAP)","publisher":"Nittobo (Nitto Boseki Co., Ltd.); English translation hosted by Infomart","publishedDate":"2026-08-05","accessedDate":"2026-10-22","tier":"T1","locator":"Segments are Electronic Materials, Medical, Composite Materials, Materials Solution, Insulation Materials and Other; Electronic Materials sells glass yarn and cloth. The release describes no packaging-service, substrate, build-up film or equipment business."}},"assembly-test":{"participates":false,"evidence":{"url":"https://www2.infomart.co.jp/web/jp/images/upload/3794/140120260805509865_23719696.pdf","title":"Consolidated Financial Results for the First Three Months of the Fiscal Year Ending March 31, 2027 (Japanese GAAP)","publisher":"Nittobo (Nitto Boseki Co., Ltd.); English translation hosted by Infomart","publishedDate":"2026-08-05","accessedDate":"2026-10-22","tier":"T1","locator":"Segments are Electronic Materials, Medical, Composite Materials, Materials Solution, Insulation Materials and Other; Electronic Materials sells glass yarn and cloth. The release describes no packaging-service, substrate, build-up film or equipment business."}},"substrates":{"participates":false,"evidence":{"url":"https://www2.infomart.co.jp/web/jp/images/upload/3794/140120260805509865_23719696.pdf","title":"Consolidated Financial Results for the First Three Months of the Fiscal Year Ending March 31, 2027 (Japanese GAAP)","publisher":"Nittobo (Nitto Boseki Co., Ltd.); English translation hosted by Infomart","publishedDate":"2026-08-05","accessedDate":"2026-10-22","tier":"T1","locator":"Segments are Electronic Materials, Medical, Composite Materials, Materials Solution, Insulation Materials and Other; Electronic Materials sells glass yarn and cloth. The release describes no packaging-service, substrate, build-up film or equipment business."}},"substrate-film":{"participates":false,"evidence":{"url":"https://www2.infomart.co.jp/web/jp/images/upload/3794/140120260805509865_23719696.pdf","title":"Consolidated Financial Results for the First Three Months of the Fiscal Year Ending March 31, 2027 (Japanese GAAP)","publisher":"Nittobo (Nitto Boseki Co., Ltd.); English translation hosted by Infomart","publishedDate":"2026-08-05","accessedDate":"2026-10-22","tier":"T1","locator":"Segments are Electronic Materials, Medical, Composite Materials, Materials Solution, Insulation Materials and Other; Electronic Materials sells glass yarn and cloth. The release describes no packaging-service, substrate, build-up film or equipment business."}},"substrate-glass-cloth":{"low":60,"central":85,"high":90,"unit":"percent","basis":"Share of the global T-glass and NER-glass cloth market (the source states no application scope)","offBasis":true,"period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://insights.trendforce.com/p/glass-fiber-cloth-shortage","title":"Glass Fiber Cloth: The Underlying Material Shortage in AI Infrastructure","publisher":"TrendForce Insights","publishedDate":"2026-04-30","accessedDate":"2026-10-22","tier":"T4","locator":"Nittobo 'approximately 90% market share in T-glass and 60-70% in NER-glass'; no new capacity before mid-2027 at the earliest"},"note":"Off basis: both figures are whole-market shares of the cloth type (the article states no application scope), not shares of AI data-centre revenue, so the observation is flagged offBasis. Observations: about 90% for T-glass (the low-thermal-expansion cloth the AI-substrate shortage turns on) and 60 to 70% for NER-glass (low-dielectric), so the range spans the observations, 60 to 90. Central 85 is a judgement that leans to the T-glass figure and not to the NER-glass range. Nittobo's own Q1 FY2026 release (5 Aug 2026) confirms rising sales: Electronic Materials JPY 14,589m, up 29.5%, as 'demand for AI servers continued to expand' for special glass for package substrates. Nikkei (via TrendForce, 6 Aug 2026) says Nvidia, Microsoft, Google and Amazon booked most premium cloth capacity for 2026."},"packaging-equipment":{"participates":false,"evidence":{"url":"https://www2.infomart.co.jp/web/jp/images/upload/3794/140120260805509865_23719696.pdf","title":"Consolidated Financial Results for the First Three Months of the Fiscal Year Ending March 31, 2027 (Japanese GAAP)","publisher":"Nittobo (Nitto Boseki Co., Ltd.); English translation hosted by Infomart","publishedDate":"2026-08-05","accessedDate":"2026-10-22","tier":"T1","locator":"Segments are Electronic Materials, Medical, Composite Materials, Materials Solution, Insulation Materials and Other; Electronic Materials sells glass yarn and cloth. The release describes no packaging-service, substrate, build-up film or equipment business."}}},"activityGrowth":{"current":{"low":14589000000,"central":14589000000,"high":14589000000,"unit":"JPY","basis":"Nittobo Electronic Materials Business net sales (glass cloth and glass yarn), three months to June, yen","period":"April-June 2026","periodEnd":"2026-06-30","source":{"url":"https://www2.infomart.co.jp/web/jp/images/upload/3794/140120260805509865_23719696.pdf","title":"Consolidated Financial Results for the First Three Months of the Fiscal Year Ending March 31, 2027 (Japanese GAAP)","publisher":"Nittobo (Nitto Boseki Co., Ltd.); English translation hosted by Infomart","publishedDate":"2026-08-05","accessedDate":"2026-10-22","tier":"T1","locator":"Qualitative information: Electronic Materials Business net sales were 14,589 million yen (up 29.5% year on year)"},"note":"The segment also holds ordinary glass cloth for circuit boards, so it understates AI-specific growth. The company says AI server demand lifted sales of special glass (low dielectric and low thermal expansion) and price revisions also contributed."},"prior":{"low":11265000000,"central":11265000000,"high":11265000000,"unit":"JPY","basis":"Nittobo Electronic Materials Business net sales (glass cloth and glass yarn), three months to June, yen","period":"April-June 2025","periodEnd":"2025-06-30","source":{"url":"https://www2.infomart.co.jp/web/jp/images/upload/3794/140120260805509865_23719696.pdf","title":"Consolidated Financial Results for the First Three Months of the Fiscal Year Ending March 31, 2027 (Japanese GAAP)","publisher":"Nittobo (Nitto Boseki Co., Ltd.); English translation hosted by Infomart","publishedDate":"2026-08-05","accessedDate":"2026-10-22","tier":"T1","locator":"Segment information, three months ended June 30, 2025: Electronic Materials Business revenue from contracts with customers 11,265 million yen"},"note":"Growth = 14,589 / 11,265 - 1 = +29.5%, matching the company's own figure."}},"committedExpansion":{"low":3,"central":3,"high":3,"unit":"ratio","basis":"Planned T-glass production capacity in the year to March 2029 divided by capacity in the year to March 2026","period":"Capacity plan, FY ending March 2029 vs FY ended March 2026","periodEnd":"2029-03-31","source":{"url":"https://www.trendforce.com/news/2026/08/06/news-nittobo-raises-fy2027-net-profit-forecast-by-jpy-3b-no-further-t-glass-price-hikes-planned/","title":"[News] Nittobo Raises FY2027 Net Profit Forecast by JPY 3B; No Further T-Glass Price Hikes Planned","publisher":"TrendForce News","publishedDate":"2026-08-06","accessedDate":"2026-10-22","tier":"T3","locator":"Per Nikkei: target of 3x the production level of the year ended March 2026 by the year ending March 2029; JPY 80bn investment in Japan and Taiwan; Taiwan capacity to double from 2025 levels by March 2028"},"note":"3 / 1 = 3.0. Capacity under construction and planned, reported by Nikkei and relayed by TrendForce; the company president says even this expansion will not be enough. Nvidia, Microsoft, Google and Amazon have booked most premium cloth capacity for the current year (Nikkei, via TrendForce)."},"baselineRevenueUsd":{"low":408400000,"central":408400000,"high":408400000,"unit":"USD","basis":"Nittobo Electronic Materials Business net sales (glass cloth and glass yarn), fiscal year to March 2026, US dollars","period":"FY2025 (April 2025 to March 2026)","periodEnd":"2026-03-31","source":{"url":"https://www.trendforce.com/news/2026/08/06/news-nittobo-raises-fy2027-net-profit-forecast-by-jpy-3b-no-further-t-glass-price-hikes-planned/","title":"[News] Nittobo Raises FY2027 Net Profit Forecast by JPY 3B; No Further T-Glass Price Hikes Planned","publisher":"TrendForce News","publishedDate":"2026-08-06","accessedDate":"2026-10-22","tier":"T3","locator":"Per Nittobo's presentation: electronic materials revenue target JPY 77.8bn for the year ending March 2027, up 27% year on year"},"note":"T5 derivation: JPY77.8bn / 1.27 = JPY61.3bn for the year to March 2026, / 150 = $408m (the card's rate). The annual results release was not found; the segment is a unit figure, never Nittobo's group sales."},"screening":{"substrate-glass-cloth":{"levelLow":4,"levelHigh":5}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"0c8747eaf354cc2c5fe6a44e228444f975888faceaba061263b94059c7a6c466"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"0c8747eaf354cc2c5fe6a44e228444f975888faceaba061263b94059c7a6c466"}}},"besi":{"schema":"5lc-index-inputs/1","key":"chips-packaging","entityId":"besi","name":"Besi","kind":"public","commercialActivityVerified":true,"shares":{"integration":{"participates":false,"evidence":{"url":"https://live.euronext.com/sites/default/files/company_press_releases/attachments/2026/02/19/Connect_q4-2025.pdf","title":"Besi Q4-25 and full-year 2025 results","publisher":"Besi (Euronext-hosted release)","publishedDate":"2026-02-19","accessedDate":"2026-10-22","tier":"T2","locator":"Release: Besi makes die-attach, hybrid bonding (with Applied Materials) and TC Next bonders; it describes no packaging service, substrate, build-up film or glass-cloth business."}},"assembly-test":{"participates":false,"evidence":{"url":"https://live.euronext.com/sites/default/files/company_press_releases/attachments/2026/02/19/Connect_q4-2025.pdf","title":"Besi Q4-25 and full-year 2025 results","publisher":"Besi (Euronext-hosted release)","publishedDate":"2026-02-19","accessedDate":"2026-10-22","tier":"T2","locator":"Release: Besi makes die-attach, hybrid bonding (with Applied Materials) and TC Next bonders; it describes no packaging service, substrate, build-up film or glass-cloth business."}},"substrates":{"participates":false,"evidence":{"url":"https://live.euronext.com/sites/default/files/company_press_releases/attachments/2026/02/19/Connect_q4-2025.pdf","title":"Besi Q4-25 and full-year 2025 results","publisher":"Besi (Euronext-hosted release)","publishedDate":"2026-02-19","accessedDate":"2026-10-22","tier":"T2","locator":"Release: Besi makes die-attach, hybrid bonding (with Applied Materials) and TC Next bonders; it describes no packaging service, substrate, build-up film or glass-cloth business."}},"substrate-film":{"participates":false,"evidence":{"url":"https://live.euronext.com/sites/default/files/company_press_releases/attachments/2026/02/19/Connect_q4-2025.pdf","title":"Besi Q4-25 and full-year 2025 results","publisher":"Besi (Euronext-hosted release)","publishedDate":"2026-02-19","accessedDate":"2026-10-22","tier":"T2","locator":"Release: Besi makes die-attach, hybrid bonding (with Applied Materials) and TC Next bonders; it describes no packaging service, substrate, build-up film or glass-cloth business."}},"substrate-glass-cloth":{"participates":false,"evidence":{"url":"https://live.euronext.com/sites/default/files/company_press_releases/attachments/2026/02/19/Connect_q4-2025.pdf","title":"Besi Q4-25 and full-year 2025 results","publisher":"Besi (Euronext-hosted release)","publishedDate":"2026-02-19","accessedDate":"2026-10-22","tier":"T2","locator":"Release: Besi makes die-attach, hybrid bonding (with Applied Materials) and TC Next bonders; it describes no packaging service, substrate, build-up film or glass-cloth business."}},"packaging-equipment":{"low":13,"central":13,"high":13,"unit":"percent","basis":"Share of the function's AI data-centre revenue in US dollars, calendar 2025 or nearest fiscal year","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://live.euronext.com/sites/default/files/company_press_releases/attachments/2026/02/19/Connect_q4-2025.pdf","title":"Besi Q4-25 and full-year 2025 results","publisher":"Besi (Euronext-hosted release)","publishedDate":"2026-02-19","accessedDate":"2026-10-22","tier":"T5","locator":"FY-25 revenue EUR 591.3m; 'Orders for AI applications represented approximately 50% of our total orders in 2025 and revenue from Besi's computing end-user market grew from approximately 40% of revenue in 2024 to 50% in 2025'"},"note":"T5 derivation from a company figure (T2). Computing was about 50% of EUR 591.3m, about EUR 296m, about $0.33bn at 1.12 dollars per euro (my rate). Computing includes some non-AI work, but Q4 growth is credited to '2.5D AI-related computing'. $0.33bn is 13% of about $2.6bn. Shares are of about $2.6bn, the sum of the named suppliers' AI-related equipment revenue; the card's central total ($1.97bn, range 1.0 to 2.8) is lower, so the named suppliers do not fit inside it."}},"activityGrowth":{"current":{"low":295650000,"central":295650000,"high":295650000,"unit":"EUR","basis":"Besi revenue from the computing end-user market, calendar year, euros","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://live.euronext.com/sites/default/files/company_press_releases/attachments/2026/02/19/Connect_q4-2025.pdf","title":"Besi Q4-25 and full-year 2025 results","publisher":"Besi (Euronext-hosted release)","publishedDate":"2026-02-19","accessedDate":"2026-10-22","tier":"T5","locator":"FY-25 revenue EUR 591.3m; 'revenue from Besi's computing end-user market grew from approximately 40% of revenue in 2024 to 50% in 2025'"},"note":"T5 derivation from company figures (T2): 50% x EUR591.3m = EUR295.65m. The company gives rounded percentages ('approximately'). Computing includes some non-AI work, but the company credits 2.5D AI-related computing for the growth."},"prior":{"low":243000000,"central":243000000,"high":243000000,"unit":"EUR","basis":"Besi revenue from the computing end-user market, calendar year, euros","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://live.euronext.com/sites/default/files/company_press_releases/attachments/2026/02/19/Connect_q4-2025.pdf","title":"Besi Q4-25 and full-year 2025 results","publisher":"Besi (Euronext-hosted release)","publishedDate":"2026-02-19","accessedDate":"2026-10-22","tier":"T5","locator":"Results table: FY-24 revenue EUR 607.5m; computing about 40% of revenue in 2024"},"note":"T5 derivation: 40% x EUR607.5m = EUR243.0m. Growth = 295.65 / 243.0 - 1 = +21.7%. Total revenue fell 2.7% as mobile, automotive and industrial markets weakened; the computing growth hides that."}},"baselineRevenueUsd":{"low":668200000,"central":668200000,"high":668200000,"unit":"USD","basis":"Besi net revenue, calendar year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://live.euronext.com/sites/default/files/company_press_releases/attachments/2026/02/19/Connect_q4-2025.pdf","title":"Besi Q4-25 and full-year 2025 results","publisher":"Besi (Euronext-hosted release)","publishedDate":"2026-02-19","accessedDate":"2026-10-22","tier":"T1","locator":"Results table: FY-25 revenue EUR 591.3m"},"note":"EUR 591.3m x 1.13 = $668.2m (my rate for 2025). All of Besi's revenue is assembly equipment, so total revenue is the sublayer activity, although some of it serves mobile, automotive and industrial work."},"screening":{"packaging-equipment":{"levelLow":3,"levelHigh":4}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"795b51f8a16a64c4d74f463431007f3c62633b36fc45e091897c0cde1237b38e"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"795b51f8a16a64c4d74f463431007f3c62633b36fc45e091897c0cde1237b38e"}}},"hanmi":{"schema":"5lc-index-inputs/1","key":"chips-packaging","entityId":"hanmi","name":"Hanmi Semiconductor","kind":"public","commercialActivityVerified":true,"shares":{"integration":{"participates":false,"evidence":{"url":"https://www.hanmisemi.com/","title":"Hanmi Semiconductor home page and product menu","publisher":"Hanmi Semiconductor","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Product menu: HBM and 2.5D TC bonders, FC bonders, vision placement, micro SAW (dicing), grinder, laser, EMI shield. No packaging service, substrate, build-up film or glass-cloth products."}},"assembly-test":{"participates":false,"evidence":{"url":"https://www.hanmisemi.com/","title":"Hanmi Semiconductor home page and product menu","publisher":"Hanmi Semiconductor","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Product menu: HBM and 2.5D TC bonders, FC bonders, vision placement, micro SAW (dicing), grinder, laser, EMI shield. No packaging service, substrate, build-up film or glass-cloth products."}},"substrates":{"participates":false,"evidence":{"url":"https://www.hanmisemi.com/","title":"Hanmi Semiconductor home page and product menu","publisher":"Hanmi Semiconductor","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Product menu: HBM and 2.5D TC bonders, FC bonders, vision placement, micro SAW (dicing), grinder, laser, EMI shield. No packaging service, substrate, build-up film or glass-cloth products."}},"substrate-film":{"participates":false,"evidence":{"url":"https://www.hanmisemi.com/","title":"Hanmi Semiconductor home page and product menu","publisher":"Hanmi Semiconductor","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Product menu: HBM and 2.5D TC bonders, FC bonders, vision placement, micro SAW (dicing), grinder, laser, EMI shield. No packaging service, substrate, build-up film or glass-cloth products."}},"substrate-glass-cloth":{"participates":false,"evidence":{"url":"https://www.hanmisemi.com/","title":"Hanmi Semiconductor home page and product menu","publisher":"Hanmi Semiconductor","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Product menu: HBM and 2.5D TC bonders, FC bonders, vision placement, micro SAW (dicing), grinder, laser, EMI shield. No packaging service, substrate, build-up film or glass-cloth products."}},"packaging-equipment":{"low":16,"central":16,"high":16,"unit":"percent","basis":"Share of the function's AI data-centre revenue in US dollars, calendar 2025 or nearest fiscal year","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://view.asiae.co.kr/en/article/2026020908430125470","title":"Hanmi Semiconductor achieves record-high sales in 2025","publisher":"The Asia Business Daily","publishedDate":"2026-02-09","accessedDate":"2026-10-22","tier":"T5","locator":"2025 sales KRW 576.7bn (record), operating margin 43.6%; TC bonder market share 71.2% (stated, no source named); HBM TC bonder called a core AI equipment item that drove sales growth"},"note":"T5 derivation from a company figure (T2). KRW 576.7bn is about $0.41bn at KRW 1,400 (my rate), nearly all HBM TC bonders, which count here as equipment used for HBM stacking. $0.41bn is 16% of about $2.6bn. TrendForce (26 Jun 2024) gave a 65% share of the TC bonder market, and TrendForce (9 Jun 2026) says one KRW 44.2bn order was 7.7% of 2025 revenue, which agrees with sales near KRW 575bn. Shares are of about $2.6bn, the sum of the named suppliers' AI-related equipment revenue; the card's central total ($1.97bn, range 1.0 to 2.8) is lower, so the named suppliers do not fit inside it."}},"activityGrowth":{"current":{"low":576700000000,"central":576700000000,"high":576700000000,"unit":"KRW","basis":"Hanmi Semiconductor consolidated sales (mainly HBM thermal-compression bonders), calendar year, won","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://view.asiae.co.kr/en/article/2026020908430125470","title":"Hanmi Semiconductor Achieves Record-High Sales in 2025","publisher":"The Asia Business Daily","publishedDate":"2026-02-09","accessedDate":"2026-10-22","tier":"T3","locator":"Annual sales 576.7 billion won, record since founding in 1980, operating margin 43.6%"},"note":"Company results as reported by the press (Herald Economy: 576.7bn; MTN: 576.6bn). Almost all sales are HBM TC bonders. Q2 2026 sales were KRW 251.1bn, up 39.5% year on year (Herald, 14 Jul 2026), so recent momentum is stronger than the 2025 figure shows."},"prior":{"low":558900000000,"central":558900000000,"high":558900000000,"unit":"KRW","basis":"Hanmi Semiconductor consolidated sales (mainly HBM thermal-compression bonders), calendar year, won","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://www.hankyung.com/article/2025041535641","title":"한미반도체·제우스…HBM 업체들, 실적 챔피언 등극","publisher":"Hankyung (한국경제)","publishedDate":"2025-04-15","accessedDate":"2026-10-22","tier":"T3","locator":"Article says Hanmi posted 2024 sales of KRW 558.9bn (5,589억원) and operating profit of KRW 255.4bn"},"note":"Growth = 576.7 / 558.9 - 1 = +3.2%. Hanmi was a record seller in 2024 as well, and 2025 grew only slightly."}},"baselineRevenueUsd":{"low":411900000,"central":411900000,"high":411900000,"unit":"USD","basis":"Hanmi Semiconductor consolidated sales, calendar year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://view.asiae.co.kr/en/article/2026020908430125470","title":"Hanmi Semiconductor Achieves Record-High Sales in 2025","publisher":"The Asia Business Daily","publishedDate":"2026-02-09","accessedDate":"2026-10-22","tier":"T3","locator":"Annual sales 576.7 billion won"},"note":"KRW 576.7bn / 1,400 = $411.9m (my rate, as in the screening note). Total sales are the sublayer activity; the company sells bonders and related equipment."},"screening":{"packaging-equipment":{"levelLow":2,"levelHigh":4}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"d2b12562c525375bd2db8d5eff9deedfc0ea1fcd98b608a91e2de23d85c9e59d"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"d2b12562c525375bd2db8d5eff9deedfc0ea1fcd98b608a91e2de23d85c9e59d"}}},"semco":{"schema":"5lc-index-inputs/1","key":"chips-packaging","entityId":"semco","name":"Samsung Electro-Mechanics","kind":"public","commercialActivityVerified":true,"shares":{"integration":{"participates":false,"evidence":{"url":"https://m.samsungsem.com/global/product/substrate/package-substrate.do","title":"Samsung Electro-Mechanics package substrate","publisher":"Samsung Electro-Mechanics","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Package-substrate page lists FCCSP, WBCSP, SiP and FCBGA substrates; SEMCO's other divisions are MLCC and optical solutions (Korea Herald, 30 Apr 2026). SiP here is a substrate type, not assembly service. No build-up film, glass cloth or packaging equipment."}},"assembly-test":{"participates":false,"evidence":{"url":"https://m.samsungsem.com/global/product/substrate/package-substrate.do","title":"Samsung Electro-Mechanics package substrate","publisher":"Samsung Electro-Mechanics","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Package-substrate page lists FCCSP, WBCSP, SiP and FCBGA substrates; SEMCO's other divisions are MLCC and optical solutions (Korea Herald, 30 Apr 2026). SiP here is a substrate type, not assembly service. No build-up film, glass cloth or packaging equipment."}},"substrates":{"low":9,"central":9,"high":9,"unit":"percent","basis":"Share of the function's AI data-centre revenue in US dollars, calendar 2025 or nearest fiscal year","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.trendforce.com/news/2026/08/27/news-samsung-electro-mechanics-lg-innotek-ramp-up-ai-substrate-capacity-as-1h-utilization-reportedly-nears-90/","title":"Samsung Electro-Mechanics, LG Innotek ramp up AI substrate capacity","publisher":"TrendForce News","publishedDate":"2026-08-27","accessedDate":"2026-10-22","tier":"T5","locator":"Package Solution sales KRW 1.497tn in H1 2026 (up 41%); SEMCO already supplies FC-BGA to Nvidia, Google and Amazon (per Chosun Biz); utilisation 89%"},"note":"T5 derivation. H1 2026 sales of KRW 1.497tn were up 41%, so H1 2025 was about KRW 1.06tn and full-year 2025 about KRW 2.3tn, about $1.6bn at KRW 1,400 (my rate). Package Solution includes mobile and memory packages. Assuming about half is FC-BGA and 30% of that is for AI accelerators and servers gives about $0.25bn, 9% of the card's $2.75bn. Q4 2025 Package Solution revenue was KRW 644.6bn (company release, T2); Q1 2026 was KRW 725bn (Korea Herald)."},"substrate-film":{"participates":false,"evidence":{"url":"https://m.samsungsem.com/global/product/substrate/package-substrate.do","title":"Samsung Electro-Mechanics package substrate","publisher":"Samsung Electro-Mechanics","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Package-substrate page lists FCCSP, WBCSP, SiP and FCBGA substrates; SEMCO's other divisions are MLCC and optical solutions (Korea Herald, 30 Apr 2026). SiP here is a substrate type, not assembly service. No build-up film, glass cloth or packaging equipment."}},"substrate-glass-cloth":{"participates":false,"evidence":{"url":"https://m.samsungsem.com/global/product/substrate/package-substrate.do","title":"Samsung Electro-Mechanics package substrate","publisher":"Samsung Electro-Mechanics","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Package-substrate page lists FCCSP, WBCSP, SiP and FCBGA substrates; SEMCO's other divisions are MLCC and optical solutions (Korea Herald, 30 Apr 2026). SiP here is a substrate type, not assembly service. No build-up film, glass cloth or packaging equipment."}},"packaging-equipment":{"participates":false,"evidence":{"url":"https://m.samsungsem.com/global/product/substrate/package-substrate.do","title":"Samsung Electro-Mechanics package substrate","publisher":"Samsung Electro-Mechanics","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Package-substrate page lists FCCSP, WBCSP, SiP and FCBGA substrates; SEMCO's other divisions are MLCC and optical solutions (Korea Herald, 30 Apr 2026). SiP here is a substrate type, not assembly service. No build-up film, glass cloth or packaging equipment."}}},"activityGrowth":{"current":{"low":1497000000000,"central":1497000000000,"high":1497000000000,"unit":"KRW","basis":"Samsung Electro-Mechanics Package Solution division sales (substrates for AI servers, PCs and mobile), half year, won","period":"H1 2026","periodEnd":"2026-06-30","source":{"url":"https://www.trendforce.com/news/2026/08/27/news-samsung-electro-mechanics-lg-innotek-ramp-up-ai-substrate-capacity-as-1h-utilization-reportedly-nears-90/","title":"[News] Samsung Electro-Mechanics, LG Innotek Ramp Up AI Substrate Capacity as 1H Utilization Reportedly Nears 90%","publisher":"TrendForce News (citing Chosun Biz)","publishedDate":"2026-08-27","accessedDate":"2026-10-22","tier":"T3","locator":"H1 2026 Package Solution sales KRW 1.497 trillion, up 41% year on year (Chosun Biz); utilisation 89%; customers Nvidia, Google, Amazon"},"note":"The division also holds mobile and memory packages, so it understates AI-specific growth. Q1 2026 was KRW 725bn (Korea Herald, 30 Apr 2026)."},"prior":{"low":1061700000000,"central":1061700000000,"high":1061700000000,"unit":"KRW","basis":"Samsung Electro-Mechanics Package Solution division sales (substrates for AI servers, PCs and mobile), half year, won","period":"H1 2025","periodEnd":"2025-06-30","source":{"url":"https://www.trendforce.com/news/2026/08/27/news-samsung-electro-mechanics-lg-innotek-ramp-up-ai-substrate-capacity-as-1h-utilization-reportedly-nears-90/","title":"[News] Samsung Electro-Mechanics, LG Innotek Ramp Up AI Substrate Capacity as 1H Utilization Reportedly Nears 90%","publisher":"TrendForce News (citing Chosun Biz)","publishedDate":"2026-08-27","accessedDate":"2026-10-22","tier":"T5","locator":"Same article: H1 2026 sales up 41% year on year"},"note":"T5 derivation from the stated growth: KRW1,497bn / 1.41 = KRW1,061.7bn. Growth = +41%."}},"screening":{"substrates":{"levelLow":2,"levelHigh":4}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"f4aeaa927704d9c8a9d58c8b35f963282195c426224a4c1303f26d27bcb1cfb8"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"f4aeaa927704d9c8a9d58c8b35f963282195c426224a4c1303f26d27bcb1cfb8"}}},"asmpt":{"schema":"5lc-index-inputs/1","key":"chips-packaging","entityId":"asmpt","name":"ASMPT","kind":"public","commercialActivityVerified":true,"shares":{"integration":{"participates":false,"evidence":{"url":"https://www.asmpt.com/site/assets/files/84504/e0522_press_release_2025_q4_results.pdf","title":"ASMPT announces 2025 annual results","publisher":"ASMPT","publishedDate":"2026-03-04","accessedDate":"2026-10-22","tier":"T2","locator":"Release: ASMPT reports SEMI (equipment) and SMT segments; it describes no packaging service, substrate, build-up film or glass-cloth business."}},"assembly-test":{"participates":false,"evidence":{"url":"https://www.asmpt.com/site/assets/files/84504/e0522_press_release_2025_q4_results.pdf","title":"ASMPT announces 2025 annual results","publisher":"ASMPT","publishedDate":"2026-03-04","accessedDate":"2026-10-22","tier":"T2","locator":"Release: ASMPT reports SEMI (equipment) and SMT segments; it describes no packaging service, substrate, build-up film or glass-cloth business."}},"substrates":{"participates":false,"evidence":{"url":"https://www.asmpt.com/site/assets/files/84504/e0522_press_release_2025_q4_results.pdf","title":"ASMPT announces 2025 annual results","publisher":"ASMPT","publishedDate":"2026-03-04","accessedDate":"2026-10-22","tier":"T2","locator":"Release: ASMPT reports SEMI (equipment) and SMT segments; it describes no packaging service, substrate, build-up film or glass-cloth business."}},"substrate-film":{"participates":false,"evidence":{"url":"https://www.asmpt.com/site/assets/files/84504/e0522_press_release_2025_q4_results.pdf","title":"ASMPT announces 2025 annual results","publisher":"ASMPT","publishedDate":"2026-03-04","accessedDate":"2026-10-22","tier":"T2","locator":"Release: ASMPT reports SEMI (equipment) and SMT segments; it describes no packaging service, substrate, build-up film or glass-cloth business."}},"substrate-glass-cloth":{"participates":false,"evidence":{"url":"https://www.asmpt.com/site/assets/files/84504/e0522_press_release_2025_q4_results.pdf","title":"ASMPT announces 2025 annual results","publisher":"ASMPT","publishedDate":"2026-03-04","accessedDate":"2026-10-22","tier":"T2","locator":"Release: ASMPT reports SEMI (equipment) and SMT segments; it describes no packaging service, substrate, build-up film or glass-cloth business."}},"packaging-equipment":{"low":11,"central":11,"high":11,"unit":"percent","basis":"Share of the function's AI data-centre revenue in US dollars, calendar 2025 or nearest fiscal year","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.asmpt.com/site/assets/files/84504/e0522_press_release_2025_q4_results.pdf","title":"ASMPT announces 2025 annual results","publisher":"ASMPT","publishedDate":"2026-03-04","accessedDate":"2026-10-22","tier":"T5","locator":"Advanced packaging revenue US$532.1m in 2025 (up 30.2%, 30% of group); TCB revenue up about 146%; TCB addressable market about US$760m in 2025, ASMPT targets a 35 to 40% share; about half of SK hynix's HBM4 TC bonders (TrendForce, 12 Dec 2025)"},"note":"T5 derivation from a company figure (T2). TCB at 35% of a $760m market is about $0.27bn, plus some AI-related hybrid-bonding and other advanced-packaging tools: about $0.3bn, which is 11% of about $2.6bn. The $532m advanced-packaging figure includes non-AI work. Shares are of about $2.6bn, the sum of the named suppliers' AI-related equipment revenue; the card's central total ($1.97bn, range 1.0 to 2.8) is lower, so the named suppliers do not fit inside it."}},"activityGrowth":{"current":{"low":532100000,"central":532100000,"high":532100000,"unit":"USD","basis":"ASMPT advanced packaging (AP) revenue, calendar year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.asmpt.com/site/assets/files/84504/e0522_press_release_2025_q4_results.pdf","title":"ASMPT announces 2025 annual results","publisher":"ASMPT","publishedDate":"2026-03-04","accessedDate":"2026-10-22","tier":"T2","locator":"Advanced Packaging: revenue of US$532.1 million, up 30.2% year on year, with a significant contribution from TCB solutions"},"note":"The company says so. The AP business holds thermo-compression bonders, hybrid bonding, photonics and other advanced packaging tools; some of it is not AI-related. TCB revenue rose about 146% (company)."},"prior":{"low":408700000,"central":408700000,"high":408700000,"unit":"USD","basis":"ASMPT advanced packaging (AP) revenue, calendar year, US dollars","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://www.asmpt.com/site/assets/files/84504/e0522_press_release_2025_q4_results.pdf","title":"ASMPT announces 2025 annual results","publisher":"ASMPT","publishedDate":"2026-03-04","accessedDate":"2026-10-22","tier":"T5","locator":"Same passage: AP revenue up 30.2% year on year"},"note":"T5 derivation from the company's stated growth: 532.1 / 1.302 = $408.7m."}},"baselineRevenueUsd":{"low":532100000,"central":532100000,"high":532100000,"unit":"USD","basis":"ASMPT advanced packaging (AP) revenue, calendar year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.asmpt.com/site/assets/files/84504/e0522_press_release_2025_q4_results.pdf","title":"ASMPT announces 2025 annual results","publisher":"ASMPT","publishedDate":"2026-03-04","accessedDate":"2026-10-22","tier":"T2","locator":"Advanced Packaging: revenue of US$532.1 million"},"note":"The AP business unit only, never the group total (HK$13.74bn, which includes SMT mounting equipment for circuit boards)."},"screening":{"packaging-equipment":{"levelLow":2,"levelHigh":3}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"add8c7ff5881bbf83093da0259516dd51c4dca3cab353c42f361b4db67d1ee62"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"add8c7ff5881bbf83093da0259516dd51c4dca3cab353c42f361b4db67d1ee62"}}},"tongfu":{"schema":"5lc-index-inputs/1","key":"chips-packaging","entityId":"tongfu","name":"Tongfu Microelectronics","kind":"public","commercialActivityVerified":true,"shares":{"integration":{"low":0.5,"central":0.5,"high":0.5,"unit":"percent","basis":"Share of the function's AI data-centre revenue in US dollars, calendar 2025 or nearest fiscal year","period":"June 2023 (article date)","periodEnd":"2023-06-30","source":{"url":"https://apps.digitimes.com/news/a20230612PD208/amd-china-tongfu.html","title":"AMD's China packaging partner Tongfu","publisher":"Digitimes","publishedDate":"2023-06-12","accessedDate":"2026-10-22","tier":"T5","locator":"Tongfu 'handles advanced packaging' for AMD's Instinct MI300 while TSMC makes the chiplets; 'most packaging processes will likely stay with TSMC'; Tongfu is not on TSMC's CoWoS outsourcing list"},"note":"T5 judgement, stale: the only evidence is a Digitimes article of 12 Jun 2023, so the period is June 2023 and the engine widens the range for staleness. Tongfu does AMD's MI300 back-end assembly and test, not the 2.5D interposer step. Estimate 0.5% of $9.55bn for any chiplet integration it does."},"assembly-test":{"low":6,"central":6,"high":6,"unit":"percent","basis":"Share of the function's AI data-centre revenue in US dollars, calendar 2025 or nearest fiscal year","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://www.trendforce.com/presscenter/news/20250513-12577.html","title":"Top 10 OSAT Companies of 2024 Revealed—China Players See Double-Digit Growth, Reshaping the Global Market Landscape, Says TrendForce","publisher":"TrendForce","publishedDate":"2025-05-13","accessedDate":"2026-10-22","tier":"T5","locator":"Table: 2024 revenue Tongfu US$3,320m, rank 4, up 5.6%; text cites AMD as key customer. Digitimes (12 Jun 2023): Tongfu has 'over 80% of AMD's assembly and testing business'"},"note":"T5 derivation, stale: the inputs are CY2024 revenue and a 2023 statement on AMD's share of Tongfu's business, so the period is CY2024 and the engine widens the range for staleness. $3.32bn of 2024 revenue, AMD over 80% of its assembly and test (2023); data-centre AI accelerators are a small part of AMD's volume. Assuming 5% of revenue is AMD Instinct and other AI data-centre work gives $0.17bn, 6% of the card's $3.0bn."},"substrates":{"participates":false,"evidence":{"url":"https://www.trendforce.com/presscenter/news/20250513-12577.html","title":"Top 10 OSAT Companies of 2024 Revealed—China Players See Double-Digit Growth, Reshaping the Global Market Landscape, Says TrendForce","publisher":"TrendForce","publishedDate":"2025-05-13","accessedDate":"2026-10-22","tier":"T4","locator":"TrendForce OSAT table and Digitimes describe Tongfu as an assembly and test provider (AMD its key customer). Neither lists substrates, build-up film, glass cloth or equipment as Tongfu products (its own site returned HTTP 403 and was not read)."}},"substrate-film":{"participates":false,"evidence":{"url":"https://www.trendforce.com/presscenter/news/20250513-12577.html","title":"Top 10 OSAT Companies of 2024 Revealed—China Players See Double-Digit Growth, Reshaping the Global Market Landscape, Says TrendForce","publisher":"TrendForce","publishedDate":"2025-05-13","accessedDate":"2026-10-22","tier":"T4","locator":"TrendForce OSAT table and Digitimes describe Tongfu as an assembly and test provider (AMD its key customer). Neither lists substrates, build-up film, glass cloth or equipment as Tongfu products (its own site returned HTTP 403 and was not read)."}},"substrate-glass-cloth":{"participates":false,"evidence":{"url":"https://www.trendforce.com/presscenter/news/20250513-12577.html","title":"Top 10 OSAT Companies of 2024 Revealed—China Players See Double-Digit Growth, Reshaping the Global Market Landscape, Says TrendForce","publisher":"TrendForce","publishedDate":"2025-05-13","accessedDate":"2026-10-22","tier":"T4","locator":"TrendForce OSAT table and Digitimes describe Tongfu as an assembly and test provider (AMD its key customer). Neither lists substrates, build-up film, glass cloth or equipment as Tongfu products (its own site returned HTTP 403 and was not read)."}},"packaging-equipment":{"participates":false,"evidence":{"url":"https://www.trendforce.com/presscenter/news/20250513-12577.html","title":"Top 10 OSAT Companies of 2024 Revealed—China Players See Double-Digit Growth, Reshaping the Global Market Landscape, Says TrendForce","publisher":"TrendForce","publishedDate":"2025-05-13","accessedDate":"2026-10-22","tier":"T4","locator":"TrendForce OSAT table and Digitimes describe Tongfu as an assembly and test provider (AMD its key customer). Neither lists substrates, build-up film, glass cloth or equipment as Tongfu products (its own site returned HTTP 403 and was not read)."}}},"baselineRevenueUsd":{"low":3320000000,"central":3320000000,"high":3320000000,"unit":"USD","basis":"Tongfu Microelectronics total revenue (assembly and test), calendar year, US dollars","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://www.trendforce.com/presscenter/news/20250513-12577.html","title":"Top 10 OSAT Companies of 2024 Revealed—China Players See Double-Digit Growth, Reshaping the Global Market Landscape, Says TrendForce","publisher":"TrendForce","publishedDate":"2025-05-13","accessedDate":"2026-10-22","tier":"T4","locator":"Table: Tongfu Microelectronics 2024 revenue US$3,320 million, rank 4, up 5.6%"},"note":"Stale: the 2025 figure was not found in a usable source (a 2025 annual report summary reached only through finance portals). Total revenue is the sublayer activity."},"screening":{"integration":{"levelLow":1,"levelHigh":3},"assembly-test":{"levelLow":1,"levelHigh":3}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"12605abac5f1181d3463bd1161d29f179bffc10fb65ade95380903ba9541034a"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"12605abac5f1181d3463bd1161d29f179bffc10fb65ade95380903ba9541034a"}}},"shinko":{"schema":"5lc-index-inputs/1","key":"chips-packaging","entityId":"shinko","name":"Shinko Electric Industries","kind":"private","commercialActivityVerified":false,"shares":{"integration":{"participates":false,"evidence":{"url":"https://www.shinko.co.jp/english/","title":"Shinko Electric Industries home page","publisher":"Shinko Electric Industries","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Home page product categories: semiconductor package, thermal management parts, products for semiconductor manufacturing equipment (parts), metal products. No packaging services, build-up film, glass cloth or packaging equipment."}},"assembly-test":{"participates":false,"evidence":{"url":"https://www.shinko.co.jp/english/","title":"Shinko Electric Industries home page","publisher":"Shinko Electric Industries","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Home page product categories: semiconductor package, thermal management parts, products for semiconductor manufacturing equipment (parts), metal products. No packaging services, build-up film, glass cloth or packaging equipment."}},"substrates":{"low":6,"central":6,"high":6,"unit":"percent","basis":"Share of the function's AI data-centre revenue in US dollars, calendar 2025 or nearest fiscal year","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.koreaherald.com/article/10729376","title":"Samsung Electro-Mechanics Q1 profit surges amid AI substrate demand","publisher":"The Korea Herald","publishedDate":"2026-04-30","accessedDate":"2026-10-22","tier":"T5","locator":"Article names Ibiden, Shinko Electric, Unimicron and Samsung Electro-Mechanics as the handful of volume FC-BGA producers"},"note":"T5 judgement. Shinko went private under a JIC-led buyer group in 2025 and publishes no sales I could read; its FY2024 revenue forecast was about JPY 243bn (a search summary of a Digitimes piece, not opened). Assumed a little below SEMCO's AI share: 6% of the card's $2.75bn. A low to high range of 3 to 10% is consistent with what is known."},"substrate-film":{"participates":false,"evidence":{"url":"https://www.shinko.co.jp/english/","title":"Shinko Electric Industries home page","publisher":"Shinko Electric Industries","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Home page product categories: semiconductor package, thermal management parts, products for semiconductor manufacturing equipment (parts), metal products. No packaging services, build-up film, glass cloth or packaging equipment."}},"substrate-glass-cloth":{"participates":false,"evidence":{"url":"https://www.shinko.co.jp/english/","title":"Shinko Electric Industries home page","publisher":"Shinko Electric Industries","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Home page product categories: semiconductor package, thermal management parts, products for semiconductor manufacturing equipment (parts), metal products. No packaging services, build-up film, glass cloth or packaging equipment."}},"packaging-equipment":{"participates":false,"evidence":{"url":"https://www.shinko.co.jp/english/","title":"Shinko Electric Industries home page","publisher":"Shinko Electric Industries","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Home page product categories: semiconductor package, thermal management parts, products for semiconductor manufacturing equipment (parts), metal products. No packaging services, build-up film, glass cloth or packaging equipment."}}},"screening":{"substrates":{"levelLow":2,"levelHigh":4}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"4524981cca23ea4ed22ee9c2bccfe14b3c5cc3c292fc4e4e44956639ef36949a"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"4524981cca23ea4ed22ee9c2bccfe14b3c5cc3c292fc4e4e44956639ef36949a"}}},"samsung-electronics":{"schema":"5lc-index-inputs/1","key":"chips-packaging","entityId":"samsung-electronics","name":"Samsung Electronics","kind":"public","commercialActivityVerified":false,"shares":{"integration":{"low":1,"central":1,"high":1,"unit":"percent","basis":"Share of the function's AI data-centre revenue in US dollars, calendar 2025 or nearest fiscal year","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://semiconductor.samsung.com/foundry/advanced-package/","title":"Samsung Foundry advanced package","publisher":"Samsung Electronics","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Foundry advanced package page: horizontal TSV/BEOL integration, vertical 3D stacking and package turnkey service for AI and HPC"},"note":"T5 judgement. Samsung sells 2.5D integration through its foundry, but no revenue, volume or AI customer is given on the page (the page carries a notice that it was withdrawn on 31 July 2025, so it may be out of date). Estimate 1% of the card's $9.55bn (about $0.1bn)."},"assembly-test":{"low":0.5,"central":0.5,"high":0.5,"unit":"percent","basis":"Share of the function's AI data-centre revenue in US dollars, calendar 2025 or nearest fiscal year","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://semiconductor.samsung.com/foundry/advanced-package/","title":"Samsung Foundry advanced package","publisher":"Samsung Electronics","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Package turnkey service: end-to-end packaging and testing offered to foundry customers"},"note":"T5 judgement. Samsung packages its own memory and logic in house; assembly and test for outside AI data-centre customers is not disclosed. Estimate 0.5% of $3.0bn. HBM stacking counts in Memory."},"substrates":{"participates":false,"evidence":{"url":"https://www.trendforce.com/news/2026/08/27/news-samsung-electro-mechanics-lg-innotek-ramp-up-ai-substrate-capacity-as-1h-utilization-reportedly-nears-90/","title":"Samsung Electro-Mechanics, LG Innotek ramp up AI substrate capacity","publisher":"TrendForce News","publishedDate":"2026-08-27","accessedDate":"2026-10-22","tier":"T3","locator":"FC-BGA package substrate sales are described for affiliate Samsung Electro-Mechanics (Package Solution, register entry 'semco'), not for Samsung Electronics. Samsung's own packaging page lists no substrate product."}},"substrate-film":{"participates":false,"evidence":{"url":"https://semiconductor.samsung.com/foundry/advanced-package/","title":"Samsung Foundry advanced package","publisher":"Samsung Electronics","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Offering: horizontal (TSV, BEOL) and vertical 3D integration and a 'package turnkey service' (design, fabrication, packaging, testing). The page lists no substrate, build-up film, glass-cloth or equipment products for sale."}},"substrate-glass-cloth":{"participates":false,"evidence":{"url":"https://semiconductor.samsung.com/foundry/advanced-package/","title":"Samsung Foundry advanced package","publisher":"Samsung Electronics","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Offering: horizontal (TSV, BEOL) and vertical 3D integration and a 'package turnkey service' (design, fabrication, packaging, testing). The page lists no substrate, build-up film, glass-cloth or equipment products for sale."}},"packaging-equipment":{"low":4,"central":4,"high":4,"unit":"percent","basis":"Share of the function's AI data-centre revenue in US dollars, calendar 2025 or nearest fiscal year","period":"Jul 2023 to Jun 2024","periodEnd":"2024-06-30","source":{"url":"https://www.trendforce.com/news/?p=10891","title":"HBM thermal compression bonder suppliers by customer","publisher":"TrendForce News","publishedDate":"2024-06-26","accessedDate":"2026-10-22","tier":"T5","locator":"Suppliers by customer: Samsung buys TC bonders from Toray, Shinkawa and its subsidiary SEMES; 'SEMES has delivered nearly 100 TC bonders to Samsung over the past year'"},"note":"T5 derivation, stale (12 months to June 2024; no 2025 count found). SEMES (consolidated into Samsung in the register) made nearly 100 TC bonders for Samsung's HBM. At about KRW 3bn (about $2.2m) a bonder, the unit price TrendForce gives for Hanmi's tool on 9 June 2026, that is about $0.2bn; sales are to Samsung itself. Against about $2.6bn of equipment (the sum of named suppliers; the card's central total of $1.97bn is lower) that is about 8%. Cut to 4% because SEMES's price is probably lower and the sales are internal."}},"screening":{"integration":{"levelLow":2,"levelHigh":4},"assembly-test":{"levelLow":1,"levelHigh":3},"packaging-equipment":{"levelLow":1,"levelHigh":3}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"40cba56b65e46a427cea62188a22589245d10759a825a0697387d510b9b269bf"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"40cba56b65e46a427cea62188a22589245d10759a825a0697387d510b9b269bf"}}},"ats":{"schema":"5lc-index-inputs/1","key":"chips-packaging","entityId":"ats","name":"AT&S","kind":"public","commercialActivityVerified":true,"shares":{"integration":{"participates":false,"evidence":{"url":"https://iconnect007.com/article/150399/ats-expands-kulim-site-to-meet-customer-demand-strengthen-tech-partnerships/150396/pcb","title":"AT&S expands Kulim site to meet customer demand","publisher":"I-Connect007","publishedDate":"2026-06-15","accessedDate":"2026-10-22","tier":"T2","locator":"Release describes IC substrates, IC-substrate cores and advanced PCBs; it names no packaging service, build-up film, glass-cloth or equipment business."}},"assembly-test":{"participates":false,"evidence":{"url":"https://iconnect007.com/article/150399/ats-expands-kulim-site-to-meet-customer-demand-strengthen-tech-partnerships/150396/pcb","title":"AT&S expands Kulim site to meet customer demand","publisher":"I-Connect007","publishedDate":"2026-06-15","accessedDate":"2026-10-22","tier":"T2","locator":"Release describes IC substrates, IC-substrate cores and advanced PCBs; it names no packaging service, build-up film, glass-cloth or equipment business."}},"substrates":{"low":5,"central":5,"high":5,"unit":"percent","basis":"Share of the function's AI data-centre revenue in US dollars, calendar 2025 or nearest fiscal year","period":"FY2025 (April 2025 to March 2026)","periodEnd":"2026-03-31","source":{"url":"https://iconnect007.com/article/150399/ats-expands-kulim-site-to-meet-customer-demand-strengthen-tech-partnerships/150396/pcb","title":"AT&S expands Kulim site to meet customer demand","publisher":"I-Connect007","publishedDate":"2026-06-15","accessedDate":"2026-10-22","tier":"T5","locator":"Release 15 Jun 2026: expansion of Kulim IC-substrate site on agreements with AMD and another leading technology company; investment EUR 1.5 to 2.0bn backed by customer commitments (subject to final negotiation)"},"note":"T5 judgement. AT&S's IC-substrate revenue is not in the release (a search summary put group revenue for the year to March 2026 near EUR 1.8bn, with microelectronics up 53%; not opened). Assuming about EUR 0.5bn of IC substrates and 40% of that for AI gives about $0.22bn, 8%; set lower at 5% because the AMD ramp is mostly 2026-27."},"substrate-film":{"participates":false,"evidence":{"url":"https://iconnect007.com/article/150399/ats-expands-kulim-site-to-meet-customer-demand-strengthen-tech-partnerships/150396/pcb","title":"AT&S expands Kulim site to meet customer demand","publisher":"I-Connect007","publishedDate":"2026-06-15","accessedDate":"2026-10-22","tier":"T2","locator":"Release describes IC substrates, IC-substrate cores and advanced PCBs; it names no packaging service, build-up film, glass-cloth or equipment business."}},"substrate-glass-cloth":{"participates":false,"evidence":{"url":"https://iconnect007.com/article/150399/ats-expands-kulim-site-to-meet-customer-demand-strengthen-tech-partnerships/150396/pcb","title":"AT&S expands Kulim site to meet customer demand","publisher":"I-Connect007","publishedDate":"2026-06-15","accessedDate":"2026-10-22","tier":"T2","locator":"Release describes IC substrates, IC-substrate cores and advanced PCBs; it names no packaging service, build-up film, glass-cloth or equipment business."}},"packaging-equipment":{"participates":false,"evidence":{"url":"https://iconnect007.com/article/150399/ats-expands-kulim-site-to-meet-customer-demand-strengthen-tech-partnerships/150396/pcb","title":"AT&S expands Kulim site to meet customer demand","publisher":"I-Connect007","publishedDate":"2026-06-15","accessedDate":"2026-10-22","tier":"T2","locator":"Release describes IC substrates, IC-substrate cores and advanced PCBs; it names no packaging service, build-up film, glass-cloth or equipment business."}}},"activityGrowth":{"current":{"low":911000000,"central":911000000,"high":911000000,"unit":"EUR","basis":"AT&S Microelectronics segment third-party revenue (IC substrates, Kulim and Leoben ramp), fiscal year, euros","period":"FY2025/26 (April 2025 to March 2026)","periodEnd":"2026-03-31","source":{"url":"https://ats.net/en/download/conference-call-fy-2025-26/?wpdmdl=61636","title":"Conference Call FY 2025/26","publisher":"AT&S","publishedDate":"2026-05-21","accessedDate":"2026-10-22","tier":"T2","locator":"p.11 'Microelectronics': third-party revenue FY 25/26 EUR 911 million, up 53% in constant currency; Q4 EUR 290 million"},"note":"Segment total from a company chart. Group revenue was EUR1,790.8m (+12.7%; company release, 21 May 2026). The company says AI computing drives demand from a key customer for high-end IC substrates and Chongqing capacity is being added with long-term customer funding."},"prior":{"low":640000000,"central":640000000,"high":640000000,"unit":"EUR","basis":"AT&S Microelectronics segment third-party revenue (IC substrates, Kulim and Leoben ramp), fiscal year, euros","period":"FY2024/25 (April 2024 to March 2025)","periodEnd":"2025-03-31","source":{"url":"https://ats.net/en/download/conference-call-fy-2025-26/?wpdmdl=61636","title":"Conference Call FY 2025/26","publisher":"AT&S","publishedDate":"2026-05-21","accessedDate":"2026-10-22","tier":"T2","locator":"p.11 'Microelectronics': third-party revenue FY 24/25 EUR 640 million"},"note":"Growth = 911 / 640 - 1 = +42% in euros (+53% at constant currency, company)."}},"baselineRevenueUsd":{"low":1056800000,"central":1056800000,"high":1056800000,"unit":"USD","basis":"AT&S Microelectronics segment third-party revenue, fiscal year, US dollars","period":"FY2025/26 (April 2025 to March 2026)","periodEnd":"2026-03-31","source":{"url":"https://ats.net/en/download/conference-call-fy-2025-26/?wpdmdl=61636","title":"Conference Call FY 2025/26","publisher":"AT&S","publishedDate":"2026-05-21","accessedDate":"2026-10-22","tier":"T2","locator":"p.11 'Microelectronics': third-party revenue FY 25/26 EUR 911 million"},"note":"EUR 911m x 1.16 = $1,056.8m (my approximation of the April 2025 to March 2026 average rate). The Microelectronics segment is the unit scored, never the group total."},"screening":{"substrates":{"levelLow":2,"levelHigh":4}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"3a9946c6bf6a3e898372f8e3f7f3f73e876365b141ed72bd3cbe05a0757f6dc0"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"3a9946c6bf6a3e898372f8e3f7f3f73e876365b141ed72bd3cbe05a0757f6dc0"}}},"nanya-pcb":{"schema":"5lc-index-inputs/1","key":"chips-packaging","entityId":"nanya-pcb","name":"Nan Ya Printed Circuit Board","kind":"public","commercialActivityVerified":true,"shares":{"integration":{"participates":false,"evidence":{"url":"https://www.nanyapcb.com.tw/nypcb/images/InvestorRelations/FinancialReport/NYPCBENG20260316.pdf","title":"2025 Operation Briefing of Nan Ya PCB Corp.","publisher":"Nan Ya Printed Circuit Board Corporation (investor briefing)","publishedDate":"2026-03-17","accessedDate":"2026-10-22","tier":"T2","locator":"PDF page 4 (Business Overview): 'Manufacture and Sell IC Substrates and PCBs'; PDF page 12 lists ABF substrate, BT substrate and conventional PCB as its product lines. No packaging-service, build-up film, glass-cloth or equipment business is described."}},"assembly-test":{"participates":false,"evidence":{"url":"https://www.nanyapcb.com.tw/nypcb/images/InvestorRelations/FinancialReport/NYPCBENG20260316.pdf","title":"2025 Operation Briefing of Nan Ya PCB Corp.","publisher":"Nan Ya Printed Circuit Board Corporation (investor briefing)","publishedDate":"2026-03-17","accessedDate":"2026-10-22","tier":"T2","locator":"PDF page 4 (Business Overview): 'Manufacture and Sell IC Substrates and PCBs'; PDF page 12 lists ABF substrate, BT substrate and conventional PCB as its product lines. No packaging-service, build-up film, glass-cloth or equipment business is described."}},"substrates":{"low":5,"central":5,"high":5,"unit":"percent","basis":"Share of the function's AI data-centre revenue in US dollars, calendar 2025 or nearest fiscal year","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.nanyapcb.com.tw/nypcb/images/InvestorRelations/FinancialReport/114Q4ENG(Consolidated).pdf","title":"Consolidated Financial Statements with Independent Auditors' Report for the Years Ended December 31, 2025 and 2024","publisher":"Nan Ya Printed Circuit Board Corporation and Subsidiaries (audited; published on its investor page)","publishedDate":"2026-02-24","accessedDate":"2026-10-22","tier":"T5","locator":"Consolidated Statements of Comprehensive Income (document p.5): operating revenue NT$40,172,990 thousand in 2025 (2024: NT$32,283,331 thousand); note 6(m): printed circuit board NT$39,060,099 thousand, others NT$1,112,891 thousand. Dated by the auditors' report, 24 Feb 2026."},"note":"T5 judgement built on a filing (T1) and a company statement (T2), both opened. 2025 consolidated operating revenue was NT$40.17bn (this audited filing). The company says IC substrates are nearly 90% of total revenue (Taiwan News, 14 May 2026, https://www.taiwannews.com.tw/en/news/6362252), so about NT$36.2bn. Two assumptions, which no source splits out: about half of IC-substrate sales is ABF (the rest BT), and about 25% of the ABF goes to AI servers. NT$36.2bn x 0.5 x 0.25 = NT$4.52bn; / 31.11 (TSMC's 2025 weighted-average rate, 20-F local copy, used across this sublayer) = $0.145bn, which is 5.3% of the card's $2.75bn (2.748), shown as 5. Check on the 25%: the company's 17 Mar 2026 briefing (https://www.nanyapcb.com.tw/nypcb/images/InvestorRelations/FinancialReport/NYPCBENG20260316.pdf, PDF page 10) puts Telecommunication, the category it ties to AI-server and high-end-switch demand, at 49% of 2025 revenue (PC 17%), so 25% of ABF is a judgement inside that. The ASE 20-F names Nan Ya PCB as one of three limited suppliers of IC substrates."},"substrate-film":{"participates":false,"evidence":{"url":"https://www.nanyapcb.com.tw/nypcb/images/InvestorRelations/FinancialReport/NYPCBENG20260316.pdf","title":"2025 Operation Briefing of Nan Ya PCB Corp.","publisher":"Nan Ya Printed Circuit Board Corporation (investor briefing)","publishedDate":"2026-03-17","accessedDate":"2026-10-22","tier":"T2","locator":"PDF page 4 (Business Overview): 'Manufacture and Sell IC Substrates and PCBs'; PDF page 12 lists ABF substrate, BT substrate and conventional PCB as its product lines. No packaging-service, build-up film, glass-cloth or equipment business is described."}},"substrate-glass-cloth":{"participates":false,"evidence":{"url":"https://www.nanyapcb.com.tw/nypcb/images/InvestorRelations/FinancialReport/NYPCBENG20260316.pdf","title":"2025 Operation Briefing of Nan Ya PCB Corp.","publisher":"Nan Ya Printed Circuit Board Corporation (investor briefing)","publishedDate":"2026-03-17","accessedDate":"2026-10-22","tier":"T2","locator":"PDF page 4 (Business Overview): 'Manufacture and Sell IC Substrates and PCBs'; PDF page 12 lists ABF substrate, BT substrate and conventional PCB as its product lines. No packaging-service, build-up film, glass-cloth or equipment business is described."}},"packaging-equipment":{"participates":false,"evidence":{"url":"https://www.nanyapcb.com.tw/nypcb/images/InvestorRelations/FinancialReport/NYPCBENG20260316.pdf","title":"2025 Operation Briefing of Nan Ya PCB Corp.","publisher":"Nan Ya Printed Circuit Board Corporation (investor briefing)","publishedDate":"2026-03-17","accessedDate":"2026-10-22","tier":"T2","locator":"PDF page 4 (Business Overview): 'Manufacture and Sell IC Substrates and PCBs'; PDF page 12 lists ABF substrate, BT substrate and conventional PCB as its product lines. No packaging-service, build-up film, glass-cloth or equipment business is described."}}},"screening":{"substrates":{"levelLow":2,"levelHigh":4}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"7da9de693f39c5bddd72713aa18a352f1709e50428fb29758adc205365581436"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"7da9de693f39c5bddd72713aa18a352f1709e50428fb29758adc205365581436"}}},"umc":{"schema":"5lc-index-inputs/1","key":"chips-packaging","entityId":"umc","name":"UMC","kind":"public","commercialActivityVerified":true,"shares":{"integration":{"low":1,"central":1,"high":1,"unit":"percent","basis":"Share of the function's AI data-centre revenue in US dollars, calendar 2025 or nearest fiscal year","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.trendforce.com/news/?p=65128","title":"UMC and PSMC packaging components (interposers, EMIB capacitors)","publisher":"TrendForce News","publishedDate":"2026-10-12","accessedDate":"2026-10-22","tier":"T5","locator":"Article: UMC plans to double monthly silicon interposer capacity from 3,000 to 6,000 wafers; its 2.5D solution with deep-trench capacitors is 'reportedly shipping to a major customer'; strong orders for silicon bridges for Intel's packaging"},"note":"T5 derivation. About 3,000 wafers a month (TrendForce, 2023 and 2026) at an assumed $3,000 to $4,000 of value per interposer wafer and 70% utilisation is about $0.09bn a year, 1% of the card's $9.55bn. The price is my assumption: Epoch's methodology gives about $12,000 per CoWoS-S wafer in total, not the interposer alone (not opened)."},"assembly-test":{"participates":false,"evidence":{"url":"https://www.trendforce.com/news/2023/08/25/news-nvidia-establishes-non-tsmc-cowos-supply-chain-umc-doubles-interposer-capacity/","title":"NVIDIA establishes non-TSMC CoWoS supply chain, UMC doubles interposer capacity","publisher":"TrendForce News","publishedDate":"2023-08-25","accessedDate":"2026-10-22","tier":"T3","locator":"Article names UMC's role in the non-TSMC CoWoS chain as front-end 'CoW (silicon interposers) and wafer fabrication'; back-end packaging and testing is by Amkor and SPIL."}},"substrates":{"participates":false,"evidence":{"url":"https://www.trendforce.com/news/?p=65128","title":"UMC and PSMC packaging components (interposers, EMIB capacitors)","publisher":"TrendForce News","publishedDate":"2026-10-12","accessedDate":"2026-10-22","tier":"T3","locator":"TrendForce articles describe UMC as a foundry that also makes silicon interposers and 2.5D parts; they list no substrate, build-up film, glass-cloth or equipment sales (UMC's own site returned HTTP 403 and was not read)."}},"substrate-film":{"participates":false,"evidence":{"url":"https://www.trendforce.com/news/?p=65128","title":"UMC and PSMC packaging components (interposers, EMIB capacitors)","publisher":"TrendForce News","publishedDate":"2026-10-12","accessedDate":"2026-10-22","tier":"T3","locator":"TrendForce articles describe UMC as a foundry that also makes silicon interposers and 2.5D parts; they list no substrate, build-up film, glass-cloth or equipment sales (UMC's own site returned HTTP 403 and was not read)."}},"substrate-glass-cloth":{"participates":false,"evidence":{"url":"https://www.trendforce.com/news/?p=65128","title":"UMC and PSMC packaging components (interposers, EMIB capacitors)","publisher":"TrendForce News","publishedDate":"2026-10-12","accessedDate":"2026-10-22","tier":"T3","locator":"TrendForce articles describe UMC as a foundry that also makes silicon interposers and 2.5D parts; they list no substrate, build-up film, glass-cloth or equipment sales (UMC's own site returned HTTP 403 and was not read)."}},"packaging-equipment":{"participates":false,"evidence":{"url":"https://www.trendforce.com/news/?p=65128","title":"UMC and PSMC packaging components (interposers, EMIB capacitors)","publisher":"TrendForce News","publishedDate":"2026-10-12","accessedDate":"2026-10-22","tier":"T3","locator":"TrendForce articles describe UMC as a foundry that also makes silicon interposers and 2.5D parts; they list no substrate, build-up film, glass-cloth or equipment sales (UMC's own site returned HTTP 403 and was not read)."}}},"screening":{"integration":{"levelLow":1,"levelHigh":3}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"5e03e5d39d1ed0d26bdec5b6f876248abf464750848bea3d697170cf193d0b5e"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"5e03e5d39d1ed0d26bdec5b6f876248abf464750848bea3d697170cf193d0b5e"}}},"intel":{"schema":"5lc-index-inputs/1","key":"chips-packaging","entityId":"intel","name":"Intel Foundry","kind":"public","commercialActivityVerified":false,"shares":{"integration":{"low":1,"central":1,"high":1,"unit":"percent","basis":"Share of the function's AI data-centre revenue in US dollars, calendar 2025 or nearest fiscal year","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/50863/000005086326000011/intc-20251227.htm","title":"Intel Form 10-K for fiscal 2025","publisher":"Intel (SEC filing)","publishedDate":"2026-01-23","accessedDate":"2026-10-22","tier":"T5","locator":"Item 1: EMIB entered high-volume manufacturing in 2017 and supports 2.5D integration; EMIB-T adoption is 'expected to scale beginning in 2026'; Foveros B and R target high-volume manufacturing in 2027"},"note":"T5 judgement. EMIB packages mostly Intel's own Xeon parts; the 10-K gives no external AI packaging revenue, and the Intel newsroom page (29 Jul 2026) names no external customer, volume or revenue. Estimate 1% of $9.55bn."},"assembly-test":{"low":0.5,"central":0.5,"high":0.5,"unit":"percent","basis":"Share of the function's AI data-centre revenue in US dollars, calendar 2025 or nearest fiscal year","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/50863/000005086326000011/intc-20251227.htm","title":"Intel Form 10-K for fiscal 2025","publisher":"Intel (SEC filing)","publishedDate":"2026-01-23","accessedDate":"2026-10-22","tier":"T5","locator":"Item 1: Intel manufactures at its own assembly and test facilities, many in the US, and aims to offer advanced packaging to foundry customers"},"note":"T5 judgement. Assembly and test for outside AI customers is not disclosed; estimate 0.5% of $3.0bn."},"substrates":{"participates":false,"evidence":{"url":"https://www.sec.gov/Archives/edgar/data/50863/000005086326000011/intc-20251227.htm","title":"Intel Form 10-K for fiscal 2025","publisher":"Intel (SEC filing)","publishedDate":"2026-01-23","accessedDate":"2026-10-22","tier":"T1","locator":"Item 1: Intel designs and manufactures chips and runs a foundry; the filing describes no sales of substrates, build-up film, glass cloth or packaging equipment."}},"substrate-film":{"participates":false,"evidence":{"url":"https://www.sec.gov/Archives/edgar/data/50863/000005086326000011/intc-20251227.htm","title":"Intel Form 10-K for fiscal 2025","publisher":"Intel (SEC filing)","publishedDate":"2026-01-23","accessedDate":"2026-10-22","tier":"T1","locator":"Item 1: Intel designs and manufactures chips and runs a foundry; the filing describes no sales of substrates, build-up film, glass cloth or packaging equipment."}},"substrate-glass-cloth":{"participates":false,"evidence":{"url":"https://www.sec.gov/Archives/edgar/data/50863/000005086326000011/intc-20251227.htm","title":"Intel Form 10-K for fiscal 2025","publisher":"Intel (SEC filing)","publishedDate":"2026-01-23","accessedDate":"2026-10-22","tier":"T1","locator":"Item 1: Intel designs and manufactures chips and runs a foundry; the filing describes no sales of substrates, build-up film, glass cloth or packaging equipment."}},"packaging-equipment":{"participates":false,"evidence":{"url":"https://www.sec.gov/Archives/edgar/data/50863/000005086326000011/intc-20251227.htm","title":"Intel Form 10-K for fiscal 2025","publisher":"Intel (SEC filing)","publishedDate":"2026-01-23","accessedDate":"2026-10-22","tier":"T1","locator":"Item 1: Intel designs and manufactures chips and runs a foundry; the filing describes no sales of substrates, build-up film, glass cloth or packaging equipment."}}},"screening":{"integration":{"levelLow":2,"levelHigh":4},"assembly-test":{"levelLow":1,"levelHigh":3}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"9b8f4275bb6a48276064a59649cc0bb4666ec8ff51f9d3c12e3e813958f88489"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"9b8f4275bb6a48276064a59649cc0bb4666ec8ff51f9d3c12e3e813958f88489"}}},"sigurd":{"schema":"5lc-index-inputs/1","key":"chips-packaging","entityId":"sigurd","name":"Sigurd Microelectronics","kind":"public","commercialActivityVerified":true,"shares":{"integration":{"participates":false,"evidence":{"url":"https://www.taiwannews.com.tw/news/6409494","title":"Sigurd raises AI test capex","publisher":"Taiwan News","publishedDate":"2026-07-28","accessedDate":"2026-10-22","tier":"T3","locator":"TrendForce and Taiwan News describe Sigurd as a test and OSAT company spending capex on test equipment and cleanrooms; neither lists 2.5D integration, substrate, build-up film, glass-cloth or equipment sales (Sigurd's own site failed its certificate check and was not read)."}},"assembly-test":{"low":3.8,"central":3.8,"high":3.8,"unit":"percent","basis":"Share of the function's AI data-centre revenue in US dollars, calendar 2025 or nearest fiscal year","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.trendforce.com/news/?p=64987","title":"Sigurd AI, CPU, GPU and ASIC test revenue","publisher":"TrendForce News","publishedDate":"2026-10-08","accessedDate":"2026-10-22","tier":"T5","locator":"AI, CPU, GPU, ASIC and silicon photonics revenue about NT$3.7bn in the first nine months of 2026, against about NT$2.5bn a year earlier; 24% of revenue (20% before)"},"note":"T5 derivation. The nine-month 2025 figure of about NT$2.5bn, plus an assumed NT$0.9bn for Q4, gives about NT$3.4bn for 2025, about $0.115bn at about NT$29.5 per dollar (my rate). That includes CPUs, so it is generous for AI data-centre work: 3.8% of the card's $3.0bn."},"substrates":{"participates":false,"evidence":{"url":"https://www.taiwannews.com.tw/news/6409494","title":"Sigurd raises AI test capex","publisher":"Taiwan News","publishedDate":"2026-07-28","accessedDate":"2026-10-22","tier":"T3","locator":"TrendForce and Taiwan News describe Sigurd as a test and OSAT company spending capex on test equipment and cleanrooms; neither lists 2.5D integration, substrate, build-up film, glass-cloth or equipment sales (Sigurd's own site failed its certificate check and was not read)."}},"substrate-film":{"participates":false,"evidence":{"url":"https://www.taiwannews.com.tw/news/6409494","title":"Sigurd raises AI test capex","publisher":"Taiwan News","publishedDate":"2026-07-28","accessedDate":"2026-10-22","tier":"T3","locator":"TrendForce and Taiwan News describe Sigurd as a test and OSAT company spending capex on test equipment and cleanrooms; neither lists 2.5D integration, substrate, build-up film, glass-cloth or equipment sales (Sigurd's own site failed its certificate check and was not read)."}},"substrate-glass-cloth":{"participates":false,"evidence":{"url":"https://www.taiwannews.com.tw/news/6409494","title":"Sigurd raises AI test capex","publisher":"Taiwan News","publishedDate":"2026-07-28","accessedDate":"2026-10-22","tier":"T3","locator":"TrendForce and Taiwan News describe Sigurd as a test and OSAT company spending capex on test equipment and cleanrooms; neither lists 2.5D integration, substrate, build-up film, glass-cloth or equipment sales (Sigurd's own site failed its certificate check and was not read)."}},"packaging-equipment":{"participates":false,"evidence":{"url":"https://www.taiwannews.com.tw/news/6409494","title":"Sigurd raises AI test capex","publisher":"Taiwan News","publishedDate":"2026-07-28","accessedDate":"2026-10-22","tier":"T3","locator":"TrendForce and Taiwan News describe Sigurd as a test and OSAT company spending capex on test equipment and cleanrooms; neither lists 2.5D integration, substrate, build-up film, glass-cloth or equipment sales (Sigurd's own site failed its certificate check and was not read)."}}},"activityGrowth":{"current":{"low":3700000000,"central":3700000000,"high":3700000000,"unit":"TWD","basis":"Sigurd revenue from AI, CPU, GPU, ASIC and silicon photonics testing, first nine months, NT$","period":"January-September 2026","periodEnd":"2026-09-30","source":{"url":"https://www.trendforce.com/news/?p=64987","title":"[News] AI Chip Testing Capacity Tightness Prompts Customers to Lock In 1-Year-Plus Deals; Sigurd Hikes Prices","publisher":"TrendForce News","publishedDate":"2026-10-08","accessedDate":"2026-10-22","tier":"T3","locator":"AI, CPU, GPU, ASIC and silicon photonics revenue about NT$3.7bn in the first nine months of 2026, 24% of revenue"},"note":"Includes CPUs and silicon photonics, so it is wider than AI accelerators alone. The company expects the segment to pass 30% of revenue in 2027."},"prior":{"low":2500000000,"central":2500000000,"high":2500000000,"unit":"TWD","basis":"Sigurd revenue from AI, CPU, GPU, ASIC and silicon photonics testing, first nine months, NT$","period":"January-September 2025","periodEnd":"2025-09-30","source":{"url":"https://www.trendforce.com/news/?p=64987","title":"[News] AI Chip Testing Capacity Tightness Prompts Customers to Lock In 1-Year-Plus Deals; Sigurd Hikes Prices","publisher":"TrendForce News","publishedDate":"2026-10-08","accessedDate":"2026-10-22","tier":"T3","locator":"Same article: about NT$2.5bn a year earlier, 20% of revenue"},"note":"Growth = 3.7 / 2.5 - 1 = +48%."}},"screening":{"assembly-test":{"levelLow":1,"levelHigh":3}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"68514990448c6dfe53767c5e9873cc18df10f82ebc236e645a9cb49c6346b8fa"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"68514990448c6dfe53767c5e9873cc18df10f82ebc236e645a9cb49c6346b8fa"}}},"zhen-ding":{"schema":"5lc-index-inputs/1","key":"chips-packaging","entityId":"zhen-ding","name":"Zhen Ding Technology","kind":"public","commercialActivityVerified":true,"shares":{"integration":{"participates":false,"evidence":{"url":"https://iconnect007.com/article/149222/zhen-ding-achieves-record-revenue-in-2025-with-both-gm-and-opm-expanding/149219/smt","title":"Zhen Ding achieves record revenue in 2025","publisher":"I-Connect007","publishedDate":"2026-03-16","accessedDate":"2026-10-22","tier":"T2","locator":"Article covers a PCB, flexible-circuit and IC-substrate maker (record NT$182.52bn revenue, ABF and BT capacity in Huai'an and Thailand); it names no packaging service, build-up film, glass-cloth or equipment business."}},"assembly-test":{"participates":false,"evidence":{"url":"https://iconnect007.com/article/149222/zhen-ding-achieves-record-revenue-in-2025-with-both-gm-and-opm-expanding/149219/smt","title":"Zhen Ding achieves record revenue in 2025","publisher":"I-Connect007","publishedDate":"2026-03-16","accessedDate":"2026-10-22","tier":"T2","locator":"Article covers a PCB, flexible-circuit and IC-substrate maker (record NT$182.52bn revenue, ABF and BT capacity in Huai'an and Thailand); it names no packaging service, build-up film, glass-cloth or equipment business."}},"substrates":{"low":4,"central":4,"high":4,"unit":"percent","basis":"Share of the function's AI data-centre revenue in US dollars, calendar 2025 or nearest fiscal year","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://iconnect007.com/article/149222/zhen-ding-achieves-record-revenue-in-2025-with-both-gm-and-opm-expanding/149219/smt","title":"Zhen Ding achieves record revenue in 2025","publisher":"I-Connect007","publishedDate":"2026-03-16","accessedDate":"2026-10-22","tier":"T5","locator":"Chairman: IC substrate revenue rose 31.3% in 2025; 'more than 60% of ABF substrate revenue was already derived from AI computing-related applications' (Dec 2025); 2025 revenue NT$182.52bn"},"note":"T5 judgement. The article gives no NT$ figure for IC substrates, so I assume about $0.2bn of ABF revenue in 2025 of which about 60% is AI computing, about $0.12bn, 4% of the card's $2.75bn. Wide on purpose: the base is unknown."},"substrate-film":{"participates":false,"evidence":{"url":"https://iconnect007.com/article/149222/zhen-ding-achieves-record-revenue-in-2025-with-both-gm-and-opm-expanding/149219/smt","title":"Zhen Ding achieves record revenue in 2025","publisher":"I-Connect007","publishedDate":"2026-03-16","accessedDate":"2026-10-22","tier":"T2","locator":"Article covers a PCB, flexible-circuit and IC-substrate maker (record NT$182.52bn revenue, ABF and BT capacity in Huai'an and Thailand); it names no packaging service, build-up film, glass-cloth or equipment business."}},"substrate-glass-cloth":{"participates":false,"evidence":{"url":"https://iconnect007.com/article/149222/zhen-ding-achieves-record-revenue-in-2025-with-both-gm-and-opm-expanding/149219/smt","title":"Zhen Ding achieves record revenue in 2025","publisher":"I-Connect007","publishedDate":"2026-03-16","accessedDate":"2026-10-22","tier":"T2","locator":"Article covers a PCB, flexible-circuit and IC-substrate maker (record NT$182.52bn revenue, ABF and BT capacity in Huai'an and Thailand); it names no packaging service, build-up film, glass-cloth or equipment business."}},"packaging-equipment":{"participates":false,"evidence":{"url":"https://iconnect007.com/article/149222/zhen-ding-achieves-record-revenue-in-2025-with-both-gm-and-opm-expanding/149219/smt","title":"Zhen Ding achieves record revenue in 2025","publisher":"I-Connect007","publishedDate":"2026-03-16","accessedDate":"2026-10-22","tier":"T2","locator":"Article covers a PCB, flexible-circuit and IC-substrate maker (record NT$182.52bn revenue, ABF and BT capacity in Huai'an and Thailand); it names no packaging service, build-up film, glass-cloth or equipment business."}}},"screening":{"substrates":{"levelLow":2,"levelHigh":3}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"3a1b31316524e4c3179a0b29cef8e600268c9c20549bdd23f248643f11d010f6"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"3a1b31316524e4c3179a0b29cef8e600268c9c20549bdd23f248643f11d010f6"}}},"jcet":{"schema":"5lc-index-inputs/1","key":"chips-packaging","entityId":"jcet","name":"JCET Group","kind":"public","commercialActivityVerified":false,"shares":{"integration":{"low":0.8,"central":0.8,"high":0.8,"unit":"percent","basis":"Share of the function's AI data-centre revenue in US dollars, calendar 2025 or nearest fiscal year","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.trendforce.com/news/?p=56428","title":"[News] China OSAT SJ Semiconductor Reportedly Raises RMB 5B in IPO, Largest A-Share Offering of 2026 So Far","publisher":"TrendForce News","publishedDate":"2026-04-23","accessedDate":"2026-10-22","tier":"T5","locator":"Article text: JCET 'is accelerating mass production of its XDFOI chiplet technology for AI and HPC applications' (per 36Kr)"},"note":"T5 judgement. XDFOI is ramping; no AI revenue is given. Estimate 0.8% of the card's $9.55bn (about $0.08bn)."},"assembly-test":{"low":2.5,"central":2.5,"high":2.5,"unit":"percent","basis":"Share of the function's AI data-centre revenue in US dollars, calendar 2025 or nearest fiscal year","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://www.trendforce.com/presscenter/news/20250513-12577.html","title":"Top 10 OSAT Companies of 2024 Revealed—China Players See Double-Digit Growth, Reshaping the Global Market Landscape, Says TrendForce","publisher":"TrendForce","publishedDate":"2025-05-13","accessedDate":"2026-10-22","tier":"T5","locator":"Table: 2024 revenue JCET US$5,000m, rank 3, up 19.3%; text cites AI PC and mid-range smartphone ramps"},"note":"T5 derivation, stale: the input is CY2024 revenue (the latest in a usable source), so the period is CY2024 and the engine widens the range for staleness. JCET's 2024 revenue was $5.0bn; assuming 1.5% of it is AI data-centre packaging and test gives $0.075bn, which is 2.5% of the card's $3.0bn. The OSAT ranking gives no AI split; the group's AI work is thinly documented."},"substrates":{"participates":false,"evidence":{"url":"https://www.jcetglobal.com/en/","title":"JCET Group home page","publisher":"JCET Group","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Home page: packaging menu (wafer-level, bumping, SiP, flip chip, wire bond, MEMS) and test platforms; no substrate, build-up film, glass-cloth or equipment products for sale."}},"substrate-film":{"participates":false,"evidence":{"url":"https://www.jcetglobal.com/en/","title":"JCET Group home page","publisher":"JCET Group","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Home page: packaging menu (wafer-level, bumping, SiP, flip chip, wire bond, MEMS) and test platforms; no substrate, build-up film, glass-cloth or equipment products for sale."}},"substrate-glass-cloth":{"participates":false,"evidence":{"url":"https://www.jcetglobal.com/en/","title":"JCET Group home page","publisher":"JCET Group","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Home page: packaging menu (wafer-level, bumping, SiP, flip chip, wire bond, MEMS) and test platforms; no substrate, build-up film, glass-cloth or equipment products for sale."}},"packaging-equipment":{"participates":false,"evidence":{"url":"https://www.jcetglobal.com/en/","title":"JCET Group home page","publisher":"JCET Group","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Home page: packaging menu (wafer-level, bumping, SiP, flip chip, wire bond, MEMS) and test platforms; no substrate, build-up film, glass-cloth or equipment products for sale."}}},"baselineRevenueUsd":{"low":5000000000,"central":5000000000,"high":5000000000,"unit":"USD","basis":"JCET Group total revenue (assembly and test), calendar year, US dollars","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://www.trendforce.com/presscenter/news/20250513-12577.html","title":"Top 10 OSAT Companies of 2024 Revealed—China Players See Double-Digit Growth, Reshaping the Global Market Landscape, Says TrendForce","publisher":"TrendForce","publishedDate":"2025-05-13","accessedDate":"2026-10-22","tier":"T4","locator":"Table: JCET 2024 revenue US$5,000 million, rank 3, up 19.3%"},"note":"Stale (2024); no 2025 figure found in a usable source. Total revenue is the sublayer activity."},"screening":{"integration":{"levelLow":1,"levelHigh":3},"assembly-test":{"levelLow":1,"levelHigh":3}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"04edb7b9721b45350a40a376624bd90194bdaa1a92937e76086a26133bc620cb"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"04edb7b9721b45350a40a376624bd90194bdaa1a92937e76086a26133bc620cb"}}},"ev-group":{"schema":"5lc-index-inputs/1","key":"chips-packaging","entityId":"ev-group","name":"EV Group","kind":"private","commercialActivityVerified":false,"shares":{"integration":{"participates":false,"evidence":{"url":"https://www.evgroup.com/products/","title":"EV Group products","publisher":"EV Group","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Products page: lithography, nanoimprint lithography, bonding (wafer bonding), metrology, process development services. No dicing, grinding, packaging service, substrate or build-up film."}},"assembly-test":{"participates":false,"evidence":{"url":"https://www.evgroup.com/products/","title":"EV Group products","publisher":"EV Group","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Products page: lithography, nanoimprint lithography, bonding (wafer bonding), metrology, process development services. No dicing, grinding, packaging service, substrate or build-up film."}},"substrates":{"participates":false,"evidence":{"url":"https://www.evgroup.com/products/","title":"EV Group products","publisher":"EV Group","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Products page: lithography, nanoimprint lithography, bonding (wafer bonding), metrology, process development services. No dicing, grinding, packaging service, substrate or build-up film."}},"substrate-film":{"participates":false,"evidence":{"url":"https://www.evgroup.com/products/","title":"EV Group products","publisher":"EV Group","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Products page: lithography, nanoimprint lithography, bonding (wafer bonding), metrology, process development services. No dicing, grinding, packaging service, substrate or build-up film."}},"substrate-glass-cloth":{"participates":false,"evidence":{"url":"https://www.evgroup.com/products/","title":"EV Group products","publisher":"EV Group","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Products page: lithography, nanoimprint lithography, bonding (wafer bonding), metrology, process development services. No dicing, grinding, packaging service, substrate or build-up film."}},"packaging-equipment":{"low":4,"central":4,"high":4,"unit":"percent","basis":"Share of the function's AI data-centre revenue in US dollars, calendar 2025 or nearest fiscal year","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.suss.com/en/news/corporate-news/2026/suss-achieved-all-forecast-figures-in-the-2025-financial-year-and-hit-a-new-sales-record","title":"SUSS achieved all forecast figures in the 2025 financial year and hit a new sales record","publisher":"SUSS MicroTec","publishedDate":"2026-03-30","accessedDate":"2026-10-22","tier":"T5","locator":"Proxy: SUSS MicroTec, a bonding peer, had Advanced Backend Solutions sales of EUR 349.7m in 2025, 'mainly driven by AI chip modules'"},"note":"T5 judgement by proxy. EV Group is private and publishes no revenue (no 2025 figure found). I assume it is of similar size to SUSS's Advanced Backend Solutions (EUR 349.7m) with a similar 25% AI share, about $0.1bn, 4% of about $2.6bn. Its product page lists wafer bonding (permanent and temporary) as a product line. Shares are of about $2.6bn, the sum of the named suppliers' AI-related equipment revenue; the card's central total ($1.97bn, range 1.0 to 2.8) is lower, so the named suppliers do not fit inside it."}},"screening":{"packaging-equipment":{"levelLow":2,"levelHigh":3}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"35cec8ad2b113438ae21a9c3b9543a151a79b00d3b9d80f5646ff1a18c7becd1"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"35cec8ad2b113438ae21a9c3b9543a151a79b00d3b9d80f5646ff1a18c7becd1"}}},"suss":{"schema":"5lc-index-inputs/1","key":"chips-packaging","entityId":"suss","name":"SUSS MicroTec","kind":"public","commercialActivityVerified":true,"shares":{"integration":{"participates":false,"evidence":{"url":"https://www.suss.com/en/products-solutions","title":"SUSS MicroTec products and solutions","publisher":"SUSS MicroTec","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Products page: photomask, coating, imaging (mask aligners), bonding (temporary and permanent bonders) and wafer-cleaning tools. No dicing, grinding, packaging service, substrate or build-up film."}},"assembly-test":{"participates":false,"evidence":{"url":"https://www.suss.com/en/products-solutions","title":"SUSS MicroTec products and solutions","publisher":"SUSS MicroTec","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Products page: photomask, coating, imaging (mask aligners), bonding (temporary and permanent bonders) and wafer-cleaning tools. No dicing, grinding, packaging service, substrate or build-up film."}},"substrates":{"participates":false,"evidence":{"url":"https://www.suss.com/en/products-solutions","title":"SUSS MicroTec products and solutions","publisher":"SUSS MicroTec","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Products page: photomask, coating, imaging (mask aligners), bonding (temporary and permanent bonders) and wafer-cleaning tools. No dicing, grinding, packaging service, substrate or build-up film."}},"substrate-film":{"participates":false,"evidence":{"url":"https://www.suss.com/en/products-solutions","title":"SUSS MicroTec products and solutions","publisher":"SUSS MicroTec","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Products page: photomask, coating, imaging (mask aligners), bonding (temporary and permanent bonders) and wafer-cleaning tools. No dicing, grinding, packaging service, substrate or build-up film."}},"substrate-glass-cloth":{"participates":false,"evidence":{"url":"https://www.suss.com/en/products-solutions","title":"SUSS MicroTec products and solutions","publisher":"SUSS MicroTec","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Products page: photomask, coating, imaging (mask aligners), bonding (temporary and permanent bonders) and wafer-cleaning tools. No dicing, grinding, packaging service, substrate or build-up film."}},"packaging-equipment":{"low":3.5,"central":3.5,"high":3.5,"unit":"percent","basis":"Share of the function's AI data-centre revenue in US dollars, calendar 2025 or nearest fiscal year","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.suss.com/en/news/corporate-news/2026/suss-achieved-all-forecast-figures-in-the-2025-financial-year-and-hit-a-new-sales-record","title":"SUSS achieved all forecast figures in the 2025 financial year and hit a new sales record","publisher":"SUSS MicroTec","publishedDate":"2026-03-30","accessedDate":"2026-10-22","tier":"T5","locator":"2025 sales: Advanced Backend Solutions EUR 349.7m (up 10.7%), group EUR 503.2m; growth 'mainly driven by AI chip modules'; order intake EUR 354.3m, down on weaker Chinese demand"},"note":"T5 derivation from a company figure (T2). Advanced Backend Solutions (bonders, coaters, mask aligners) was EUR 349.7m; assuming 25% is AI-related gives about EUR 87m, $0.1bn, 3.5% of about $2.6bn after allowing for non-bonding tools. Shares are of about $2.6bn, the sum of the named suppliers' AI-related equipment revenue; the card's central total ($1.97bn, range 1.0 to 2.8) is lower, so the named suppliers do not fit inside it."}},"screening":{"packaging-equipment":{"levelLow":1,"levelHigh":3}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"b1e3155092e41be4fdb1015f2694928718f7acec390ce0a8ff1d0badaf4ab3cc"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"b1e3155092e41be4fdb1015f2694928718f7acec390ce0a8ff1d0badaf4ab3cc"}}},"powertech":{"schema":"5lc-index-inputs/1","key":"chips-packaging","entityId":"powertech","name":"Powertech Technology","kind":"public","commercialActivityVerified":false,"shares":{"integration":{"low":0.2,"central":0.2,"high":0.2,"unit":"percent","basis":"Share of the function's AI data-centre revenue in US dollars, calendar 2025 or nearest fiscal year","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.pti.com.tw/","title":"Powertech Technology home page","publisher":"Powertech Technology","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Home page lists panel-level fan-out (FOPLP), bumping, TSV and flip chip as advanced technologies; no HBM or 2.5D product is named"},"note":"T5 judgement. No 2.5D AI work is documented; estimate 0.2% of $9.55bn."},"assembly-test":{"low":2,"central":2,"high":2,"unit":"percent","basis":"Share of the function's AI data-centre revenue in US dollars, calendar 2025 or nearest fiscal year","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://www.trendforce.com/presscenter/news/20250513-12577.html","title":"Top 10 OSAT Companies of 2024 Revealed—China Players See Double-Digit Growth, Reshaping the Global Market Landscape, Says TrendForce","publisher":"TrendForce","publishedDate":"2025-05-13","accessedDate":"2026-10-22","tier":"T5","locator":"Table: 2024 revenue Powertech US$2,280m, rank 5, up 1%; text notes a transition phase in advanced packaging"},"note":"T5 derivation, stale: the input is CY2024 revenue, so the period is CY2024 and the engine widens the range for staleness. Mainly memory assembly and test; assuming 2.5% of its $2.28bn revenue is AI data-centre work gives about $0.06bn, 2% of $3.0bn."},"substrates":{"participates":false,"evidence":{"url":"https://www.pti.com.tw/","title":"Powertech Technology home page","publisher":"Powertech Technology","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Home page: Powertech lists chip probing, final test, wafer-level, flip-chip, wire-bond and SiP packaging and module assembly; no substrate, build-up film, glass-cloth or equipment sales."}},"substrate-film":{"participates":false,"evidence":{"url":"https://www.pti.com.tw/","title":"Powertech Technology home page","publisher":"Powertech Technology","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Home page: Powertech lists chip probing, final test, wafer-level, flip-chip, wire-bond and SiP packaging and module assembly; no substrate, build-up film, glass-cloth or equipment sales."}},"substrate-glass-cloth":{"participates":false,"evidence":{"url":"https://www.pti.com.tw/","title":"Powertech Technology home page","publisher":"Powertech Technology","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Home page: Powertech lists chip probing, final test, wafer-level, flip-chip, wire-bond and SiP packaging and module assembly; no substrate, build-up film, glass-cloth or equipment sales."}},"packaging-equipment":{"participates":false,"evidence":{"url":"https://www.pti.com.tw/","title":"Powertech Technology home page","publisher":"Powertech Technology","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Home page: Powertech lists chip probing, final test, wafer-level, flip-chip, wire-bond and SiP packaging and module assembly; no substrate, build-up film, glass-cloth or equipment sales."}}},"baselineRevenueUsd":{"low":2280000000,"central":2280000000,"high":2280000000,"unit":"USD","basis":"Powertech Technology total revenue (assembly and test), calendar year, US dollars","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://www.trendforce.com/presscenter/news/20250513-12577.html","title":"Top 10 OSAT Companies of 2024 Revealed—China Players See Double-Digit Growth, Reshaping the Global Market Landscape, Says TrendForce","publisher":"TrendForce","publishedDate":"2025-05-13","accessedDate":"2026-10-22","tier":"T4","locator":"Table: Powertech Technology 2024 revenue US$2,280 million, rank 5, up 1%"},"note":"Stale (2024); no 2025 figure found in a usable source. Total revenue is the sublayer activity."},"screening":{"integration":{"levelLow":1,"levelHigh":2},"assembly-test":{"levelLow":1,"levelHigh":3}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"2f9f1cc49c68cacec792fb5635286ce8e7d3c8fb7cd6034407e57c64f8d26e1e"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"2f9f1cc49c68cacec792fb5635286ce8e7d3c8fb7cd6034407e57c64f8d26e1e"}}},"sekisui-chemical":{"schema":"5lc-index-inputs/1","key":"chips-packaging","entityId":"sekisui-chemical","name":"Sekisui Chemical (build-up film)","kind":"public","commercialActivityVerified":true,"shares":{"integration":{"participates":false,"evidence":{"url":"https://diamond.jp/articles/-/312437","title":"Ajinomoto's 'secret ingredient' is now vital to chipmaking giants","publisher":"Diamond Online (English edition)","publishedDate":"2022-11-09","accessedDate":"2026-10-22","tier":"T3","locator":"Article concerns Sekisui's interlayer insulation film business inside a chemicals group; it names no packaging-service, substrate, glass-cloth or equipment business."}},"assembly-test":{"participates":false,"evidence":{"url":"https://diamond.jp/articles/-/312437","title":"Ajinomoto's 'secret ingredient' is now vital to chipmaking giants","publisher":"Diamond Online (English edition)","publishedDate":"2022-11-09","accessedDate":"2026-10-22","tier":"T3","locator":"Article concerns Sekisui's interlayer insulation film business inside a chemicals group; it names no packaging-service, substrate, glass-cloth or equipment business."}},"substrates":{"participates":false,"evidence":{"url":"https://diamond.jp/articles/-/312437","title":"Ajinomoto's 'secret ingredient' is now vital to chipmaking giants","publisher":"Diamond Online (English edition)","publishedDate":"2022-11-09","accessedDate":"2026-10-22","tier":"T3","locator":"Article concerns Sekisui's interlayer insulation film business inside a chemicals group; it names no packaging-service, substrate, glass-cloth or equipment business."}},"substrate-film":{"low":5,"central":5,"high":5,"unit":"percent","basis":"Share of the global interlayer insulation (build-up) film market for semiconductor package substrates, all applications, 2022","offBasis":true,"period":"2022","periodEnd":"2022-12-31","source":{"url":"https://diamond.jp/articles/-/312437","title":"Ajinomoto's 'secret ingredient' is now vital to chipmaking giants","publisher":"Diamond Online (English edition)","publishedDate":"2022-11-09","accessedDate":"2026-10-22","tier":"T3","locator":"Sekisui 'about 5%' of the interlayer insulator market against Ajinomoto's about 95%; 'a higher share in some products for data centers'; 'expected to hold a market share between 20% to 30% after 2026'"},"note":"Off basis: 5% is Sekisui's share of the whole interlayer insulation film market in 2022, not of AI data-centre revenue, so it is flagged offBasis (the engine adds 25 points each end). It is also stale (period ended 2022), so the engine adds a staleness widening, and it is a single figure, so the T3 width applies. The article's 20% to 30% for after 2026 is a forecast, not an observation, and is not used in the range. The English page is dated 9 Nov 2022 and says it was originally published in Japanese on 12 Oct 2022. The figure is for the build-up film business, not Sekisui Chemical's group revenue. Sekisui entered the market in 2014. No 2025 share or sales figure was found. Current activity: the company's Electronics Field Briefing (26 Aug 2025, T2, https://www.sekisuichemical.com/ir/pdf/event/20250826ele.pdf, slide 9) presents the film as a current product, 'one of only a handful of build-up film providers', for GPUs and 'AI and network equipment processors', with a sales index (FY2022 = 100) whose FY2025 plan sits at the FY2022 level; it gives no revenue or share."},"substrate-glass-cloth":{"participates":false,"evidence":{"url":"https://diamond.jp/articles/-/312437","title":"Ajinomoto's 'secret ingredient' is now vital to chipmaking giants","publisher":"Diamond Online (English edition)","publishedDate":"2022-11-09","accessedDate":"2026-10-22","tier":"T3","locator":"Article concerns Sekisui's interlayer insulation film business inside a chemicals group; it names no packaging-service, substrate, glass-cloth or equipment business."}},"packaging-equipment":{"participates":false,"evidence":{"url":"https://diamond.jp/articles/-/312437","title":"Ajinomoto's 'secret ingredient' is now vital to chipmaking giants","publisher":"Diamond Online (English edition)","publishedDate":"2022-11-09","accessedDate":"2026-10-22","tier":"T3","locator":"Article concerns Sekisui's interlayer insulation film business inside a chemicals group; it names no packaging-service, substrate, glass-cloth or equipment business."}}},"screening":{"substrate-film":{"levelLow":2,"levelHigh":4}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"b43b8dc97eadc34d229f538996431dacb0003c53b82f374d4a6c3124d95d8c80"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"b43b8dc97eadc34d229f538996431dacb0003c53b82f374d4a6c3124d95d8c80"}}}},"ratings":{"tsmc":{"a":{"schema":"5lc-index-rating/1","key":"chips-packaging","entityId":"tsmc","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"integration":{"alternatives":{"level":4,"evidence":[{"url":"https://www.trendforce.com/news/?p=57840","date":"2026-05-20","support":"Intel's EMIB/EMIB-T is the CoWoS alternative gaining traction; OSATs mainly take CoWoS spillover (full date)."},{"url":"https://www.trendforce.com/news/2026/08/05/news-tsmc-reportedly-expands-outsourcing-of-key-cowos-front-end-step-to-osats-amid-rising-nvidia-asic-demand/","date":"2026-08-05","support":"OSATs build only the WoS step under TSMC licences; outsourced CoW volumes 'reportedly remained limited' (full date)."}]},"switchingTime":{"level":4,"evidence":[{"url":"https://www.trendforce.com/news/2026/07/31/news-tsmc-reportedly-develops-emib-like-packaging-with-kinsus-to-prevent-potential-customer-shift-to-intel/","date":"2026-07-31","support":"Intel is scaling EMIB-T into high-volume production 'to support customer ramps in 2027' (full date)."},{"url":"https://www.trendforce.com/news/?p=57840","date":"2026-05-20","support":"First expected EMIB adopters: Google TPU v8e in 2H27 and Meta's CPU in 2H28 (full date)."}]},"capabilityGap":{"level":5,"evidence":[{"url":"https://www.trendforce.com/news/2026/09/15/news-ases-spil-reportedly-nears-arizona-expansion-as-tsmc-amkor-step-up-u-s-advanced-packaging-push/","date":"2026-09-15","support":"Intel EMIB-T put at 15-20k CoWoS-equivalent wafers a month in 2027 versus TSMC's 130k at end-2026 (full date)."},{"url":"https://www.trendforce.com/news/2026/08/05/news-tsmc-reportedly-expands-outsourcing-of-key-cowos-front-end-step-to-osats-amid-rising-nvidia-asic-demand/","date":"2026-08-05","support":"Even at 130-140k wafers a month by end-2026, the CoWoS supply-demand gap is estimated near 20% (full date)."}]}},"assembly-test":{"alternatives":{"level":2,"evidence":[{"url":"https://www.trendforce.com/presscenter/news/20250513-12577.html","date":"2025-05-13","support":"Ranking lists ten OSATs with 2024 revenue above US$0.7bn and notes clients' rising in-house testing (full date)."},{"url":"https://news.tvbs.com.tw/english/3177612","date":"2026-04-14","support":"KYEC, the largest pure-play tester, validates AI accelerators and is expanding AI test capacity (full date)."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.advantest.com/document/en/investors/ir-library/result/E_BIZ_241030_QA.pdf","date":"2024-10","support":"The company says SoC tester lead times run about three to six months versus a standard three (Q6; month only, October 2024 briefing)."},{"url":"https://www.trendforce.com/news/?p=64987","date":"2026-10-08","support":"AI test capacity is tight; most of Sigurd's customers signed capacity agreements of more than a year (full date)."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.trendforce.com/news/?p=64987","date":"2026-10-08","support":"Test houses are adding plants (Sigurd's second Hukou plant, capex up 48%), but new capacity is already committed (full date)."},{"url":"https://www.taiwannews.com.tw/news/6457710","date":"2026-10-14","support":"KYEC raised 2026 capex to a record NT$50bn for high-power burn-in and advanced-packaging test (full date)."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"chips-packaging","entityId":"tsmc","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"integration":{"alternatives":{"level":4,"evidence":[{"url":"https://www.trendforce.com/news/2025/12/08/news-tsmcs-cowos-l-s-reportedly-fully-booked-osat-partners-step-up-with-ases-cowop-in-focus","date":"2025-12-08","support":"TSMC has outsourced only select simpler-RDL CoWoS products to OSATs; ASE (with SPIL) is the one OSAT named, so alternatives are partial, not at parity (industry reports)."},{"url":"https://insights.trendforce.com/p/advanced-packaging-market-trends","date":"2026-08-18","support":"OSAT options are ASE's FOCoS and SPIL's FOEB; Intel's EMIB-T is aimed at customer ramps in 2027, so none is yet an at-scale substitute for CoWoS."}]},"switchingTime":{"level":4,"evidence":[{"url":"https://io-fund.com/ai-stocks/intel-vs-tsmc-cowos-constraints-intel-foundry","date":"2026-07-24","support":"Intel says EMIB-T targets customer ramps in 2027; a reported Google order covers 2028 and Nvidia is only reported to be evaluating it (unconfirmed), implying a 2-4 year move."},{"url":"https://www.trendforce.com/news/2024/08/06/news-tsmc-assigns-cow-order-for-the-first-time-reportedly-to-osat-provider-spil/","date":"2024-08-06","support":"Even TSMC's partial hand-off of the CoW step to SPIL was planned at tool-in in Q2 2025 and ramp in Q3 2025, after an August 2024 report (reported, not confirmed)."}]},"capabilityGap":{"level":4,"evidence":[{"url":"https://www.trendforce.com/news/2025/12/08/news-tsmcs-cowos-l-s-reportedly-fully-booked-osat-partners-step-up-with-ases-cowop-in-focus","date":"2025-12-08","support":"Industry estimates put TSMC CoWoS at 75-80k wafers a month rising to 120-130k by end-2026, against ASE's projected 20-25k; CoWoS-L and CoWoS-S both fully booked."},{"url":"https://focustaiwan.tw/business/202610150018","date":"2026-10-15","support":"TSMC's CEO says CoWoS remains customers' top choice for assembly, with satisfactory yields (company statement, 15 Oct 2026)."}]}},"assembly-test":{"alternatives":{"level":2,"evidence":[{"url":"https://www.trendforce.com/presscenter/news/20250513-12577.html","date":"2025-05-13","support":"Ten OSATs reported US$0.7bn or more in 2024 revenue (ASE 18.54bn, Amkor 6.32bn, JCET 5.00bn), so many suppliers can do assembly and test."},{"url":"https://www.trendforce.com/news/2025/12/08/news-tsmcs-cowos-l-s-reportedly-fully-booked-osat-partners-step-up-with-ases-cowop-in-focus","date":"2025-12-08","support":"TSMC is already outsourcing select advanced-packaging products to OSATs, showing the work can move outside TSMC."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.trendforce.com/news/2024/08/06/news-tsmc-assigns-cow-order-for-the-first-time-reportedly-to-osat-provider-spil/","date":"2024-08-06","support":"TSMC's first partial CoW hand-off to SPIL was planned at about 10 months from report to tool-in, then a Q3 2025 ramp (reported plan); plain assembly and test steps should move faster."},{"url":"https://www.trendforce.com/news/2025/12/08/news-tsmcs-cowos-l-s-reportedly-fully-booked-osat-partners-step-up-with-ases-cowop-in-focus","date":"2025-12-08","support":"TSMC has already begun sending select products to OSATs, so the transfer path exists."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.trendforce.com/news/2026/05/05/news-ase-powertech-kyec-capex-may-hit-nt370b-this-year-as-ai-drives-record-osat-investment/","date":"2026-05-05","support":"ASE raised 2026 capex to US$8.5bn with wafer-test capacity the focus; KYEC raised capex to NT$50bn: the alternatives are expanding fast."},{"url":"https://www.trendforce.com/news/?p=64987","date":"2026-10-08","support":"Test demand is rising faster than capacity (Nomura: Blackwell final test about 4x Hopper), so absorbing TSMC's small volume is a small, not zero, gap."}]}}}}},"ase":{"a":{"schema":"5lc-index-rating/1","key":"chips-packaging","entityId":"ase","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"integration":{"alternatives":{"level":3,"evidence":[{"url":"https://www.trendforce.com/news/2026/08/05/news-tsmc-reportedly-expands-outsourcing-of-key-cowos-front-end-step-to-osats-amid-rising-nvidia-asic-demand/","date":"2026-08-05","support":"ASE, Amkor and SPIL have long built WoS packages under TSMC licences; CoW outsourcing is limited (full date)."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.trendforce.com/news/2026/08/05/news-tsmc-reportedly-expands-outsourcing-of-key-cowos-front-end-step-to-osats-amid-rising-nvidia-asic-demand/","date":"2026-08-05","support":"The licensed WoS flow already runs at Amkor as well as ASE/SPIL, so volume can move without a new process (full date)."},{"url":"https://www.trendforce.com/news/2026/09/15/news-ases-spil-reportedly-nears-arizona-expansion-as-tsmc-amkor-step-up-u-s-advanced-packaging-push/","date":"2026-09-15","support":"'Customers are actively qualifying alternative suppliers' as CoWoS capacity tightens (full date)."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.trendforce.com/news/2026/09/15/news-ases-spil-reportedly-nears-arizona-expansion-as-tsmc-amkor-step-up-u-s-advanced-packaging-push/","date":"2026-09-15","support":"Non-TSMC players including ASE and Amkor to add capacity equal to 110k CoWoS wafers a month by end-2028 (full date)."}]}},"assembly-test":{"alternatives":{"level":3,"evidence":[{"url":"https://www.trendforce.com/presscenter/news/20250513-12577.html","date":"2025-05-13","support":"ASE had US$18.54bn of 2024 revenue, nearly 45% of the top ten; Amkor was next at US$6.32bn (full date)."},{"url":"https://news.tvbs.com.tw/english/3177612","date":"2026-04-14","support":"KYEC is the largest pure-play tester of AI accelerators, a specialist test alternative (full date)."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.taiwannews.com.tw/news/6457710","date":"2026-10-14","support":"KYEC's general manager says each new facility takes 'at least 24 months to build' (full date)."},{"url":"https://www.trendforce.com/news/2026/09/15/news-ases-spil-reportedly-nears-arizona-expansion-as-tsmc-amkor-step-up-u-s-advanced-packaging-push/","date":"2026-09-15","support":"Amkor's Arizona campus is expected to begin production in 2028 and reach full capacity by 2030 (full date)."}]},"capabilityGap":{"level":3,"evidence":[{"url":"https://www.trendforce.com/presscenter/news/20250513-12577.html","date":"2025-05-13","support":"The next-largest OSAT, Amkor, had about a third of ASE's 2024 revenue (full date)."},{"url":"https://www.trendforce.com/news/?p=64987","date":"2026-10-08","support":"AI chip test capacity is tight and customers lock in deals of more than a year (full date)."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"chips-packaging","entityId":"ase","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"integration":{"alternatives":{"level":2,"evidence":[{"url":"https://www.trendforce.com/news/2025/12/08/news-tsmcs-cowos-l-s-reportedly-fully-booked-osat-partners-step-up-with-ases-cowop-in-focus","date":"2025-12-08","support":"ASE (with SPIL) is the main beneficiary of customers building a second supply chain, but TSMC remains the incumbent and Amkor is TSMC's other packaging partner."},{"url":"https://pr.tsmc.com/english/news/3174","date":"2024-10-04","support":"TSMC and Amkor agreed in October 2024 to define CoWoS and InFO work together at Amkor's planned Arizona site, a further source of CoWoS-type capacity."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.trendforce.com/news/2024/08/06/news-tsmc-assigns-cow-order-for-the-first-time-reportedly-to-osat-provider-spil/","date":"2024-08-06","support":"TSMC's first CoW hand-off to SPIL was reported in August 2024 with tool-in planned for Q2 2025 and ramp for Q3 2025, so moving this work takes about a year or more (reported plan)."},{"url":"https://www.trendforce.com/news/2026/05/05/news-ase-powertech-kyec-capex-may-hit-nt370b-this-year-as-ai-drives-record-osat-investment/","date":"2026-05-05","support":"ASE targets about US$300m of CoWoS revenue in 2026, so volume is still being built."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.trendforce.com/news/2025/12/08/news-tsmcs-cowos-l-s-reportedly-fully-booked-osat-partners-step-up-with-ases-cowop-in-focus","date":"2025-12-08","support":"ASE's CoWoS capacity is projected at 20-25k wafers a month by year-end; TSMC, the alternative, has the capability but its lines are fully booked."}]}},"assembly-test":{"alternatives":{"level":3,"evidence":[{"url":"https://www.trendforce.com/presscenter/news/20250513-12577.html","date":"2025-05-13","support":"The next-largest OSAT, Amkor, had US$6.32bn of 2024 revenue against ASE's US$18.54bn; only Amkor is of similar kind at scale."},{"url":"https://www.taiwannews.com.tw/news/6457710","date":"2026-10-14","support":"For test, KYEC is a large independent alternative: Nvidia is prepaying up to NT$45bn for dedicated US test capacity there."},{"url":"https://www.trendforce.com/news/?p=64987","date":"2026-10-08","support":"Sigurd is a smaller test alternative, with NT$3.7bn of AI and advanced chip test revenue in the first nine months of 2026."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.trendforce.com/news/2026/05/05/news-ase-powertech-kyec-capex-may-hit-nt370b-this-year-as-ai-drives-record-osat-investment/","date":"2026-05-05","support":"ASE's new wafer-test equipment arrives from Q4 2026 with volume ramp in 2027; ASE raised 2026 capex twice, to US$8.5bn."},{"url":"https://www.taiwannews.com.tw/news/6457710","date":"2026-10-14","support":"KYEC's general manager has said each new test facility takes at least 24 months to build (as reported)."}]},"capabilityGap":{"level":3,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1122411/000095010326001662/dp241167_6k.htm","date":"2026-02-05","support":"ASE's leading-edge packaging and test revenue was US$1.6bn in 2025 and is guided to double to US$3.2bn in 2026 (company presentation, 5 Feb 2026)."},{"url":"https://www.trendforce.com/presscenter/news/20250513-12577.html","date":"2025-05-13","support":"Amkor's 2024 revenue was about a third of ASE's, so no alternative could absorb ASE's volume; test houses are fully utilised (Sigurd AI lines)."}]}}}}},"disco":{"a":{"schema":"5lc-index-rating/1","key":"chips-packaging","entityId":"disco","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"packaging-equipment":{"alternatives":{"level":4,"evidence":[{"url":"https://www.dri.co.jp/auto/report/qyr/251103-wafer-grinder-global-market-share-and.html","date":"2025-11-03","support":"Market-research summary names DISCO and Tokyo Seimitsu as major grinder makers; top five about 90% (full date)."},{"url":"https://newsletter.semianalysis.com/p/disco-corporation-the-world-leader","date":"2022-07-19","support":"DISCO 'holds leading market share' in wafer grinders and dicing saws (analyst, full date)."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.accretech.com/jp/ir/news/news-202608041630/main/0/link/QA_2027-3_1q_J.pdf","date":"2026-08-04","support":"Tokyo Seimitsu says its grinder lead times exceed six months and dicers run four to eight months (Q5, full date)."}]},"capabilityGap":{"level":4,"evidence":[{"url":"https://www.accretech.com/jp/ir/news/news-202608041630/main/0/link/QA_2027-3_1q_J.pdf","date":"2026-08-04","support":"Tokyo Seimitsu says orders are about 1.5 times its production capacity; capacity up only about 1.2x by FY2027 (Q6-7, full date)."},{"url":"https://eetimes.itmedia.co.jp/ee/spv/2604/23/news056_2.html","date":"2026-04-23","support":"DISCO expects strong HBM-related equipment demand to continue into its 2026 fiscal year (full date)."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"chips-packaging","entityId":"disco","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"packaging-equipment":{"alternatives":{"level":3,"evidence":[{"url":"https://www.accretech.com/en/company/","date":"undated","support":"Accretech sells dicing machines, polish grinders and precision blades, a direct alternative; its page gives no share or HBM claim (undated page, so date given as undated)."},{"url":"https://newsletter.semianalysis.com/p/disco-corporation-the-world-leader","date":"2022-07-19","support":"DISCO holds a leading share in dicing saws and wafer grinders (no figure given; third-party percentages are not used); Applied and Ebara compete only in CMP (19 July 2022). Evidence is thin and 2022-dated."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://newsletter.semianalysis.com/p/disco-corporation-the-world-leader","date":"2022-07-19","support":"Saws and grinding wheels are regularly replaced consumables, and DISCO designed its own tools for ultra-thin wheels, which ties customers to its process recipes (19 July 2022)."}]},"capabilityGap":{"level":3,"evidence":[{"url":"https://newsletter.semianalysis.com/p/disco-corporation-the-world-leader","date":"2022-07-19","support":"DISCO's Taiko grinding, stealth dicing and dicing-before-grinding processes are described as technology moats, with a near lockdown in power chips (19 July 2022)."},{"url":"https://www.accretech.com/en/company/","date":"undated","support":"Accretech's page mentions no HBM or advanced-packaging product (undated page)."}]}}}}},"ajinomoto-abf":{"a":{"schema":"5lc-index-rating/1","key":"chips-packaging","entityId":"ajinomoto-abf","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"substrate-film":{"alternatives":{"level":4,"evidence":[{"url":"https://diamond.jp/articles/-/312437","date":"2022-10-12","support":"Sekisui, with about 5% against Ajinomoto's about 95%, is the only real alternative (Japanese original, full date)."},{"url":"https://www.trendforce.com/news/2026/05/08/news-ajinomoto-ramps-chip-packaging-push-with-%C2%A51-2b-land-buy-for-new-plant-in-2032-abf-margins-top-50-on-ai-boom/","date":"2026-05-08","support":"Ajinomoto 'is said to hold more than 95% of the global ABF market share' (TV Asahi) (full date)."}]},"switchingTime":{"level":5,"evidence":[{"url":"https://diamond.jp/articles/-/312437","date":"2022-10-12","support":"Sekisui entered in 2014 and held only about 5% by 2022 (full date)."},{"url":"https://www.trendforce.com/news/2026/05/08/news-ajinomoto-ramps-chip-packaging-push-with-%C2%A51-2b-land-buy-for-new-plant-in-2032-abf-margins-top-50-on-ai-boom/","date":"2026-05-08","support":"Ajinomoto's next ABF plant: construction from 2028, operations in 2032 (full date)."}]},"capabilityGap":{"level":5,"evidence":[{"url":"https://en.edaily.co.kr/news/eda202608265585/","date":"2026-08-26","support":"Ajinomoto's ABF lines run at 'virtually full capacity'; it 'effectively monopolizes' high-performance ABF (full date)."},{"url":"https://heise.de/-11174896","date":"2026-02-12","support":"Ajinomoto's ABF share is reportedly even higher than Nittobo's roughly 90% in T-glass (full date)."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"chips-packaging","entityId":"ajinomoto-abf","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"substrate-film":{"alternatives":{"level":4,"evidence":[{"url":"https://diamond.jp/articles/-/312437","date":"2022-10","support":"Sekisui Chemical entered build-up film in 2014 and held only about 5% in 2022; the article names no other entrant. Date given as month (October 2022)."},{"url":"https://www.trendforce.com/news/2026/05/08/news-ajinomoto-ramps-chip-packaging-push-with-%C2%A51-2b-land-buy-for-new-plant-in-2032-abf-margins-top-50-on-ai-boom/","date":"2026-05-08","support":"TV Asahi's claim, relayed by TrendForce, is that Ajinomoto holds over 95% of the global ABF market; the article names no competitors."}]},"switchingTime":{"level":4,"evidence":[{"url":"https://diamond.jp/articles/-/312437","date":"2022-10","support":"Established substrate-maker supply chains make switching difficult, and Ajinomoto's feedback cycle with substrate makers keeps it ahead; Sekisui took about eight years to reach roughly 5%. Date given as month."},{"url":"https://en.edaily.co.kr/news/eda202608265585/","date":"2026-08-26","support":"Ajinomoto's third ABF plant starts construction in 2028 and operates in 2032, showing how slowly film capacity moves."}]},"capabilityGap":{"level":5,"evidence":[{"url":"https://en.edaily.co.kr/news/eda202608265585/","date":"2026-08-26","support":"Ajinomoto effectively monopolises ABF for high-performance semiconductors, with lines near full capacity in Q2 2026 and supply rationed to AI products."},{"url":"https://www.trendforce.com/news/2026/05/08/news-ajinomoto-ramps-chip-packaging-push-with-%C2%A51-2b-land-buy-for-new-plant-in-2032-abf-margins-top-50-on-ai-boom/","date":"2026-05-08","support":"Electronic materials sales were JPY100.7bn at an operating margin above 50% in the year to March 2026, which suggests no rival constrains its pricing (my inference)."}]}}}}},"unimicron":{"a":{"schema":"5lc-index-rating/1","key":"chips-packaging","entityId":"unimicron","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"substrates":{"alternatives":{"level":3,"evidence":[{"url":"https://www.koreaherald.com/article/10729376","date":"2026-04-30","support":"Volume FC-BGA makers named: Ibiden, Shinko, Unimicron and Samsung Electro-Mechanics (full date)."},{"url":"https://www.taipeitimes.com/News/biz/archives/2024/12/31/2003829378","date":"2024-12-31","support":"Ibiden supplies substrates for all of Nvidia's AI chips; Unimicron named as a rival (full date)."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://news.tvbs.com.tw/english/3135117","date":"2026-02-26","support":"'Qualifying new substrate suppliers takes years of testing and validation' (full date)."},{"url":"https://www.trendforce.com/news/?p=65544","date":"2026-10-20","support":"Some key equipment lead times have stretched to 30 months (full date)."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.trendforce.com/news/2026/08/27/news-samsung-electro-mechanics-lg-innotek-ramp-up-ai-substrate-capacity-as-1h-utilization-reportedly-nears-90/","date":"2026-08-27","support":"Best alternative Ibiden plans JPY500bn over three years; AI-server substrate area to reach about 2.5x by FY2028 (full date)."},{"url":"https://www.taiwannews.com.tw/en/news/6373911","date":"2026-06-01","support":"Unimicron says high-end supply should stay tight through 2028 (full date)."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"chips-packaging","entityId":"unimicron","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"substrates":{"alternatives":{"level":2,"evidence":[{"url":"https://www.koreaherald.com/article/10729376","date":"2026-04-30","support":"April 2026 coverage of SEMCO's results names Ibiden, Shinko, Unimicron and SEMCO as the companies producing FC-BGA in volume."},{"url":"https://www.trendforce.com/news/2026/08/27/news-samsung-electro-mechanics-lg-innotek-ramp-up-ai-substrate-capacity-as-1h-utilization-reportedly-nears-90/","date":"2026-08-27","support":"SEMCO supplies Nvidia, Google and Amazon (reported); Ibiden, Shinko and AT&S are further qualified makers."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.taiwannews.com.tw/en/news/6373911","date":"2026-06-01","support":"Unimicron says tight high-end supply will last through 2028 and its capacity planning runs through 2027-28 (1 June 2026)."},{"url":"https://iconnect007.com/article/151541/ai-drives-highend-ic-substrate-growth-to-us1951b-in-2026/151538/flex","date":"2026-09-10","support":"New suppliers must pass customer qualification, which slows any short-term supply rise (TPCA, 10 Sept 2026)."}]},"capabilityGap":{"level":3,"evidence":[{"url":"https://www.taiwannews.com.tw/en/news/6373911","date":"2026-06-01","support":"Unimicron says the supply-demand gap will keep widening for several years; its AI share of ABF revenue was 40% in 2025."},{"url":"https://www.trendforce.com/news/2026/08/27/news-samsung-electro-mechanics-lg-innotek-ramp-up-ai-substrate-capacity-as-1h-utilization-reportedly-nears-90/","date":"2026-08-27","support":"Rivals' utilisation was about 89-94% in H1 2026; Unimicron raised 2026 capex to over NT$53.7bn, 80-85% of the increase for ABF."}]}}}}},"amkor":{"a":{"schema":"5lc-index-rating/1","key":"chips-packaging","entityId":"amkor","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"integration":{"alternatives":{"level":3,"evidence":[{"url":"https://www.trendforce.com/news/2026/08/05/news-tsmc-reportedly-expands-outsourcing-of-key-cowos-front-end-step-to-osats-amid-rising-nvidia-asic-demand/","date":"2026-08-05","support":"ASE and SPIL also build WoS under TSMC licences, alongside Amkor and TSMC itself (full date)."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.trendforce.com/news/2026/08/05/news-tsmc-reportedly-expands-outsourcing-of-key-cowos-front-end-step-to-osats-amid-rising-nvidia-asic-demand/","date":"2026-08-05","support":"The same TSMC-licensed WoS process runs at ASE and SPIL, so qualification is a transfer, not a redesign (full date)."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.trendforce.com/news/2026/09/15/news-ases-spil-reportedly-nears-arizona-expansion-as-tsmc-amkor-step-up-u-s-advanced-packaging-push/","date":"2026-09-15","support":"ASE raised 2026 capex to US$10.5bn; SPIL's new Douliu plant is expected to introduce CoWoS (full date)."}]}},"assembly-test":{"alternatives":{"level":3,"evidence":[{"url":"https://www.trendforce.com/presscenter/news/20250513-12577.html","date":"2025-05-13","support":"Amkor ranked second (US$6.32bn) behind ASE (US$18.54bn); few others reach AI scale (full date)."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.trendforce.com/news/2026/08/05/news-tsmc-reportedly-expands-outsourcing-of-key-cowos-front-end-step-to-osats-amid-rising-nvidia-asic-demand/","date":"2026-08-05","support":"ASE, Amkor and SPIL all run TSMC-licensed WoS, easing transfer of Amkor's AI packages (full date)."},{"url":"https://www.advantest.com/document/en/investors/ir-library/result/E_BIZ_241030_QA.pdf","date":"2024-10","support":"The company says SoC tester lead times are about three to six months (Q6; month only)."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.trendforce.com/presscenter/news/20250513-12577.html","date":"2025-05-13","support":"ASE, the best alternative, is roughly three times Amkor's size by 2024 revenue (full date)."},{"url":"https://www.trendforce.com/news/?p=64987","date":"2026-10-08","support":"Test capacity is tight, limiting how fast volume can be absorbed (full date)."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"chips-packaging","entityId":"amkor","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"integration":{"alternatives":{"level":2,"evidence":[{"url":"https://pr.tsmc.com/english/news/3174","date":"2024-10-04","support":"TSMC will buy turnkey packaging and test from Amkor in Arizona and the two will define CoWoS and InFO work; TSMC, ASE and Intel are the other sources."},{"url":"https://amkor.com/blog/amkor-intel-partnership-expands-us-emib-packaging-capacity/","date":"2025-04-30","support":"Amkor runs EMIB assembly as a second source for Intel, so it is itself an alternative rather than the only route."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.trendforce.com/news/2025/12/08/news-tsmcs-cowos-l-s-reportedly-fully-booked-osat-partners-step-up-with-ases-cowop-in-focus","date":"2025-12-08","support":"CoWoS lines are fully booked, and ASE's overflow capacity is still being built (20-25k wafers a month by year-end), so moving Amkor's work needs more than a year."},{"url":"https://pr.tsmc.com/english/news/3174","date":"2024-10-04","support":"Amkor's Arizona facility was still planned in the October 2024 announcement."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.trendforce.com/news/2025/12/08/news-tsmcs-cowos-l-s-reportedly-fully-booked-osat-partners-step-up-with-ases-cowop-in-focus","date":"2025-12-08","support":"TSMC and ASE can do the work but are fully booked; Amkor's 2.5D volume is small, so the shortfall is small (evidence thin)."}]}},"assembly-test":{"alternatives":{"level":3,"evidence":[{"url":"https://www.trendforce.com/presscenter/news/20250513-12577.html","date":"2025-05-13","support":"ASE is the only OSAT larger than Amkor (US$18.54bn vs 6.32bn in 2024); JCET, Tongfu and Powertech are smaller and less proven for AI."},{"url":"https://www.sec.gov/Archives/edgar/data/0001047127/000104712726000043/amkr6302026erex-991.htm","date":"2026-07-27","support":"Amkor's CEO cites progress on key AI and HPC customer programmes and expanding advanced packaging and test capacity (company release, 27 July 2026)."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/0001047127/000104712726000043/amkr6302026erex-991.htm","date":"2026-07-27","support":"Amkor guides 2026 capex at US$2.5-3.0bn to expand advanced packaging and test capacity (company release, 27 July 2026); new capacity takes more than a year (my inference)."},{"url":"https://www.taipeitimes.com/News/biz/archives/2026/04/29/2003856406","date":"2026-04-29","support":"Powertech says a new advanced package enters qualification in H2 2026 for shipments by mid-2027, about a year, for an OSAT already in the market."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.trendforce.com/presscenter/news/20250513-12577.html","date":"2025-05-13","support":"ASE, the best alternative, is about three times Amkor's size by 2024 revenue and has matching capability."},{"url":"https://www.trendforce.com/news/2026/05/05/news-ase-powertech-kyec-capex-may-hit-nt370b-this-year-as-ai-drives-record-osat-investment/","date":"2026-05-05","support":"ASE raised 2026 capex to US$8.5bn; it can absorb volume, but test capacity is tight across OSATs."}]}}}}},"ibiden":{"a":{"schema":"5lc-index-rating/1","key":"chips-packaging","entityId":"ibiden","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"substrates":{"alternatives":{"level":3,"evidence":[{"url":"https://www.taipeitimes.com/News/biz/archives/2024/12/31/2003829378","date":"2024-12-31","support":"Ibiden is 'the dominant supplier' of Nvidia's package substrates; an analyst doubts Taiwanese rivals take much share (full date)."},{"url":"https://www.koreaherald.com/article/10729376","date":"2026-04-30","support":"FC-BGA boards are made in volume by 'only a handful of companies globally' (full date)."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://news.tvbs.com.tw/english/3135117","date":"2026-02-26","support":"'Qualifying new substrate suppliers takes years of testing and validation' (full date)."},{"url":"https://evertiq.com/design/2025-10-15-ibiden-expands-ic-substrate-production-with-ono-plant","date":"2025-10-15","support":"Ibiden's Ono plant: construction began December 2022, staged mass production from October 2025 (full date)."}]},"capabilityGap":{"level":3,"evidence":[{"url":"https://counterpointresearch.com/de/reports/From-T-Glass-Crisis-Capacity-Erosion-The-Multi-Year-Substrate-Shortage","date":"2026-03-11","support":"Greenfield substrate capacity 'will not arrive until 2027', leaving about a 20% shortage (full date)."},{"url":"https://www.trendforce.com/news/?p=65544","date":"2026-10-20","support":"Lead times for some key substrate equipment have stretched to 30 months (full date)."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"chips-packaging","entityId":"ibiden","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"substrates":{"alternatives":{"level":2,"evidence":[{"url":"https://www.koreaherald.com/article/10729376","date":"2026-04-30","support":"April 2026 coverage of SEMCO's results names Ibiden, Shinko, Unimicron and SEMCO as the companies producing FC-BGA in volume."},{"url":"https://www.trendforce.com/news/2026/08/27/news-samsung-electro-mechanics-lg-innotek-ramp-up-ai-substrate-capacity-as-1h-utilization-reportedly-nears-90/","date":"2026-08-27","support":"SEMCO already supplies FC-BGA to Nvidia, Google and Amazon (reported), and AT&S ramps for AMD: four or five qualified rivals."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://iconnect007.com/article/151541/ai-drives-highend-ic-substrate-growth-to-us1951b-in-2026/151538/flex","date":"2026-09-10","support":"TPCA says new suppliers must pass customer qualification and new capacity takes time to come online and ramp (10 Sept 2026)."},{"url":"https://www.trendforce.com/news/2026/08/27/news-samsung-electro-mechanics-lg-innotek-ramp-up-ai-substrate-capacity-as-1h-utilization-reportedly-nears-90/","date":"2026-08-27","support":"Ibiden's JPY500bn plan runs over three years from fiscal 2026 and lifts AI-server substrate capacity to about 2.5x by fiscal 2028 (reported), i.e. 1-2+ years to add capacity."}]},"capabilityGap":{"level":3,"evidence":[{"url":"https://technews.tw/2025/09/22/nvidia-supplier-ibiden-to-expand-ic-substrate/","date":"2025-09-22","support":"Ibiden lists Nvidia, Intel, AMD, Samsung and TSMC as customers, and AI orders far exceeded plan (22 Sept 2025)."},{"url":"https://www.trendforce.com/news/2026/08/27/news-samsung-electro-mechanics-lg-innotek-ramp-up-ai-substrate-capacity-as-1h-utilization-reportedly-nears-90/","date":"2026-08-27","support":"Rivals SEMCO and LG Innotek ran at about 89% and 94% utilisation in H1 2026, so they cannot absorb Ibiden's volume."},{"url":"https://counterpointresearch.com/de/reports/From-T-Glass-Crisis-Capacity-Erosion-The-Multi-Year-Substrate-Shortage","date":"2026-03-11","support":"Counterpoint's report page cites a 20% supply gap in the substrate shortage, with greenfield capacity not expected until 2027 (as summarised)."}]}}}}},"sj-semiconductor":{"a":{"schema":"5lc-index-rating/1","key":"chips-packaging","entityId":"sj-semiconductor","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"integration":{"alternatives":{"level":3,"evidence":[{"url":"https://www.trendforce.com/news/?p=56428","date":"2026-04-23","support":"Domestic rivals: JCET is ramping XDFOI chiplet packaging; Tongfu leads chiplets via AMD (full date)."},{"url":"https://www.trendforce.com/news/2026/02/27/news-sj-semiconductor-reportedly-wins-ipo-nod-as-china-leans-on-advanced-packaging-for-chip-self-reliance/","date":"2026-02-27","support":"China uses advanced packaging to 'navigate Western export restrictions', limiting foreign alternatives (full date)."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.trendforce.com/news/?p=56428","date":"2026-04-23","support":"JCET is still 'accelerating mass production' of XDFOI for AI and HPC, not yet at scale (full date)."}]},"capabilityGap":{"level":4,"evidence":[{"url":"https://www.trendforce.com/news/?p=56428","date":"2026-04-23","support":"SJ Semiconductor held about 85% of China's 2.5D packaging market in 2024 (EE Times China) (full date)."},{"url":"https://www.trendforce.com/news/2026/02/27/news-sj-semiconductor-reportedly-wins-ipo-nod-as-china-leans-on-advanced-packaging-for-chip-self-reliance/","date":"2026-02-27","support":"Its 2.5D and 3D packaging has reached scaled mass production; the largest customer is over 70% of revenue (full date)."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"chips-packaging","entityId":"sj-semiconductor","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"integration":{"alternatives":{"level":3,"evidence":[{"url":"https://www.trendforce.com/news/?p=56428","date":"2026-04-23","support":"In China the 2.5D alternatives are JCET (XDFOI, accelerating mass production for AI and HPC) and Tongfu; SJSemi held about 85% of China's 2.5D market in 2024 (EE Times China via TrendForce)."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.trendforce.com/news/?p=56428","date":"2026-04-23","support":"One customer was 74.4% of SJSemi's H1 2025 revenue; moving that customer's 2.5D designs to JCET or Tongfu means requalification and ramp, put at 1-2 years (my inference)."}]},"capabilityGap":{"level":3,"evidence":[{"url":"https://www.trendforce.com/news/?p=56428","date":"2026-04-23","support":"SJSemi is described as among the largest by production scale in 2.5D; JCET's XDFOI is still ramping toward mass production, so the best alternative is smaller (no capacity figures given)."}]}}}}},"kyec":{"a":{"schema":"5lc-index-rating/1","key":"chips-packaging","entityId":"kyec","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"assembly-test":{"alternatives":{"level":3,"evidence":[{"url":"https://news.tvbs.com.tw/english/3177612","date":"2026-04-14","support":"KYEC is 'the largest pure-play chip testing company', second globally among pure-play testers (full date)."},{"url":"https://www.trendforce.com/presscenter/news/20250513-12577.html","date":"2025-05-13","support":"ASE and Amkor also test, and some clients are moving test in-house (full date)."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.advantest.com/document/en/investors/ir-library/result/E_BIZ_241030_QA.pdf","date":"2024-10","support":"The company says SoC tester lead times are about three to six months (Q6; month only)."},{"url":"https://www.trendforce.com/news/?p=64987","date":"2026-10-08","support":"Customers sign AI test capacity agreements of more than a year (full date)."}]},"capabilityGap":{"level":3,"evidence":[{"url":"https://www.taiwannews.com.tw/news/6457710","date":"2026-10-14","support":"Nvidia agreed to prepay up to NT$45bn to reserve future KYEC US test capacity (full date)."},{"url":"https://www.trendforce.com/news/?p=64987","date":"2026-10-08","support":"Rival Sigurd's new AI test capacity is already committed to customers (full date)."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"chips-packaging","entityId":"kyec","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"assembly-test":{"alternatives":{"level":3,"evidence":[{"url":"https://www.taiwannews.com.tw/news/6457710","date":"2026-10-14","support":"Nvidia is prepaying up to NT$45bn for dedicated US test capacity at KYEC (14 Oct 2026), a sign that few test houses can serve it at scale."},{"url":"https://www.trendforce.com/news/?p=64987","date":"2026-10-08","support":"Sigurd is the other independent AI test house but earned only NT$3.7bn from AI and advanced chip test in nine months of 2026; ASE and Amkor also test."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.taiwannews.com.tw/news/6457710","date":"2026-10-14","support":"KYEC's general manager said each new test facility takes at least 24 months to build; Nvidia's prepaid US capacity has no disclosed timeline."},{"url":"https://www.trendforce.com/news/?p=64987","date":"2026-10-08","support":"Sigurd says most customers signed capacity agreements of more than a year, so rival test capacity is already committed."}]},"capabilityGap":{"level":3,"evidence":[{"url":"https://www.trendforce.com/news/?p=64987","date":"2026-10-08","support":"Test demand is growing faster than capacity (Blackwell final test about 4x Hopper, Rubin possibly 7x per Nomura), so rivals have no spare capacity for KYEC's volume."},{"url":"https://www.taiwannews.com.tw/news/6409494","date":"2026-07-28","support":"Sigurd's AI test lines are reported fully utilised, with demand outpacing capacity."}]}}}}},"nittobo":{"a":{"schema":"5lc-index-rating/1","key":"chips-packaging","entityId":"nittobo","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"substrate-glass-cloth":{"alternatives":{"level":4,"evidence":[{"url":"https://heise.de/-11174896","date":"2026-02-12","support":"Nittobo reportedly holds about 90%; Qualcomm sought quotas from smaller Unitika (citing WSJ) (full date)."},{"url":"https://9to5mac.com/2026/01/13/apple-reportedly-faces-critical-chip-component-shortage-as-ai-boom-strains-supply-chain/","date":"2026-01-13","support":"Newcomers are 'struggling to achieve adequate capacity and consistent quality' (citing Nikkei Asia) (full date)."}]},"switchingTime":{"level":4,"evidence":[{"url":"https://insights.trendforce.com/p/glass-fiber-cloth-shortage","date":"2026-04-30","support":"Nittobo not expected to add capacity 'until mid-2027 at the earliest' (full date)."},{"url":"https://9to5mac.com/2026/01/13/apple-reportedly-faces-critical-chip-component-shortage-as-ai-boom-strains-supply-chain/","date":"2026-01-13","support":"The crunch is projected to last until at least the second half of 2027 (full date)."}]},"capabilityGap":{"level":5,"evidence":[{"url":"https://insights.trendforce.com/p/glass-fiber-cloth-shortage","date":"2026-04-30","support":"Nittobo holds about 90% of T-glass and 60-70% of NER-glass (full date)."},{"url":"https://heise.de/-11174896","date":"2026-02-12","support":"Nittobo told the WSJ new lines cannot close the gap with 'rapidly increasing demand' (full date)."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"chips-packaging","entityId":"nittobo","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"substrate-glass-cloth":{"alternatives":{"level":4,"evidence":[{"url":"https://www.trendforce.com/news/2025/11/28/news-nittobo-expands-glass-fiber-output-with-nan-ya/","date":"2025-11-28","support":"TechNews calls Nittobo the only company able to stably mass-produce top-grade T-glass (via TrendForce, 28 Nov 2025); Nan Ya will weave 20% of Nittobo's fabrics by 2027, i.e. as its partner."},{"url":"https://www.taiwannews.com.tw/en/news/6360060","date":"2026-05-12","support":"Taiwan Glass says its low-Dk products are gradually gaining certification and shipments should rise 40-50% in 2026 (12 May 2026); low-Dk is not the same as T-glass."}]},"switchingTime":{"level":4,"evidence":[{"url":"https://insights.trendforce.com/p/glass-fiber-cloth-shortage","date":"2026-04-30","support":"Nittobo is not expected to add capacity until mid-2027 at the earliest; the shortage is not expected to ease before then (30 Apr 2026)."},{"url":"https://www.trendforce.com/news/2026/08/06/news-nittobo-raises-fy2027-net-profit-forecast-by-jpy-3b-no-further-t-glass-price-hikes-planned/","date":"2026-08-06","support":"Nittobo targets 3x capacity by the year to March 2029 but says even that will not be enough (6 Aug 2026)."}]},"capabilityGap":{"level":5,"evidence":[{"url":"https://insights.trendforce.com/p/glass-fiber-cloth-shortage","date":"2026-04-30","support":"Nittobo holds roughly 90% of the T-glass market and 60-70% of NER-glass (TrendForce, 30 Apr 2026)."},{"url":"https://www.trendforce.com/news/2026/08/06/news-nittobo-raises-fy2027-net-profit-forecast-by-jpy-3b-no-further-t-glass-price-hikes-planned/","date":"2026-08-06","support":"Nvidia, Microsoft, Google and Amazon reportedly booked most of Nittobo's premium cloth capacity for 2026, so spare supply elsewhere looks thin (my inference)."},{"url":"https://technews.tw/?p=1439536","date":"2025-09-12","support":"A Prismark partner said only a few suppliers worldwide can mass-produce low-CTE cloth and expected shortage through 2026 (12 Sept 2025)."}]}}}}},"besi":{"a":{"schema":"5lc-index-rating/1","key":"chips-packaging","entityId":"besi","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"packaging-equipment":{"alternatives":{"level":3,"evidence":[{"url":"https://www.trendforce.com/news/2026/03/13/news-hybrid-bonding-leader-besi-reportedly-draws-takeover-interest/","date":"2026-03-13","support":"Besi holds 'the top position in hybrid bonder equipment'; ASMPT and Korean makers are developing rivals (full date)."},{"url":"https://live.euronext.com/sites/default/files/company_press_releases/attachments/2026/02/19/Connect_q4-2025.pdf","date":"2026-02-19","support":"The company says its flip chip and die attach gained share in AI 2.5D; hybrid bonding reached 18 customers (full date)."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://live.euronext.com/sites/default/files/company_press_releases/attachments/2026/02/19/Connect_q4-2025.pdf","date":"2026-02-19","support":"The company says six hybrid bonding lines with 30 Besi bonders run at a leading logic customer (full date)."},{"url":"https://www.asmpt.com/site/assets/files/84504/e0522_press_release_2025_q4_results.pdf","date":"2026-03-04","support":"ASMPT says it secured hybrid bonding customer buy-offs while still developing its second-generation platform (full date)."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.asmpt.com/site/assets/files/84504/e0522_press_release_2025_q4_results.pdf","date":"2026-03-04","support":"ASMPT says it leads TCB and is process of record for chip-to-substrate TCB, covering Besi's 2.5D bonding work (full date)."},{"url":"https://www.trendforce.com/news/2026/03/13/news-hybrid-bonding-leader-besi-reportedly-draws-takeover-interest/","date":"2026-03-13","support":"Hybrid bonding competition is 'beginning to emerge' (full date)."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"chips-packaging","entityId":"besi","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"packaging-equipment":{"alternatives":{"level":3,"evidence":[{"url":"https://bits-chips.com/article/besi-sees-orders-double-on-hybrid-bonding-demand/","date":"2026-04-23","support":"Besi reports hybrid-bonding demand from twenty customers and partners with Applied Materials; the other hybrid-bonding routes are Hanmi (planned) and EVG, with ASMPT for 2.5D die attach, i.e. a few."},{"url":"https://www.trendforce.com/news/?p=11402","date":"2024-07-09","support":"Hanmi planned mild hybrid bonders for H2 2025 and hybrid bonders for 2026 (reported July 2024)."},{"url":"https://www.evgroup.com/products/bonding/permanent-bonding-systems","date":"undated","support":"EVG lists hybrid and fusion bonding as a product category (undated page)."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://bits-chips.com/article/besi-sees-orders-double-on-hybrid-bonding-demand/","date":"2026-04-23","support":"Besi's CEO says hybrid-bonding adoption speeds up toward new AI products in 2027-2030; switching hybrid-bonding supply is a multi-year design decision (my inference)."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://live.euronext.com/sites/default/files/company_press_releases/attachments/2026/02/19/Connect_q4-2025.pdf","date":"2026-02-19","support":"Besi's growth is from 2.5D AI computing orders from Asian subcontractors (Q4 2025 release), a segment where ASMPT's TCB is a capable alternative (my inference)."},{"url":"https://www.asmpt.com/site/assets/files/84504/e0522_press_release_2025_q4_results.pdf","date":"2026-03-04","support":"ASMPT says it is the process-of-record for chip-to-substrate TCB in logic and targets 35-40% of the TCB market (company claims)."}]}}}}},"hanmi":{"a":{"schema":"5lc-index-rating/1","key":"chips-packaging","entityId":"hanmi","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"packaging-equipment":{"alternatives":{"level":2,"evidence":[{"url":"https://www.trendforce.com/news/2025/12/12/news-sk-hynix-reportedly-places-hbm4-tc-bonder-order-with-asmpt-as-hanmi-hanwha-patent-clash-heats-up/","date":"2025-12-12","support":"ASMPT supplies about half of SK hynix's roughly 50 HBM4 TC bonder sets (full date)."},{"url":"https://en.bizhankook.com/articles/31197.html","date":"2026-01-14","support":"Hanwha Semitech also received SK hynix TC bonder orders (full date)."},{"url":"https://www.trendforce.com/news/?p=10891","date":"2024-06-26","support":"Micron also buys from Shinkawa; Samsung from Toray, Shinkawa and SEMES (full date)."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.trendforce.com/news/2025/12/12/news-sk-hynix-reportedly-places-hbm4-tc-bonder-order-with-asmpt-as-hanmi-hanwha-patent-clash-heats-up/","date":"2025-12-12","support":"ASMPT's first SK hynix HBM3E order came in October 2024; about a year later it supplied half the HBM4 fleet (full date)."}]},"capabilityGap":{"level":3,"evidence":[{"url":"https://view.asiae.co.kr/en/article/2026020908430125470","date":"2026-02-09","support":"Hanmi says it held 71.2% of the TC bonder market, so rivals would need to more than double output (full date)."},{"url":"https://www.asmpt.com/site/assets/files/84504/e0522_press_release_2025_q4_results.pdf","date":"2026-03-04","support":"ASMPT, the largest rival, says it targets a 35 to 40% share of TCB (full date)."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"chips-packaging","entityId":"hanmi","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"packaging-equipment":{"alternatives":{"level":2,"evidence":[{"url":"https://www.trendforce.com/news/?p=10891","date":"2024-06-26","support":"SK hynix buys TC bonders from ASMPT, Hanmi and Hanwha; Samsung from Toray, Shinkawa and SEMES; Micron from Shinkawa, Hanmi and ASMPT (demo)."},{"url":"https://www.trendforce.com/news/2025/12/12/news-sk-hynix-reportedly-places-hbm4-tc-bonder-order-with-asmpt-as-hanmi-hanwha-patent-clash-heats-up/","date":"2025-12-12","support":"About half of SK hynix's roughly 50 HBM4 TC bonder sets are from ASMPT, so an alternative is already in volume."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.trendforce.com/news/2025/12/12/news-sk-hynix-reportedly-places-hbm4-tc-bonder-order-with-asmpt-as-hanmi-hanwha-patent-clash-heats-up/","date":"2025-12-12","support":"SK hynix reportedly ordered 7 ASMPT systems for HBM4 in December 2025 during the Hanmi-Hanwha patent dispute, showing orders can shift within months."},{"url":"https://www.koreaherald.com/article/10766606","date":"2026-06-08","support":"SK hynix's KRW44.2bn Hanmi order (8 June 2026) was to be delivered by early September, about three months."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://view.asiae.co.kr/en/article/2026020908430125470","date":"2026-02-09","support":"Hanmi's HBM TC bonder holds a 71.2% global share, with 2025 revenue of KRW576.7bn (9 Feb 2026)."},{"url":"https://www.trendforce.com/news/?p=11402","date":"2024-07-09","support":"Hanmi's new factory was to give the world's largest annual TC bonder capacity (420 units); rivals are smaller, so a capacity gap is small to moderate."}]}}}}},"semco":{"a":{"schema":"5lc-index-rating/1","key":"chips-packaging","entityId":"semco","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"substrates":{"alternatives":{"level":2,"evidence":[{"url":"https://www.kedglobal.com/newsAmp/ked202406120005","date":"2024-06-12","support":"FC-BGA makers listed: Ibiden, Shinko, Unimicron, Nanya, SEMCO, LG Innotek, AT&S (full date)."},{"url":"https://www.koreaherald.com/article/10729376","date":"2026-04-30","support":"Ibiden, Shinko, Unimicron and SEMCO are the handful of volume FC-BGA producers (full date)."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://news.tvbs.com.tw/english/3135117","date":"2026-02-26","support":"'Qualifying new substrate suppliers takes years of testing and validation' (full date)."},{"url":"https://www.kedglobal.com/newsAmp/ked202406120005","date":"2024-06-12","support":"LG Innotek entered FC-BGA in 2022 and passed Big Tech quality tests only in 2024 (full date)."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.trendforce.com/news/2026/08/27/news-samsung-electro-mechanics-lg-innotek-ramp-up-ai-substrate-capacity-as-1h-utilization-reportedly-nears-90/","date":"2026-08-27","support":"SEMCO ran at 89% utilisation in H1 2026; Ibiden and Unimicron are expanding AI capacity (full date)."},{"url":"https://counterpointresearch.com/de/reports/From-T-Glass-Crisis-Capacity-Erosion-The-Multi-Year-Substrate-Shortage","date":"2026-03-11","support":"New substrate capacity arrives from 2027, with about a 20% shortage meanwhile (full date)."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"chips-packaging","entityId":"semco","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"substrates":{"alternatives":{"level":2,"evidence":[{"url":"https://www.koreaherald.com/article/10729376","date":"2026-04-30","support":"April 2026 coverage of SEMCO's results names Ibiden, Shinko, Unimicron and SEMCO as the companies producing FC-BGA in volume."},{"url":"https://www.trendforce.com/news/2026/08/27/news-samsung-electro-mechanics-lg-innotek-ramp-up-ai-substrate-capacity-as-1h-utilization-reportedly-nears-90/","date":"2026-08-27","support":"Ibiden is investing JPY500bn, Unimicron raised ABF capex and LG Innotek is in talks with Intel and Broadcom: several other sources."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.trendforce.com/news/2026/08/27/news-samsung-electro-mechanics-lg-innotek-ramp-up-ai-substrate-capacity-as-1h-utilization-reportedly-nears-90/","date":"2026-08-27","support":"SEMCO's utilisation was about 89% and rival LG Innotek's 94% in H1 2026; added rival capacity (Ibiden's plan runs to fiscal 2028) takes 1-2+ years."},{"url":"https://iconnect007.com/article/151541/ai-drives-highend-ic-substrate-growth-to-us1951b-in-2026/151538/flex","date":"2026-09-10","support":"New suppliers must pass customer qualification before volume (TPCA, 10 Sept 2026)."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.trendforce.com/news/2026/08/27/news-samsung-electro-mechanics-lg-innotek-ramp-up-ai-substrate-capacity-as-1h-utilization-reportedly-nears-90/","date":"2026-08-27","support":"SEMCO already supplies Nvidia, Google and Amazon, and the rivals Ibiden and Unimicron are capable; their capacity is mostly committed, so the gap for SEMCO's volume is small to moderate."}]}}}}},"asmpt":{"a":{"schema":"5lc-index-rating/1","key":"chips-packaging","entityId":"asmpt","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"packaging-equipment":{"alternatives":{"level":2,"evidence":[{"url":"https://view.asiae.co.kr/en/article/2026020908430125470","date":"2026-02-09","support":"Hanmi says it holds 71.2% of the TC bonder market (full date)."},{"url":"https://www.trendforce.com/news/?p=10891","date":"2024-06-26","support":"HBM TC bonders also come from Hanmi, Hanwha, SEMES, Shinkawa and Toray (full date)."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://en.bizhankook.com/articles/31197.html","date":"2026-01-14","support":"SK hynix ordered HBM TC bonders from both Hanmi and Hanwha Semitech (full date)."},{"url":"https://www.trendforce.com/news/2025/12/12/news-sk-hynix-reportedly-places-hbm4-tc-bonder-order-with-asmpt-as-hanmi-hanwha-patent-clash-heats-up/","date":"2025-12-12","support":"Hanmi was SK hynix's exclusive TC bonder supplier until 2024 and is still qualified there (full date)."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://view.asiae.co.kr/en/article/2026020908430125470","date":"2026-02-09","support":"Hanmi's 2025 sales hit a record KRW 576.7bn on HBM TC bonders (full date)."},{"url":"https://live.euronext.com/sites/default/files/company_press_releases/attachments/2026/02/19/Connect_q4-2025.pdf","date":"2026-02-19","support":"Besi says its TC Next adoption expanded to five customers for logic, memory and photonics (full date)."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"chips-packaging","entityId":"asmpt","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"packaging-equipment":{"alternatives":{"level":2,"evidence":[{"url":"https://www.trendforce.com/news/?p=58823","date":"2026-06-05","support":"Hanmi, Hanwha and Kulicke & Soffa are named as rival TC bonder makers (5 June 2026)."},{"url":"https://www.trendforce.com/news/?p=10891","date":"2024-06-26","support":"SK hynix, Samsung and Micron each source TC bonders from at least two makers (Toray, Shinkawa and SEMES also supply Samsung), showing a multi-vendor market."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.asmpt.com/site/assets/files/84504/e0522_press_release_2025_q4_results.pdf","date":"2026-03-04","support":"ASMPT says it is the process-of-record for TCB chip-to-substrate and first to win HBM4 12H orders from multiple players (company claims, 4 Mar 2026); replacing a process-of-record tool means requalification."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.asmpt.com/site/assets/files/84504/e0522_press_release_2025_q4_results.pdf","date":"2026-03-04","support":"ASMPT targets 35-40% of the TCB market on its own claim; Hanmi is reported at 71.2% of HBM TC bonders, so a capable alternative exists at scale."},{"url":"https://view.asiae.co.kr/en/article/2026020908430125470","date":"2026-02-09","support":"Hanmi's 2025 revenue was KRW576.7bn (9 Feb 2026)."}]}}}}},"tongfu":{"a":{"schema":"5lc-index-rating/1","key":"chips-packaging","entityId":"tongfu","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"assembly-test":{"alternatives":{"level":2,"evidence":[{"url":"https://www.trendforce.com/presscenter/news/20250513-12577.html","date":"2025-05-13","support":"Tongfu ($3.32bn) relies on key customer AMD; larger OSATs ASE, Amkor and JCET serve similar work (full date)."},{"url":"https://www.trendforce.com/news/2026/09/15/news-ases-spil-reportedly-nears-arizona-expansion-as-tsmc-amkor-step-up-u-s-advanced-packaging-push/","date":"2026-09-15","support":"AMD has worked with SPIL on 2.5D bridge-interconnect packaging, so a second OSAT is qualified (full date)."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.trendforce.com/news/2026/09/15/news-ases-spil-reportedly-nears-arizona-expansion-as-tsmc-amkor-step-up-u-s-advanced-packaging-push/","date":"2026-09-15","support":"AMD already packages 2.5D products at SPIL, shortening any transfer (full date)."},{"url":"https://www.advantest.com/document/en/investors/ir-library/result/E_BIZ_241030_QA.pdf","date":"2024-10","support":"The company says SoC tester lead times are about three to six months (Q6; month only)."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.trendforce.com/news/?p=64987","date":"2026-10-08","support":"AI chip test capacity is tight in 2026, so absorbing volume is not immediate (full date)."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"chips-packaging","entityId":"tongfu","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"assembly-test":{"alternatives":{"level":2,"evidence":[{"url":"https://apps.digitimes.com/news/a20230612PD208/amd-china-tongfu.html","date":"2023-06-12","support":"Tongfu took over 80% of AMD's assembly and test (June 2023 report); Taiwan firms handle Nvidia's back end, so ASE, Amkor and KYEC are the likely alternatives for AMD's parts (my inference)."},{"url":"https://www.trendforce.com/presscenter/news/20250513-12577.html","date":"2025-05-13","support":"Tongfu ranked fourth among OSATs (US$3.32bn, 2024), so larger rivals exist."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://apps.digitimes.com/news/a20230612PD208/amd-china-tongfu.html","date":"2023-06-12","support":"Tongfu acquired two AMD factories in 2016 and formed a joint venture with AMD; a cooperation agreement runs to 2026, so AMD's volume cannot move quickly (June 2023 report)."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.trendforce.com/presscenter/news/20250513-12577.html","date":"2025-05-13","support":"ASE and Amkor are about 5.6x and 1.9x Tongfu's 2024 revenue, so they can absorb its volume once capacity is free."},{"url":"https://apps.digitimes.com/news/a20230612PD208/amd-china-tongfu.html","date":"2023-06-12","support":"For the MI300 most packaging steps were expected to stay with TSMC, limiting what Tongfu itself does."}]}}}}},"shinko":{"a":{"schema":"5lc-index-rating/1","key":"chips-packaging","entityId":"shinko","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"substrates":{"alternatives":{"level":2,"evidence":[{"url":"https://www.koreaherald.com/article/10729376","date":"2026-04-30","support":"Shinko is one of a handful of volume FC-BGA makers with Ibiden, Unimicron and SEMCO (full date)."},{"url":"https://www.kedglobal.com/newsAmp/ked202406120005","date":"2024-06-12","support":"Other FC-BGA makers include Nanya, LG Innotek and AT&S (full date)."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://news.tvbs.com.tw/english/3135117","date":"2026-02-26","support":"'Qualifying new substrate suppliers takes years of testing and validation' (full date)."},{"url":"https://www.trendforce.com/news/?p=65544","date":"2026-10-20","support":"Some key substrate equipment lead times have stretched to 30 months (full date)."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.trendforce.com/news/2026/08/27/news-samsung-electro-mechanics-lg-innotek-ramp-up-ai-substrate-capacity-as-1h-utilization-reportedly-nears-90/","date":"2026-08-27","support":"Ibiden and Unimicron are making large AI-substrate capacity additions through 2028 (full date)."},{"url":"https://counterpointresearch.com/de/reports/From-T-Glass-Crisis-Capacity-Erosion-The-Multi-Year-Substrate-Shortage","date":"2026-03-11","support":"About a 20% substrate shortage until greenfield capacity arrives in 2027 (full date)."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"chips-packaging","entityId":"shinko","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"substrates":{"alternatives":{"level":2,"evidence":[{"url":"https://www.koreaherald.com/article/10729376","date":"2026-04-30","support":"April 2026 coverage of SEMCO's results names Ibiden, Shinko, Unimicron and SEMCO as the companies producing FC-BGA in volume."},{"url":"https://www.trendforce.com/news/2026/08/27/news-samsung-electro-mechanics-lg-innotek-ramp-up-ai-substrate-capacity-as-1h-utilization-reportedly-nears-90/","date":"2026-08-27","support":"SEMCO supplies Nvidia, Google and Amazon; other qualified FC-BGA makers are numerous."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://iconnect007.com/article/151541/ai-drives-highend-ic-substrate-growth-to-us1951b-in-2026/151538/flex","date":"2026-09-10","support":"New suppliers must pass customer qualification, and new capacity takes time to come online and ramp (10 Sept 2026)."},{"url":"https://www.trendforce.com/news/2026/08/27/news-samsung-electro-mechanics-lg-innotek-ramp-up-ai-substrate-capacity-as-1h-utilization-reportedly-nears-90/","date":"2026-08-27","support":"Rival capacity is mostly committed (SEMCO about 89%, LG Innotek about 94% utilised), so replacing Shinko's volume takes 1-2 years."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.trendforce.com/news/2026/08/18/news-glass-substrate-war-heats-up-shinko-electric-advances-22-layer-product-as-samsung-reportedly-faces-ramp-up-uncertainty/","date":"2026-08-18","support":"Shinko is developing 22-layer glass-core substrates (shown July 2026) but the article names no customers; I found no current Shinko volume data, so evidence is thin."},{"url":"https://www.koreaherald.com/article/10729376","date":"2026-04-30","support":"Ibiden, Unimicron and SEMCO are capable alternatives, so the gap is small."}]}}}}},"samsung-electronics":{"a":{"schema":"5lc-index-rating/1","key":"chips-packaging","entityId":"samsung-electronics","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"integration":{"alternatives":{"level":2,"evidence":[{"url":"https://insights.trendforce.com/p/advanced-packaging-market-trends","date":"2026-08-18","support":"Named 2.5D platforms include TSMC CoWoS, Intel EMIB-T, ASE FOCoS-Bridge and SPIL FOEB (full date)."},{"url":"https://news.samsung.com/global/samsung-electronics-to-provide-turnkey-semiconductor-solutions-with-2nm-gaa-process-and-2-5d-package-to-preferred-networks","date":"2024-07-09","support":"The company announced 2nm foundry plus I-Cube S 2.5D packaging for Preferred Networks, one named AI customer (full date)."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.trendforce.com/news/2026/08/05/news-tsmc-reportedly-expands-outsourcing-of-key-cowos-front-end-step-to-osats-amid-rising-nvidia-asic-demand/","date":"2026-08-05","support":"CoWoS supply-demand gap estimated near 20% in 2026, so moving a design to TSMC means waiting for capacity (full date)."},{"url":"https://www.trendforce.com/news/?p=57840","date":"2026-05-20","support":"Customers moving to another 2.5D platform (EMIB) plan adoption one to two years out, 2H27-2H28 (full date)."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.trendforce.com/news/2026/08/05/news-tsmc-reportedly-expands-outsourcing-of-key-cowos-front-end-step-to-osats-amid-rising-nvidia-asic-demand/","date":"2026-08-05","support":"TSMC CoWoS capacity projected to rise from about 70k to 130-140k wafers a month in 2026 (full date)."},{"url":"https://www.trendforce.com/news/2026/09/15/news-ases-spil-reportedly-nears-arizona-expansion-as-tsmc-amkor-step-up-u-s-advanced-packaging-push/","date":"2026-09-15","support":"Non-TSMC players including ASE and Amkor are adding CoWoS-class capacity through 2028 (full date)."}]}},"packaging-equipment":{"alternatives":{"level":2,"evidence":[{"url":"https://www.trendforce.com/news/?p=10891","date":"2024-06-26","support":"Samsung sources TC bonders from Toray, Shinkawa and SEMES; SK hynix and Micron use ASMPT, Hanmi, Hanwha, Shinkawa (full date)."},{"url":"https://view.asiae.co.kr/en/article/2026020908430125470","date":"2026-02-09","support":"Hanmi says it holds 71.2% of the TC bonder market, showing large outside supply (full date)."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.trendforce.com/news/?p=10891","date":"2024-06-26","support":"Samsung already runs Toray and Shinkawa TC bonders alongside SEMES tools for HBM (full date)."},{"url":"https://www.trendforce.com/news/2025/12/12/news-sk-hynix-reportedly-places-hbm4-tc-bonder-order-with-asmpt-as-hanmi-hanwha-patent-clash-heats-up/","date":"2025-12-12","support":"ASMPT went from an October 2024 HBM3E order to about half of SK hynix's HBM4 bonders within about a year (full date)."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.asmpt.com/site/assets/files/84504/e0522_press_release_2025_q4_results.pdf","date":"2026-03-04","support":"The company says its TCB revenue grew about 146% in 2025, showing outside makers can scale output (full date)."},{"url":"https://view.asiae.co.kr/en/article/2026020908430125470","date":"2026-02-09","support":"Hanmi reported record 2025 sales of KRW 576.7bn driven by HBM TC bonders (full date)."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"chips-packaging","entityId":"samsung-electronics","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"integration":{"alternatives":{"level":2,"evidence":[{"url":"https://amkor.com/blog/amkor-intel-partnership-expands-us-emib-packaging-capacity/","date":"2025-04-30","support":"Amkor will run Intel's EMIB assembly in Korea, Portugal and Arizona as a second source; with TSMC CoWoS and ASE's offerings that leaves several 2.5D options besides Samsung."},{"url":"https://www.trendforce.com/news/2025/12/08/news-tsmcs-cowos-l-s-reportedly-fully-booked-osat-partners-step-up-with-ases-cowop-in-focus","date":"2025-12-08","support":"TSMC CoWoS plus ASE/SPIL overflow work give further qualified routes; ASE is the main beneficiary of customers building a second supply chain."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://digitimes.com/news/a20240709VL204/samsung-2nm-chips-japan-ai.html","date":"2024-07-09","support":"Samsung sells I-Cube S 2.5D packaging bundled with its 2nm process as a turnkey for Preferred Networks (9 July 2024); a customer on that bundle would need a new package design and requalification elsewhere (my inference; evidence thin)."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.trendforce.com/news/2025/12/08/news-tsmcs-cowos-l-s-reportedly-fully-booked-osat-partners-step-up-with-ases-cowop-in-focus","date":"2025-12-08","support":"TSMC's CoWoS lines are fully booked, so a parity alternative exists but with little spare room; Samsung's volume is small, so the shortfall to cover is small (evidence thin)."}]}},"packaging-equipment":{"alternatives":{"level":2,"evidence":[{"url":"https://www.trendforce.com/news/?p=10891","date":"2024-06-26","support":"Samsung buys TC bonders from Toray, Shinkawa and its subsidiary SEMES; SK hynix buys from ASMPT, Hanmi and Hanwha; Micron from Shinkawa and Hanmi: several makers serve HBM."},{"url":"https://www.trendforce.com/news/2025/12/12/news-sk-hynix-reportedly-places-hbm4-tc-bonder-order-with-asmpt-as-hanmi-hanwha-patent-clash-heats-up/","date":"2025-12-12","support":"About half of SK hynix's roughly 50 HBM4 TC bonder sets are from ASMPT, showing a rival can win HBM volume."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.trendforce.com/news/2025/12/12/news-sk-hynix-reportedly-places-hbm4-tc-bonder-order-with-asmpt-as-hanmi-hanwha-patent-clash-heats-up/","date":"2025-12-12","support":"SK hynix ordered 7 ASMPT systems for HBM4 in December 2025 (reported) while Hanmi and Hanwha were in a patent dispute: buyers can add a TC supplier within a product cycle."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.trendforce.com/news/?p=11402","date":"2024-07-09","support":"Hanmi's sixth factory was to lift annual TC bonder capacity from 264 to 420 units (reported July 2024), above SEMES's nearly 100 units a year, so rivals can cover SEMES's volume."},{"url":"https://www.trendforce.com/news/?p=10891","date":"2024-06-26","support":"SEMES reportedly delivered nearly 100 TC bonders to Samsung in the year to June 2024 (reported)."}]}}}}},"ats":{"a":{"schema":"5lc-index-rating/1","key":"chips-packaging","entityId":"ats","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"substrates":{"alternatives":{"level":2,"evidence":[{"url":"https://www.kedglobal.com/newsAmp/ked202406120005","date":"2024-06-12","support":"FC-BGA makers listed: Ibiden, Shinko, Unimicron, Nanya, SEMCO, LG Innotek and AT&S (full date)."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://iconnect007.com/article/150399/ats-expands-kulim-site-to-meet-customer-demand-strengthen-tech-partnerships/150396/pcb","date":"2026-06-15","support":"The company says its Kulim expansion's 'full operational impact will materialize over the next couple of years' (full date)."},{"url":"https://news.tvbs.com.tw/english/3135117","date":"2026-02-26","support":"'Qualifying new substrate suppliers takes years of testing and validation' (full date)."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.trendforce.com/news/2026/08/27/news-samsung-electro-mechanics-lg-innotek-ramp-up-ai-substrate-capacity-as-1h-utilization-reportedly-nears-90/","date":"2026-08-27","support":"Larger rivals Ibiden and Unimicron are expanding AI substrate capacity (full date)."},{"url":"https://counterpointresearch.com/de/reports/From-T-Glass-Crisis-Capacity-Erosion-The-Multi-Year-Substrate-Shortage","date":"2026-03-11","support":"About a 20% substrate shortage until new capacity in 2027 (full date)."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"chips-packaging","entityId":"ats","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"substrates":{"alternatives":{"level":2,"evidence":[{"url":"https://www.koreaherald.com/article/10729376","date":"2026-04-30","support":"April 2026 coverage of SEMCO's results names Ibiden, Shinko, Unimicron and SEMCO as the companies producing FC-BGA in volume."},{"url":"https://iconnect007.com/article/150399/ats-expands-kulim-site-to-meet-customer-demand-strengthen-tech-partnerships/150396/pcb","date":"2026-06-15","support":"AT&S is expanding Kulim under agreements with AMD and another large technology company (15 June 2026); Ibiden, Unimicron and SEMCO could serve the same parts (my inference)."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://iconnect007.com/article/150399/ats-expands-kulim-site-to-meet-customer-demand-strengthen-tech-partnerships/150396/pcb","date":"2026-06-15","support":"AT&S says the full effect of the Kulim expansion arrives only over the next couple of years, and customers finance it through long-term commitments (15 June 2026)."},{"url":"https://iconnect007.com/article/151541/ai-drives-highend-ic-substrate-growth-to-us1951b-in-2026/151538/flex","date":"2026-09-10","support":"New suppliers must pass customer qualification (TPCA, 10 Sept 2026)."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.trendforce.com/news/2026/08/27/news-samsung-electro-mechanics-lg-innotek-ramp-up-ai-substrate-capacity-as-1h-utilization-reportedly-nears-90/","date":"2026-08-27","support":"Rival utilisation was about 89-94% in H1 2026, so spare capacity is limited; AT&S's volume is small, so the gap is small."}]}}}}},"nanya-pcb":{"a":{"schema":"5lc-index-rating/1","key":"chips-packaging","entityId":"nanya-pcb","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"substrates":{"alternatives":{"level":2,"evidence":[{"url":"https://www.kedglobal.com/newsAmp/ked202406120005","date":"2024-06-12","support":"FC-BGA makers listed: Ibiden, Shinko, Unimicron, Nanya, SEMCO, LG Innotek and AT&S (full date)."},{"url":"https://www.koreaherald.com/article/10729376","date":"2026-04-30","support":"Ibiden, Shinko, Unimicron and SEMCO make FC-BGA in volume (full date)."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.taiwannews.com.tw/en/news/6362252","date":"2026-05-14","support":"Nan Ya PCB is expanding AI-server substrate lines with no completion dates given (full date)."},{"url":"https://news.tvbs.com.tw/english/3135117","date":"2026-02-26","support":"'Qualifying new substrate suppliers takes years of testing and validation' (full date)."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.trendforce.com/news/2026/08/27/news-samsung-electro-mechanics-lg-innotek-ramp-up-ai-substrate-capacity-as-1h-utilization-reportedly-nears-90/","date":"2026-08-27","support":"Ibiden and Unimicron are adding large AI substrate capacity (full date)."},{"url":"https://counterpointresearch.com/de/reports/From-T-Glass-Crisis-Capacity-Erosion-The-Multi-Year-Substrate-Shortage","date":"2026-03-11","support":"About a 20% substrate shortage until new capacity in 2027 (full date)."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"chips-packaging","entityId":"nanya-pcb","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"substrates":{"alternatives":{"level":2,"evidence":[{"url":"https://www.koreaherald.com/article/10729376","date":"2026-04-30","support":"April 2026 coverage of SEMCO's results names Ibiden, Shinko, Unimicron and SEMCO as the companies producing FC-BGA in volume."},{"url":"https://www.taiwannews.com.tw/en/news/6362252","date":"2026-05-14","support":"Nan Ya PCB gets nearly 90% of revenue from IC substrates and is expanding AI-server lines (14 May 2026), but its customers are not named."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://iconnect007.com/article/151541/ai-drives-highend-ic-substrate-growth-to-us1951b-in-2026/151538/flex","date":"2026-09-10","support":"New suppliers must pass customer qualification, but existing qualified makers can add volume sooner than a new entrant (TPCA, 10 Sept 2026); Nan Ya's volume is small."},{"url":"https://www.trendforce.com/news/2026/08/27/news-samsung-electro-mechanics-lg-innotek-ramp-up-ai-substrate-capacity-as-1h-utilization-reportedly-nears-90/","date":"2026-08-27","support":"Ibiden and Unimicron are both raising capex for ABF."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.trendforce.com/news/2026/08/27/news-samsung-electro-mechanics-lg-innotek-ramp-up-ai-substrate-capacity-as-1h-utilization-reportedly-nears-90/","date":"2026-08-27","support":"Rival utilisation was about 89-94% in H1 2026, so spare capacity is limited, but Nan Ya's small volume leaves a small gap."}]}}}}},"umc":{"a":{"schema":"5lc-index-rating/1","key":"chips-packaging","entityId":"umc","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"integration":{"alternatives":{"level":3,"evidence":[{"url":"https://www.trendforce.com/news/?p=65128","date":"2026-10-12","support":"TSMC makes its own interposers and is outsourcing mature-node interposers to GlobalFoundries (full date)."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.trendforce.com/news/?p=65128","date":"2026-10-12","support":"GlobalFoundries' interposer production is to ramp in 1H28 after a 2026 deal (full date)."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.trendforce.com/news/?p=65128","date":"2026-10-12","support":"UMC runs about 3,000 interposer wafers a month, small next to TSMC's in-house supply plus GF (full date)."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"chips-packaging","entityId":"umc","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"integration":{"alternatives":{"level":3,"evidence":[{"url":"https://www.trendforce.com/news/2023/08/25/news-nvidia-establishes-non-tsmc-cowos-supply-chain-umc-doubles-interposer-capacity/","date":"2023-08-25","support":"UMC is the main front-end silicon interposer source for the non-TSMC CoWoS chain (Amkor and SPIL do the back end); no other interposer foundry is named."},{"url":"https://www.trendforce.com/news/?p=65128","date":"2026-10-12","support":"UMC plans to double interposer capacity from 3,000 to 6,000 wafers a month (12 Oct 2026); the sources name no other independent interposer maker (evidence thin)."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.trendforce.com/news/2023/08/25/news-nvidia-establishes-non-tsmc-cowos-supply-chain-umc-doubles-interposer-capacity/","date":"2023-08-25","support":"UMC's own interposer capacity doubling takes 6-9 months to ramp (reported 2023); a new interposer supplier also needs customer requalification, put at 1-2 years (my inference)."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.trendforce.com/news/2023/08/25/news-nvidia-establishes-non-tsmc-cowos-supply-chain-umc-doubles-interposer-capacity/","date":"2023-08-25","support":"TSMC's planned interposer capacity was put at about 10k wafers a month, comparable to UMC's possible 10k, so a large-scale alternative exists but is captive to CoWoS."}]}}}}},"intel":{"a":{"schema":"5lc-index-rating/1","key":"chips-packaging","entityId":"intel","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"integration":{"alternatives":{"level":2,"evidence":[{"url":"https://insights.trendforce.com/p/advanced-packaging-market-trends","date":"2026-08-18","support":"Bridge-based 2.5D options also exist at ASE (FOCoS-Bridge) and SPIL (FOEB), alongside TSMC CoWoS (full date)."},{"url":"https://www.trendforce.com/news/?p=57840","date":"2026-05-20","support":"SPIL's FOEB embedded-bridge alternative is gaining traction; SPIL and Amkor take CoWoS spillover (full date)."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.trendforce.com/news/?p=57840","date":"2026-05-20","support":"Moves between 2.5D platforms are planned one to two years ahead (EMIB adoption 2H27-2H28) (full date)."},{"url":"https://www.trendforce.com/news/2026/07/31/news-tsmc-reportedly-develops-emib-like-packaging-with-kinsus-to-prevent-potential-customer-shift-to-intel/","date":"2026-07-31","support":"TSMC's EMIB-like bridge packaging is still in development with no stated timeline (full date)."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.trendforce.com/news/2026/08/05/news-tsmc-reportedly-expands-outsourcing-of-key-cowos-front-end-step-to-osats-amid-rising-nvidia-asic-demand/","date":"2026-08-05","support":"TSMC CoWoS capacity rises to 130-140k wafers a month by end-2026, though still near 20% short (full date)."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"chips-packaging","entityId":"intel","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"integration":{"alternatives":{"level":2,"evidence":[{"url":"https://amkor.com/blog/amkor-intel-partnership-expands-us-emib-packaging-capacity/","date":"2025-04-30","support":"Amkor says its EMIB assembly in Korea, Portugal and Arizona gives a robust alternative source for Intel's packaging (company statement, 30 April 2025)."},{"url":"https://insights.trendforce.com/p/advanced-packaging-market-trends","date":"2026-08-18","support":"TSMC's 5.5x-reticle CoWoS is in volume production with reported yields above 98%, a qualified alternative for most 2.5D designs."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://io-fund.com/ai-stocks/intel-vs-tsmc-cowos-constraints-intel-foundry","date":"2026-07-24","support":"Intel is ramping EMIB-T for customer ramps in 2027 and a Google order is reported for 2028 (unconfirmed); designs can reportedly move over with minimal redesign, which keeps the move near 1-2 years."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://insights.trendforce.com/p/advanced-packaging-market-trends","date":"2026-08-18","support":"Intel targets above 8x reticle this year and over 12x by 2028 against TSMC's 5.5x in volume, so Intel leads on package size while TSMC leads on volume."},{"url":"https://www.trendforce.com/news/2025/12/08/news-tsmcs-cowos-l-s-reportedly-fully-booked-osat-partners-step-up-with-ases-cowop-in-focus","date":"2025-12-08","support":"TSMC's CoWoS lines are fully booked, so the parity alternative has little spare room; Intel's own AI volume is small."}]}}}}},"sigurd":{"a":{"schema":"5lc-index-rating/1","key":"chips-packaging","entityId":"sigurd","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"assembly-test":{"alternatives":{"level":2,"evidence":[{"url":"https://news.tvbs.com.tw/english/3177612","date":"2026-04-14","support":"KYEC, the largest pure-play tester, also validates AI accelerators (full date)."},{"url":"https://www.trendforce.com/presscenter/news/20250513-12577.html","date":"2025-05-13","support":"ASE and Amkor provide test, and some clients test in-house (full date)."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.advantest.com/document/en/investors/ir-library/result/E_BIZ_241030_QA.pdf","date":"2024-10","support":"The company says SoC tester lead times are about three to six months (Q6; month only)."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.trendforce.com/news/?p=64987","date":"2026-10-08","support":"AI chip test capacity is tight; customers lock in more-than-one-year deals (full date)."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"chips-packaging","entityId":"sigurd","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"assembly-test":{"alternatives":{"level":2,"evidence":[{"url":"https://www.taiwannews.com.tw/news/6457710","date":"2026-10-14","support":"KYEC is a larger independent test house and raised 2026 capex to a record NT$50bn (14 Oct 2026)."},{"url":"https://www.trendforce.com/news/2026/05/05/news-ase-powertech-kyec-capex-may-hit-nt370b-this-year-as-ai-drives-record-osat-investment/","date":"2026-05-05","support":"ASE, Powertech and KYEC raised 2026 capex to record levels (about NT$370bn combined), so several alternatives are adding test capacity."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.trendforce.com/news/?p=64987","date":"2026-10-08","support":"Sigurd's second Hukou plant began production in July and was 40% online by October, all locked in; a rival could add equivalent test capacity within a year (my inference)."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.taiwannews.com.tw/news/6409494","date":"2026-07-28","support":"Sigurd's AI test lines are fully utilised; industry capacity is tight, but Sigurd's volume is small, so the gap for rivals to fill is small."}]}}}}},"zhen-ding":{"a":{"schema":"5lc-index-rating/1","key":"chips-packaging","entityId":"zhen-ding","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"substrates":{"alternatives":{"level":2,"evidence":[{"url":"https://www.koreaherald.com/article/10729376","date":"2026-04-30","support":"Ibiden, Shinko, Unimicron and SEMCO are the volume FC-BGA makers (full date)."},{"url":"https://www.kedglobal.com/newsAmp/ked202406120005","date":"2024-06-12","support":"Other FC-BGA makers include Nanya, LG Innotek and AT&S (full date)."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://iconnect007.com/article/149222/zhen-ding-achieves-record-revenue-in-2025-with-both-gm-and-opm-expanding/149219/smt","date":"2026-03-16","support":"Zhen Ding says customers are already reserving capacity for 2027 (full date)."},{"url":"https://news.tvbs.com.tw/english/3135117","date":"2026-02-26","support":"'Qualifying new substrate suppliers takes years of testing and validation' (full date)."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://counterpointresearch.com/de/reports/From-T-Glass-Crisis-Capacity-Erosion-The-Multi-Year-Substrate-Shortage","date":"2026-03-11","support":"About a 20% substrate shortage until greenfield capacity in 2027 (full date)."},{"url":"https://www.trendforce.com/news/2026/08/27/news-samsung-electro-mechanics-lg-innotek-ramp-up-ai-substrate-capacity-as-1h-utilization-reportedly-nears-90/","date":"2026-08-27","support":"Ibiden and Unimicron are expanding AI substrate capacity (full date)."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"chips-packaging","entityId":"zhen-ding","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"substrates":{"alternatives":{"level":2,"evidence":[{"url":"https://www.koreaherald.com/article/10729376","date":"2026-04-30","support":"April 2026 coverage of SEMCO's results names Ibiden, Shinko, Unimicron and SEMCO as the companies producing FC-BGA in volume."},{"url":"https://iconnect007.com/article/149222/zhen-ding-achieves-record-revenue-in-2025-with-both-gm-and-opm-expanding/149219/smt","date":"2026-03-16","support":"Zhen Ding's ABF reaches 28 layers and 158 x 158 mm bodies, with over 60% of ABF revenue from AI computing at December 2025 (16 Mar 2026)."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://iconnect007.com/article/149222/zhen-ding-achieves-record-revenue-in-2025-with-both-gm-and-opm-expanding/149219/smt","date":"2026-03-16","support":"Zhen Ding is still qualifying several new programmes with customers and names none, so its AI volume is early-stage and quicker to cover (evidence thin)."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.koreaherald.com/article/10729376","date":"2026-04-30","support":"Established makers (Ibiden, Unimicron, SEMCO) are at or above Zhen Ding's capability, so the best alternative shows no capability gap for its small volume."}]}}}}},"jcet":{"a":{"schema":"5lc-index-rating/1","key":"chips-packaging","entityId":"jcet","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"assembly-test":{"alternatives":{"level":2,"evidence":[{"url":"https://www.trendforce.com/presscenter/news/20250513-12577.html","date":"2025-05-13","support":"Besides JCET (US$5.0bn), nine OSATs exceed US$0.7bn, including ASE, Amkor, Tongfu and HT-Tech (full date)."},{"url":"https://www.trendforce.com/news/?p=56428","date":"2026-04-23","support":"In China, Tongfu and SJ Semiconductor also offer chiplet and 2.5D work for AI and HPC (full date)."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.advantest.com/document/en/investors/ir-library/result/E_BIZ_241030_QA.pdf","date":"2024-10","support":"The company says SoC tester lead times are about three to six months (Q6; month only)."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.trendforce.com/presscenter/news/20250513-12577.html","date":"2025-05-13","support":"JCET's growth came mainly from AI PCs and mid-range phones; its data-centre AI volume is small against peers (full date)."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"chips-packaging","entityId":"jcet","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"assembly-test":{"alternatives":{"level":2,"evidence":[{"url":"https://www.trendforce.com/presscenter/news/20250513-12577.html","date":"2025-05-13","support":"JCET ranked third among OSATs with US$5.00bn of 2024 revenue; six other OSATs each exceed US$1.5bn, so many can do assembly and test."},{"url":"https://www.trendforce.com/news/?p=56428","date":"2026-04-23","support":"JCET is accelerating XDFOI mass production for AI and HPC; its AI volume is thinly documented, so evidence is thin."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.taipeitimes.com/News/biz/archives/2026/04/29/2003856406","date":"2026-04-29","support":"A new advanced package takes about a year to qualify at an OSAT (Powertech: qualification H2 2026, shipments mid-2027); JCET's small AI volume should move faster (evidence thin)."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.trendforce.com/presscenter/news/20250513-12577.html","date":"2025-05-13","support":"ASE and Amkor are several times JCET's size with equal or better capability, so the best alternative shows no gap for JCET's small AI volume."}]}}}}},"ev-group":{"a":{"schema":"5lc-index-rating/1","key":"chips-packaging","entityId":"ev-group","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"packaging-equipment":{"alternatives":{"level":3,"evidence":[{"url":"https://www.suss.com/ko/content/download/3341/file/2026_05_SUSS_Investor%20Presentation_May%202026.pdf","date":"2026-05","support":"SUSS says it is market leader in temporary bonding and de-bonding and also sells hybrid bonders (p.11; month only)."},{"url":"https://live.euronext.com/sites/default/files/company_press_releases/attachments/2026/02/19/Connect_q4-2025.pdf","date":"2026-02-19","support":"Besi with Applied Materials has 30 hybrid bonders in production at a leading logic customer (full date)."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.trendforce.com/news/2025/12/12/news-sk-hynix-reportedly-places-hbm4-tc-bonder-order-with-asmpt-as-hanmi-hanwha-patent-clash-heats-up/","date":"2025-12-12","support":"Analogous bonder case: a new supplier reached half of SK hynix's HBM4 bonders in about a year (full date)."},{"url":"https://www.suss.com/en/news/corporate-news/2026/suss-achieved-all-forecast-figures-in-the-2025-financial-year-and-hit-a-new-sales-record","date":"2026-03-30","support":"SUSS says it raised capacity and achieved 'faster lead times' in 2025 (full date)."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.suss.com/en/news/corporate-news/2026/suss-achieved-all-forecast-figures-in-the-2025-financial-year-and-hit-a-new-sales-record","date":"2026-03-30","support":"SUSS's 2025 order intake fell on weaker Chinese demand, implying spare capacity; thin evidence (full date)."},{"url":"https://www.evgroup.com/company/news/detail/ev-group-highlights-hybrid-and-fusion-bonding-layer-transfer-and-maskless-lithography-technologies-for-advanced-semiconductor-memory-and-packaging-at-semicon-korea-2026","date":"2026-02-04","support":"EVG claims W2W hybrid bonding and D2W support but discloses no volumes (full date)."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"chips-packaging","entityId":"ev-group","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"packaging-equipment":{"alternatives":{"level":2,"evidence":[{"url":"https://www.evgroup.com/products/bonding/permanent-bonding-systems","date":"undated","support":"EVG says it holds the dominant share of semi- and fully-automated wafer bonders with over 1,500 installed chambers (company claim, undated page)."},{"url":"https://www.suss.com/en/news/corporate-news/2026/suss-achieved-all-forecast-figures-in-the-2025-financial-year-and-hit-a-new-sales-record","date":"2026-03-30","support":"SUSS Advanced Backend Solutions grew to EUR349.7m, mainly on AI chip modules (30 Mar 2026): a direct rival in bonders."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.suss.com/en/news/corporate-news/2026/suss-achieved-all-forecast-figures-in-the-2025-financial-year-and-hit-a-new-sales-record","date":"2026-03-30","support":"SUSS cites higher capacity, faster lead times and a new Taiwan site, so a rival can supply bonders within months (30 Mar 2026; evidence thin)."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.evgroup.com/products/bonding/permanent-bonding-systems","date":"undated","support":"EVG calls itself the dominant wafer-bonder vendor; the remaining bonder makers (SUSS, Besi and Applied for hybrid bonding) are smaller, so a small-to-moderate capacity gap (company claim, undated)."}]}}}}},"suss":{"a":{"schema":"5lc-index-rating/1","key":"chips-packaging","entityId":"suss","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"packaging-equipment":{"alternatives":{"level":3,"evidence":[{"url":"https://www.evgroup.com/company/news/detail/ev-group-highlights-hybrid-and-fusion-bonding-layer-transfer-and-maskless-lithography-technologies-for-advanced-semiconductor-memory-and-packaging-at-semicon-korea-2026","date":"2026-02-04","support":"EV Group offers a complete W2W hybrid bonding flow and D2W support (full date)."},{"url":"https://www.suss.com/ko/content/download/3341/file/2026_05_SUSS_Investor%20Presentation_May%202026.pdf","date":"2026-05","support":"The company says it sustains temporary-bonding leadership 'especially in the HBM market segment' (p.34; month only)."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.trendforce.com/news/2025/12/12/news-sk-hynix-reportedly-places-hbm4-tc-bonder-order-with-asmpt-as-hanmi-hanwha-patent-clash-heats-up/","date":"2025-12-12","support":"Analogous bonder case: a new supplier reached half of SK hynix's HBM4 bonders in about a year (full date)."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.evgroup.com/company/news/detail/ev-group-highlights-hybrid-and-fusion-bonding-layer-transfer-and-maskless-lithography-technologies-for-advanced-semiconductor-memory-and-packaging-at-semicon-korea-2026","date":"2026-02-04","support":"EVG markets field-proven bonding systems for memory and packaging; no capacity figures, so evidence is thin (full date)."},{"url":"https://live.euronext.com/sites/default/files/company_press_releases/attachments/2026/02/19/Connect_q4-2025.pdf","date":"2026-02-19","support":"Besi and Applied supply die-to-wafer hybrid bonding at production scale (full date)."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"chips-packaging","entityId":"suss","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"packaging-equipment":{"alternatives":{"level":2,"evidence":[{"url":"https://www.evgroup.com/products/bonding/permanent-bonding-systems","date":"undated","support":"EVG, with a claimed dominant bonder share and 1,500+ chambers, is a ready alternative (company claim, undated page)."},{"url":"https://bits-chips.com/article/besi-sees-orders-double-on-hybrid-bonding-demand/","date":"2026-04-23","support":"Besi and Applied Materials launched a die-to-wafer hybrid bonding platform (23 Apr 2026): another route."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.suss.com/en/news/corporate-news/2026/suss-achieved-all-forecast-figures-in-the-2025-financial-year-and-hit-a-new-sales-record","date":"2026-03-30","support":"SUSS reports record Q4 2025 orders of EUR117.5m and shorter lead times, so tool orders are placed and delivered within months (30 Mar 2026; evidence thin)."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.evgroup.com/products/bonding/permanent-bonding-systems","date":"undated","support":"EVG already outsells SUSS in bonders on its own account, so the best alternative shows no capability or capacity gap (company claim, undated page)."}]}}}}},"powertech":{"a":{"schema":"5lc-index-rating/1","key":"chips-packaging","entityId":"powertech","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"assembly-test":{"alternatives":{"level":2,"evidence":[{"url":"https://www.trendforce.com/presscenter/news/20250513-12577.html","date":"2025-05-13","support":"Powertech ranked fifth (US$2.28bn); ASE, Amkor, JCET and Tongfu are larger (full date)."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.advantest.com/document/en/investors/ir-library/result/E_BIZ_241030_QA.pdf","date":"2024-10","support":"The company says SoC tester lead times are about three to six months (Q6; month only)."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.trendforce.com/presscenter/news/20250513-12577.html","date":"2025-05-13","support":"Powertech is mainly memory packaging; ASE ($18.5bn) and Amkor ($6.3bn) dwarf its AI work (full date)."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"chips-packaging","entityId":"powertech","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"assembly-test":{"alternatives":{"level":2,"evidence":[{"url":"https://www.trendforce.com/presscenter/news/20250513-12577.html","date":"2025-05-13","support":"Powertech ranked fifth among OSATs (US$2.28bn); ASE and Amkor are far larger and also run advanced packaging."},{"url":"https://www.trendforce.com/news/2026/05/05/news-ase-powertech-kyec-capex-may-hit-nt370b-this-year-as-ai-drives-record-osat-investment/","date":"2026-05-05","support":"Powertech sees demand strengthening across memory and logic packaging and testing; its AI-related share looks small (my inference)."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.taipeitimes.com/News/biz/archives/2026/04/29/2003856406","date":"2026-04-29","support":"Powertech's chairman says its new fan-out panel product enters qualification in H2 2026 for shipments by mid-2027, about a year to qualify and ramp."}]},"capabilityGap":{"level":1,"evidence":[{"url":"https://www.trendforce.com/news/2026/05/05/news-ase-powertech-kyec-capex-may-hit-nt370b-this-year-as-ai-drives-record-osat-investment/","date":"2026-05-05","support":"ASE and KYEC are expanding (ASE capex US$8.5bn), so the best alternative shows no gap for Powertech's small AI volume (evidence thin)."}]}}}}},"sekisui-chemical":{"a":{"schema":"5lc-index-rating/1","key":"chips-packaging","entityId":"sekisui-chemical","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"substrate-film":{"alternatives":{"level":4,"evidence":[{"url":"https://diamond.jp/articles/-/312437","date":"2022-10-12","support":"Only Ajinomoto (about 95%) makes the same film at scale; Sekisui holds about 5% (full date)."},{"url":"https://en.edaily.co.kr/news/eda202608265585/","date":"2026-08-26","support":"Ajinomoto runs at 'virtually full capacity' and rations supply, so it is a partial alternative (full date)."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://diamond.jp/articles/-/312437","date":"2022-10-12","support":"Sekisui holds a higher share in some data-centre products, which would need requalifying on ABF (full date)."},{"url":"https://en.edaily.co.kr/news/eda202608265585/","date":"2026-08-26","support":"Ajinomoto prioritises its limited ABF for AI and high-spec products (full date)."}]},"capabilityGap":{"level":3,"evidence":[{"url":"https://en.edaily.co.kr/news/eda202608265585/","date":"2026-08-26","support":"High-spec ABF supply 'is likely to remain tight for the time being' (full date)."},{"url":"https://www.trendforce.com/news/2026/05/08/news-ajinomoto-ramps-chip-packaging-push-with-%C2%A51-2b-land-buy-for-new-plant-in-2032-abf-margins-top-50-on-ai-boom/","date":"2026-05-08","support":"Ajinomoto's large new capacity comes only with a plant operating in 2032 (full date)."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"chips-packaging","entityId":"sekisui-chemical","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"substrate-film":{"alternatives":{"level":3,"evidence":[{"url":"https://diamond.jp/articles/-/312437","date":"2022-10","support":"Sekisui held about 5% in 2022; the only fully capable alternative named for its volume is Ajinomoto (about 95%). Chipmakers sought a second source. Date given as month. Rated 3: Ajinomoto is one full-parity route and other makers are partial or unnamed."},{"url":"https://eetimes.itmedia.co.jp/ee/spv/2407/31/news060.html","date":"2024-07-31","support":"Sekisui is building an R&D base to evaluate interlayer film near customers, from April 2025 (EE Times Japan, 31 July 2024)."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://en.edaily.co.kr/news/eda202608265585/","date":"2026-08-26","support":"Ajinomoto's lines were near full capacity in Q2 2026 and its next plant is not due until 2032, so covering Sekisui's volume needs added film capacity."},{"url":"https://diamond.jp/articles/-/312437","date":"2022-10","support":"Substrate makers' qualified supply chains make switching difficult. Date given as month."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://en.edaily.co.kr/news/eda202608265585/","date":"2026-08-26","support":"Ajinomoto matches or exceeds Sekisui's capability; the only shortfall is spare capacity, which for a roughly 5% share is small to moderate."}]}}}}}},"validation":[{"id":"chips-packaging-tsmc-cowos-2023","key":"chips-packaging","entityId":"tsmc","description":"From mid-2023 into 2025, TSMC's CoWoS advanced-packaging capacity was the binding constraint on AI accelerator output. In July 2023 TSMC said it could not fully meet customer demand. In September 2023 its chairman put the share of CoWoS demand it could meet at about 80%. In July 2024 the company said constraints would last into 2025.","sources":[{"url":"https://investor.tsmc.com/english/encrypt/files/encrypt_file/reports/2023-07/7ec677062ca442e429b632ccd6d4f31ad53b1ce7/TSMC%202Q23%20Transcript.pdf","title":"TSMC Q2 2023 Earnings Conference Call transcript","publisher":"TSMC (transcript by Refinitiv StreetEvents)","publishedDate":"2023-07-20","accessedDate":"2026-10-22","tier":"T2","locator":"p.7, C.C. Wei: 'For the front-end part, we don't have any problem to support. But for the back end, the advanced packaging side, especially for the CoWoS, we do have some very tight capacity to -- very hard to fulfill 100% of what customers needed.' p.8: CoWoS capacity to double in 2024 vs. 2023 (company correction)."},{"url":"https://www.theregister.com/2023/09/08/tsmc_ai_chip_crunch/","title":"TSMC warns AI chip crunch will last another 18 months","publisher":"The Register (reporting TSMC chairman Mark Liu's interview with Nikkei Asia)","publishedDate":"2023-09-08","accessedDate":"2026-10-22","tier":"T3","locator":"TSMC 'only able to meet about 80 percent of demand' for CoWoS; additional capacity expected 'within a year and a half'."},{"url":"https://asia.nikkei.com/business/tech/semiconductors/tsmc-says-ai-chip-constraints-to-last-through-2025","title":"TSMC says AI chip constraints to last through 2025","publisher":"Nikkei Asia","publishedDate":"2024-07-18","accessedDate":"2026-10-22","tier":"T3","locator":"Subhead/lede: AI chip output 'will remain constrained until 2025, longer than previously expected'. The page shown was truncated (subscription preview)."}]}]}