TechFlow reports, according to TechFlow Research, Morgan Stanley's July 8 AI supply chain report estimates that global CoWoS demand in 2027 will reach 2.694 million units, a 93% increase compared to 2026. NVIDIA remains the largest customer (1.222 million units, accounting for 45%), AMD demand will surge 308% (130,000 units → 530,000 units), with MI455 (1 million units) and MI450 (500,000 units) being the main drivers in 2027. The AMD Venice CPU will adopt CoWoS packaging for the first time, with 2027 shipments estimated at 6.75 million units; CoW production will be undertaken by ASE/SPIL, Amkor, and Powertech, marking a large-scale expansion of CoWoS from AI accelerators to server CPUs. Google TPU Sunfish full-year shipments are 960,000 units, concentrated in 4Q26. NVIDIA Blackwell inventory was clarified as a supply chain buffer, to be fully absorbed within 2026, with Rubin 2027 shipments nearing 7 million units.
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