APAC Technology - TSMC / SEC / Genius

This J.P. Morgan APAC Technology specialist sales update focuses on the semiconductor and tech supply chain. TSMC: investor feedback on the CoWoS capacity update is incrementally positive; faster CoWoS OSAT expansion benefits ASE, while Vanguard Semi is viewed as an overlooked interposer play. Google TPU upside benefits MediaTek, with v9 EMIB-T substrate yields of up to ~50% at leader Ibiden (fast follower Unimicron may lag 5-10ppt), and a v10 award expected in the Nov-Dec window; the incremental SoIC FY28 capacity increase reads positively for BESI and potential second suppliers TEL and ASMPT. Samsung Electronics: to allocate more capacity to HBM, FY27 conventional DRAM bit growth is cut from low-20s% to 20% y-y, with FY26/27 HBM value share rising to 34%/39%;