3Q26 UBS APAC Tech Tour: AI strength unaltered, Semiscap noticeably bullish

We met 40 companies during the UBS 3Q26 APAC Tech Tour in China, HK, Taiwan, Korea and Japan. Despite recent calls for an AI slowdown, key upstream enablers (foundry, memory) have seen no changes and expect strength for coming years. Near term, we raise our '26E Nvidia rack forecast to 80k from 77.5k and maintain '27E at 95k; CPU demand keeps seeing upside with strong initial Vera indications. We lower PC Sell In to -4% YoY in '27E (was +2%) after -11% in '26E, and smartphone units to -3% in '27E (was +2%) after -10% in '26E, on memory inflation. AI semis are well on track: we forecast CoWoS capacity to reach 270k wpm end-'27E from 160k wpm end-'26E; AI server MLCC demand could double this year and in '27; IC substrate pricing could be up 20% QoQ in 3Q26. Wafer Fab Equipment vendors were particularly bullish with a step up in orders. Top sector picks remain Memory, Semiscap and MLCCs; we add Delta Electronics, DI and KYEC to the Most Preferred list and remove GUC and others.