ASIC Warp-Up 📈Stock Picks: maintains a positive view on MRVL, MTK, and Intel following recent earnings, supply chain checks and our recent notes. 👊Nvidia vs. ASIC: Nvidia's CoWoS share at TSM will remain stable in 2027; Nvidia Vera Rubin outperforms competitors in performance/TCO/supply chain. * TPU Dynamics: On June 14 report, we lowered Broadcom's Sunfish volume for 2026/27 due to packaging re-design and set 460k CoWoS (ASIC) in 2027; MTK Humufish (which leads in N2 vs Whalefish) potential launch in 4Q27 suggesting the window for Broadcom’s CoWoS back to TPU could be only in 1H26. Expect Humufish tape-out in around Nov-2026 with a not too high passing rate. * Google Custom Silicon: MRVL expects meaningful contributions from Google CXL and DPU (~$3bn each by 2028), with an MPU start on TSMC N2 yielding $3bn+ in CY28 revenue. * AWS Trainium: Reit MRVL T3 of $1bn/$2bn in CY26/27 and likely >$3bn from T4 in CY28 with a much higher ASP and better NPO scale-up. * Intel Backend Packaging: Reit Intel's FY27/FY28 back-end revenue forecast of $1.1bn/$7bn, supported by AWS T3 EMIB-T and Google Humufish/Triggerfish volumes through 2H27-2028. We expect more wins for U.S. fabless including MSFT, QCOM, MRVL, with products across ASIC, CPU and CPO. ABF substrate to greatly benefit from EMIB. #NVDA# #ASIC# #MRVL# #Mediatek# #SMTC# #INTC# #ABF#

Mizuho ASIC channel checks: pounding table on $AVGO "potential >35M TPU shipments in 2028E (up 8x from 2026E ~4.3M and 2025 ~2.4M), which is significantly above our estimates of ~7M ASIC shipments for AVGO" "We believe OAI ASIC is in development with 10GW AVGO project (Nexus) adding to TPU/MTIA/ARM roadmap." "Our call noted $ARM AI ASIC chip development ongoing as we continue to expect a launch in late-2026E/early-2027E" " $MU : With potential for TPU shipments to reach a cumulative 50M units in 2026-28E, we think ASICs could command an increasing share of the HBM market, especially as some of the next-gen ASICs move to HBM4e"

$MU $SKHY $TSM Custom ASICs matter more every year, and this year's SEMICON Taiwan makes the case louder than usual. Reportedly, CSPs aren't just attending anymore, they're the ones driving spec direction. Custom = Not Interchangeable. SEMICON Taiwan 2026: Highlights Global exhibitors: over 1,300 companies, 4,300 booths, drawing 65 countries and over 100,000 professionals National pavilions surged 250%, with 18 countries setting up 220 booths Cross sector collaboration: first ever partnership with Taiwan High Speed Rail linking semiconductors and transportation infrastructure CSP giants converge, full chain vertical integration Downstream customers and cloud service providers (CSPs like Google, Microsoft, NVIDIA, AMD, MediaTek, Foxconn) are driving spec direction Google's SVP of AI and Infrastructure, Amin Vahdat, delivers his first public keynote in Asia The semiconductor show and COMPUTEX's system side boundaries are increasingly merging, building an integrated ecosystem platform Startup momentum and capital access doubling 16 top startup teams featured, spanning advanced process, AI, silicon photonics, and test/measurement/quantum First time dedicated zones: "Chip Startup Stage" and "Innovation Investment Day" plus ecosystem partner events, accelerating commercialization and capital matching Frontier tech and new specialty zones debut AI advanced packaging: focus on 3DIC, CoWoS, FOPLP Silicon photonics (SiPh) and CPO: aligned with TSMC's production timeline, co packaged optics positioned as the core solution to CSP data center bandwidth and power walls Quantum technology zone Wafer smart manufacturing zone Sustainability and edge applications: SiC/GaN compound semiconductors and green process showcased