Korean HBM is showing up in Malaysia. That does not mean CoWoS just moved. Customs data, the “composite-structure chip IC” bucket that includes HBM, put August shipments to Malaysia at $1.625 billion. That is up 466.6% from a year earlier. Weight rose from 1.4 tons to 3.8 tons. Taiwan still took $3.32 billion that month, up 32.2%. Malaysia went from 11.4% of Taiwan’s August haul last year to 48.9% this year. The longer series is the same bend. Malaysia was $93.7 million in 2022, 11th among destinations. It hit $3.00 billion last year, fifth. January-August this year is already $6.31 billion, fourth. August alone ranked third after Hong Kong and Taiwan. The pull is packaging, not a new Korean fab. Malaysia already does about 13% of world assembly and test. ASE is expanding Penang from 1 million to 3.4 million square feet. TF-AMD is adding bumping and advanced packaging in Batu Kawan, about 5 billion ringgit, with 3 billion aimed at FOED and 2.5D. The government is funding a local HBM4 test-chip consortium for 2027 process checks. Hong Kong is still a re-export hub. Taiwan is still the CoWoS core. Economic Daily has said Intel’s Malaysia plant is taking some overflow back-end work as TSMC packaging stays tight. A Korean industry source told Chosun Biz Intel volume may be part of the spike, but Intel’s book is not large enough to call this a stolen CoWoS socket. It reads more like extra AI packaging demand finding a second OSAT geography. Destination is not consignee. Watch packaged units, not just the export line. If Malaysia is already half of Taiwan’s monthly HBM haul, how much of that do you assign to Intel versus ASE and inventory?