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#