Bank of America: Raises Valuation Expectations for TSMC, ASE Technology, etc., Advanced Process and Advanced Packaging Remain the Most Barriered Segments in the Industry Chain

BlockBeats News, June 25th, according to Bank of America's estimate, the global server CPU-related semiconductor manufacturing market is expected to expand from $15 billion in 2025 to $49 billion in 2028.

Among them, the outsourcing production ratio will increase from 52% to 71%, reflecting the continuous strengthening of leading pure-play foundries such as TSMC in the high-end CPU sector. The scarcity of advanced process capacity, combined with multi-customer and multi-architecture parallel volume production, has made the foundry segment the most certain beneficiary in this round of upswing.

Bank of America predicts that the server CPU-related packaging and testing market will increase from $1.9 billion in 2025 to $9.6 billion in 2028, with the share of advanced packaging market rising from 11% to 24%. Bank of America has simultaneously raised the valuation expectations for supply chain leaders such as TSMC and ASE Technology, believing that advanced processes and packaging remain the most competitive segments in the industry chain.