PHYSICAL LAYER #03
Advanced Packaging
Substrates, Interposers & Multi-Die Integration
PHYSICAL BLUEPRINT • LAYER #03 ADVANCED PACKAGING
Key Research Question:
“Does 28-layer ABF substrate vacuum lamination yield represent the true hidden bottleneck behind CoWoS wafer expansion?”
28-Layer ABF Substrate CTE Warpage & 78-Week Delivery Queues
Key Technologies in this Layer
CoWoS-LCoWoS-S28-Layer ABFGlass SubstrateEMIBSoIC
Key Companies (2)
4062.T89/100
Ibiden Co., Ltd.
Large MCM packages (>100mm x 100mm) face acute CTE thermal mismatch, dropping vacuum lamination yields to 48–54%. Ibiden has booked delivery queues through Q3 2027 (56-78 weeks) and instituted customer quota rationing with 15–20% ASP hikes.
Bullish →
$TSM95/100
Taiwan Semiconductor Mfg. Co.
CoWoS capacity is tracking to 130k wafers/month by year-end 2026. N2 customer prepayments tracking +15% YoY as base dies for HBM4 and next-gen accelerators require leading-edge logic lithography.
Strongly Bullish →
Active Investment Theses (1)
Related Research Evidence (1)
OCT 7, 2026