PDF 原檔：報告_MS_SEMICON台灣2026_20260902_original.pdf
原始內容
M September 2, 2026 10:28 AM GMT
Greater China Technology Hardware | Asia Pacific
SEMICON Taiwan 2026
Takeaways
Key takeaways from CEO fireside chat, which included Hon Hai (HH) Chairman Young Liu and Unimicron (UMTC) Chairman Shan-Chieh Chien:
- HH sees AI demand as unprecedented in speed and scale, pressuring the supply chain to expand capacity while raising capital intensity.
- Management views diversification as structural, accelerated by geopolitics and countries' push for local production. We have written about this here, here, and here.
- HH's strategy is " Made with Taiwan ", exporting Taiwan's manufacturing IP, system-integration know-how and execution speed to end markets via local partnerships and production.
- UMTC said AI lifts ABF substrate demand and complexity (large sizes, higher layer counts, more advanced designs), widening supply constraints. This aligns with our view, which we have written here, here, and here.
- UMTC said it has held more than 10 meetings in the past 18 months with suppliers and customers to align demand forecast and capacity, by actively preparing capacity, preparing new facilities, securing land.
- Supply of upstream key materials, such as ABR and T-glass, remains tight.
Update
Morgan Stanley Taiwan Limited+
Howard Kao
Equity Analyst
Howard.Kao@morganstanley.com
+886 2 2730-2989
Irene Yen
Research Associate
Irene.Yen@morganstanley.com
+886 2 2730-2869
Morgan Stanley Asia Limited+
Andy Meng, CFA
Equity Analyst
Andy.Meng@morganstanley.com
+852 2239-7689
Greater China Technology Hardware
Asia Pacific Industry View
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