Morgan Stanley Says AMD's Agentic AI CPU Ramp Will Foreshadow NVIDIA's CoWoS AI Chip Packaging Demand in 2027

Morgan Stanley expects AMD to gain a larger share of TSMC’s CoWoS advanced-packaging capacity in 2027, while NVIDIA’s share may decline.

Demand for AMD’s EPYC Venice server CPUs and MI400-class AI chips could drive a sharp increase in its CoWoS needs in 2026 and 2027.

NVIDIA is still expected to remain TSMC’s largest CoWoS customer in absolute wafer demand.

Because CoWoS is a key bottleneck for AI and server-chip production, allocation shifts could affect deliveries, revenue mix, and competitive positioning.