TSMC’s AI Dominance Isn’t Under Threat by Intel Due to Key Raw Material Production, Says Citi

Citi said TSMC’s AI chip packaging lead should remain intact despite Intel’s push into alternatives like EMIB-T.

The key constraint is ABF substrate supply, which could limit Intel’s ability to scale EMIB-T production.

Citi expects AI-driven demand to keep TSMC’s CoWoS business growing through 2026 and 2027.

TSMC’s SoIC and CoPoS technologies could add more demand, reinforcing its position in AI and HPC packaging.