ASE expands globally as Hanmi Semiconductor targets CoWoS packaging demand

Hanmi Semiconductor’s pivot from HBM tools to CoWoS packaging reflects a strategic bet on the AI-driven shift where packaging—not just transistors—dictates chip performance. This move pressures upstream material suppliers to innovate low-loss dielectrics and high-density interconnects while eroding ASE’s pricing leverage outside TSMC’s ecosystem. Geopolitically, any U.S. expansion of export controls on advanced packaging equipment could force Korean firms into costly compliance bifurcation between U.S. and Chinese markets. In response, Tokyo Electron may accelerate OSAT partnerships with Intel and Samsung to reduce TSMC dependency. Over the next 18 months, domestication rates of packaging equipment will become a critical metric for supply chain resilience, and over-concentration of CoWoS capacity in Taiwan, China is accelerating global efforts to establish alternative hubs.