Semiconductor Equipment: A New and Promising Track Gaining Momentum - 36 Kr

From 2025 to 2026, a new trend has emerged in the semiconductor equipment industry: the shift from traditional circular wafers to square substrates in panel-level packaging (PLP). This transformation ... Read original →

The paradigm shift from circular wafers to rectangular panels in panel-level packaging (PLP) is restructuring the semiconductor equipment ecosystem. Technically, as EUV and CoWoS hit physical limits on wafer-scale, PLP’s superior material efficiency forces upgrades in laser via drilling, electroplating, and CMP toward larger formats—favoring Manz and Trumpf with display-line expertise. On compliance, while current U.S.-EU export controls haven’t targeted full PLP toolchains, rapid adoption by Taiwan, China and Korean OSATs could trigger new restrictions, pressuring domestic players like Huahai Qingke to close full-process validation within 12 months. Strategically, ASML and Nikon lead in lithography but lack panel integration; Applied Materials and Lam are acquiring backend capabilities. Within 18 months, PLP will cease being optional—it will be the mandatory path for AI chip scaling, shifting equipment demand from front-end dominance to co-optimized front-back integration. Vendors mastering wafer-to-panel transition will dominate next-gen HPC supply chains.