Advanced Packaging US Stocks 2026 H2 Research Report: AI Demand Continues to Drive, Southeast Asia Capacity Expansion Becomes New Growth Point

Advanced Packaging US Stocks Enter AI Super Cycle, Southeast Asia Capacity Expansion Becomes Key Variable

In the second half of 2026, the global semiconductor industry landscape continues to evolve. As a critical link connecting design and manufacturing, advanced packaging is seizing unprecedented opportunities for development against the backdrop of surging AI computing power demand. This article will comprehensively analyze the investment prospects of advanced packaging US stocks from four dimensions: industry trends, regional layout, technological evolution, and investment value.

AI Computing Power Demand Drives Advanced Packaging as Core Engine of Industrial Upgrade

With the explosive growth of AI application scenarios such as ChatGPT, autonomous driving, and the metaverse, demand for high-performance computing chips is showing exponential growth. According to market research data, the global AI chip market size is expected to exceed $500 billion in 2026, with high-performance computing chips accounting for over 60% of this total. This trend directly drives the iterative upgrading of advanced packaging technologies.

Through innovative processes such as 2.5D/3D packaging, Through-Silicon Vias (TSV), and Wafer-Level Packaging (WLP), advanced packaging technology effectively enhances chip integration and performance-power ratio, becoming a key path to address the bottleneck of slowing Moore's Law. Especially in the fields of HBM (High Bandwidth Memory) and GPU packaging, advanced packaging technology has become the core support for improving AI chip performance.

Looking at US market performance, in the first half of 2026, the advanced packaging sector as a whole rose by more than 35%, significantly outperforming the semiconductor industry average. Among them, leading companies specializing in AI chip packaging saw stock price increases of over 50%, reflecting the capital market's high recognition of the advanced packaging track.

Regional Layout Restructuring, Southeast Asia Becomes New Hotspot for Advanced Packaging Capacity Expansion

Against the backdrop of global semiconductor industry chain restructuring, Southeast Asia is rapidly becoming an important destination for advanced packaging capacity expansion, leveraging cost advantages, policy support, and geopolitical considerations. Countries such as Malaysia, Vietnam, and Thailand have successively introduced special policies to attract advanced packaging investment.

As a global hub for packaging and testing, Malaysia launched Semiconductor Strategy 2.0 in 2026, planning to invest over $10 billion to develop the advanced packaging industry, with a focus on supporting advanced technologies such as CoW (Chip-on-Wafer) and 2.5D packaging. The country has attracted large-scale investments from international packaging and testing giants including ASE and Amkor, with Malaysia's advanced packaging capacity expected to increase by 30% by 2027.

Vietnam is accelerating the construction of an advanced packaging industry cluster by leveraging the "Automotive Chip Packaging and Testing New Policy" and RCEP agreement benefits. Amkor has announced a $2 billion investment in building an advanced packaging factory in Vietnam, expected to be operational in 2027, mainly serving automotive electronics and AI chip customers. The Vietnamese government also plans to establish special funds to support the technological upgrading and capacity expansion of local packaging and testing enterprises.

Thailand is also making efforts, launching a 5 billion baht advanced packaging special fund in 2026 to attract international packaging and testing giants to establish regional R&D centers. Singapore, through its 300 million Singapore dollar advanced packaging flagship program, promotes industry-academia-research collaborative innovation to build Asia's advanced packaging technology highland.

Technology Route Differentiation, Advanced Packaging Enters "Blooming Flowers" Stage

In 2026, advanced packaging technology routes show diversified development trends, with different technology routes corresponding to different application scenarios and market spaces. From a technological evolution perspective, the main directions are as follows:

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• 2.5D Packaging Technology: Represented by TSMC's CoWoS, it achieves high-density interconnection between chips through silicon interposers, mainly used in high-performance computing and AI accelerators. This technology has become the preferred packaging solution for AI chip giants such as NVIDIA and AMD.
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• 3D Packaging Technology: Including 3D IC and 3D SoIC, it achieves higher integration through chip stacking, suitable for the integration of memory and computing chips. TSMC's 3D SoIC technology has received large orders from multiple AI chip manufacturers, becoming an industry benchmark.
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• Fan-Out Packaging (FO): Represented by ASE and Amkor's InFO technology, it is suitable for mobile processors and IoT chips, with cost advantages and good electrical performance.
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• Hybrid Bonding Technology: As the core technology of the next generation of advanced packaging, it achieves higher-density interconnection through copper-copper direct connection. It is currently in the early stage of industrialization and is expected to enter large-scale application in 2027-2028.
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Looking at the technology layout of US listed companies, leading enterprises are choosing different technology routes based on their own advantages. ASE and Amkor maintain their leadership in traditional packaging while actively deploying 2.5D and 3D packaging technologies; Chinese companies such as JCET have made breakthroughs in fan-out packaging, forming differentiated competitive advantages.

Analysis of Investment Value in US Packaging and Testing Sector: Leading Enterprises, Regional Expansion Becomes New Growth Point

From an investment perspective, the advanced packaging US stock sector shows characteristics of "leading enterprises, regional differentiation, and technology-driven." According to 2026 semi-annual report data, major US packaging and testing companies generally exceeded performance expectations, with revenue year-on-year growth of 25-40% and gross margins maintained at a high range of 35-40%.

In terms of individual stock performance, Amkor and ASE, as the industry's dual giants, have market capitalizations exceeding $200 billion, becoming leading enterprises in the semiconductor sector. The two companies share common characteristics: continuous increase in AI chip packaging proportion, accelerated Southeast Asia capacity expansion, and strong technological innovation capabilities. Especially Amkor, with large-scale investments in Vietnam and Malaysia, has become a preferred partner in the AI chip packaging field, establishing deep cooperation with NVIDIA, AMD and others.\n\n

In terms of valuation levels, the current advanced packaging sector valuation is at a historical mid-to-high level, with an average P/E (TTM) of 35-40 times, higher than the 25-30 times for the traditional semiconductor sector. This reflects the market's recognition of the long-term growth potential of the advanced packaging industry. From institutional holding data, in the second quarter of 2026, six major investment banks collectively increased their holdings of the packaging and testing sector, with Morgan Stanley and Goldman Sachs giving "overweight" ratings, with target price upside potential of 20-30%.

Investment Strategy Recommendations: Focus on Three Main Lines, Grasp Regional and Technology Dual-wheel Drive

Based on the analysis of industry trends and market performance, we propose the following investment strategy recommendations:

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• Focus on AI Packaging Leaders: Prioritize companies like Amkor and ASE with AI chip packaging accounting for over 30%, which directly benefit from AI computing power demand growth, have high technical barriers, and premium client resources.
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• Seize Southeast Asia Capacity Expansion Opportunities: Pay attention to packaging and testing companies with large-scale capacity layouts in Southeast Asia such as Malaysia and Vietnam, which will benefit from regional industrial transfer and cost advantages, with high long-term growth certainty.
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• Layout Advanced Packaging Technology Innovation: Focus on enterprises with leading layouts in advanced technology fields such as 2.5D/3D packaging and hybrid bonding, which are expected to gain first-mover advantage in technological iterations and achieve excess returns.
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In terms of risk warnings, investors need to pay attention to the following factors: first, the risk of slowing growth in AI chip demand; second, the risk of supply chain restructuring due to geopolitical changes; third, the risk of technological iteration not meeting expectations; fourth, the risk of rising labor costs in Southeast Asia.

Conclusion: Long-term Growth Logic of Advanced Packaging US Stocks is Clear, Short-term Fluctuations Do Not Change Long-term Trend

Comprehensive analysis shows that under the triple drive of continuous growth in AI computing power demand, accelerated expansion of Southeast Asia capacity, and continuous evolution of technology routes, the advanced packaging US stock sector is expected to maintain a long-term growth trend. Although it may face valuation adjustments and demand fluctuations in the short term, the long-term investment logic remains clear. It is recommended that investors adopt a "core + satellite" investment strategy, while allocating to industry leaders, pay attention to technological innovators in niche areas and regional expansion leaders to achieve excess returns.

Looking forward to the second half of 2026, with the release of new-generation AI chips and the gradual release of Southeast Asia capacity, the advanced packaging US stock sector is expected to usher in a new round of upward trend. Investors can closely follow the quarterly guidance and capacity expansion plans of leading companies, adjust their investment portfolios in a timely manner, and seize this AI-driven advanced packaging super cycle.