Advanced Packaging US Stock Research 2H 2026: AI Computing Demand and Regional Industrial Reshaping Investment Landscape
With the rapid development of artificial intelligence technology, advanced packaging, as a critical link in the semiconductor industry chain, is experiencing unprecedented development opportunities. Research reports on the US packaging and testing sector for the second half of 2026 show that the continuous explosion of AI computing demand and the deep adjustment of the industrial landscape in the Asia-Pacific region are jointly reshaping the investment map of the advanced packaging field. This article will conduct an in-depth analysis of the latest developments and future opportunities in the US advanced packaging sector from four dimensions: technological trends, market structure, regional policies, and investment strategies.
I. Advanced Packaging Technology: Innovation Breakthroughs Driven by AI
Advanced packaging technology is experiencing an unprecedented wave of innovation to meet the extreme demands of emerging applications such as AI, high-performance computing, and 5G for semiconductor performance. According to the latest research reports from multiple international investment banks, the advanced packaging market will witness three major technological breakthrough points in 2026.
First, 2.5D/3D packaging technology is accelerating its maturity. Leading enterprises such as TSMC and Samsung are promoting the mass production and application of 2.5D/3D packaging technologies like CoWoS (Chip on Wafer on Substrate) and InFO (Integrated Fan-Out) to solve the integration challenges of high-bandwidth memory and logic chips in AI chips. Morgan Stanley pointed out in its latest research report that with the surge in demand for HBM (High Bandwidth Memory), 2.5D/3D packaging will become a key path for improving AI chip performance, and related industrial chain enterprises are expected to undergo value re-evaluation.
Second, innovations in advanced packaging materials are emerging one after another. As chip processes continue to advance to 3nm and below nodes, the requirements for material performance in advanced packaging are becoming increasingly stringent. Packaging and testing giants such as ASE Technology Holding and Amkor Technology are accelerating the research and development of new packaging materials such as low dielectric constant materials and high thermal conductivity substrates to meet the higher requirements of AI chips for heat dissipation and signal integrity. Goldman Sachs' research report shows that the advanced packaging materials market will grow at an annual rate of over 15%, becoming one of the most promising segments in the industrial chain.
Finally, heterogeneous integration technology is leading the paradigm shift in packaging. Integrating chips with different processes and functions in the same package body to achieve system-level optimization is becoming an important development direction for advanced packaging. Companies like Intel and AMD are promoting the commercialization of heterogeneous integration technologies such as Foveros and EMIB. This trend will reshape the division of labor in the semiconductor industry. UBS emphasized in its latest research report that the maturity of heterogeneous integration technology will enable packaging and testing enterprises to transform from simple "assembly services" to "system solution providers", enhancing the overall value of the industry.
II. US Packaging and Testing Sector: Rating Upgrades and Value Re-evaluation
In the second half of 2026, Wall Street's collective optimistic attitude towards the US packaging and testing sector is increasingly evident. Multiple investment banks have successively upgraded the ratings and target prices of related companies, believing that the advanced packaging industry is at the starting point of a new growth cycle.
ASE Technology Holding and Amkor Technology, as the global dual leaders in packaging and testing, continue to receive analyst favor. Bank of America upgraded ASE's rating to "Buy" in its latest research report, setting a target price of $120, mainly optimistic about its leading position in the advanced packaging field and the growth potential brought by capacity expansion in Southeast Asia. Meanwhile, Amkor Technology received rating upgrades from multiple investment banks due to securing a $1.5 billion advanced packaging capacity order from NVIDIA. Morgan Stanley gave it an "Overweight" rating with a target price of $85.
Notably, small and medium-sized packaging and testing enterprises are also showing differentiated competitive advantages in the AI wave. According to a Citigroup research report, some small enterprises specializing in specific advanced packaging technologies, such as companies with expertise in Through-Silicon Via (TSV) and Wafer-Level Packaging (WLP), are obtaining higher valuation premiums through technological advantages. Although these companies are smaller in scale than industry giants, their technical barriers in niche fields give them stronger bargaining power and profitability.
From a valuation perspective, the current overall P/E ratio of the US packaging and testing sector still has room for improvement compared to historical averages. Goldman Sachs analysis points out that with the continuous explosion of AI computing demand, the profitability of packaging and testing enterprises will significantly enhance, and sector valuations are expected to further increase. Especially those enterprises with leading layouts in the advanced packaging field may benefit from a double opportunity.
III. Asia-Pacific Region: Industrial Transfer and Policy Dividends
The Asia-Pacific region, especially Southeast Asian countries, is becoming an important destination for the global advanced packaging industry transfer. This trend stems from both cost advantages and the active support of industrial policies from various countries.
Malaysia and Vietnam are two bright spots in the development of the advanced packaging industry in Southeast Asia. The Malaysian government recently launched "Semiconductor Strategy 2.0", planning to invest over $10 billion to support the development of the advanced packaging industry, including tax incentives, land supply, and talent cultivation policies. ASE has announced a $2 billion investment to build an advanced packaging factory in Malaysia, expected to be operational in 2027. Vietnam, leveraging the trade facilitation advantages brought by the RCEP agreement, is actively attracting foreign investment to layout the advanced packaging industry. Amkor Technology has announced a $2 billion investment to build an advanced packaging plant in Vietnam, which is expected to become an important production base for it in Southeast Asia.
Singapore, as a technology center in Southeast Asia, is also actively developing the advanced packaging industry. The Singapore government announced the launch of a $300 million "Advanced Packaging Flagship Program" to support enterprise R&D and capacity building. This program will focus on supporting advanced technologies such as 2.5D/3D packaging and heterogeneous integration, aiming to position Singapore as an innovation hub for advanced packaging in the Asia-Pacific region.
Thailand's advanced packaging industry is also developing rapidly. The Thai government has established a 5 billion baht special fund for advanced packaging to support the technological upgrading and capacity expansion of local enterprises. Meanwhile, leveraging its advantages in the automotive electronics field, Thailand is actively developing automotive-grade chip advanced packaging to form differentiated competition.
Behind the regional industrial transfer is the trend of semiconductor supply chain restructuring. As geopolitical factors increasingly affect global supply chains, multinational semiconductor enterprises are accelerating the "China+1" strategy, transferring part of their capacity to Southeast Asian countries. This trend has brought unprecedented development opportunities for Southeast Asian countries and also provided broad overseas expansion space for US packaging and testing enterprises.
IV. Investment Strategy: Seizing AI-Driven Structural Opportunities
Based on the analysis of advanced packaging technology trends, market structure, and regional development, we believe that investment in the US packaging and testing sector in the second half of 2026 should focus on the following aspects:
First, focus on packaging and testing enterprises related to AI computing infrastructure. With the popularization of AI applications such as ChatGPT and autonomous driving, the demand for high-performance computing chips will continue to grow. Those packaging and testing enterprises that provide advanced packaging services for AI chip giants like NVIDIA and AMD will directly benefit from this trend. Enterprises with technological advantages in the 2.5D/3D packaging field, such as ASE Technology Holding and Amkor Technology, are worthy of special attention.
Second, seize investment opportunities brought by Southeast Asian capacity expansion. As Southeast Asia becomes an important destination for the global advanced packaging industry transfer, packaging and testing enterprises with active layouts in the region will gain dual advantages of capacity expansion and cost optimization. It is recommended to pay attention to enterprises with significant capacity layouts in Malaysia, Vietnam and other places, such as ASE Technology Holding and Amkor Technology.
Again, focus on technology-leading enterprises in niche fields. In addition to industry giants, some small and medium-sized enterprises with expertise in specific advanced packaging technologies are also worth attention. Although these companies are not large in scale, they have technical barriers in niche fields such as Through-Silicon Via (TSV) and Wafer-Level Packaging (WLP), and may obtain higher valuation premiums.
Finally, pay attention to risk factors. Although the advanced packaging industry has broad prospects, it also faces risks such as accelerated technological iteration and heavy capital expenditure pressure. Investors should pay attention to key indicators such as the proportion of R&D investment and capacity utilization of enterprises, and choose high-quality enterprises with sufficient technology reserves and healthy financial conditions.
In summary, in the second half of 2026, the US advanced packaging sector will usher in a new growth cycle driven by both AI computing demand and regional industrial reshaping. Investors should seize this structural opportunity, focus on technology-leading enterprises with reasonable capacity layouts, and share the dividends of the advanced packaging industry development.
