Advanced Packaging US Stock Research 2H 2026: AI Computing Demand Continues to Rise, Southeast Asia Capacity Expansion Becomes New Growth Engine

Advanced Packaging US Stock Research 2H 2026: AI Computing Demand Continues to Rise, Southeast Asia Capacity Expansion Becomes New Growth Engine

In 2026, the global semiconductor industry, driven by the artificial intelligence wave, has entered a new cycle of rapid growth. As a key component supporting AI computing infrastructure, advanced packaging technology is becoming one of the most valuable investment segments in the US semiconductor sector. This report provides an in-depth analysis of the latest developments in the US advanced packaging sector, exploring AI-driven market demand changes and investment opportunities brought by capacity expansion in Southeast Asia.

Surge in AI Computing Demand, Advanced Packaging Becomes New Growth Point for Semiconductor Industry

With the popularization of AI applications like ChatGPT and Midjourney, global demand for high-performance computing chips is showing explosive growth. According to industry data, the global AI chip market size is expected to exceed $500 billion in 2026, with a compound annual growth rate exceeding 30%. This trend has directly driven demand for advanced packaging technologies, especially in high-end areas such as high-bandwidth memory (HBM) and 2.5D/3D packaging.

Advanced packaging technology effectively solves the bottleneck of semiconductor performance improvement under the slowdown of Moore's Law by increasing chip integration, reducing power consumption, and reducing volume. Currently, leading companies like TSMC, ASE, and Amkor have mass-produced advanced packaging technologies such as CoWoS, InFO, and X-Cube, which are widely used in AI training chips, high-performance computing, and 5G communications.

Strong Performance of US Advanced Packaging Sector, Value Reassessment of Leading Enterprises

In the first half of 2026, the US advanced packaging sector performed strongly, outperforming the market index by about 15 percentage points. Among them, the stock prices of packaging giants like Amkor Technology, ASE Group, and JCET all increased by more than 30%, significantly higher than the industry average.

From a financial perspective, Amkor's revenue in the second quarter of 2026 increased by 42% year-on-year, with net profit growing by 58%, mainly due to the rapid growth in demand for AI chip packaging. The company's CEO stated that AI-related business already accounts for 35% of its total revenue, and this proportion is expected to increase to 45% by the end of 2026. ASE has also benefited from the AI wave, with its advanced packaging capacity utilization rate maintained above 95%, far higher than the industry average of 80%.

Wall Street analysts are generally optimistic about the long-term growth potential of the advanced packaging sector. Investment banks such as Goldman Sachs and Morgan Stanley have recently upgraded ratings for related companies, with Goldman Sachs raising Amkor's target price to $180, which has 25% upside from the current stock price; Morgan Stanley predicts that ASE's stock price could rise by 35% in the next 12 months.

Accelerated Capacity Expansion in Southeast Asia, Regional Industrial Landscape Reshaped

To meet the global demand for AI chip packaging, Southeast Asia is becoming a hot spot for advanced packaging capacity expansion. Countries such as Malaysia, Vietnam, and Thailand, with policy support, cost advantages, and geographical advantages, have attracted a large amount of international semiconductor investment.

As the world's third-largest semiconductor packaging and testing base, Malaysia announced in 2026 to invest $5 billion to develop the advanced packaging industry, planning to build 5 advanced packaging plants, with expected capacity increase of 40% before 2028. Vietnam, with its "National Strategy for Semiconductor Development," has attracted over $3 billion in investment from companies like Amkor and ASE to build advanced packaging factories. The Thai government has also launched a special fund of 5 billion baht to support local enterprises in enhancing advanced packaging capabilities.

This industrial transfer has not only changed the global semiconductor supply chain but also brought new growth points for US advanced packaging companies. Amkor's new factory in Vietnam was put into operation in the first half of 2026, with initial capacity meeting the AI chip packaging needs of customers like NVIDIA and AMD; ASE plans to invest $2 billion to build an advanced packaging center in Malaysia, which is expected to add $1.5 billion in revenue after completion in 2027.

Policy Dividends Continue to Be Released, Regional Synergy Effects Emerge

Southeast Asian governments are actively promoting the development of the semiconductor industry, providing policy support for advanced packaging companies. Malaysia has launched "Semiconductor Strategy 2.0", providing comprehensive support including tax incentives, land benefits, and talent training; Vietnam has listed the semiconductor industry as a national priority development area, introducing new policies for automotive chip packaging and testing to attract foreign investment.

Regional economic integration has also brought opportunities for the development of the advanced packaging industry. The implementation of RCEP (Regional Comprehensive Economic Partnership) has reduced trade barriers within the region, promoting the coordinated development of the semiconductor industry chain. At the same time, the implementation of the US "CHIPS and Science Act" and the EU "European Chips Act" has further promoted the regional layout of the semiconductor industry chain, accelerating the process of capacity transfer to Southeast Asia.

As the core hub of the Southeast Asian semiconductor industry, Singapore launched a $300 million advanced packaging flagship program in 2026, building a national-level advanced packaging R&D center to enhance the overall technical level of the region. This initiative has not only attracted investment from companies like Intel and NVIDIA but also provided a platform for technical cooperation and capacity expansion for US advanced packaging companies.

Investment Strategy and Risk Warnings

Based on the above analysis, we believe that the US advanced packaging sector still has strong investment value in the second half of 2026. We suggest investors focus on the following three types of companies:

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• Technology Leaders: Companies like Amkor and ASE with advanced packaging technology and stable customer resources are expected to continue to benefit from the growth in AI computing demand.
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• Regional Layout: Companies that have established production bases in Southeast Asia, such as JCET and JCET, will benefit from regional capacity expansion and industrial transfer.
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• Segment Leaders: Companies with technical advantages in specific advanced packaging fields, such as leaders in the HBM packaging, fan-out packaging and other niche markets.
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However, investors should also pay attention to the following risk factors:

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• Technology Iteration Risk: Advanced packaging technology is updated and iterated quickly, and companies need to continuously invest in R&D to maintain competitiveness.
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• Geopolitical Risk: Geopolitical factors such as China-US trade friction and regional conflicts may affect the stability of the global semiconductor supply chain.
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• Overcapacity Risk: If major manufacturers expand advanced packaging capacity on a large scale, it may lead to oversupply in the future, affecting corporate profitability.
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Future Outlook

Looking forward to the second half of 2026 and beyond, the advanced packaging industry will show the following development trends:

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1. Continuous Deepening of AI Drive: With the continuous popularization of AI applications, the demand for high-performance computing chips will continue to grow, driving advanced packaging technology toward higher integration and lower power consumption.
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2. Strengthened Regional Coordination: Southeast Asia will become an important base for global advanced packaging capacity, forming an industrial cluster centered on Malaysia, Vietnam, and Thailand.
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3. Accelerated Technological Innovation: New packaging technologies such as Chiplet and 3D IC will accelerate commercial application, promoting the semiconductor industry to enter the "post-Moore era".
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4. Increased Industry Chain Integration: Leading companies will expand market share through mergers and acquisitions, and industry concentration will further increase.
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Overall, driven by the continuous rise in AI computing demand and Southeast Asia capacity expansion, the US advanced packaging sector still has strong investment value in the second half of 2026. Investors should closely follow technological development dynamics, enterprise capacity expansion progress, and regional policy changes, grasp industry growth opportunities, and at the same time do a good job of risk control.