Global investment bank Goldman Sachs released its latest report on July 28, 2026, significantly raising ratings and target prices for multiple Asian semiconductor leaders (including TSMC, Samsung Electronics, SK Hynix, etc.) on US stocks. The report notes that driven by surging AI computing demand and HBM (High Bandwidth Memory) technology iteration, the Asia-Pacific semiconductor supply chain is entering a new profit growth cycle, with particular optimism for advanced packaging and HBM-related segments.
AI Demand Surges, HBM Becomes Core Growth Engine
Goldman Sachs' analyst team emphasized in the report that global AI infrastructure investment in 2026 is expected to grow over 40% year-on-year, with demand for HBM3E and next-gen HBM4 from GPUs and AI accelerators far exceeding expectations. Samsung Electronics and SK Hynix, as duopoly in the HBM market, will directly convert their technology leadership and capacity expansion plans into earnings growth. Goldman Sachs raised its US stock target price for Samsung Electronics from $900 to $1,100 and for SK Hynix from $180 to $220, maintaining "Buy" ratings.
TSMC: Advanced Packaging Capacity Tight, Pricing Power Rises
As a core provider of AI chip foundry and advanced packaging, TSMC's CoWoS and 3D Fabric packaging capacity remains fully loaded. Goldman Sachs noted that TSMC's advanced packaging revenue share exceeded 20% in Q2 2026, and capacity is expected to expand another 30% in 2027. The report raised TSMC's US stock target price from $250 to $280 and forecasts its full-year 2026 EPS will hit a record high.
Southeast Asia OSAT Supply Chain Benefits, Capacity Shift Accelerates
Goldman Sachs specifically mentioned that under the trend of semiconductor manufacturing and packaging/testing moving to Southeast Asia, OSAT factories in Malaysia, Vietnam, etc., will gain more orders. Capacity expansions by OSAT leaders ASE Technology Holding, Amkor, etc. in Southeast Asia, as well as the layout of local players like Tongfu Microelectronics in Vietnam, benefit from AI chip heterogeneous integration demand. Goldman Sachs initiated coverage on Malaysian OSAT company Unisem with a "Buy" rating and a target price of 5.80 Malaysian ringgit.
Institutional Ratings Diverge: Short-Term Inventory Pressure Manageable, Long-Term Trend Clear
Although some institutions have concerns about consumer electronics chip inventory, Goldman Sachs believes that the strong demand for AI-related chips is sufficient to offset cyclical fluctuations. Contrary to Morgan Stanley's earlier view of "short-term adjustment pressure," Goldman Sachs focuses more on long-term growth logic and advises investors to buy on dips. Data shows that the proportion of earnings forecast upgrades for the Asia-Pacific semiconductor sector (excluding Japan) in Q3 2026 has reached 72%, the highest in nearly three years.
Investment Strategy: Focus on HBM, Advanced Packaging, and Southeast Asia Capacity
Goldman Sachs recommends three main investment themes in the report: first, HBM memory (Samsung Electronics, SK Hynix); second, advanced packaging foundry (TSMC, ASE); third, Southeast Asia OSAT capacity beneficiaries (Unisem, Inari Amertron). At the same time, it advises attention to the traditional off-season factor of the Lunar New Year, but AI structural demand will support stock performance.
As of press time, Samsung Electronics is up 3.2% in pre-market US trading, TSMC up 2.1%, and SK Hynix up 4.5%. The market expects several investment banks to follow with rating adjustments within the next week, and the Asia-Pacific semiconductor sector is likely to see a new wave of capital inflows.
(This article is compiled based on Goldman Sachs' July 28, 2026 report and public market information. It does not constitute investment advice.)
