TSMC delays CoWoS orders as CoPoS plans take shape

TSMC's reported delay in placing 2027 advanced packaging equipment orders has sparked market speculation that the company sees excess CoWoS capacity ahead. But equipment suppliers say CoWoS demand has not weakened, and TSMC's real challenge is instead how to mass-produce its next stage of ultra-large packaging while reallocating capacity and capex between CoWoS expansion and next-generation CoPoS. The recent shift in equipment-order timing may reflect TSMC's reassessment of its advanced packaging roadmap for the next 2-3 years.