NVIDIA's GB200 and B-series AI chips, built with the innovative Blackwell architecture, have triggered a huge response in the market, and the number of customer imports has surged, resulting in short supply of products. In order to meet market demand, NVIDIA has significantly increased the amount of film cast in TSMC's advanced process, which has also directly led to the activity of the post-test manufacturers, ASE Investment Control and Jingyuan Electric have shown substantial growth in performance, and it is expected that the number of related orders will double in the fourth quarter.
Although ASE has always maintained a confidential attitude about individual customers and order movements, the industry generally believes that Nvidia's new orders have had a significant impact on its performance. Similarly, Keiyuan Electric is also facing a large number of orders from Nvidia, and its internal mobilization has been launched to cope with this huge market demand. In order to meet NVIDIA's needs, Jing Yuan Electric even needs to adjust its production capacity layout and put more resources into the testing of Nvidia chips.
From a supply chain perspective, the increase in Nvidia's production volume at TSMC has directly driven the growth in demand for post-test closure. As the exclusive foundry of NVIDIA chips, TSMC's performance growth also indicates that the back-end closed test manufacturers will usher in more business opportunities. Research institute Set state technology (TrendForce) predicts that NVIDIA's GB200 super AI chip based on Blackwell architecture is expected to exceed one million shipments in 2025, which will undoubtedly further promote the development of the sealed test industry chain.
It is worth noting that the GB200 and B-series AI chips built by Nvidia Blackwell architecture have significantly extended the test time compared to the previous generation of the H-series. This change has not only had a positive impact on the average unit price (ASP) and gross profit margin of the relevant partner plants, but also brought higher profits to the sealing test manufacturers such as ASE Investment Control and Jingyuan Electric.
Ase has maintained a close cooperative relationship with NVIDIA, not only undertaking the oS segment manufacturing process of TSMC's CoWoS advanced package, but also laying out the test capacity in the Zhongke plant to provide one-stop production services from the back of the wafer to the closed test section for NVIDIA. Looking ahead, ASE is optimistic about the business opportunities in the field of AI and high-speed computing (HPC), and expects the related growth trend to continue until 2025, and the group's AI advanced packaging performance is expected to double this year.
Jingyuan Electric is also actively responding to the challenge of Nvidia's single effect, and has fully launched a production increase plan. With the surge in orders from Nvidia, Jing Yuan Electric's performance in the fourth quarter is expected to achieve substantial growth. At the same time, in order to meet NVIDIA's needs for chip testing, Jingyuan Electric also plans to use most of the area of the third Causeway plant to test NVIDIA chips, which will bring significant contributions to Jingyuan Electric's performance in the fourth quarter to next year. At present, Jingyuan's revenue mainly comes from the testing business, accounting for up to 70% to 80%, and the rest is the packaging business. With the continuous fermentation of NVIDIA's single effect, the capacity utilization rate of the relevant test production line of Jingyuan Electric will remain at a high level.
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