HBM shipments to Malaysia point to Intel packaging ramp

SemiAnalysis Chipbook export data from South Korea shows a significant shift in high-bandwidth memory shipments toward Malaysia, with reduced flows to Taiwan. The change suggests HBM previously used with TSMC’s CoWoS advanced packaging technologies, including CoWoS-S, CoWoS-L, and CoWoS-R, may increasingly be moving to another packaging operation in Malaysia.

Intel is identified as the most likely destination because TSMC does not operate an advanced packaging facility in Malaysia, while other local players are described as small. Intel’s Project Pelican advanced packaging complex entered its final phase late last year and is equipped for die sort and die prep operations, with support for both EMIB and Foveros packaging flows.

The influx of HBM into Malaysia points to growing demand for Intel’s advanced packaging services from foundry customers. That shift could be diverting some advanced packaging demand away from TSMC, whose CoWoS technologies have been central to integrating HBM with high-performance chips.