Key insights
- Bernstein highlights Unimicron and TSMC as key beneficiaries of the AI boom. Unimicron is expected to see significant revenue from AI server components, particularly ABF substrates for Nvidia GPUs and ASIC chips. TSMC's raised revenue guidance and narrowed capital expenditure guidance signal strong AI demand offsetting consumer electronics weakness. This suggests continued investment and growth in the semiconductor sector, indirectly benefiting US tech companies reliant on these suppliers.
Investing.com -- Bernstein outlined two Taiwan-based companies positioned to capitalize on artificial intelligence demand, with semiconductor and component manufacturers taking center stage as AI infrastructure spending accelerates.
The investment firm highlighted two Taiwan stocks as major beneficiaries of the ongoing AI boom, focusing on companies with direct exposure to AI server components and advanced chip manufacturing capabilities.
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UNIMICRON
Bernstein sees Unimicron as a key beneficiary of the AI server PCB and ABF upgrade trend. The firm notes strong average selling price increase momentum driven by upstream materials price hikes, including T-glass and CCL, combined with operating leverage. Bernstein expects AI to represent half of Unimicron’s revenue in 2026. The company’s ABF capacity at Yangmei and Guangfu Phase 1 facilities should reach full utilization in the first half of 2026, with KF Phase 2 ramping in 2027 and Yangmei Phase 2 in 2028. Unimicron is projected to capture approximately 35% ABF market share in Nvidia high-end GPUs this year, along with a 50%-plus share for ASIC chips including Google TPU and AWS Trainium. Yield improvements at Taiwan HDI sites in the second quarter of 2026 should lift AI HDI/PCB revenue by roughly 50% in 2026, according to Bernstein.
Unimicron reported mixed first-quarter 2026 results, with revenue growing 8% quarter-over-quarter and an improved gross margin of 18%. The company also saw higher-than-anticipated operating expenses due to ramp-up costs for new production lines in Thailand and Taiwan.
TSMC
Bernstein lauded TSMC’s raising of its 2026 full-year revenue growth guidance, suggesting that strong AI demand more than offsets weakness in consumer electronics resulting from rising memory prices. The company also narrowed its 2026 capital expenditure guidance toward the high end of the $52 billion to $56 billion range, signaling increased confidence in the sustainability of its medium-term growth outlook. Competitive dynamics at the leading edge continue to favor TSMC, with the company remaining a direct beneficiary of the strong AI secular outlook, Bernstein said. The brokerage forecast TSMC earnings growth of approximately 40% in 2026, followed by a roughly 20% compound annual growth rate over 2027-2028, though the recent earnings update indicates clear upside risk.
In recent developments, Taiwan Semiconductor Manufacturing Co. announced its A13 process technology, which is scheduled for production in 2029.
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