estimated at nearly US$300bn across end-markets over the forecast period. Server- focused accelerator sales are expected to increase by 71%, reaching US$182.5bn in 2026, with a long-term CAGR of 30% driving the segment to approximately US$400bn by 2030. acceleration, hyperscalers are actively advancing custom (non-GPU) Al accelerator strategies, supported by strategic partnerships with leading semiconductor vendors such Over the past two years, TSMC's CoWoS capacity expansion and allocation have been key leading indicators for global Al GPU and Al ASIC revenue. While end customer demand - particularly from NVIDlA's customers - represents the true underlying driver, we find that chip shipments. The risks to Al semi foundry demand appear limited in 2026, as TSMC's foundry capacity, especially 3nm, remains constrained. These supply limitations should help prevent oversupply and mitigate concerns around a potential "Al bubble" correction. We maintain our Attractive industry view on Greater China Semiconductors. However, from 2027 onwards, uncertainties may emerge on both the supply and demand sides: existing fab cleanrooms in Taiwan, which is accelerating the need to ramp up overseas fab construction, particularly in the US. meet customers' strong Al demand, uncertainty remains whether power shortages in the US could be resolved to support large scale Al infrastructure deployment.