Citigroup Downgrades Micron's Price Target! AI Focus Shifts from 'Price Hikes' to 'Volume Growth' – Three Industries in the Spotlight?

Currently, most investment institutions estimate that AI capital expenditures by the five major hyperscale data centers will surpass $1 trillion by 2027, up approximately 26% from this year’s $790 billion. While AI capex continues strong growth, the market’s focus may be shifting. This week, Citigroup maintained its 'Buy' rating on Micron but lowered its price target, suggesting the market’s attention could be moving from price-increase narratives to volume-driven themes.

What volume-driven themes should investors watch?

Advanced Packaging:

Market estimates suggest TSMC could increase its CoWoS capacity by over 60–70% by 2027. However, Morgan Stanley forecasts global CoWoS demand will rise from 1.394 million panels in 2026 to 2.694 million panels in 2027. With demand nearly doubling, even a 60–70% capacity expansion by TSMC would still leave the market in a supply-constrained state.

ABF Substrate:

As AI chip size and layer count significantly increase, the market estimates AI chip demand will account for over 50% of total ABF substrate area demand. By 2027, the supply-demand gap for ABF substrates is expected to exceed 20%.

CCL:

Goldman Sachs forecasts the CCL market will reach $22.1 billion in 2027 and surge to $48 billion in 2028. Demand for CCL in AI servers is projected at 42 million sheets in 2026, 78 million in 2027, and 131 million in 2028.

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Beyond volume-driven industries, future-demand themes also warrant investor attention, such as FOPLP, COPOS, CPO, and 800V HDC. Although CPO and 800V HDC are expected to face delayed large-scale adoption, their long-term demand structure remains intact, and related supply chains are now at relatively low valuations. Investors should monitor entry opportunities.

Major indices are currently consolidating with declining volume above the quarterly line, awaiting bullish signals. The market is poised to challenge the 50,000-point level, with AI high-performing stocks leading the charge. July revenues, Q2 financial reports, and earnings calls will be critical checkpoints for assessing company and industry prospects. Focus on the following supply chains tied to volume-growth themes:

With Taiwan’s stock market approaching 50,000 points, now is an ideal entry point. Position for long-term, low-base, high-opportunity stocks. Having risen about 6,000 points from recent lows, some individual stocks are entering short-term resistance zones—making it an excellent time to rotate holdings. To capture the next big market move, join my team. Start here: https://user225916.pse.is/money668

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Advanced Packaging: TSMC (2330-TW), ASE (3711-TW), KYEC (2449-TW), Powertech (6239-TW), Innolux (3481-TW), Win Semiconductors (6223-TW), Zih Sing (2467-TW)

AI High-Performing Stocks: Delta Electronics (2308-TW), Lite-On Technology (2301-TW), New Strength (4931-TW), Chuan-Hu (2059-TW), MiTAC-Harve (3017-TW), Chicony Power (3653-TW), First Assembly (2486-TW), Wistron NeWeb (6669-TW), Foxconn (2317-TW)

ABF: Nanya PCB (8046-TW), Unimicron (3037-TW), Kinsus (3189-TW), Zhending-KY (4958-TW)

CCL: Taishan (2383-TW), Tripod (6274-TW), Laminated (6213-TW), Nan Ya Plastics (1303-TW), Chang Chun Group (1717-TW), Kingboard (8358-TW)

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Source: Moore Consulting – Analyst Jason Yeh

The individual securities recommended and analyzed by our company have no improper financial interests. Past performance does not guarantee future profits. Investors should make independent judgments, conduct careful evaluations, and assume all investment risks.