Australian Consumer Sentiment Slumps in Early December as Inflation Fears Resurface 
Oil Prices Rebound as U.S.-Venezuela Tensions Offset Oversupply Concerns 
Bank of Korea Downplays Liquidity’s Role in Weak Won and Housing Price Surge 
Korea Zinc Plans $6.78 Billion U.S. Smelter Investment With Government Partnership 
Oil Prices Slip in Asia as 2026 Supply Glut Fears and Russia-Ukraine Talks Weigh on Markets 
Asian Stocks Slide as Central Bank Decisions and Key Data Keep Investors Cautious 
Dollar Struggles as Markets Eye Key Central Bank Decisions and Global Rate Outlooks 
ASX Shares Slide After ASIC Imposes A$150 Million Capital Requirement 
Ireland Limits Planned Trade Ban on Israeli Settlements to Goods Only 
U.S. Dollar Slips Near Two-Month Low as Markets Await Key Jobs Data and Central Bank Decisions 
Japan Business Sentiment Hits Four-Year High, Boosting Expectations of BOJ Rate Hike 
Wall Street Futures Slip as Tech Stocks Struggle Ahead of Key US Economic Data 
Gold Prices Slip Slightly in Asia as Silver Nears Record Highs on Dovish Fed Outlook 
South Korea Extends Bond Market Stabilization Measures Amid Rising Financial Risks 
Bank of Japan Poised for Historic Rate Hike as Inflation Pressures Persist 
Fed Near Neutral Signals Caution Ahead, Shifting Focus to Fixed Income in 2026 
Asian Technology and Chipmaking Stocks Slide as AI Spending Concerns Shake Markets 
Mizuho’s Asia hardware and semiconductor analysts have raised their 2025 forecast for Nvidia’s AI GPU shipments, projecting an 8-10% increase over their July 2024 estimates. The revision is driven by supply chain improvements, particularly advancements in CoWoS (Chip on Wafer on Substrate) technology.
Shipment Projections and CoWoS Technology
The report suggests that Nvidia (NASDAQ: NVDA) will ship between 6.5 and 7 million AI GPUs in 2025, including 3 million CoWoS-S units. These shipments will mainly consist of Nvidia's Hopper and Blackwell models, with CoWoS-S reaching yields of over 99%. Furthermore, Nvidia's CoWoS-L process is expected to produce between 3.8 and 4 million units, focusing on high-demand GB200 server racks, with around 80-90% of the production dedicated to this line.
TSMC's Production Expansion and Supply Chain Improvements
Mizuho’s revised forecast coincides with the expansion of Nvidia’s production partner, Taiwan Semiconductor Manufacturing (NYSE: TSM), which is doubling its annual wafer capacity. The report notes that CoWoS supply constraints are likely to continue into 2025 but are expected to ease as TSMC's annual wafer capacity surpasses 650,000, a 100% increase year-over-year. Additionally, to mitigate supply-demand pressures, some back-end (on-substrate) processes are anticipated to be outsourced to Advanced Semiconductor Engineering (ASE).
Blackwell GPU and Supply Chain Outlook
Mizuho analysts believe that concerns about potential delays in the rollout of Nvidia’s Blackwell GPUs are “exaggerated.” Both TSMC and SK Hynix Inc. (KS:000660) are expected to achieve sales growth following the planned launch of Blackwell GPUs in the fourth quarter of 2024.
Overall, Mizuho analysts do not foresee any significant delays in semiconductor production, including AI GPUs and ASICs, impacting AI server manufacturing in 2025. They also note that Taiwanese back-end equipment vendors, such as Allring Tech, are likely to benefit from TSMC's efforts to localize its supply chain.
