Bank of America: Raising Valuation Expectations for TSMC, Sunlight, and Other Companies Advanced Processes and Packaging Still the Most Barrier free Link in the Industry Chain According to a report by Golden Finance, on June 25th, Bank of America estimated that the global server CPU related semiconductor manufacturing market is expected to expand from $15 billion in 2025 to $49 billion in 2028. Among them, the proportion of outsourced production will increase from 52% to 71%, reflecting the continuous strengthening of the core position of pure wafer foundries represented by TSMC in the high-end CPU field. The scarcity of advanced process production capacity, coupled with the parallel increase in volume from multiple customers and architectures, has made the outsourcing process the most certain beneficiary node in this round of economic upswing. Bank of America predicts that the market size of server CPU related packaging and testing will increase from $1.9 billion in 2025 to $9.6 billion in 2028, and its proportion in the advanced packaging market will increase from 11% to 24%. Bank of America has simultaneously raised its valuation expectations for supply chain leaders such as TSMC and Sunlight, stating that advanced processes and packaging remain the most challenging links in the industry chain.