RBI Holds Repo Rate at 5.25% as India’s Growth Outlook Strengthens After U.S. Trade Deal 
Trump Administration Sued Over Suspension of Critical Hudson River Tunnel Funding 
Silver Prices Plunge in Asian Trade as Dollar Strength Triggers Fresh Precious Metals Sell-Off 
Asian Markets Wobble as AI Fears Rattle Stocks, Oil and Gold Rebound 
Bank of Japan Signals Readiness for Near-Term Rate Hike as Inflation Nears Target 
South Korea’s Weak Won Struggles as Retail Investors Pour Money Into U.S. Stocks 
U.S. Stock Futures Edge Higher as Tech Rout Deepens on AI Concerns and Earnings 
Asian Stocks Slip as Tech Rout Deepens, Japan Steadies Ahead of Election 
Global Markets Slide as AI, Crypto, and Precious Metals Face Heightened Volatility 
Oil Prices Slide on US-Iran Talks, Dollar Strength and Profit-Taking Pressure 
Gold Prices Slide Below $5,000 as Strong Dollar and Central Bank Outlook Weigh on Metals 
Vietnam’s Trade Surplus With US Jumps as Exports Surge and China Imports Hit Record 
Singapore Budget 2026 Set for Fiscal Prudence as Growth Remains Resilient 
Oil Prices Slip as U.S.–Iran Talks Ease Supply Disruption Fears 
Japan Economy Poised for Q4 2025 Growth as Investment and Consumption Hold Firm 
Fed Governor Lisa Cook Warns Inflation Risks Remain as Rates Stay Steady 
Dollar Steadies Ahead of ECB and BoE Decisions as Markets Turn Risk-Off 
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.
