Intel Expands Packaging Capacity in Malaysia as HBM Supply Flow Shifts Away from Taiwan
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South Korean export data show HBM shipments to Malaysia have reached roughly $1.3 billion, while shipments to Taiwan fell from over $5 billion to under $3 billion — Intel's Malaysia packaging base is capturing orders that once flowed to TSMC.
Where is all the HBM going?
South Korea's HBM (high-bandwidth memory — ultra-fast memory designed specifically for AI chips) exports to Malaysia hit ~$1.3 billion; exports to Taiwan dropped from over $5 billion to under $3 billion in the same period.
This means → some of the HBM that used to go to Taiwan for TSMC's CoWoS packaging (the process that stacks AI chips and HBM together) is now being rerouted to Malaysia.
In plain terms = the "delivery address" for HBM is changing, and Malaysia is becoming a new packaging hub.
What has Intel built in Malaysia?
Intel's Project Pelican is the centerpiece of a $7 billion expansion plan and entered its final phase in late 2025.
The new capacity covers die sorting and die preparation, and supports EMIB — a bridge-interconnect packaging technology linking chips side by side — and Foveros, a 3D packaging technology that stacks chips vertically.
Once completed, the Malaysia site's advanced packaging capacity is expected to be more than double Intel's New Mexico facility.
What does TSMC itself say?
At its July 2026 earnings call, TSMC confirmed that advanced packaging capacity remains tight and said it welcomes more packaging capacity in the market.
This means → TSMC effectively acknowledged it cannot serve all demand, opening a window for Intel to absorb the overflow.
Who is using Intel's packaging services?
Multiple global tech companies are evaluating EMIB and Foveros; EMIB demand growth is driven primarily by AI accelerator clients.
Intel has already begun EMIB assembly at the Amkor facility in Incheon, South Korea, to handle rising orders from major AI customers.
This reflects a shift: Intel's packaging business is no longer just a backup — actual utilization is climbing.
Is this a lasting trend or a temporary spillover?
The core question: does the HBM supply shift signal that Intel's packaging platform is building sustainable customer stickiness, or is it merely a temporary diversion caused by TSMC's capacity crunch?
In plain terms = are customers "moving house" or just "crashing for the night"? The answer sets the ceiling for Intel's packaging business.
This is the key validation point for whether the advanced packaging supply chain is truly being restructured.
Content is for reference only, not financial advice.