Morgan Stanley's latest AI supply chain report forecasts a significant increase in global demand for Chip-on-Wafer-on-Substrate (CoWoS) technology, projecting it to reach 2.694 million units by 2027, marking a 93% rise from 2026. NVIDIA is expected to remain the largest consumer, accounting for 45% of the demand with 1.222 million units. AMD's demand is anticipated to grow by 308%, driven by its MI455 and MI450 models. In a notable development, AMD's Venice CPU will adopt CoWoS packaging for the first time, with shipments projected at 6.75 million units in 2027. This marks a significant expansion of CoWoS technology from AI accelerators to server CPUs. The production will be managed by ASE/SPIL, Amkor, and Powertech Technology. Additionally, Google's TPU Sunfish is expected to ship 960,000 units in 2026, while NVIDIA's Blackwell inventory will serve as a supply chain buffer, with Rubin shipments nearing 7 million units in 2027.