Hong Kong and US semiconductor manufacturing ran a relatively smooth chain today: On the US stock side, $SIVERS SEMICONDUCTORS AB(SIVEF.US), $United Microelectronics(UMC.US), $Amkor Tech(AMKR.US), $Credo Tech(CRDO.US), and $Navitas Semiconductor(NVTS.US) all rose by three to five percentage points; on the Hong Kong stock side, $HUA HONG GRACE(01347.HK) rose by five percentage points. The commonality is that the midstream segment of AI computing power, "advanced packaging + compound semiconductors + data center connectors," is being repriced together—$Amkor Tech(AMKR.US) benefits from TSMC's CoWoS capacity transfer; $Credo Tech(CRDO.US) is the positioning for AEC active cables in the NVL72 system; $Navitas Semiconductor(NVTS.US) is the cooperation for GaN 800V in NVIDIA's data center power supplies.

Both Hong Kong and US sides moved in the same direction today, which is rare. Capital is seeing the AI computing power chain spreading from "the GPU itself" to "connections / power supplies / advanced packaging," with valuation premiums gathering in the midstream segment. The next catalyst is the CoWoS capacity guidance from TSMC's earnings call at the end of August.