As AI chip packaging density keeps climbing, yield control in advanced packaging is becoming a central problem for Taiwan Semiconductor Manufacturing Co. (TSMC) and outsourced semiconductor assembly and test (OSAT) providers. That shift is pushing up demand for optical inspection equipment. In its latest report, semiconductor research firm Semi Analysis said V5 Technologies (7822) has already become one of the main beneficiaries in the CoWoS supply chain and has also moved early into the next-generation CoPoS process, calling it 「one of the most undervalued names in the AI packaging supply chain」.
Inspection moves to the center of advanced packaging
The report said packaging for AI accelerator chips is getting more complex. In the CoWoS architecture, multiple silicon dies and multiple layers of high-bandwidth memory, or HBM, have to be integrated in a single package. Even small stains, scratches or residual material generated during any production step can cause an entire high-value package to be scrapped.
For companies including TSMC (2330), ASE (3711) and SPIL, early defect interception has become a key step in the process flow. Semi Analysis wrote: 「Inspection is the key factor that determines the economics of advanced packaging.」 That helps explain why optical inspection tools have become one of the hottest niche segments in the semiconductor supply chain in recent years.
V530 Pro rides CoWoS expansion
V5 Technologies’ flagship V530 Pro platform combines the company’s in-house AI image recognition algorithms with high-speed imaging hardware to automate optical defect inspection on advanced packaging surfaces. The system is designed to detect contamination, scratches and process residue.
The report tied that product positioning to a sharp financial improvement:
- 2025 consolidated revenue was about NT$2.08 billion, up 188% from a year earlier
- Earnings per share reached NT$14.04, a record high
- Monthly revenue in the first half of 2026 continued to set new highs as customers expanded CoWoS, 3D packaging and panel-level packaging capacity
Its customer mix is also broadening. As advanced-packaging capacity expansion spreads from foundries to OSATs, V5 Technologies’ customer base has extended from wafer foundries to OSAT companies including ASE. In the report’s framing, AI optical inspection is moving toward standard equipment status across the sector.
CoPoS seen as the next growth curve
Semi Analysis said CoWoS has already delivered a clear tailwind for V5 Technologies, while CoPoS, or panel-level packaging, could represent the next and potentially larger growth opportunity.
Unlike CoWoS, CoPoS uses large square panels instead of round wafers. The report said that raises the degree of difficulty in dimensional accuracy control, substrate stability and panel warpage. Warpage is a serious challenge for optical equipment, and Semi Analysis identified that issue as part of V5 Technologies’ technology moat.
To address it, the company developed the V5P310 Pro, which uses a multi-point vacuum chucking design with high-speed imaging to solve optical focus problems caused by panel warpage.
According to the report, V5 Technologies has introduced four CoPoS machine models, compared with two for CoWoS. Pricing is materially higher because of the added cost of warpage-handling mechanisms. The company estimates total inspection demand for CoPoS at about twice that of CoWoS.
Initial TSMC supplier status and 2027 shipment target
The report also said V5 Technologies has appeared on TSMC’s initial supplier list in the CoPoS 「inspection and automation」 category. Because CoPoS is a new process, inspection and metrology tools need to enter the line before production capacity ramps, so each step can be validated for yield over time. Semi Analysis wrote: 「This means V5’s equipment plays a leading, not following, role in capacity build-out.」
On the commercial side, V5 Technologies’ demo machines are already installed at customer sites for testing, and the company is in talks with three panel-level packaging customers. It expects customer qualification as early as the fourth quarter of 2026, with volume shipments starting in 2027.
Second growth phase after CoWoS matures
Semi Analysis concluded that V5 Technologies’ CoPoS inspection business carries higher technical barriers, a broader range of machine types and higher value per production line than its earlier CoWoS opportunity. In the report’s view, that could create a second growth wave larger than the one driven by CoWoS as the current CoWoS cycle matures and the CoPoS production timeline advances.