Nomura rebuts the “semiconductor peak” theory: an “epic gap” is approaching, price increases and upward revisions of profits remain the biggest catalysts

```htmlJinse Finance reports that on July 1, Nomura warned that the AI semiconductor cycle is far from reaching its peak, and an “epic” supply chain mismatch may occur in the second half of 2026. As capital expenditure by cloud providers continues to expand, shortages in advanced packaging, PCB, CCL and other components will drive up prices and profit forecasts. Although TSMC is aggressively expanding its wafer-level packaging capacity, the real supply bottleneck will shift to wafer-level substrates (WoS) as well as smaller components such as printed circuit boards (PCB) and copper-clad laminates (CCL). This structural shortage will directly intensify price fluctuations in the short-term market, but also confirms the long-term sustainability of this cycle.```