Above the Silicon — The Week Foxconn Printed NT$822B, ASE Marked CoWoS +20%, and Chunghwa Freight Hit a 4-Year High

Thesis

For six weeks the Taiwan AI narrative had two protagonists: TSMC's A14 / leading-edge story, and the Nanya · Winbond DRAM reflation. This week the market quietly repriced a third layer — Above the Silicon. Foxconn (2317) printed a record NT$821.8B June (+52.1% YoY); ASE (3711) marked CoWoS ASP up 20%+ and guided 2026 capex sharply higher; Chunghwa Freight (5609), Taiwan's largest forwarder, posted its highest monthly revenue in nearly four years; Accton (2345) extended AI-switch order visibility into 2027; Wistron (3231) deployed NVIDIA's Omniverse DSX digital-twin blueprint simultaneously across Hsinchu and US plants. Each is a node on the physical chain that carries a silicon die from the fab to a hyperscaler rack — and each got a new price tag this week.

Data points

Foxconn NT$821.8B — a record June. Foxconn printed NT$821.8B in June (+52.1% YoY, -4.4% MoM), Q2 revenue of NT$2.51T (+39.8% YoY, +18.0% QoQ) and H1 cumulative of NT$4.64T. June beat consensus by 9.5%. Growth was led by Cloud & Networking (AI servers). At the same time Foxconn is building its Texas AI-infrastructure manufacturing cluster under CHIPS Act support, cementing a dual-region "assemble-in-Taiwan, ship-from-Texas" structure.

ASE's CoWoS +20% and higher capex. ASE Holdings went ex-dividend at NT$6.58/share on July 3 (reference price NT$720.42), opened -4% and slipped further intraday — until the COO's remarks flipped the tape: (a) 2026 capex sharply higher, (b) CoWoS ASP up 20%+, confirmed. TSMC's leading-edge pricing power is already in the numbers; this is the first formal print on back-end pricing power.

Chunghwa Freight at a near-4-year high. 5609-TW's June revenue hit NT$3.45B (+35.3% YoY, +6.5% MoM) — the highest monthly print since 2022. AI-server logistics is now visible as a cycle in air-freight data. "AI revenue" is turning into weighable cargo.

Accton · Wistron · Chunghwa Precision. Accton (2345) posted Jan-May cumulative revenue of NT$126.1B (+60% YoY), hit a record high of NT$2,800 (+14% WoW), and drew sell-side commentary flagging AI-switch order visibility through 2027. Wistron (3231) rolled out NVIDIA's Omniverse DSX Blueprint and Physical AI across Hsinchu and US factories — the first sign that its relationship with NVIDIA is expanding from ODM into a services partnership. Chunghwa Precision (6510) — a semiconductor probe-card maker — reported NT$573M in June (+40.2% YoY), its sixth consecutive monthly revenue high.

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