UBS Raises NVDA 2026 AI GPU Forecast to 10.3M, Sees CoWoS at 210k WPM by 2027

1M WPM for HBM by end of 2027 is too aggressive

"We forecast front end wafer capacity allocated to HBM will grow from 390k wpm at end of 2025 to 500k/960k at the end of 2026-27, eating away at capacity for DRAM where demand is also rising for agentic/inference tasks and general servers"