핵심요약

• 대만 IC 산업은 2026년에 NT$8,445.0 billion (US$270.7B)에 도달할 것으로 예상되며, 이는 2025년 대비 30% 증가합니다.
• Benchmark Electronics (NYSE:BHE)는 연초 대비 132% 상승했으며, 주가는 $98.67에 거래되고 있습니다.
• Amkor Technology (NASDAQ:AMKR)와 같은 기업들은 AI 칩 스택의 병목 지점인 첨단 패키징(Advanced Packaging)을 담당하고 있습니다.
• Benchmark Electronics는 기업 AI 클러스터 주문에 힘입어 분기별 매출이 전년 대비 41% 증가했으며, 2026년 연간 매출 성장이 9-10%로 상향 조정되었습니다.
• EMS(전자 제조 서비스) 기업 중 일부는 40억 달러 미만의 시가총액을 가지면서도 선행 주가수익비율(Forward P/E)이 14배 수준을 유지하고 있습니다.

도입

본 기사는 브로드컴이 주도하는 AI 칩 시장의 성장이 단순히 칩 설계에만 국한되지 않고, 이를 뒷받침하는 물리적 인프라와 공급망의 '숨겨진' 영역에서 실질적인 수익이 발생하고 있음을 제시합니다. 투자자들은 AI 붐의 표면적인 기술 경쟁뿐만 아니라, 실제 제품을 시스템에 통합하는 과정에서 발생하는 병목 현상과 필수적인 제조 서비스의 중요성을 이해해야 합니다.

본문 1: 인프라 수요가 만든 성장 동력

AI 칩 시장의 성장은 칩 설계 능력뿐만 아니라, 칩을 실제 작동하는 시스템에 통합하는 제조 및 패키징 능력에 의해 결정됩니다. Benchmark Electronics (NYSE:BHE)와 같은 기업들은 하이퍼스케일러와 Fortune 500 기업들이 요구하는 엔터프라이즈 AI 클러스터 및 온프레미스 클라우드 인프라를 구축하는 역할을 수행합니다. 이들 기업은 AI 수요에 직접적으로 반응하여 AC&C(Advanced Computing & Communications) 부문 매출이 2026년 1분기에 105.00 million 달러를 기록하며 전년 대비 41% 성장했습니다. 이는 AI 인프라 구축 수요가 제조 서비스 분야로 직접적으로 흘러들어오고 있음을 의미합니다. 이처럼 최종 수요가 제조 서비스 부문으로 집중되면서, 이들 공급망 기업들은 높은 성장률을 기록하며 가치 상승을 경험하고 있습니다.

본문 2: 패키징 병목과 공급망의 중요성

AI 칩 스택의 효율성은 첨단 패키징 기술에 의해 좌우되며, 이는 전체 AI 칩 공급망의 주요 병목 지점입니다. Amkor Technology (NASDAQ:AMKR)와 같은 OSAT(Outsourced Semiconductor Assembly and Test) 제공업체는 칩을 최종 시스템에 통합하기 위한 필수적인 서비스 제공자입니다. 이들은 칩을 실리콘 웨이퍼에서 최종 제품으로 만드는 과정에서 발생하는 복잡한 공정들을 관리하며, 이는 브로드컴이 아무리 뛰어난 칩을 설계하더라도 실제 시장 공급 속도를 제한하는 핵심 요인으로 작용합니다. 따라서 이들 패키징 및 테스트 기업들은 단순한 하청업체가 아닌, AI 인프라의 물리적 현실화를 위한 필수적인 중개자로서 독점적인 지위를 확보하고 있습니다.

본문 3: 구조적 기회와 장기 전망

이러한 공급망의 핵심 역할은 단기적인 AI 칩 가격 변동성에도 불구하고 장기적인 구조적 기회를 제공합니다. 칩 제조사들이 기술적 우위를 확보하는 동안, 이들 후방 산업 기업들은 AI 인프라의 물리적 확장 속도에 비례하여 지속적인 수요를 경험할 것입니다. 특히, EMS(전자 제조 서비스) 부문 중 일부는 40억 달러 미만의 시가총액에도 불구하고 선행 주가수익비율(Forward P/E) 14배 수준을 유지하고 있어, 높은 성장 잠재력 대비 저평가된 구조적 기회를 제공합니다. 향후 AI 인프라 투자 규모가 더욱 커질수록, 이들 후방 산업 공급망 기업들의 역할과 가치는 더욱 증대될 것으로 전망됩니다.

결론

결론적으로, AI 칩 시장의 성장은 칩 자체의 성능을 넘어, 이를 실현하는 제조 및 패키징 인프라의 효율성에 의해 결정됩니다. Benchmark Electronics와 Amkor Technology를 포함한 이들 기업은 단순한 하청업체를 넘어, AI 인프라 구축이라는 거대한 흐름 속에서 필수적인 병목 해소자 역할을 수행하고 있습니다. 따라서 투자자들은 AI 칩 시장의 거시적 흐름과 더불어, 이들 핵심 공급망 기업들의 구조적 성장 잠재력에 주목해야 할 것입니다. 향후 AI 인프라 투자의 지속적인 확대는 이들 기업의 가치를 더욱 공고히 할 것으로 예상됩니다.

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원문 링크: https://247wallst.com/investing/2026/07/01/broadcom-is-quietly-dominating-ai-chips-here-are-5-overlooked-stocks-powering-the-same-boom/?.tsrc=rss

Broadcom Is Quietly Dominating AI Chips. Here Are 5 Overlooked Stocks Powering the Same Boom

Broadcom’s custom AI silicon business has become the market’s shadow story, but the real fortunes are being made in the unglamorous plumbing behind it. Taiwan’s IC industry alone is projected to hit NT$8,445.0 billion (US$270.7B) in 2026, a 30% jump from 2025, and every one of those chips has to be packaged, tested, cooled, and cleaned by someone. These five overlooked US-listed names sit directly under that river of capex, and four of them have already more than doubled year to date. If you thought the AI trade was crowded, you were looking at the wrong five tickers.

Start with the name you did not expect. Benchmark Electronics ( NYSE:BHE ) is a US-headquartered contract manufacturer that builds the enterprise AI clusters, liquid-cooled racks, and on-prem cloud infrastructure that hyperscalers and Fortune 500 IT departments are ordering by the truckload. When Broadcom’s chips leave the fab, someone still has to bolt them into working systems. Benchmark is that someone, and it just won Supplier of the Year at HPE.

The Advanced Computing & Communications segment is the tell. AC&C revenue hit $105.00 million in Q1 2026, up 41% year over year, driven explicitly by enterprise AI clusters and on-prem cloud buildouts. Management raised full-year 2026 revenue growth guidance to 9-10%, up from prior expectations of mid-single-digit growth. And the market has finally noticed: shares are up 132% year to date, closing at $98.67 on June 30.

A sub-$4 billion market cap EMS shop compounding AI infrastructure orders while trading at a forward P/E of 14 is exactly the kind of asymmetry that vanishes once sell-side desks build a proper deck. Which brings us to the packaging bottleneck that even Broadcom cannot escape.

Amkor Technology ( NASDAQ:AMKR | AMKR Price Prediction ) is the largest US-headquartered outsourced semiconductor assembly and test (OSAT) provider on the planet, and advanced packaging is the choke point of the entire AI chip stack. Every flip-chip, wafer-level, and 2.5D stack that goes into a hyperscaler accelerator has to move through a facility like Amkor’s. Its ground-breaking on a new advanced packaging and test campus in Arizona puts it inside the CHIPS Act reshoring trade at the same time it captures Broadcom-adjacent AI volume.

The Q1 2026 numbers are not subtle. Revenue of $1.684 billion beat consensus by 2% and grew 28% year over year, while EPS of $0.33 crushed the $0.24 estimate by 36%, marking the fourth consecutive quarterly beat. Advanced Products, which houses flip chip, memory, and wafer-level packaging, delivered $1.37 billion in net sales. Management is pouring the profits back into capacity, guiding full-year 2026 capex to $2.5 billion to $3.0 billion.

Shares are up 119% year to date and 314% over the past year. If Amkor is the American answer, the global heavyweight is a Taiwanese name most US portfolios do not own but absolutely should look at.

ASE Technology Holding ( NYSE:ASX ) is the world’s largest OSAT by revenue, trading on the NYSE as an ADR. Every incremental dollar of AI packaging capex flows through ASE’s assembly, testing, and system-in-package lines. It is a direct pick-and-shovel exposure to TSMC’s foundry output and, by extension, to Broadcom, NVIDIA, and every custom silicon program in the queue. The company is also building an automated panel-level packaging production line targeting a live H1 2027 ramp, positioning it for the next-generation substrate transition.

May 2026 monthly revenue tells the story. Consolidated net revenues reached NT$63.03 billion, up 29% year over year, while the ATM (assembly, testing, materials) segment posted NT$42.16 billion, up 38% year over year, meaningfully outpacing the parent. Q1 2026 consolidated quarterly earnings grew 88% year over year, and inside ATM, advanced packaging now accounts for 49% of segment revenue, up from 46%, with computing applications climbing to 27% of ATM revenue from 22%.

The stock is up 180% year to date, and analyst coverage still shows 4 Buy ratings and zero Holds or Sells. At a forward P/E of 12, ASE looks priced for a fraction of the AI-driven earnings acceleration it is already delivering. But packaging is only half the pick-and-shovel story. No chip gets built without something else first.

Entegris ( NASDAQ:ENTG ) supplies the ultra-high-purity materials, filtration systems, deposition chemistries, selective etch consumables, and CMP slurries that leading-edge fabs cannot operate without. As device architectures get more complex, each new node consumes more Entegris content per wafer. This is the definition of a picks-and-shovels bet: neutral to which AI chip wins, positive on the volume of AI chips built.

Q1 2026 revenue of $811.90 million grew 5% year over year, non-GAAP EPS of $0.86 beat consensus by 15%, and free cash flow surged to $143.50 million, a 343% year-over-year jump. CEO Dave Reeder was blunt on the driver: “the semiconductor market continues to improve, driven by accelerating AI-related demand” and Entegris is “well positioned to capture incremental content from industry node migrations.”

Entegris shares have climbed 114% year to date, and while the forward P/E of 52 is not cheap, that is what materials-science monopolies command when the AI capex cycle is accelerating. Now for the punchline nobody sees coming.

Sequans Communications ( NYSE:SQNS ) is the lottery ticket. This NYSE-listed French ADR designs cellular IoT chips (LTE-M, Cat 1bis, early 5G eRedCap) that power the low-power connected edge devices where AI inference is migrating out of the data center and into the real world. Every smart meter, industrial sensor, connected asset tag, and battery-powered edge node needs cellular silicon. Sequans supplies it, and it does so at a market cap of roughly $50.3 million, meaning any inflection prints like a comet.

The setup: a design-win pipeline exceeding $300 million in potential three-year product revenue, with over 44% already in mass production, 2026 revenue guidance of $40 million to $45 million, and a target of cash-flow break-even by year-end. Sequans is also sitting on a Bitcoin treasury of 2,139 BTC valued at approximately $187.1 million at Q4 2025 quarter-end, a treasury already larger than the entire equity market cap. Shares are down 24% year to date and 77% over one year, weighed by a Q4 2025 net loss of $87.13 million driven by a $56.9 million non-cash Bitcoin impairment and heavy dilution risk.

Analysts covering the name still show 4 Buy ratings and a $11.25 average price target against a stock at $3.48. If cellular edge AI takes off, this is the ticker that goes vertical. If it does not, the crypto treasury and buyback authorization provide a floor most micro-caps never see.

Broadcom gets the headlines, but the ecosystem builds the boom. Benchmark assembles the racks, Amkor and ASE package the silicon, Entegris purifies the materials, and Sequans hooks the edge into the network. Four of the five have already doubled year to date, and the fifth is trading below its Bitcoin book. The window on “overlooked” is closing fast.

Contact [email protected] for any questions or corrections.

Source: https://247wallst.com/investing/2026/07/01/broadcom-is-quietly-dominating-ai-chips-here-are-5-overlooked-stocks-powering-the-same-boom/?.tsrc=rss