How to read this page. Every maker in our Memory section uses the same 16 sections in the same order, the same shape as our AI Chips brand guides. Each section starts Simple, then goes Deeper, then Expert: stop wherever you have what you need. The small numbers are sources: click one to open the original document. Where a company has not published something, we say so rather than estimate.
1.At a glance
SimpleStart here
PSMC is the odd one out in this section. It makes a great deal of memory and sells none of it under its own name — it is a foundry, manufacturing DRAM and flash to other companies’ designs 1 2.
What it makesFoundry wafers: DRAM, flash, power management, discrete, high voltage, image sensors
3
How bigNT$7,009 million of revenue in August 2026, up 76.19% on a year earlier
4 5
Who makes itIts own fabs in Hsinchu Science Park and Jhunan
6
Any HBM?Not as a product — but it agreed to provide Micron with "HBM/PWF foundry services" at Hsinchu
7
DeeperThe detail
PSMC calls itself "a professional wafer foundry service provider" 8 and says it "provides foundry services in advanced memories, customized logic integrated circuits and discrete components with the Open Foundry operation model" 1. That phrasing matters for a memory codex: PSMC is the factory, not the brand.
This check found no own-brand PSMC memory product anywhere — no part numbers, no densities, no catalogue, on the company profile, the services index, the foundry services page, the manufacturing services page or the memory wafer testing page 1 3 2. If you are looking for a PSMC DRAM chip to buy, there is not one.
ExpertFor specialists
Three things happened to PSMC in 2026, and any account of the company has to hold all three. It sold a fab to Micron for US$1.8 billion and turned an eleven-quarter loss-making record around in a single quarter 7 9. Its founder, chairman and chief executive died in office on 31 July, and the board elected his deputy eleven days later 10 11. And it remains the technology partner behind India’s first wafer fab, a project it has published almost nothing about since 2024 12 13.
The monthly revenue line, in NT$ thousands for 2026: January 4,618,023; February 4,222,757; March 4,731,682; April 5,045,881; May 5,770,374; June 6,473,929; July 6,668,883; August 7,008,845 — a cumulative NT$44,540,374 thousand, with the year-on-year rate climbing from 26.27% in January to 76.19% in August 4.
2.Company card
SimpleStart here
| Legal name | Powerchip Semiconductor Manufacturing Corporation 1; 力晶積成電子製造股份公司 in its own filings 10 |
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| Registered address | No. 18, Li-Hsin Rd. 1, Hsinchu Science Park, Hsinchu — the same address as Fab 8A 6 |
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| Listed | Taiwan Stock Exchange, ticker 6770, December 2021 14 |
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| Chairman | Brian Shieh (謝再居), elected 11 August 2026 11 |
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| President | Martin Chu (朱憲國) 15 |
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| CFO | Jerry Shao, Vice President and Chief Financial Officer 15 |
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| Employees | "8,000 employees" — a round figure, undated 1 |
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DeeperThe detail
PSMC lost its chairman in 2026 and replaced him within a fortnight, and the sequence is documented in two of its own regulatory filings. The first, made on the day, records the event date as 115年07月31日 — 31 July 2026 — the departing officer as 黃崇仁, the reason as 逝世, and states 「本公司副董事長謝再居先生依法代理董事長職務」: Brian Shieh, Vice Chairman, acting as chairman by operation of law. The effective date of any new appointment is given as 「另行公告」, to be announced separately 10.
That separate announcement came on 11 August 2026: a filing headed 「公告本公司董事會推選董事長」 records the board electing 謝再居 as chairman, effective 115/08/11 11. Eleven days from death to a permanent successor.
PSMC’s own website has not caught up. Its Management Team page correctly lists "Brian Shieh — Chairman" 15, but its ESG corporate governance page still lists "Frank Huang" as Chairman with "Brian Shieh" as Vice Chairman, six weeks after the election and with no acknowledgement of the death 16 10. A reader landing on that page would reach the wrong answer.
ExpertFor specialists
Frank Huang’s title in PSMC’s own filing was 「董事長暨執行長」 — Chairman and Chief Executive Officer 10 — and Tata Electronics described him as "Dr Frank Huang, Chairman of Powerchip Group and CEO of PSMC" 17. Calling him the founder-chairman understates the concentration of roles. The filing records that he died at home around midday on 31 July: 「今午(七月三十一日)，因心肺衰竭於自宅睡夢中安詳離世」 10.
What PSMC did not do is publish a press release, about either the death or the succession. Its 2026 release archive, in both English and Chinese, is twelve items: monthly sales reports published in September, August and July; the June capital raise; sales reports in June, May and April; the P5 completion in March; sales reports in March and February; the January DRAM demand release; and the Micron letter of intent 13. There is no obituary, no memorial notice and no succession announcement — the release published ten days after the death is a routine monthly sales report, and the election a day later got none at all 13 5 11. His age of 76 is reported in the Taiwanese press; the source cited here for the death carries no age, and this check found no PSMC statement of one 18.
3.The story
SimpleStart here
- 2008 "Maxchip established and acquired Fab 8A from parent company Powerchip technology corporation (PTC)" 14.
- 2009–2012 Mass production of 0.18µm LCD driver ICs, microcontrollers, power management ICs and power MOSFETs 14.
- 2018 "Change of company name to Powerchip semiconductor manufacturing corporation (PSMC)" 14.
- 2019 Acquires the 12-inch fabs P1/2 and P3 from PTC 14.
- 2021 "PSMC is listed on the Taiwan Stock Exchange in December" 14.
- 2022 Beam-raising ceremony at the new Tongluo 12-inch plant 14.
- 2026 Sells that Tongluo plant to Micron 7.
DeeperThe detail
PSMC’s corporate history is best understood as the second act of a company that failed. The predecessor, Powerchip Technology Corporation, was a DRAM maker: it "sold its assets to US-based Micron Technology Inc and delisted from the TWSE in December 2012", after which Frank Huang "oversaw the restructuring of Powerchip Technology, which transformed into a pure-play wafer foundry business that produced driver ICs for flat panels, imaging processors and power management chips". That foundry business was then spun off and became PSMC 19.
So the 2026 sale of a fab to Micron is the second time this corporate lineage has sold manufacturing assets to the same buyer, fourteen years apart 19 7.
ExpertFor specialists
PSMC returned to the market in December 2021 at NT$49.90 a share and closed its first day at NT$75.90, up 52.1%, with Frank Huang saying he had "high hopes that Powerchip Semiconductor will soon become the fifth-largest contract chipmaker in the world" and that the IPO had "raised enough to build its planned NT$100 billion plant in Miaoli County" 19. That Miaoli plant is Tongluo. It was sold before it reached scale 7.
PSMC’s milestone page ends in 2022 14. There is nothing on Tata or India, nothing on the Micron transaction, and nothing at all for 2023 through 2026. It is not a maintained corporate history, and anyone using it as one will conclude PSMC stopped doing things four years ago.
4.The lineup
SimpleStart here
PSMC sells process platforms, not chips. What it lists on its foundry services page:
| Platform | What it is for |
|---|
| DRAM Process | Making DRAM to a customer’s design 3 |
| Flash Process | Making flash memory to a customer’s design 3 |
| Embedded Nonvolatile Memory | Memory built into a logic chip 3 |
| Power Management Process | Power management ICs 3 |
| Discrete Process | Individual power devices 3 |
| High Voltage Process | Display drivers and similar 3 |
| CIS | CMOS image sensors 3 |
DeeperThe detail
Alongside those, PSMC sells services rather than silicon: design services, manufacturing services, memory wafer testing, and an overhaul service centre 3 20 2. The memory wafer testing line is instructive about what kind of company this is — its offerings are "Program Development", "1st-Silicon Debug and Evaluation" and "Program Correlation and Optimization" 2. That is work done for a customer who owns the design.
The newer line is packaging and stacking. At COMPUTEX 2026 PSMC presented "3D Wafer-on-Wafer (WoW) Stacking technology to build next-generation AI chip solutions", showing "3D WoW DRAM stacking technology alongside key advanced packaging components such as Integrated Passive Devices (IPD/Si-Cap) and Interposers", and describing itself as possessing "both Logic and Memory process technologies" 21.
ExpertFor specialists
PSMC’s stated direction is to narrow the catalogue rather than widen it. In January 2026 it said it would "focus on high-value-added wafer foundry products required for AI, including:3D AI DRAM and Wafer-on-Wafer (WoW)、Silicon Interposers and Integrated Passive Devices (IPD)、Power Management ICs (PMIC) and Power Components (GaN/MOSFET)", and that it "intends to gradually phase out non-AI-related business to optimize its product portfolio" 22.
PSMC publishes its technology roadmap as images rather than text, so no node table could be extracted from its own site in this check 3. The only node figures found in PSMC’s own prose are "2x-nanometer processes" for memory 23 and the 0.18µm generations in its historical milestones 14.
5.How it’s made
SimpleStart here
PSMC runs its own fabs — that is the entire business. What it will not tell you clearly is how many.
| PSMC page | What it says |
|---|
| Company Profile | "PSMC owns two 8-inch and three 12-inch wafer fabs with 8,000 employees" 1 |
| Company Profile (Chinese) | 「力積電目前有2座8吋3座12吋晶圓廠，員工約8,000人。」 24 |
| Manufacturing Services | "PSMC has four 12-inch fabs and two 8-inch fabs, providing a monthly foundry capacity of 400,000 pieces (equivalent to 8-inch wafers)" 20 |
| Contact Us | Five address entries — Fab P1/2, P3, P5, 8A and 8B 6 |
DeeperThe detail
Those are mutually inconsistent accounts, all live on PSMC’s own website at the time of this check: five fabs on the profile pages, six on the manufacturing page, and five address entries that cover six fabs if P1 and P2 are counted separately 1 20 6. The ambiguity turns largely on that P1/P2 question, and PSMC never resolves it.
There is a fourth layer. Fab P5 at Tongluo was sold to Micron in March 2026 7 — and its address is still published on the Contact page, while the Manufacturing Services page still says "The latest P5 plant will continue to expand production capacity" 6 20. Six months after the disposal, PSMC’s site still describes the fab as its own.
ExpertFor specialists
The addresses that are certain, from PSMC’s own contact page: Fab P1/2 at No. 12, Li-Hsin Rd. 1 and Fab P3 at No. 16-1, Li-Hsin Rd, both in Hsinchu Science Park; Fab 8A at No. 18, Li-Hsin Rd. 1, Hsinchu Science Park; Fab 8B at No. 6, Kebei 2nd Rd., Jhunan Science Park, Miaoli; and Fab P5 at No. 8, Tongke 7th Rd., Tongluo Township, Miaoli — the one now owned by Micron 6 25.
Three capacity figures exist in PSMC’s own text and no more. A total of "400,000 pieces (equivalent to 8-inch wafers)" a month 20; "PSMC’s 12-inch wafer fab in Hsinchu possesses a monthly memory production capacity of 50,000 wafers, primarily providing DRAM and Flash foundry services using 2x-nanometer processes" 23; and "the existing DRAM production line at the P3 plant, which has a monthly capacity of over 30,000 wafers" 23. There is no fab-by-fab table anywhere 1 20.
6.Where it’s made: fabs and addresses
SimpleStart here
PSMC manufactures entirely in Taiwan, at two sites: Hsinchu Science Park and Jhunan Science Park in Miaoli 6.
Its third site, Tongluo in Miaoli, was sold to Micron on 15 March 2026 US time, 16 March in Taiwan 25 7.
DeeperThe detail
The Tongluo disposal was not a retreat in PSMC’s telling but a consolidation. Its own release says it "has also begun readjusting the equipment configuration of its Hsinchu plant site and is gradually relocating equipment from the Tongluo plant to Hsinchu according to plan", and that through the sale "PSMC will be able to strengthen its financial health in the short term and significantly reduce the cost burden caused by the lack of economies of scale at the Tongluo plant" 7.
Its president described the mechanics in January: the company would "systematically relocate personnel, equipment, and product lines from the Tongluo fabrication back to the Hsinchu site, ensuring zero production downtime" 22. So Micron bought the building and the cleanroom; the tools and the people moved the other way 25 22.
ExpertFor specialists
PSMC’s largest project by capital is not in Taiwan at all — it is in Gujarat, and it belongs to someone else. See India.
What Micron bought is described precisely in its own release: "approximately 300,000 square feet of existing 300mm cleanroom space", with a second facility "of comparable scale, adding approximately 270,000 square feet of cleanroom space" planned, construction "set to begin by the end of fiscal 2026" 25. Notably, Micron’s completion release discloses no price; the US$1.8 billion figure comes from PSMC’s release and from the January letter of intent 7 26 25.
7.How the memory works
SimpleStart here
A memory foundry solves a problem that did not obviously need solving: what a company does when it has a DRAM design and no factory. The three big memory makers use their fabs for their own products. PSMC rents its fabs out 1.
DeeperThe detail
This is why PSMC’s customer base looks nothing like Samsung’s. Its DRAM customers are, in the description its spokesperson 譚仲民 gave at the second-quarter 2026 briefing, entirely fabless design houses and distributors — 「DRAM客戶全為fabless設計公司及通路商」 27 — and fabless companies rose from 83% to 90% of total revenue in that quarter 28. PSMC supplies the manufacturing that those companies do not have.
The "Open Foundry operation model" is PSMC’s name for it 1. Its part in the memory world is structural rather than competitive: it does not take share from the big three, it makes possible a class of small memory companies that could not otherwise exist.
ExpertFor specialists
The newer technical argument is stacking. PSMC has positioned its "3D AI Foundry" around wafer-on-wafer bonding — putting one wafer directly on another rather than packaging finished dies — and presents "3D WoW DRAM stacking technology" alongside interposers and silicon capacitors 21. Its January statement framed the same capability as serving memory designers: the P3 upgrade "will not only assist domestic and international memory design firms in developing high-specification products with greater capacity and speed but also bolster the competitiveness of the company’s Wafer-on-Wafer (WoW) foundry services" 23.
One naming caution for anyone searching PSMC’s documents: the same capability appears as "3D Wafer-on-Wafer (WoW) Stacking" in the COMPUTEX release, as 「WoW(晶圓堆疊）」 in Chinese, and simply as "Wafer-on-Wafer (WoW)" in the Micron releases 21 29 22. It is one technology under one abbreviation.
8.Specs explained
SimpleStart here
| Item | What PSMC publishes |
|---|
| Memory node | "2x-nanometer processes" for DRAM and flash foundry 23 |
| Hsinchu memory capacity | "a monthly memory production capacity of 50,000 wafers" 23 |
| P3 DRAM line | "a monthly capacity of over 30,000 wafers" 23 |
| Total foundry capacity | "400,000 pieces (equivalent to 8-inch wafers)" a month 20 |
| Fab count | Five on one page, six on another 1 20 |
| Own-brand memory parts | None published anywhere 1 2 |
| Node roadmap | Published as images; no extractable node list 3 |
DeeperThe detail
PSMC’s advanced work is being sponsored by its largest counterparty. Under the Micron arrangement, "Micron will assist PSMC in enhancing its existing specialty DRAM process technologies at it’s Hsinchu P3 fabrication" — the apostrophe error is PSMC’s 22 — and PSMC’s own January release says "In addition to providing long-term advanced backend packaging services for Micron’s DRAM, Micron will assist PSMC in advancing the DRAM processes at the P3 plant" 23.
The Taipei Times reported the practical effect as PSMC being able to help "customers in entering the 8G DDR4 product line" 30. For a foundry whose customers are small memory design houses, a node and a capability upgrade paid for by a partnership is worth more than the same upgrade paid for out of cash flow.
ExpertFor specialists
Two structural gaps limit what can be verified about PSMC’s technology. It publishes its roadmap as graphics, so no node ladder is machine-readable 3; and its annual reports, financial statements, investor decks and sustainability reports could not be retrieved in this check. Nothing on this page is quoted from those documents.
What can be said with confidence is the shape of the offering: mature nodes, 2x-nanometer at the memory end, across 200mm and 300mm, sold as foundry capacity with design, test and packaging services attached 23 3 2.
9.Official pricing
SimpleStart here
PSMC sells wafers, not chips, and publishes no price list 3. But because it sells to other companies rather than to consumers, its price increases are discussed openly — and in 2026 they were large.
DeeperThe detail
At its second-quarter 2026 briefing PSMC said it had raised DRAM wafer prices by 45% from July — 「自7月起將DRAM投片價格調漲45%」 — alongside a 10–15% increase on logic foundry 28 27. Those figures come from press coverage of the briefing rather than from a PSMC document, and are attributed to its president 28.
The margin response is visible in the reported results: gross margin rose from 6% in the fourth quarter of 2025 to 10% in the first quarter of 2026, then to 28% in the second 31 28. A foundry raising wafer prices 45% in one step is a foundry with customers who have nowhere else to go.
ExpertFor specialists
PSMC’s own quarterly page publishes revenue, operating income, pre-tax income and EPS, and no margin 9. It carries a plain disclaimer: "The preliminary consolidated financial results above are not reviewed (audited) by CPAs" 9.
What that leaves is a striking series. In NT$ thousands, operating income: 2025 Q1 (858,131) loss; Q2 (1,696,435) loss; Q3 (2,686,163) loss; Q4 (719,349) loss; then 2026 Q1 14,226,108 and Q2 3,684,085 9. Four straight quarterly operating losses, then a positive number larger than a whole quarter’s revenue. That anomaly is the subject of The hidden story.
10.The HBM position
SimpleStart here
PSMC makes no HBM and sells none. What it has is a contract to help Micron make it: under the P5 transaction, "both parties will also begin collaborations at PSMC’s Hsinchu plant site to provide HBM/PWF foundry services" 7.
DeeperThe detail
That is an unusual position and worth stating carefully. PSMC is not an HBM competitor, an HBM supplier or an HBM designer. It is a subcontractor to one of the three companies that does make HBM. Its Chinese release puts it as 「未來更將提供美光HBM/PWF代工服務」 — in future it will provide Micron with HBM/PWF foundry services 29.
Micron’s own framing of the same arrangement is narrower and avoids the acronym entirely: the letter of intent "aims to establish a long-term relationship between Micron and PSMC for Micron’s post-wafer assembly processing and to support PSMC in its legacy DRAM portfolio" 26, and PSMC’s version says "Micron will establish a long-term foundry relationship with PSMC on DRAM advanced packaging wafer manufacturing" 22. PWF is used unexpanded by PSMC; the Taipei Times renders it "post-wafer-finish" 30.
ExpertFor specialists
Read across the documents, the work is packaging-adjacent rather than stacking HBM itself: advanced backend packaging wafers for Micron’s DRAM 23 22, with Micron describing it as post-wafer assembly processing 26. Whether "HBM/PWF foundry services" means PSMC will fabricate anything inside an HBM stack is not specified in any of the four releases 7 29 22 26.
One absence is telling. PSMC’s most technology-forward document of 2026 — the COMPUTEX release setting out its 3D AI Foundry strategy — does not mention HBM at all 21. It talks about 3D WoW DRAM stacking, integrated passive devices, silicon capacitors and interposers. PSMC’s own account of where it is going does not run through HBM; the HBM language appears only where Micron does.
11.Who buys it and why
SimpleStart here
PSMC’s customers are chip companies, not device makers. By the second quarter of 2026, fabless design companies were 90% of its revenue, up from 83% 28, and its DRAM customers were described as entirely fabless design houses and distributors 27.
DeeperThe detail
PSMC names companies rarely and carefully. At COMPUTEX 2026 it listed "ecosystem partners, including AP Memory, ESMT, Zentel Japan, Syntronix and PMD", and separately "Powerchip Group partners, AeroVision Avionics, Retronicx, and A.I. Memory Corp." 21.
Note what that is and is not. PSMC calls these partners, not customers, and does not connect any of them to its memory revenue 21. Several are memory design houses, and a reader may reasonably infer a foundry relationship — but the inference is the reader’s, and this page does not make it on PSMC’s behalf.
One relationship is documented differently: AP Memory’s chairman, Dr. Wen-Liang Chen, sits on PSMC’s board 16 32. PSMC’s announcement of his appointment cites his research and industry background and makes no mention of any commercial relationship between the two companies 32.
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The one named counterparty that is unambiguous is Micron, and it is now both a buyer of PSMC assets, a customer for PSMC packaging services and a technical benefactor to PSMC’s own process 7 22 23. That is a great deal of concentration in one relationship for a company of PSMC’s size.
On the memory share of revenue, the number that circulates is 52% and the way PSMC said it is different. Its president told the second-quarter briefing that DRAM rose from 38% to 46% of revenue and that adding flash at 6% put memory 「超過五成」 — over half 28. So 52% is press arithmetic on PSMC’s components, and "over 50%" is PSMC’s own characterisation 28.
12.Hidden in plain sight
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PSMC published an operating income larger than its revenue, and has never explained it. On its own quarterly page, first quarter 2026 shows operating revenue of NT$13,572,462 thousand and, in the column headed "Consolidated Operating Income (Loss)", NT$14,226,108 thousand 9.
DeeperThe detail
| Period, NT$ thousands | Operating revenue | Operating income (loss) | EPS, NT$ |
|---|
| 2025 Q1 | 11,116,476 | (858,131) | (0.26) |
| 2025 Q2 | 11,277,968 | (1,696,435) | (0.80) |
| 2025 Q3 | 11,840,427 | (2,686,163) | (0.65) |
| 2025 Q4 | 12,495,242 | (719,349) | (0.16) |
| 2026 Q1 | 13,572,462 | 14,226,108 | 3.36 |
| 2026 Q2 | 17,290,184 | 3,684,085 | 0.76 |
All from PSMC’s own quarterly self-assessed income page, which carries the note that the figures are "not reviewed (audited) by CPAs" 9. Four consecutive loss-making quarters through 2025, then a first quarter of 2026 in which the operating line exceeds the revenue line by NT$654 million.
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The obvious candidate is the Micron transaction. The P5 sale completed on 15 March 2026, inside the first quarter 25, for US$1.8 billion 7 26 — and a disposal gain of that scale would more than account for the discrepancy. The Taiwanese financial press says exactly that: 「公司首季獲利暴增，主要來自出售廠房予美光所認列的一次性處分利益」, and adds that stripping the Micron gain out still leaves the core business back in profit at just over NT$500 million 31.
But that attribution is the newspaper’s, not PSMC’s. PSMC’s completion release contains no disposal-gain figure and no accounting discussion at all 7 29, and nothing on its quarterly page explains the item 9. The document that would settle it, the first-quarter consolidated financial statements, could not be retrieved in this check.
A second complication worth flagging for anyone reconciling figures. The Taiwanese press reports NT$14.231 billion as net profit after tax 「首季稅後純益142.31億元」 31. That figure appears nowhere on PSMC’s table under that label — and the line it sits closest to, within about NT$5 million, is the operating-income figure of NT$14,226,108 thousand, not the pre-tax income of NT$14,331,913 thousand 9. So the same number is being called operating income by PSMC and net profit after tax by the press, and PSMC has published nothing that resolves which it is.
13.Weak spots
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- Eleven straight loss-making quarters before the 2026 turn — 2023 Q2 through 2025 Q4, on PSMC’s own published numbers 9.
- A founder-chairman lost mid-transition, replaced in eleven days, with its own governance page still not updated six weeks later 10 11 16.
- One counterparty matters disproportionately — Micron is buyer, customer and technology partner at once 7 22.
- Its own website contradicts itself on fab count and still lists a fab it sold 1 20 6
DeeperThe detail
The financial fragility is recent, not historical. PSMC posted an operating loss in every quarter from the second of 2023 through the last of 2025 — eleven consecutively 9, and PSMC’s own explanation for selling Tongluo names the problem directly: "the cost burden caused by the lack of economies of scale at the Tongluo plant" 7. A company that builds a fab and sells it before it reaches scale has run out of the patience or the capital to wait.
It also raised equity in the middle of the upcycle: US$886 million in June 2026 through a global depositary share offering plus employee subscription, priced at US$31.65 per GDS, with proceeds "for the procurement of machinery and equipment to enhance its international competitiveness" 33.
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PSMC’s formal risk disclosures could not be read in this check — its annual reports, sustainability reports, quarterly financial statements and investor-conference decks were not retrievable. Nothing on this page is quoted from any of them, and no PSMC risk-factor language appears here. The risks described are derived from its published figures and press releases.
Two further exposures are visible from those. PSMC is deliberately narrowing its business — it "intends to gradually phase out non-AI-related business to optimize its product portfolio" 22 — which concentrates it into a segment whose demand it does not control. And its memory exposure is now over half of revenue 28 in a market it describes as running a "long-term supply deficit" 23, which is excellent while the deficit lasts and is the same sentence every memory company has written at the top of a cycle.
14.India angle
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PSMC is the technology partner behind India’s first wafer fab — the Tata Electronics plant at Dholera in Gujarat. It is the largest project PSMC is attached to, and PSMC says almost nothing about it 17 13.
DeeperThe detail
What was agreed, from Tata Electronics’ own announcement of the definitive agreement on 26 September 2024: "PSMC will provide design and construction support to build India’s first AI-enabled state-of-the-art greenfield Fab in Gujarat, license a broad portfolio of technologies and provide engineering support" 17. Frank Huang, described there as "Chairman of Powerchip Group and CEO of PSMC", said the company was "excited to collaborate with Tata Electronics on this pioneering initiative" 17.
The specifications, from Tata’s live foundry page: "The planned Fab is expected to have a total monthly capacity of 50,000 wafers for Analog and Logic IC chips based on 28nm to 110nm technologies", built "In partnership with PSMC, Taiwan…a state-of-the-art, AI-enabled 300mm (12-inch) Fab in Dholera, Gujarat" 12. The investment is "up to INR 91,000 crores (~US$11bn)" 34, and India’s government signed a fiscal support agreement in March 2025 covering "50% fiscal support on a pari-passu basis for eligible project costs", naming "Taiwan’s Powerchip Semiconductor Manufacturing Corporation (PSMC) expertise" 35.
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The asymmetry in who talks about this project is remarkable and worth stating plainly. Tata keeps PSMC on its live foundry page 12; the Government of India named PSMC in a March 2025 press release 35; and PSMC’s own releases about the fab number two, both from 2024 — an English one in February 36 and a Chinese one in September 37. Its milestone page does not mention India at all 14.
It has not gone entirely silent. In March 2025 PSMC was a named party to a three-way alliance with Tata Electronics and Himax, announced by Tata, with an on-the-record quote from Martin Chu as President of PSMC: "PSMC’s portfolio of semiconductor fabrication technologies is well-suited to meet the growing ‘Made in India’ requirements" 38. Taiwan’s Central News Agency reported that PSMC issued its own release that day — 「力積電發布新聞稿表示，力積電與塔塔電子於2024年達成合作協議，攜手在印度半導體製造」 39. What is missing is anything more recent, and anything at all about how construction is going.
Its own February 2024 release described the fab as making "power management IC, display driver IC as well as microcontrollers and high-performance computing logic" and creating "more than 20,000 local job opportunities", with the construction beginning "this year" 36. The September release recorded the definitive agreement and a meeting between Frank Huang and India’s prime minister 37. Since then, silence.
This check found no officially sourced current construction status for Dholera — nothing from Tata Electronics, PSMC, the Press Information Bureau or MeitY giving a completion percentage or a production date. Figures circulating in Indian regional media are not repeated here 12 35.
15.What’s next
SimpleStart here
What PSMC has actually announced:
- HBM and packaging foundry work for Micron at Hsinchu, under the P5 agreement 7.
- A P3 DRAM process upgrade, with Micron’s technical assistance 23 22.
- US$886 million raised in June 2026 for machinery and equipment 33.
- A narrowing to AI-related foundry, phasing out the rest 22.
DeeperThe detail
PSMC’s own framing after the P5 sale was that the disposal frees it rather than diminishes it: its "3D AI Foundry Division has already entered AI application fields such as WoW (Wafer-on-Wafer), Interposers, and Si-Capacitors", and the transaction lets it "strengthen its financial health in the short term" 7. The January release set the target list: 3D AI DRAM and wafer-on-wafer, silicon interposers and integrated passive devices, power management ICs and power components 22.
The demand backdrop it cites is the same one every company in this section cites: "the global DRAM market’s long-term supply deficit driven by the explosion of AI applications", under which "the company has experienced intense demand pressure from customers in recent months" 23.
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One correction that matters for anyone tracking the Micron side of this, because the guidance changed between the two announcements and neither company acknowledged it. The January letter of intent said "Micron expects this acquisition to contribute to meaningful DRAM wafer output beginning in the second half of calendar 2027" 26. The March completion release said "The new Tongluo site is expected to support meaningful product shipments from the existing fab beginning in fiscal 2028" 25.
Two things changed, and calling it a delay is not supported. The period moved from "second half of calendar 2027" to "fiscal 2028" — and Micron’s fiscal year begins around the start of September, so those windows overlap from roughly September 2027. The measured thing also changed, from "meaningful DRAM wafer output" to "meaningful product shipments", which are different milestones. What can be said is that the wording and the metric both changed and neither release explains why 26 25.
The open question for PSMC itself is continuity. Frank Huang held the chairmanship and the chief executive’s office together, was the named PSMC principal in the Tata agreement, and was the quoted voice in the Micron releases 10 17 7. His successor was in place eleven days later 11, but PSMC has said nothing publicly about either event — no release, no statement of direction, and a governance page still naming the wrong person six weeks on 13 16. A company entering a process upgrade, a packaging business and an Indian fab at once has chosen to say remarkably little about who is leading it.
16.Sources
39 sources, all checked September 2026. Official = the company or organisation’s own page; Filing = a document filed with a regulator; Standard = a published industry standard; Press = news coverage, used only where no official source exists and labelled as such in the text.
- Powerchip Semiconductor Manufacturing Corporation: Company profileOfficial
- Powerchip Semiconductor Manufacturing Corporation: Memory wafer testing servicesOfficial
- Powerchip Semiconductor Manufacturing Corporation: Foundry servicesOfficial
- Powerchip Semiconductor Manufacturing Corporation: Financials: monthly revenues 2026Official
- Powerchip Semiconductor Manufacturing Corporation: PSMC monthly sales report, August 2026Official
- Powerchip Semiconductor Manufacturing Corporation: Contact usOfficial
- Powerchip Semiconductor Manufacturing Corporation: PSMC completes P5 plant transaction; 3D AI Foundry set to soar (16 Mar 2026)Official
- Powerchip Semiconductor Manufacturing Corporation: HomepageOfficial
- Powerchip Semiconductor Manufacturing Corporation: Financials: quarterly self-assessed incomeOfficial
- Yahoo Stock Taiwan, republishing PSMC’s MOPS filing: 【公告】力積電董事長逝世 — PSMC material information filing, 31 Jul 2026Filing
- Yahoo Stock Taiwan, republishing PSMC’s MOPS filing: 【公告】力積電公告本公司董事會推選董事長 — PSMC material information filing, 11 Aug 2026Filing
- Tata Electronics: Semiconductor foundryOfficial
- Powerchip Semiconductor Manufacturing Corporation: Press releases indexOfficial
- Powerchip Semiconductor Manufacturing Corporation: MilestoneOfficial
- Powerchip Semiconductor Manufacturing Corporation: Management teamOfficial
- Powerchip Semiconductor Manufacturing Corporation: Corporate governance (PSMC ESG)Official
- Tata Electronics: Tata Electronics and PSMC complete landmark agreement for technology transfer to build India’s first semiconductor fab (26 Sep 2024)Official
- 聯合新聞網 UDN: 公司證實了！力積電董事長黃崇仁睡夢中離世 副董事謝再居代理職務Press
- Taipei Times: Powerchip shares soar 52.1% in IPO (7 Dec 2021)Press
- Powerchip Semiconductor Manufacturing Corporation: Manufacturing servicesOfficial
- Powerchip Semiconductor Manufacturing Corporation: PSMC showcases 3D AI Foundry ecosystem at COMPUTEX 2026 (25 May 2026)Official
- Powerchip Semiconductor Manufacturing Corporation: Strategic cooperation: Powerchip and Micron sign letter of intent (17 Jan 2026)Official
- Powerchip Semiconductor Manufacturing Corporation: Strong DRAM demand drives PSMC to accelerate advancement in foundry processes (21 Jan 2026)Official
- 力積電: 公司簡介Official
- Micron Technology: Micron completes acquisition of PSMC’s Tongluo P5 site in Taiwan (15 Mar 2026)Official
- Micron Technology: Micron signs letter of intent to purchase Tongluo site, begin strategic partnership with PSMC (17 Jan 2026)Official
- 知新聞 KNews: 力積電法說1｜7月調高記憶體代工價45%、邏輯代工10~15% 年底為營運高峰Press
- 聯合新聞網 UDN: 力積電第2季賺32.91億元、較去年同期轉盈 7月記憶體投片價調漲45%Press
- 力積電: 力積電P5廠交易完成 3D AI 代工振翅高飛 (16 Mar 2026)Official
- Taipei Times: PSMC completes plant sale to US giant Micron (16 Mar 2026)Press
- 經濟日報 Economic Daily News: 力積電財報／首季 EPS 3.36元獲利暴增 扣除美光售廠利益本業仍轉盈Press
- 力積電: 力積電邀請愛普董事長陳文良博士出任董事 (11 Mar 2025)Official
- Powerchip Semiconductor Manufacturing Corporation: PSMC to raise US$886 million through GDS offering and employee common shares subscription (10 Jun 2026)Official
- Tata Sons: Tata Group to build the nation’s first fab in Dholera (29 Feb 2024)Official
- Press Information Bureau, Government of India: India Semiconductor Mission, Tata Electronics and Tata Semiconductor Manufacturing sign fiscal support agreement for semiconductor fab (5 Mar 2025)Government
- Powerchip Semiconductor Manufacturing Corporation: Tata joins hands with PSMC to build India’s first 12-inch fab (29 Feb 2024)Official
- 力積電: 力積電/塔塔電子12吋晶圓廠合作定案 印度總理接見力積電董座黃崇仁 (26 Sep 2024)Official
- Tata Electronics: Tata Electronics, Himax Technologies and PSMC form alliance to revolutionize India’s display and ultralow-power AI sensing ecosystem (5 Mar 2025)Official
- 中央社 CNA: 塔塔攜手奇景、力積電 合作印度顯示器與AI感測生態系 (5 Mar 2025)Press