Who Grand Process is
Grand Process Technology (3131.TW), TPEx) sells wet-process equipment — etch, photoresist strip, DI-water clean — and, through a chemicals subsidiary, wet chemistries. It listed in 2011. It does not package a GPU and it does not run CoWoS. It sells the benches that sit on 2.5D, 3D, HBM, panel-level and compound lines.
The May 2026 TPEx briefing is why it is on this hub: the application list on that deck included 2.5D CoWoS, 3D SoIC, CPO, HBM, fan-out and copper-pillar. That is a tool vendor naming the TSMC process as an end market, not a second CoWoS foundry.
It is not on NVIDIA's published 800 VDC list.
Business mix
The company does not publish a CoWoS-versus-SoIC sales split. What the May briefing did split is process difficulty and therefore margin:
- Multi-step etch and strip — higher know-how, higher margin.
- Simple clean / rework — lower margin. Q1 2026 gross margin dropped to 33.8% because a larger share of acceptances were clean tools, plus Tainan-fab depreciation and a one-off from selling 65% of Shanghai Tienhong.
- 2.5D advanced packaging is still the main shipment. 3D hybrid bonding is guided as the faster grower from 2026, with mix (and margin) lifting in 2027–28.
- Panel-level — high share on 310 / 510 / 600 mm lines; three customers shipping in 2026, most revenue recognised in 2027.
- Memory / HBM tools — shipments "almost double" in 2026.
- Outsourcing of tool build was ~50% before Phase 2, now 25–30%, intended to fall as new in-house capacity opens.
Where it sits in the NVIDIA 800 VDC stack
It does not. Wet benches go into the packaging line that builds the GPU; 800 V is the rack that later feeds that GPU. The May briefing never named 800 V or HVDC.
Read Grand Process as CoWoS-equipment: 2.5D CoWoS is on the application list, utilisation is 100–120%, and management wants about 50% more capacity each year in 2027 and 2028 because 2.5D and 3D are the fastest demand to 2028. That is a tool-order story. It is not TSMC CoWoS revenue.
Coverage note
One note, Q1 2026 (26 May 2026 TPEx results briefing). Dual-tagged on the CoWoS hub. Compound-semiconductor tools (SiC, GaAs/GaN, InP) are on the same deck and stay off the SiC/GaN hub — they are not the primary story of this briefing.