Maybank Sees AI Demand Driving Singapore Semiconductor Growth
Maybank Investment Bank said AI-related demand should remain the main growth driver for Singapore semiconductor companies, while warning that large AI infrastructure spending still needs stronger revenue proof.
Maybank Investment Bank expects AI-related demand to remain the main growth driver for Singapore semiconductor companies after a year it described as better for most local players but still below market expectations.
TechNode Global covered Maybank's note on Singapore semiconductors and AI demand, with the bank highlighting memory, DRAM and HBM demand as orders flow to manufacturers in Singapore and Malaysia.
Maybank Projects AI Semiconductor Market At $174.5 Billion By 2032
As cited by TechNode Global, Maybank's note projected the global AI-in-semiconductor market to rise from $56.4 billion in 2024 to more than $174.5 billion by 2032, with a 15.2 percent compound annual growth rate.
The bank identified AI demand as the main growth driver in 2025.
TechNode Global noted that Maybank also projected capital expenditure into AI and cloud infrastructure at around $375 billion.
Maybank pointed to enterprise AI adoption as another demand signal, with business adoption rising from 55 percent in 2023 to 78 percent in 2024.
Memory And HBM Supply Stay In The AI Demand Chain
AI demand has lifted demand for DRAM and HBM, according to Maybank.
It also flagged HBM supply constraints tied to packaging and yield challenges.
The note indicated that AI semiconductor demand has flowed through to manufacturers in Singapore and Malaysia and that several companies are seeing orders ramp up.
TechNode Global did not name those companies.
In the bank's analysis, North America remained the largest AI market.
Maybank estimated the United States AI market at $74 billion in 2025 and described the country as the leader in private AI investment.
Hyperscaler Spending Needs Revenue Proof
Maybank argued that AI demand must keep growing strongly to justify infrastructure investment.
It characterized the gap between rising capital expenditure and realised AI revenue as the defining challenge of the 2026 technology landscape.
The note estimated that the five largest United States technology companies are committing $725 billion to data centres and AI hardware.
Maybank added that the industry is moving from an AI narrative towards an AI proof phase.
The bank listed geopolitical tension between the United States and China as a sector risk.
It added that global conflicts and further trade restrictions on semiconductors could soften demand.
The remaining public-record gaps are Singapore supplier names, order volumes, signed customer contracts and utilisation targets behind the expected AI demand.
