A recent survey conducted by TrendForce on June 9 revealed that the global foundry industry experienced heightened stockpiling in the first quarter of 2025, fueled by international dynamics. Several vendors received a surge in rush orders during this period. Concurrently, China's ongoing subsidy policy for trade-ins mitigated the typical off-season effects, leading to an overall industry revenue decline of approximately 5.4%, totaling $36.4 billion. As we look ahead to the second quarter, while overall growth momentum is anticipated to slow, several key factors are expected to drive capacity utilization and shipments. These include the influx of orders spurred by China's subsidy policy, pre-stockpiling ahead of new smartphone launches, and the consistent demand for AI and HPC technologies. Consequently, the revenue of the top 10 foundries is projected to exhibit quarter-over-quarter growth.