Taiwan's three big circuit-board material makers are riding an AI-driven boom, and it looks like very good news for their shareholders.

• AI servers need bigger, thicker, higher-grade boards, so demand for copper-clad laminate is running far ahead of supply.
• Taiwan's makers now hold well over a third of the global market, with EMC (Elite Material) passing China's Shengyi to take the top spot worldwide.
• EMC, Taiwan Union Technology and Iteq all posted record profits last quarter and expect the second half to be even better.
• Prices are rising alongside volumes, and the industry expects the increases to run into 2027.
• Companies are pouring money into new capacity, including plant expansions in Thailand and sharp production increases planned through 2028.

Outlook: With new AI server and switch projects ramping up and prices still climbing, these suppliers look set to keep breaking records into next year.