Taiwan chip substrate maker Nan Ya PCB jumped to its daily limit, good news for holders as a supply squeeze pushes prices and profits higher.

• Substrate demand is booming, helped by a new generation of American networking switches that need bigger, thicker boards.
• Factories are running near full capacity, and substrate prices could rise close to 20% this quarter.
• July sales hit their highest level in more than three and a half years, and profits are expected to keep climbing.
• Waiting times for ABF substrates have stretched from a few months to over a year, with the shortage seen lasting into 2028.
• Foreign investors sold the stock for a third straight day even as it hit the limit up, while local funds kept buying.

Outlook: With supply locked tight for years, substrate prices and Nan Ya PCB's earnings look set to keep rising quarter after quarter.