Taiwan chip substrate maker Nan Ya PCB is growing fast on paper, yet its shares crashed to the daily limit as investors worry about prices and a big customer walking away.

• August sales were up 40% from a year ago and slightly down from July, with sales for the first eight months up about 40%.
• The stock fell to the daily limit and broke below its quarterly trend line as fears spread that substrate prices will be frozen in the last quarter of the year.
• Broadcom plans to make its own substrates in Singapore next year, taking away future business.
• Local Taiwanese funds have been dumping the stock for four straight trading days.
• Asian foreign brokers still back the company, raising their target price and arguing it can push prices up faster than rivals because it has no long-term contracts locking in prices.

Outlook: A new AI circuit board order from a US customer should lift that side of the business about 30% next quarter, which could soften the blow from the substrate worries.