Taiwan chip substrate maker Nan Ya PCB rebounded sharply, briefly hitting its daily limit — good news for holders after a bruising week.

• The stock had fallen 12% in two days on fears Broadcom would make its own substrates in Singapore and that BT substrate prices would stop rising.
• Local investment funds dumped shares for six straight sessions, pushing the stock below its quarterly average.
• Analysts say Broadcom is just locking in supply, not going in-house, so Nan Ya and rival Unimicron keep their position.
• Tight supply of high-end ABF substrates is still the real story, and Nan Ya has no long-term price contracts, so it can raise prices faster than rivals.
• A new AI order from a US customer should lift its circuit board business sharply in the fourth quarter.

Outlook: With one foreign broker nudging its target price higher, the stock looks set to keep recovering as long as substrate supply stays tight.