Demand for AI chips has pushed high-end ABF substrates into severe shortage, and shares of Taiwan's three leading substrate makers have surged for several consecutive sessions — strong news for investors.

• Kinsus broke through the NT$1,000 mark in intraday trading and Nan Ya PCB rose as high as NT$1,450, both setting record highs, while Unimicron also strengthened in tandem.
• The shortage is said to extend through 2028, with quotes expected to rise a further 15% to 20% in the second half, and supply remaining tight until 2030.
• Next year, combined ASIC shipments from Google, Amazon and Huawei are expected to surpass Nvidia's GPUs for the first time, with orders from both camps requiring ABF substrates.
• Foreign institutions see Unimicron capturing orders from both the ASIC and GPU sides and rank it their top substrate pick; Nan Ya PCB's gross margin on BT substrates has also climbed to nearly 30% on memory demand.
• Unimicron is spending NT$10 billion to acquire existing plant and office buildings along with land in Hukou, Hsinchu, saving the time needed to build a facility from scratch and allowing capacity expansion to reach volume production faster.

Outlook: With AI chips entering volume production through the fourth quarter and raw material costs rising, ABF quotes and the share prices of the substrate trio have room to strengthen further in the near term.