Goldman Sachs estimates the ABF substrate supply gap will expand from 8% in 2026 to 51% by 2028, driven by surging AI server demand. Macquarie projects the supply shortage to persist until 2029, leading foreign investors to raise target prices for major manufacturers Hsinchao, Nan Ya PCB, and King Yuan Electronics.
Critical advanced packaging substrate supply is tightening significantly through 2029, forcing AI server builders to secure capacity at higher prices.