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IC Substrate Stocks Tumble Despite Strong AI Demand; Nan Ya PCB Hits Limit Down

Electronic Technology · Electronic Components · economic_daily · 2026-09-03

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Despite tight supply for ABF substrates driven by AI, major manufacturers like Nan Ya PCB and Unimicron face significant sell-offs amid regulatory and geopolitical concerns.

What Happened

Substrate Stocks Face Sell-off: Despite robust demand for ABF substrates driven by AI, major players including Nan Ya PCB, Unimicron, Kinsus, and Zhen Ding-KY saw their share prices drop simultaneously, with Nan Ya PCB hitting the daily limit down.

Nan Ya PCB Fundamentals: Nan Ya PCB expects its Kunshan facility to reach full capacity in the fourth quarter, supported by tight supply of critical materials like T-Glass, which continues to provide pricing power and potential margin expansion.

Unimicron Regulatory Hurdles: Unimicron is currently under investigation regarding origin labeling issues, which has dampened investor sentiment despite management's optimistic outlook on the urgent need for high-complexity AI-related substrate capacity.

Market Outlook and Risks: While the long-term trend toward high-end ABF substrates remains intact, the sector is currently grappling with capital outflows and geopolitical risks, leaving investors to watch for a potential rebound as the market reconciles strong fundamentals with current price volatility.

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