AT&S's Kulim expansion with AMD confirms the customer-funded model: AMD locks in capacity while AT&S keeps the margin. The €1.5-2.0B of capex is funded by long-term customer commitments, and the shares jumped about 29% on the news. As the only European maker of high-end IC substrates, AT&S is positioned as Europe's answer to the ABF substrate bottleneck. x.com 

AT&S's valuation looks too low relative to some peers given its Intel and AMD revenue exposure; ChatGPT-generated estimates of that exposure may prove too low for FY28. x.com  x.com 

AT&S looks set to move further into package assembly as substrates and assembly converge. It is expanding in India toward advanced packaging and testing, while AMD, its number one customer, is constantly looking at packaging innovation, per Lisa Su. AT&S already embeds components and silicon bridges inside substrates, so assembling more of the package is a natural evolution. It is reportedly already in talks with SHMD on the India expansion, though nothing is official. x.com  x.com  x.com 

Austria Technologie & Systemtechnik (AT&S) is a bullish pick. x.com 

KLA gains as more complex AI chips require more inspection before they ship. 3D stacking, advanced packaging and 2nm processes multiply checks in a market KLA says it owns almost entirely. Revenue rose 29% and EPS 39%; the next-quarter revenue guide of $4.7bn exceeds the $4.54bn expected, showing the promised second-half acceleration. Overweight, $300 target. x.com  x.com 

IC substrates are Schmid's more relevant growth driver today because demand is already high and rising. Schmid customers Ibiden and Unimicron are expanding capacity with NVIDIA support; higher order intake supports the prospect of more equipment orders. Its balance sheet has improved, and the risk/reward looks attractive at current levels despite volatility. Glass substrates may take another one to two years to matter commercially. This is a personal assessment, not a buy recommendation. x.com  … Show more

Ibiden is overpriced and set to lose market share, so AT&S, Kinsus and Ajinomoto are the better substrate positions. This runs against FundaAI (@FundaAI), which argues that high-end ABF capacity is failing to keep pace with AI silicon and sees rerating room for Ibiden at about 45 times FY3/28 earnings. x.com 

AMD is scaling up fast, based on signals seen through ATS, making it hard not to be bullish. x.com 

AMD and Nvidia are pulling away from everyone else in the AI chip race; it is not Nvidia against the field. AMD's latest earnings showed revenue up 38% year over year and FY26 guidance raised 10% to $11.2 billion, and the stock jumped 18.5% to $466, past Goldman's $450 target. CEO Lisa Su called it a structural shift in the business. x.com 

Ajinomoto, Nittobo, Ibiden and AT&S sit in an ABF substrate supply chain consolidated into near-monopolies, where the AI chip bottleneck keeps moving. Nvidia, Intel and AMD are prepaying for suppliers' factories, with Ibiden receiving over 90 billion yen; companies that size do not prepay unless out of options. Ajinomoto holds over 95% of the substrate film market, and Apple, Nvidia and Google are chasing Nittobo's glass fabric. A capex cycle ending in overcapacity is the risk. x.com  x.com