AI infrastructure spending is moving beyond GPUs and HBM into substrates, PCB materials, high-end circuit boards and passive components. The key investment question is which parts of the supply chain can retain the most profit.
Market NotesTTMIAMD
Market NotesEnglish Investment ResearchAI Server PCB ShortageAI Server Supply ChainPCB Profit PoolABF Substrate ShortageCCL ShortageTTM Technologies AIAI Server Passive ComponentsAI Infrastructure Investment
AI demand is still growing, but as GPUs, long-term compute contracts, project finance, and customer credit become more tightly connected, the real risk may be hiding in how the expansion is funded.
Nvidia is showing that the unit cost of AI production is falling. Investors are asking whether cheaper tokens can turn into visible profits and free cash flow fast enough.
Micron’s earnings are not a low-expectation setup. The market already knows HBM demand is strong. The real question is whether Micron’s profits reflect a traditional memory upcycle or a structural AI-driven shift in memory supply.
