High-end IC substrates (HBM, 3D)
AT&S
An Austrian maker of high-end IC substrates/FC-BGA (~10% share), specialized in HBM and 3D-IC advanced packaging for AMD and Intel.
ATS.VI Updated Jul 12, 2026 4 AI consumers· 2 recurring
Per the valuechain.wiki graph, AT&S is directly linked to 4 companies (2 supply, 2 revenue relationships) and reaches 13 companies within two hops; the links are backed by 6 dated sources, 2 of them primary filings (as of 2026-07-12).
Financials & Segments
- Total revenue · High-performance IC package substrates (FY2025/26 revenue EUR 1.8B, +21% cc; AI/HBM)
- Segments · High-end IC substrates (HBM, 3D)
Revenue from
- AMD High confidence· Market share 10% · 2024 · global FC-BGA share
Supplies high-end IC substrates to AMD — advanced-packaging demand for its GPUs and MI accelerators is a core customer driving large-area substrate growth.Confirms EN AT&S / earnings Published May 1, 2026: AT&S FY2025/26 (ended Mar 2026) results — revenue EUR 1.8B (+21% cc), EBITDA margin 23.3% - Intel Medium confidence
Supplies high-end IC substrates to Intel — demand tied to Intel's advanced-packaging strategy (e.g., Foveros).Confirms EN AT&S / earnings Published May 1, 2026: AT&S FY2025/26 (ended Mar 2026) results — revenue EUR 1.8B (+21% cc), EBITDA margin 23.3%
Pays to
- Ajinomoto Medium confidence
Sources interlayer dielectric (ABF) near-exclusively from Ajinomoto — Ajinomoto Build-up Film is an essential, effectively monopolized material for high-end substrates, so this single-material dependence is the biggest supply-chain bottleneck and a structural risk.Confirms EN TradingKey Published Jan 1, 2026: ABF: Ajinomoto film inside every AI-server substrate (80-90%) - Resonac Medium confidence
Buys ABF and substrate materials from Resonac — a key advanced-packaging material source, where securing supply is the precondition for running the new capacity. - copper foil & build-up materials (undisclosed) Low confidence
Sources and invests in materials and R&D for substrate manufacture (undisclosed) — material purity and fine-line technology anchor high-end substrate competitiveness.
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Dell Technologies | lead2 | +51.2 | -26.6 | +95.9 | +53 | +11.2 | +248.1 |
| Lenovo | lead2 | -4.6 | -20.9 | +36.2 | +18.2 | -0.6 | +175.7 |
| Hewlett Packard Enterprise | lead2 | +37.4 | +4.5 | +9.7 | +29.1 | +15.5 | +104 |
| Mercury Systems | lead2 | -37.5 | -18.7 | -18.3 | +14.8 | +73.8 | +47.9 |
| ASUSTeK Computer | lead2 | +35.5 | -12.9 | +72 | +41.1 | -14.1 | +46.7 |
| Alphabet (Google) | lead2 | +65.3 | -39.1 | +58.3 | +36 | +66 | +14.3 |
| Meta Platforms | lead2 | +23.1 | -64.2 | +194.1 | +66 | +13.1 | +1.6 |
| Microsoft | lead2 | +52.5 | -28 | +58.2 | +12.9 | +15.6 | -20 |
| Oracle | lead2 | +36.9 | -4.6 | +30.9 | +60 | +18.1 | -27.4 |
| Intel | lead1 | +6.1 | -46.6 | +94.6 | -59.6 | +84 | +197.7 |
| AMD | lead1 | +56.9 | -55 | +127.6 | -18.1 | +77.3 | +160.5 |
| AT&S | node | +57.5 | -22 | -27.6 | -41.3 | +188.9 | +390.3 |
| Resonac | benef1 | -2.6 | -4 | +37.5 | +30.3 | +137.9 | +80.4 |
| Ajinomoto | benef1 | +31 | +36 | +44.5 | +4 | +14.1 | +63.7 |
YTD as of 2026-07-10 · source: Yahoo Finance
The core of AT&S is a narrow bottleneck — high-end IC substrates (FC-BGA, ~10% share) specialized in HBM and 3D-IC advanced packaging. The large-area, high-layer-count substrates that AI accelerators and HBM demand are in short supply, so its results track the advanced-packaging demand of a few customers like AMD and Intel directly, and a big capacity build-out is the bet to capture it. But these substrates depend near-exclusively on a few materials such as Ajinomoto's ABF (interlayer dielectric), so the material bottleneck is both the shipment ceiling and the risk. In graph terms AT&S is a cost node to material makers (Ajinomoto, Resonac) and a revenue node to AMD and Intel, so how fast AI-packaging demand fills the new capacity and material access are the two axes of valuation.
Analysis generated from returns as of 2026-07-10Analyst ratings
Consensus: Buy 2 · Hold 1 · Sell 0 · Avg. target €222 · Price €186.8 (07-10) · Upside +19%
Analyses covering this node
- Clocks that haven't run and clocks that ran hardest Jul 5, 2026
- The bottleneck moved from silicon to the package: the year the board outran the chip Jun 23, 2026