World No.1 in IC-substrate revenue
Unimicron
Unimicron is Taiwan's No.1 in IC-substrate revenue (~15% share), supplying FC-BGA substrates to the broadest customer base spanning NVIDIA, AMD and Intel. As AI/HPC chips grow larger and denser, demand for large-area, high-layer-count FC-BGA rises structurally, placing it at the heart of the AI-packaging bottleneck. But it depends almost solely on Ajinomoto for build-up dielectric film (ABF) and its cost is sensitive to materials and utilization, so results and the stock swing hard with the semiconductor capex cycle.
3037.TW Updated Jul 12, 2026 3 AI consumers· 1 recurring
Per the valuechain.wiki graph, Unimicron is directly linked to 5 companies (2 supply, 3 revenue relationships) and reaches 40 companies within two hops; the links are backed by 7 dated sources, 2 of them primary filings (as of 2026-07-12).
Financials & Segments
- Total revenue · NT$131.24bn (FY2025, +14%)
- Customer concentration · World No.1 in IC-substrate revenue.
- Segments · World No.1 in IC-substrate revenue
Revenue from
- NVIDIA High confidence· Market share 15% · 2024 · global IC-substrate revenue share
Supplies FC-BGA package substrates for NVIDIA's AI accelerators — large-area, high-I/O substrates are the physical foundation of GPU performance, so NVIDIA's ramp is Unimicron's volume and its capacity-bottleneck exposure.Confirms EN TWSE MOPS (Unimicron IR) Published Jan 10, 2026: Unimicron monthly revenue filing (FY2025 NT$131.24B, +14%) - AMD Medium confidence
Provides FC-BGA/IC package substrates to AMD. - Intel Medium confidence
Provides FC-BGA/IC package substrates to Intel.
Pays to
- Ajinomoto High confidence
Sources FC-BGA build-up dielectric almost solely from Ajinomoto ABF — an industry-standard material that is hard to substitute, making this single dependence a structural pressure point on cost and supply.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. - copper foil & build-up materials (undisclosed) Low confidence
Materials and R&D (undisclosed).
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 |
| TeraWulf | lead2 | +77.1 | -95.5 | +258.2 | +135.8 | +103 | +91.2 |
| Aurora Innovation | lead2 | · | -89.3 | +261.2 | +44.2 | -39 | +66.1 |
| 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 |
| Wiwynn | lead2 | +24.7 | -22.3 | +206.4 | +3.5 | +64.4 | +45.1 |
| Gigabyte Technology | lead2 | +82.3 | -3.4 | +173.2 | -15.9 | -4.7 | +44.4 |
| Cloudflare | lead2 | +73 | -65.6 | +84.2 | +29.3 | +83.1 | +36.1 |
| Quanta Computer | lead2 | +22.2 | -12.8 | +254.5 | +12.7 | +8.9 | +33.4 |
| SK Telecom | lead2 | +7.9 | -12 | +15.8 | +15.5 | +37.5 | +23.4 |
| Celestica | lead2 | +37.9 | +1.3 | +159.8 | +215.2 | +220.3 | +21.7 |
| Geely Auto | lead2 | -40.8 | -22.9 | -40.3 | +98.5 | +14.5 | +18.9 |
| Wistron | lead2 | +7.9 | +9.7 | +272.7 | -1.6 | +22.7 | +14.8 |
| Alphabet (Google) | lead2 | +65.3 | -39.1 | +58.3 | +36 | +66 | +14.3 |
| Foxconn (Hon Hai) | lead2 | -5.1 | +2.8 | +7.8 | +80.1 | +26.9 | +10.9 |
| Amazon | lead2 | +2.4 | -49.6 | +80.9 | +44.4 | +5.2 | +6.3 |
| Meta Platforms | lead2 | +23.1 | -64.2 | +194.1 | +66 | +13.1 | +1.6 |
| Tempus AI | lead2 | · | · | · | · | +74.9 | -1.4 |
| IBM | lead2 | +16.7 | +10.6 | +21.8 | +39.3 | +38.2 | -1.6 |
| Super Micro | lead2 | +38.8 | +86.8 | +246.2 | +7.2 | -4 | -3.3 |
| General Motors | lead2 | +40.8 | -42.4 | +7.9 | +49.8 | +54.2 | -3.8 |
| IonQ | lead2 | · | -79.3 | +259.1 | +237.1 | +7.4 | -4.5 |
| Hyundai Motor Company | lead2 | -16.7 | -4.7 | +16.2 | +12.3 | +158.8 | -7.8 |
| Tesla | lead2 | +49.8 | -65 | +101.7 | +62.5 | +11.4 | -9.3 |
| Toyota Motor Corporation | lead2 | +58.1 | -13.4 | +63 | +1.8 | +21.8 | -18.2 |
| Microsoft | lead2 | +52.5 | -28 | +58.2 | +12.9 | +15.6 | -20 |
| Alibaba Group | lead2 | -49 | -25.8 | -10.8 | +11.8 | +75.8 | -22.7 |
| Tencent Holdings Limited | lead2 | -28.6 | -14.2 | -28.7 | +49.8 | +52.1 | -23.2 |
| Baidu | lead2 | · | -8.2 | -23.4 | -13.5 | +74.2 | -24.5 |
| Rigetti Computing | lead2 | · | -92.9 | +35.1 | +1449.2 | +45.2 | -25.3 |
| Oracle | lead2 | +36.9 | -4.6 | +30.9 | +60 | +18.1 | -27.4 |
| Kratos Defense | lead2 | -29.3 | -46.8 | +96.6 | +30 | +187.8 | -36.5 |
| Pony.ai | lead2 | · | · | · | · | +1 | -54.6 |
| 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 |
| NVIDIA | lead1 | +125.5 | -50.3 | +239 | +171.2 | +38.9 | +13.3 |
| Unimicron | node | +133.5 | -30.2 | +35.2 | -19.7 | +175.7 | +131.6 |
| 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 2026-07-09 · source: Yahoo Finance
Unimicron's thesis is 'the biggest beneficiary of the AI-packaging bottleneck, and a stock that swings hard with the cycle for the same reason.' As No.1 in IC-substrate revenue (~15%) supplying the broadest base (NVIDIA, AMD, Intel) with FC-BGA, demand for large-area high-layer substrates rises structurally as AI/HPC chips grow. But near-sole dependence on Ajinomoto for ABF dielectric and cost sensitivity to materials and utilization make results and the stock swing sharply with the semiconductor capex cycle (the +176% in 2025 and +132% in 2026 show that volatility). What to watch is the pace of absorbing new capacity and the rising AI-substrate mix.
Analysis generated from returns as of 2026-07-09Analyst ratings
Consensus: Buy 2 · Hold 0 · Sell 0 · Avg. target NT$925 · Price NT$875 (07-09) · Upside +6%