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 6 AI consumers· 2 recurring
Per the valuechain.wiki graph, Unimicron is directly linked to 5 companies (2 supply, 3 revenue relationships) and reaches 42 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 | +320.2 |
| Lenovo | lead2 | -4.6 | -20.9 | +36.2 | +18.2 | -0.6 | +269.8 |
| Wiwynn | lead2 | +24.7 | -22.3 | +206.4 | +3.5 | +64.4 | +120.2 |
| ASUSTeK Computer | lead2 | +35.5 | -12.9 | +72 | +41.1 | -14.1 | +119.8 |
| Hewlett Packard Enterprise | lead2 | +37.4 | +4.5 | +9.7 | +29.1 | +15.5 | +118.5 |
| Aurora Innovation | lead2 | · | -89.3 | +261.2 | +44.2 | -39 | +65.1 |
| Gigabyte Technology | lead2 | +82.3 | -3.4 | +173.2 | -15.9 | -4.7 | +60.7 |
| Wistron | lead2 | +7.9 | +9.7 | +272.7 | -1.6 | +22.7 | +57.3 |
| HP Inc. | lead2 | +57.2 | -26.4 | +16.1 | +12.1 | -28.7 | +50.7 |
| TeraWulf | lead2 | +77.1 | -95.5 | +258.2 | +135.8 | +103 | +43.7 |
| Cloudflare | lead2 | +73 | -65.6 | +84.2 | +29.3 | +83.1 | +41.5 |
| Super Micro | lead2 | +38.8 | +86.8 | +246.2 | +7.2 | -4 | +35.3 |
| SK Telecom | lead2 | +7.9 | -12 | +15.8 | +15.5 | +37.5 | +29.7 |
| Quanta Computer | lead2 | +22.2 | -12.8 | +254.5 | +12.7 | +8.9 | +28.5 |
| Foxconn (Hon Hai) | lead2 | -5.1 | +2.8 | +7.8 | +80.1 | +26.9 | +19.6 |
| Mercury Systems | lead2 | -37.5 | -18.7 | -18.3 | +14.8 | +73.8 | +12.9 |
| Amazon | lead2 | +2.4 | -49.6 | +80.9 | +44.4 | +5.2 | +12 |
| Geely Auto | lead2 | -40.8 | -22.9 | -40.3 | +98.5 | +14.5 | +10.2 |
| Tempus AI | lead2 | · | · | · | · | +74.9 | +9.4 |
| General Motors | lead2 | +40.8 | -42.4 | +7.9 | +49.8 | +54.2 | +8.4 |
| Alphabet (Google) | lead2 | +65.3 | -39.1 | +58.3 | +36 | +66 | +8.3 |
| Celestica | lead2 | +37.9 | +1.3 | +159.8 | +215.2 | +220.3 | +5.7 |
| Microsoft | lead2 | +52.5 | -28 | +58.2 | +12.9 | +15.6 | +4 |
| Yum! Brands | lead2 | +30.1 | -6 | +3.9 | +4.7 | +14.9 | +0.6 |
| Meta Platforms | lead2 | +23.1 | -64.2 | +194.1 | +66 | +13.1 | -6.4 |
| Toyota Motor Corporation | lead2 | +58.1 | -13.4 | +63 | +1.8 | +21.8 | -10.8 |
| IonQ | lead2 | · | -79.3 | +259.1 | +237.1 | +7.4 | -11.9 |
| Oracle | lead2 | +36.9 | -4.6 | +30.9 | +60 | +18.1 | -17.8 |
| IBM | lead2 | +16.7 | +10.6 | +21.8 | +39.3 | +38.2 | -19.1 |
| Tesla | lead2 | +49.8 | -65 | +101.7 | +62.5 | +11.4 | -21.3 |
| Alibaba Group | lead2 | -49 | -25.8 | -10.8 | +11.8 | +75.8 | -22 |
| Hyundai Motor Company | lead2 | -16.7 | -4.7 | +16.2 | +12.3 | +158.8 | -22.2 |
| Tencent Holdings Limited | lead2 | -28.6 | -14.2 | -28.7 | +49.8 | +52.1 | -26.1 |
| Rigetti Computing | lead2 | · | -92.9 | +35.1 | +1449.2 | +45.2 | -31.4 |
| Kratos Defense | lead2 | -29.3 | -46.8 | +96.6 | +30 | +187.8 | -37 |
| Baidu | lead2 | · | -8.2 | -23.4 | -13.5 | +74.2 | -37.2 |
| Pony.ai | lead2 | · | · | · | · | +1 | -49.3 |
| Intel | lead1 | +6.1 | -46.6 | +94.6 | -59.6 | +84 | +159.6 |
| AMD | lead1 | +56.9 | -55 | +127.6 | -18.1 | +77.3 | +123 |
| NVIDIA | lead1 | +125.5 | -50.3 | +239 | +171.2 | +38.9 | +23.7 |
| Unimicron | node | +133.5 | -30.2 | +35.2 | -19.7 | +175.7 | +138.8 |
| Resonac | benef1 | -2.6 | -4 | +37.5 | +30.3 | +137.9 | +73.5 |
| Ajinomoto | benef1 | +31 | +36 | +44.5 | +4 | +14.1 | +47.8 |
YTD as of 2026-09-04 · source: Yahoo Finance
Unimicron is the World No.1 in IC-substrate revenue. It surged +175.7% in 2025 and +138.8% in 2026. The stock (+138.8%) is ahead of both its demand side (avg +102.1%) and supply side (avg +60.7%). Having run ahead of its chain, it is the first spot to give back if customer numbers fail to follow. Among connected nodes the furthest ahead is Intel (+159.6%) and the furthest behind is NVIDIA (+23.7%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. 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.
Analysis generated from returns as of 2026-09-04Analyst ratings
Consensus: Buy 2 · Hold 0 · Sell 0 · Avg. target NT$925 · Price NT$902 (09-04) · Upside +3%