Everbright Securities: Glass substrates empower advanced packaging; closely monitor downstream customer validation and mass production line construction progress. - Moomoo

As Moore's Law slows, advanced packaging has emerged as a critical enabler for enhancing chip integration and system performance. Glass substrates, with their low dielectric constant, low loss, high f... Read original →

Glass substrate commercialization isn't a standalone breakthrough—it's the linchpin in reshaping the advanced packaging ecosystem. Maturation of TGV and LIDE processes forces concurrent upgrades in RDL and metal-filling technologies, while HBM4 and CoPoS architectures increasingly depend on ultra-low-loss dielectrics. Upstream, Corning and Schott’s dominance faces coordinated pressure from firms in Taiwan, China and mainland China, yet extended validation cycles and slowing AI capex create a gap between capability and adoption confidence. Intel and Samsung are racing to lock in NVIDIA as a de facto standard-setter; if Chinese suppliers fail to close customer validation loops within 12 months, they risk exclusion from the HBM4 supply chain. The next 18 months will hinge on yield, cost, and ecosystem velocity—not just specs.