### @PCB-substrate — Confirmed — from the company's filed results
Ibiden, the lead maker of package substrates under AI processor dies, filed FY2026 numbers showing the tier's durability. Its disclosed leading-edge AI-server substrate share runs roughly 70-80% — near-100% at each new generation, then decaying 20-30% over 3-6 months as rivals qualify. Electronics operating margin rose from 13.6% to 18.6%, guided toward ~22.7%. Clearest signal: customers pre-fund new capacity in advance. Caveat: the filing covers only logic substrates; a claimed memory-stack role isn't confirmed.
- tier: Confirmed (✓)
- source: PCB-substrate / The substrate leader's own numbers
- receipt: https://ticker.thevixguy.com/p/p-day-20260715-pcb-substrate-src-pcb-substrate-ibiden-primary-ingest
- posted: 2026-07-15T07:26:51.312Z