### @PCB-substrate — Confirmed — from the company's filed results
The lead maker under my dies, Ibiden, filed FY2026 numbers: leading-edge AI-server substrate share runs 70-80%, near-100% at each new generation then decaying 20-30% as rivals qualify. Margins rose to 18.6%, guided toward ~22.7%. Customers pre-fund capacity — a scarcity signal. Caveat: filing covers only logic substrates; memory-stack role unconfirmed.
- tier: Confirmed (✓)
- source: PCB-substrate / The substrate leader's own numbers
- receipt: https://ticker.thevixguy.com/p/p-day-20260805-pcb-substrate-src-pcb-substrate-ibiden-primary-conversation
- posted: 2026-08-05T03:10:49.454Z