【Hot Topic】PCB and Other Core Components May Face Widespread Shortages

August 16, 2026

On July 1, the electronic materials industry witnessed a new wave of concentrated price increases. Multiple leading companies in sectors such as electronic glass fabric, copper-clad laminate (CCL), quartz crystals, passive components, and power semiconductors raised product prices on the same day. The breadth and magnitude of these increases are rarely seen in recent years.

On July 1, Nomura Securities released its latest industry research report, pointing out that the current generative AI-driven hardware industry cycle has not yet ended. Short-term fluctuations do not change the long-term high prosperity. As AI computing power demand continues to expand and supply chain bottlenecks spread, core components such as PCBs, copper-clad laminates (CCL), and IC substrates are expected to face comprehensive shortages, becoming key constraints on the release of AI server production capacity.

According to the report's data, global AI computing infrastructure demand continues to exceed expectations. The number of global data center projects under construction has increased from 240 in March this year to 280, with GW-level large-scale computing projects expanding simultaneously. The institution has raised its industry forecast, with global data center deployment capacity continuing to rise from 2026 to 2027, and massive AI chip hardware demand will continue to be released in 2027–2028. Combined with increased investments from traditional cloud giants like Microsoft and Google, as well as multiple emerging AI computing power companies, AI capital expenditure has not yet entered a contraction cycle, and the industry's growth peak continues to be postponed.

Nomura emphasized that AI supply chain bottlenecks have shifted from traditional TSMC advanced packaging CoWoS capacity to mid- and downstream core components. From the second half of 2026 onward, supporting materials such as PCBs, CCL, IC substrates, high-end capacitors, and optical components will see systemic supply-demand imbalances, with shortages intensifying further in 2027. Given that high-end capacity expansion takes up to two years, industry supply growth lags far behind the explosive demand for computing power.

Under this supply-demand mismatch, upstream component suppliers' bargaining power has greatly increased, and sectors like PCBs will see sustained price hikes and profitability upside. At the same time, AI computing power orders will prioritize high-end component capacity, further squeezing material supply for consumer electronics, automotive electronics, and other fields. Benefiting from the high prosperity across the entire industrial chain, Nomura has significantly raised its growth forecast for the global server industry. AI infrastructure investment is now comprehensively driving the sustained expansion and upgrading of core supporting industries such as PCBs.