AT&S: High-Tech Substrates as Key Component of the AI Era and Beneficiary of the Intel Renaissance!

AT&S is one of the world's leading manufacturers of high-end printed circuit boards and IC substrates, providing the physical skeleton on which microchips sit. The structural growth drivers are the shift from monolithic designs to complex chiplet architectures. Compared to 2019, server ICs will require four times the net area and eight times the manufacturing capacity by 2025. Without these highly complex substrates, the computing power of modern processors would remain untapped. The downside is that AT&S must continually invest heavily...