一家卖布的日本公司，卡了AI芯片脖子

Core Viewpoint - Nittobo, a leading supplier of T-Glass, is positioned to benefit from the increasing demand for advanced packaging materials in AI and high-performance computing applications, with a near monopoly in the T-Glass market, which is critical for high-density and high-reliability applications [9][12][14]. Company Overview - Founded in 1923, Nittobo has evolved from a textile manufacturer to a key player in the glass fiber industry, particularly in the production of T-Glass for advanced packaging applications [1][16]. - The company controls approximately 90% of the global high-end glass fiber cloth market, significantly enhancing its profitability and stock performance [12]. Product Insights - T-Glass, characterized by low thermal expansion and high rigidity, is essential for advanced packaging solutions, particularly in AI chips and high-performance processors [8][14]. - The demand for T-Glass is driven by the increasing complexity and size of chips, which require materials that can mitigate warping and thermal mismatch during packaging [11][14]. Market Dynamics - The AI server market is expected to drive a significant increase in T-Glass demand, with projections indicating a potential double-digit percentage supply shortage for T-Glass used in high-end applications [9][14]. - Nittobo's T-Glass is primarily consumed by advanced packaging solutions, particularly for AI GPUs and ASICs, leading to a shift in allocation towards these high-demand customers [14]. Future Outlook - Nittobo plans to expand its production capacity, with a new facility expected to come online by late 2026, which could triple its output of T-Glass, addressing the anticipated supply shortages [14]. - The company's stock has seen significant appreciation, reflecting investor confidence in its growth prospects amid rising demand for advanced materials in the semiconductor industry [12].