聊一聊盖住AI的那块布

Core Viewpoint - The article discusses the investment logic behind T-type glass fiber cloth, which is essential for AI chips, highlighting its monopolistic market position and the increasing demand due to the AI boom [2][3][4]. Group 1: Market Dynamics - T-type glass fiber cloth is crucial for AI chips, acting as a protective layer that prevents overheating, which is vital for high-performance chips like NVIDIA GPUs and Google TPUs [2][3]. - The market is dominated by Nitto Denko, which holds a 90% market share, creating a significant barrier to entry for new competitors due to stringent production requirements [3][4]. - Current demand for T-type cloth is skyrocketing, with supply unable to keep pace, leading to a substantial supply gap reminiscent of the early pandemic mask shortages [3][4]. Group 2: Pricing and Profitability - Analysts predict that prices for T-type cloth could increase by 25% or more due to its monopolistic nature and the lack of alternatives for chip manufacturers [3][4]. - The combination of essential demand and monopoly power allows Nitto Denko to significantly increase profits, while domestic companies that can produce T-type cloth are also expected to benefit [4]. Group 3: Investment Opportunities - The article suggests that the ongoing supply-demand gap for T-type cloth will persist until at least 2027, making it a stable investment opportunity as AI chip demand continues to rise [4]. - Companies producing T-type cloth are compared to "substitute players" that can thrive in the current market conditions, presenting hidden investment opportunities [4].