财富FORTUNE·2026-02-28 13:08Core Viewpoint - The article discusses the critical supply shortage of high-end electronic fabrics, particularly T-Glass, which is essential for AI chip manufacturing, and highlights the dominance of Nitto Denko in this market [3][4]. Group 1: Market Dynamics - Nitto Denko holds over 90% market share in T-Glass, which is crucial for AI chips due to its low thermal expansion coefficient [3]. - The demand for high-end electronic fabrics has surged due to the AI competition, affecting not only Nvidia but also companies like AMD, Google, and Amazon [3][4]. - The company is cautious about expanding production capacity, citing financial risks associated with overexpansion [3]. Group 2: Production Challenges - The production of high-end electronic fabrics involves complex processes, making it difficult for new entrants to compete with Nitto Denko's established technology [4]. - Nitto Denko plans to triple its production capacity by 2028, but this will still not meet the global demand for electronic fabrics [3][5]. Group 3: Alternative Materials - The article mentions the potential of quartz fabric (Q-Fabric) as a next-generation alternative to glass fabric, which could outperform existing products in terms of signal transmission and heat resistance [7]. - Companies like Feilihua are exploring this new technology, with expectations for mass production by 2026 [8][9]. Group 4: Investment and Market Sentiment - Feilihua has seen a significant stock price increase, reflecting market interest in new technologies despite the uncertainties surrounding their development [9][10]. - The article emphasizes the need for Chinese companies to establish a unique position in the global AI supply chain, indicating a long-term strategic challenge [10].