Summary of Key Points from the Conference Call Industry Overview - The focus of the TPCA Show 2025 in Taipei shifted from manufacturing equipment to materials essential for next-generation electronics, particularly in the context of AI computing growth [5][15][18] - PCB materials, especially copper foils, glass fabrics, and copper-clad laminates (CCLs), are now critical resources in the semiconductor and advanced packaging supply chain [5][15] Core Insights - Industry experts describe the current situation as a "battle before the battlefield," where upstream material bottlenecks are influencing the competition for AI hardware [6][15] - AI servers are redefining material requirements, necessitating substrates that can handle increased thermal stress and high-frequency signaling [7][8] - Traditional materials like FR-4 laminates are becoming inadequate as signaling speeds exceed 224 Gbps, leading to a shift towards low-Dk, low-Df resin systems and advanced copper foils [8][9] Material Shortages and Challenges - Fine-weave glass fabrics and ultra-thin copper foils are in critical shortage, with suppliers fully booked into 2026 [10][11] - The prices of high-end copper foil and T-glass have surged, creating challenges for CCL manufacturers in securing stable long-term supply [12][13] - CCL producers face dual challenges of improving resin performance while managing upstream constraints [13] Strategic Shifts in the Industry - The AI boom is transforming global supply chains, making materials a new geopolitical and economic leverage point [15][16] - Companies that control critical materials will dominate the AI infrastructure market, marking a shift from design-driven differentiation to material-driven leadership [16][18] - Long-term sourcing and co-development alliances are becoming essential strategies for CCL manufacturers to stabilize costs and secure supply [17] Market Dynamics - Demand for GB200/GB300 foils and AI ASIC substrates is surging, with material shortages spreading upstream [17] - The competition is no longer solely about chip design but also about securing high-quality materials and stable supply chains [18][20] - The semiconductor industry is entering a phase of vertical integration that begins in the materials lab, emphasizing the importance of material ownership for future AI developments [20] Conclusion - The TPCA Show 2025 highlights the critical role of materials in the AI era, where advancements in computing depend on the availability and performance of high-quality substrates [18][20] - The future of computing is increasingly tied to the materials that enable technological advancements, making them strategic assets for companies in the semiconductor space [18][20]

Table of Contents As filed with the United States Securities and Exchange Commission on May 27, 2025 Registration No. 333-284361 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM S-1/A (Amendment No. 3) REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 BITMINE IMMERSION TECHNOLOGIES, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) Delaware 7374 84-3986354 (Primary Standard Industrial Classification Co ...

Table of Contents As filed with the United States Securities and Exchange Commission on April 9, 2025 Registration No. 333-284361 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM S-1/A (Amendment No. 2) REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 BITMINE IMMERSION TECHNOLOGIES, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) Delaware 7374 84-3986354 (Primary Standard Industrial Classification C ...

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 BITMINE IMMERSION TECHNOLOGIES, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) Delaware 7374 84-3986354 (Primary Standard Industrial Classification Code Number) Table of Contents As filed with the United States Securities and Exchange Commission on February 14, 2025. Registration No. 333-284361 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM S-1/A ( ...