Technology - Taiwan: Thoughts on Rubin Ultra spec delay; higher confidence on testing interface/substrate

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Technology - Taiwan: Thoughts on Rubin Ultra spec delay; higher confidence on testing interface/substrate

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Technology - Taiwan

Thoughts on Rubin Ultra spec delay; higher

confidence on testing interface/substrate

Industry Overview

Share price likely hit by delay/cancellation of certain specs 06 July 2026

Share prices were weak (down 8-9% on average) on July 6th across the subsectors of Equity

CCL/PCB/substrate and testing interface within our coverage, due likely to the concerns Taiwan

surrounding the delay (or even cancellation) of the Kyber rack and CPO adoption from Technology

Rubin Ultra to Feynman platform, as well as the adoption of 2-compute die (rather than Mike Yang >>

4-compute die) structure of GPU. Although such concerns are valid from the technology Research Analyst

perspective considering the constraint from CCL material, warpage issue of big-sized Merrill+886 2Lynch2376 (Taiwan)3729

substrates, and the reticle size in AP, we see the share price correction as an enhanced mike.c.yang@bofa.com

entry point for Buy-rated EMC, TUC, Unimicron, Kinsus, NYPCB, MPI and WinWay in the Haas Liu >>

Research Analyst

groupd, as we consider the AI server capex to remain in the upcycle toward 2028. Merrill Lynch (Taiwan)

+886 2 2376 3727

Demand scale-down amidst ongoing supply constraint haas.liu@bofa.com

Cathy Hsu >>

On CCL/PCB/substrate, we see the potential delay/cancellation as a demand scale-down Research Analyst

in response to the supply constraint, which is analogous to the concern we saw in (see Merrill Lynch (Taiwan)

+886 2 2376 3726

report) DRAM for Vera CPU. Yet, we flag a likely steadier demand growth for cathy.hsu3@bofa.com

CCL/PCB/substrate vs other parts (e.g. memory) used in AI server system given their