AI Infrastructure: The Materials Super-cycle

The AI materials group comprises the listed upstream suppliers of key materials across the PCB/CCL, AIDC, and broader AI value chains covered in this report. It is up 91% over the past 12 months, but as of 10 September 2026 it has corrected ~36% from its 52-week high in May–June 2026. We do not think all of the opportunity is priced in: the 2026 P/E for the AI materials group is ~26x versus ~35x for PCB/CCL, even though AI/data-center PCB and CCL demand is expected to grow more than 6x and more than 7x, respectively, by 2030, implying stronger demand for upstream materials and scope for the valuation gap with PCB/CCL peers to narrow. Segment ranking: high-end glass fabric #1 and HVLP4+ copper foil #2, where supply cannot respond quickly enough to accelerating AI demand and which offer the strongest combination of scarcity, pricing power, and earnings leverage into 2027;