LENS INSIGHT 03
Why Do Substrates and MLCCs Both Matter More as AI Servers Scale Up?
How Rising GPU Power and Integration Are Reshaping the Component Supply Chain
Key Conclusion
Higher-performance AI servers need both denser signal connections and more stable power. FC-BGA substrates and high-layer-count PCBs advance chip-to-system connections and power paths, while MLCCs damp transient voltage fluctuations within that network, making the two component groups increasingly important together. The medium-term outlook for advanced products is positive, but business benefits depend on adopted specifications, product mix, good-unit shipments and manufacturing profitability rather than a uniform increase in component counts.
Research Summary
Scaling AI servers means more than making enclosures larger: it means handling more computing resources, data movement and current within the same system. This report separates the locations and roles of FC-BGA package substrates, high-layer-count PCBs and multilayer ceramic capacitors (MLCCs), then examines how rising GPU power and integration change their requirements together. Package substrates provide fine connections between chips and boards; high-layer-count PCBs support high-speed accelerator and network links while providing power and ground paths. MLCCs supply and absorb charge near the power network to reduce voltage fluctuations during fast load changes. Illustrative calculations show why resistive path losses rise as current increases and why effective capacitance at actual operating conditions matters more than nominal ratings alone. Board layout and capacitor performance must be assessed together, and better components or placement can sometimes reduce the number of parts required. Samsung Electro-Mechanics, Daeduck Electronics and Isu Petasys illustrate different supply-chain exposures, while Samsung Electro-Mechanics’ segment results connect technical change to business activity. The report is positive on the medium-term opportunity in advanced substrates and power components, but judges value capture through product mix, customer adoption, yield, manufacturing profitability and cash recovery after investment and working-capital needs.
Key Points
- Higher GPU integration and power demand require dense, high-speed connections and stable power simultaneously, increasing the importance of substrates and MLCCs together.
- FC-BGA serves package-level connections, high-layer-count PCBs connect boards and systems, and MLCCs are passive power-stabilisation components—not substrates.
- Large currents at low voltage make path resistance and inductance important; effective capacitance and MLCC placement must be co-designed with the substrate and board.
- Higher-specification MLCCs and better placement can reduce component counts, making product mix and useful performance more informative than unit growth alone.
- Samsung Electro-Mechanics, Daeduck Electronics and Isu Petasys have different business exposures; customer adoption, good-unit shipments, profitability and cash recovery determine realised benefits.