Japanese electronic components manufacturer Ibiden’s estimated 70–80% share of the high-end AI server substrate market will fall below 70% by early 2028.

On 21 October, Nvidia signed a multi-year supply agreement with Samsung Electro-Mechanics and reserved additional capacity with Taiwan’s Unimicron, reducing its reliance on Ibiden. Samsung can already supply Nvidia, while Unimicron will add capacity from the second quarter of 2027. By contrast, Ibiden’s new Ono plant will only begin increasing production in early 2028. This gives its rivals a head start in securing Nvidia’s growing orders, weakening Ibiden’s market share and pricing power. The risk is significant for Ibiden, whose electronics business generated ¥45.2 billion of its ¥62 billion operating profit in the year to March 2026. Ibiden now faces greater uncertainty over its planned ¥500 billion investment through fiscal 2028, as its largest customer gains alternative suppliers.