Key facts
- Marubeni sees physical constraints from the AI boom as a growth opportunity.
- The company is increasing its exposure to infrastructure supporting AI demand.
- PC makers HP and Dell are concerned about printed circuit board supply for 2027.
- PCB lead times are nearing one year, with chip-substrate equipment delivery at 30 months.
- Specialty fiberglass cloth capacity is limited until mid-2027.
- Laminate costs have increased significantly.
Marubeni, a major Japanese trading house, is strategically positioning itself to profit from the physical supply chain constraints emerging due to the artificial intelligence boom. The company is expanding its investments in businesses that provide essential energy, metals, and communications infrastructure required to support the escalating demand for computing power. This strategy aims to capitalize on bottlenecks in resources and energy, turning them into avenues for growth. Meanwhile, PC manufacturers like HP and Dell are expressing concerns about securing critical components such as printed circuit boards for their 2027 product lines, as the demand from AI servers is consuming existing capacity. Lead times for ordinary server PCBs are approaching a year, and specialized equipment for chip-substrate production faces delivery delays of up to 30 months. The specialty fiberglass cloth market, crucial for these components, is dominated by Nitto Denko, with new capacity not anticipated until mid-2027. Consequently, laminate costs have seen a significant increase, with one Taiwanese manufacturer reporting a 12-fold rise since July. In response to these supply chain pressures, Amazon has invested approximately NT$1.59 billion in Taiwanese PCB maker Gold Circuit Electronics.