Taiwan Stock Market's Billion-Dollar Stock Landscape Reshaped: How the AI Shortage Crisis Creates Investment Golden Opportunities?

Lack of supply is becoming the most powerful upward driving force for Taiwan stocks by 2026. From chip design, thermal materials to power supply systems, the entire AI server industry chain faces severe capacity bottlenecks. Huang Renxun has repeatedly visited Taiwan to expedite orders, and NVIDIA has positioned Taiwan as a global R&D hub. These signals are telling investors: behind the supply chain tension lies a structural profit growth opportunity.

The number of billion-dollar stocks hits a new high, and the AI spillover effect is fully ignited

As of mid-December, the number of Taiwan stocks exceeding billion NT dollars once climbed to 28, setting a record. More notably, this rally has already broken out of the previous framework limited to IC design, spreading into thermal, PCB, materials, power, testing interfaces, and other comprehensive fields.

信驊 remains firmly the stock king this year, benefiting from BMC chips becoming standard solutions in AI data centers, with an annual increase of over 100%, and the stock price once surged to 7,300 NT dollars. But the real surprise comes from the thermal group—奇鋐 and 健策 performed as dark horses in 2025, with annual gains approaching or exceeding 100%.

The most eye-catching is the material sector, with 台光電 benefiting from tight supply of high-end CCL (copper-clad laminate) and fiberglass cloth, with a spike of 159%, becoming one of the strongest stocks of the year. 川湖, 穎崴, 旺矽, and other supply chain companies also saw gains over 140%, confirming the market rule: “Scarcity drives prices.” Even 台達電, long regarded as a stable benchmark, touched the billion-dollar mark due to surging power demand from AI data centers, outperforming in the heavyweight stock rankings.

Upstream material shortages continue, and the supply chain faces a decade-long unprecedented bottleneck

The fundamental reason behind this shortage phenomenon is clear: each upgrade of AI server specifications creates new demands on upstream materials. The shortage of high-end fiberglass cloth and low-loss CCL has become normal, with prices continuously rising. Foreign research institutions point out that NVIDIA’s next-generation platform will further elevate demands for CCL and copper foil, becoming an irreversible industry trend.

Material shortages directly translate into higher gross margins—besides the impressive performance of 台光電, 聯茂, and 台燿 also benefit from improved pricing power. Downstream PCB manufacturers like 臻鼎 and 欣興 continue high-capacity operations, and demand for ABF substrates remains strong, laying the groundwork for operational growth in 2026.

New ETF listings reveal institutional latest layouts; liquid cooling concept stocks become new focus

Capital flows are not only chasing individual stocks but also rapidly entering themed ETFs. Recently listed 復華未來50（00991A） raised over 10 billion NT dollars. Although it broke the IPO price on the first day, its trading volume exceeded 230,000 units, topping ETF trading charts, reflecting high market discussion.

The top ten component stocks are clearly laid out: 台積電, 鴻海 (Hon Hai), 奇鋐, 緯穎, 台光電, 台達電, and others. The ETF’s stock selection logic also reveals the institutional outlook—semiconductors 35-45%, AI data center components 35-45%, AI servers and networking 5-15%, supplemented by some financial and traditional industries. Manager吕宏宇 pointed out that AI remains Taiwan stocks’ most critical growth engine, expecting corporate profits to grow about 20% by 2026, with a mild interest rate cut environment further supporting the bullish trend.

New highlights for 2026: VR upgrade cycle, silicon photonics technology, and liquid cooling revolution

Looking ahead, NVIDIA’s upcoming Vera Rubin (VR) platform will trigger a new wave of device upgrades, with comprehensive improvements in cooling, power consumption, and interconnect bandwidth. ODM giants like 廣達, 緯穎, and 鴻海 are seen as core partners, and related power, cooling, and PCB supply chain companies will once again gain opportunities.

On the technical front, silicon photonics and CPO (co-packaged optics) are becoming key solutions to break through high-speed transmission bottlenecks. Taiwan has formed a complete ecosystem from epitaxy, optical components to packaging, with companies like 聯亞 and 穩懋 showing potential.

The most promising is the increased penetration of liquid cooling—as GPU power consumption approaches kilowatts, liquid cooling, which currently accounts for less than 10% market share, is expected to rapidly rise above 60% in the coming years. Stocks like 奇鋐, 雙鴻, and 健策 that focus on liquid cooling have already taken early positions, and this will be the most exciting industry upgrade wave to watch in 2026.

Investment strategy: Focus on “shortage” targets, while monitoring valuation changes

After recent gains, Taiwan stocks are inevitably experiencing volatility and valuation pressures. However, from an industry fundamentals perspective, the capacity shortages related to AI are unlikely to see substantial relief before 2026, especially in advanced packaging, high-end materials, cooling systems, and power infrastructure. The supply chain bottleneck period will continue to be a structural factor supporting profit growth, which is the core basis for investment opportunities.