ABF substrate is becoming one of the quiet winners in the AI hardware cycle.
Morgan Stanley’s latest report shows a clear trend: as AI systems move from A100/H100 to B200, GB200/GB300 and VR200, the package substrate is getting larger, thicker and harder to manufacture.
The numbers are straightforward:
A100: 55mm × 55mm, 12 layers
H100: 55mm × 58mm, 12 layers
B200: 73mm × 81mm, 14 layers
VR200: 83mm × 97mm, 18 layers
This is not just a unit growth story. It is a content-per-chip story.
Larger die packages, higher power density, more HBM, and more complex high-speed interconnect all require better substrates, more layers, tighter routing, and higher-end materials.
The same trend shows up at the system level.
For VR200, Morgan Stanley shows OAM module PCB moving to 26-layer HDI, switch board moving to 32-layer PTH, and new demand from midplane PCB and BlueField-related modules.
In other words, AI server architecture is pushing complexity deeper into the hardware stack: ABF substrate, CCL, PCB, power delivery, signal integrity, and thermal design.
Morgan Stanley also expects ABF substrate to move into undersupply from 2027 onward, with AI-related applications rising to 75% of ABF demand by 2030.
That matters because this cycle is about how much more value each new generation of AI hardware pulls into the supply chain.
ABF is a good example of that.
It sits under the chip, but its importance is moving up.