Intel has announced plans to establish the world's first mass production base for glass substrates, marking a significant step for this next-generation packaging core material from laboratory to industrial scale. Analysts note that driven by both AI computing power and advanced packaging, the glass substrate sector is experiencing a convergence of industrial and capital interest.
Intel is targeting a leading position in global mass production. According to reports, Intel plans to convert its Rio Rancho factory in New Mexico, USA, into the world's first large-scale mass production base for glass substrates, propelling the technology into a new phase of industrialization.
The Rio Rancho facility, operational since the 1980s, was one of the world's most crucial semiconductor manufacturing bases from the 1990s to the 2000s. It is now poised to become a central hub for the next semiconductor era, focusing on glass substrates and silicon photonics technology.
Supply chain sources indicate that Intel has established partnerships with several major corporations. AWS and Cisco are clients for its advanced packaging services, while Google, Microsoft, NVIDIA, Apple, and Tesla are reportedly in discussions for potential collaboration. Furthermore, Intel Foundry has formed a strategic partnership with SK Hynix in the HBM memory domain.
Intel is reportedly deepening collaboration with partners like 3D Glass Solutions (3DGS) through its investment arm to accelerate the development of glass substrate equipment and process support. In April 2026, a 3DGS facility in India, in which Intel is involved, received approval for construction. Upon reaching full capacity, it is expected to produce approximately 70,000 glass substrates annually, potentially providing supply chain support for Intel's subsequent large-scale production.
Additionally, BOE recently signed a memorandum of cooperation with Corning, with glass core packaging substrates being a key area of collaboration for the two giants.
Advanced packaging is accelerating towards the "glass substrate era." Information shows that glass substrates are core products using glass as the primary material, mainly for display panel manufacturing and advanced packaging of high-end chips.
Facing thermal and packaging challenges from surging AI computing demands, traditional organic substrates are nearing their physical limits—warping under high temperatures constrains chip performance improvements. Glass substrates, with their excellent thermal stability, ultra-smooth surfaces (reportedly 5000 times smoother than organic materials), and ability to guide optical signals, are seen as key to breaking through these bottlenecks.
Institutions widely regard glass substrates as central to the next wave of technological change in advanced packaging, offering a broad market space and clear opportunities for domestic substitution.
From the perspective of Western Securities, the glass substrate industry represents a high-quality sector where the dual logics of "technological generational shift" in semiconductor materials and "supply chain autonomy and control" intersect. They recommend continuously monitoring the production line construction progress and customer validation results of leading companies.
Zheshang Securities also views glass substrates as a global industry trend, expecting mass production between 2026 and 2030, likely first implemented in high-end markets like AI and HPC. The Through Glass Via (TGV) technology for glass substrates is entering a critical phase, with focus on progress in advanced packaging (replacing interposers and organic substrates) and the optical module & CPO fields.
A recent report from Orient Securities points out that glass substrates have broad application prospects in multiple areas including AI accelerator and CPU packaging substrates, CPO, CoPoS technology, and Mini/Micro-LED packaging. Leading manufacturers are accelerating their layouts, and its penetration rate in the HDD field is also expected to increase continuously.
Multiple related stocks saw significant financing inflows this week. According to East Money concept sector data, over 30 A-share stocks are currently involved in the glass substrate concept, with a combined total market capitalization exceeding 1.4 trillion yuan. BOE A and Lens Technology each have market caps surpassing 200 billion yuan. Huagong Tech, JCET Group, and Tongfu Microelectronics also have market caps exceeding 100 billion yuan, with Tongfu Microelectronics nearing the 100-billion-yuan mark. Megmeet, Caihong Co., and DR Laser each have market caps above 40 billion yuan.
Since the beginning of the year, the glass substrate concept has shown strong performance, with over 90% of related stocks recording share price increases. The number of stocks that have doubled has increased to ten. DR Laser, WOLF Photoelectric, and DR Laser have each risen over 150%, while Tongfu Microelectronics and WALD have also seen their share prices nearly double.
In the first two trading days of this week, over 80% of concept stocks continued their upward trend. JCET Group achieved two consecutive limit-up sessions. Nine stocks, including Tongfu Microelectronics, Ledman, WOLF Photoelectric, BOE A, and DR Laser, all gained over 11% in two days.
Regarding capital flows, East Money Choice data shows that as many as 22 glass substrate concept stocks received net financing purchases this week. Among them, BOE A saw leveraged funds significantly increase their positions by 1.395 billion yuan. Lens Technology and Tongfu Microelectronics each attracted over 500 million yuan in net financing purchases. Huagong Tech and JCET Group received net financing inflows of 463 million and 360 million yuan, respectively. China Wafer Level CSP and Lante Optics also had net financing purchase amounts exceeding 100 million yuan.
BOE A recently stated in communications with institutions that regarding its glass core packaging substrate business, the company invested 993 million yuan in 2024 to build a pilot line. It has currently provided samples to some domestic clients, some of whom have passed concept certification and entered the technical testing phase.
However, BOE A also cautioned that, as of now, the company has not achieved mass production, and this business has not yet generated revenue from mass production.
Lens Technology revealed in response to investor inquiries that it is collaborating with a leading global HDD manufacturer on the development of glass substrates for high-density storage hard drives, with 2026 being a critical stage for validation and small-scale trial production.
China Wafer Level CSP previously stated on an interactive platform that, based on sensor demand and its own process expertise, the company possesses diverse glass processing technologies, including creating microstructures, optical structures, coating, through-holes, and blind holes. Furthermore, its self-developed glass substrates have years of mass production experience in packaging processes like Fanout.
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