While shortages of memory chips and AI accelerators have long been a common topic for industry discussions, the problem of printed circuit board (PCB) scarcity remains in the shadows, even though it is becoming one of the key bottlenecks in the entire electronics supply chain. According to Nikkei Asian Review, PCBs — a basic component of almost any electronic device — have become scarce for both the server segment and consumer electronics. A representative of one American PC manufacturer confirmed that boards have become one of the main constraints when planning product shipments for the next year, and this is happening even against the backdrop of an expected decline in overall computer production volumes. In parallel, chip substrates have also faced shortages, as both types of products are in high demand in the server segment, where buyers are willing to pay significantly above market prices amid the AI-driven frenzy.
Capacity reallocation: servers vs. consumer electronics
The mechanism of the PCB shortage largely replicates the scenario already observed in the memory chip market. The AI boom is pushing suppliers to shift primary production capacity to serve the server segment, where margins are higher and order volumes are guaranteed by major tech companies. As a result, the consumer electronics and laptop market is being served on a residual basis. One Taiwanese PC manufacturer told Nikkei that difficulties in sourcing PCBs are already being felt when forming orders for the period up to the end of 2027. Major customers are actively securing available capacity: Nvidia announced last week an agreement with Japan's Ibiden, South Korea's Samsung Electro-Mechanics, and Taiwan's Unimicron to increase chip substrate production volumes by 2.5 times over the next three years. Broadcom and Toppan have established a joint venture in Singapore to secure advanced substrate options. According to Nikkei, AMD CEO Lisa Su personally visited chip and PCB suppliers several times during 2026 to negotiate additional supply volumes.
Technological barrier: AI systems require different characteristics
Simply increasing the output of old types of boards is not enough: the AI boom has created a need for fundamentally more complex products. Printed circuit boards for AI systems must have an increased number of layers, higher density of interconnects, and also meet stricter requirements for reliability and heat dissipation. Producing such items requires coordination among all suppliers in the production chain, which further slows down scaling. Manufacturers face shortages not only of raw materials and components but also of qualified personnel: salaries for specialists in PCB production have risen by 20–30%, and for certain positions related to the server segment, almost doubled.
Equipment and raw materials: delivery times reached 30 months
A critical factor limiting capacity expansion has been the shortage of production equipment. According to Unimicron representatives, up to 20% of the equipment needed for PCB production now takes twice as long to deliver as before, and some types of machines are being delivered with lead times of up to 30 months. Other manufacturers willing to expand their own capacities report a shortage of necessary materials. Fiberglass substrates also remain in short supply: Chinese suppliers, who were previously unknown outside their home market, have begun to enter this segment actively, and they are also switching to servicing the server segment, leaving consumer electronics without the necessary raw materials.
Prices and outlook: when might the situation improve?
The most illustrative indicator of market tension has been the price dynamics of composite substrates — a key material for PCB production. Since July 2026, the cost of this material has increased by at least 12 times. The largest supplier of composite substrates, Elite Materials, reported that its order book is full until 2030. The company is expanding capacities in Taiwan, China, and Malaysia; the Taiwanese site alone will triple output when it comes online in 2028. Some suppliers are already accepting new orders with delivery dates no earlier than late 2028. Industry analysts predict some improvement between 2027 and 2028, but manufacturers themselves emphasize that this is not guaranteed and depends on the pace of new production lines coming online and the stabilization of equipment supply chains.
