Substrates have no slack: 2026 is fully booked, and total lead times run 12 to 14 months across all six suppliers. Larger body sizes (up to 9,000–14,000 mm²) and higher layer counts (up to 20–24L) consume more line time per unit as each new ASIC/GPU platform generation evolves. Under the bottleneck shift, we reiterate our bullish view on ABF substrates supply chain for stronger pricing power and the continued efforts to secure upstream materials. As the lead time now exceeds 12 months, customers increasingly seeking capacity commitments stretching beyond 2029. Crucially, some of the second-tier suppliers have begun auctioning off their available capacity via competitive bidding, a clear indicator of a highly favorable spot-pricing environment and expanding margin outlook for substrate makers. (1/2)🧵