Carte de la ruée vers l'or sur le marché boursier taïwanais 2026 : des crises énergétiques liées à l'IA aux nouvelles opportunités d'investissement dans l'explosion des pièces automobiles

Taiwan’s technology supply chain this year faces a “capacity war.” From GPU chips to cooling modules, from PCB materials to power systems, the entire ecosystem is competing for capacity, talent, and electricity. This predicament has created the profit opportunities most loved by investors — when the entire industry is out of stock, companies controlling key components can rewrite their valuations.

Under the impact of the AI super cycle, the list of top stocks has undergone a major reshuffle

As of mid-December, the landscape of Taiwan’s top stocks has taken shape with 28 companies reaching new highs. Unlike the past dominance of IC design, this year’s expansion has spread across the entire supply chain, including cooling, PCB, power, and testing interfaces.

Individual stock performance confirms this trend: the stock king, 信驊, became a foundational component for AI data centers with BMC chips, with an annual increase of over 100%, and the stock price once touched 7,300 NT dollars. The cooling sector has become the biggest winner, with 奇鋐 and 健策 both entering the top-tier club, each with annual gains exceeding 100%. 台光電, on the material side, due to tight supply of high-end CCL and glass fiber cloth, saw its stock price surge by 159%, earning it the title of the year’s dark horse.

周邊供應商 like 川湖, 穎崴, 旺矽 also saw astonishing gains, all exceeding 140%. Even the traditionally stable giant, 台達電, temporarily approached the top tier due to the surge in power demand from AI data centers.

Material shortages become the norm, supply chain reshaping profit margins

The upgrade of AI server specifications directly triggers upstream material crises. High-end glass fiber cloth and low-loss copper foil substrates are in tight supply, with prices continuously rising. Foreign research reports predict that NVIDIA’s next-generation platform will adopt higher-specification materials, an irreversible development trend.

This wave of shortages presents a good opportunity for Taiwanese manufacturers to improve gross margins. Besides 台光電, companies like 聯茂 and 台燿 also benefit from rising material prices. Downstream PCB and substrate manufacturers such as 臻鼎 and 欣興 maintain full capacity, with strong demand for ABF substrates, laying the groundwork for operational growth in 2026.

ETF listing frenzy reveals the decision logic of major players

Market funds are not only chasing individual stocks but also rapidly flowing into thematic ETFs. The recently listed 復華未來50（00991A） raised over 10 billion NT dollars. Although it faced a debut below its issue price, its trading volume exceeded 230,000 units, becoming the ETF with the highest trading volume, indicating high market attention.

Its top ten constituent stocks are quite revealing: 台積電, 鴻海, 奇鋐, 緯穎, 台光電, 台達電 almost all included. The investment logic of this active ETF is based on institutional investors’ thesis — 35-45% in semiconductors, 35-45% in AI data center components, 5-15% in AI servers and networking, plus allocations in financial and traditional industries.

Fund manager 呂宏宇’s view hits the core: AI remains Taiwan’s strongest growth engine, with corporate profits expected to grow by 20% by 2026. A moderate environment of interest rate cuts supports this, and a bullish market outlook is anticipated to continue.

Overlooked next opportunity: the intersection of automotive components and AI ecosystem

As AI server power consumption and cooling needs continue to rise, this pressure has begun to penetrate the automotive industry. The demand for cooling, power management, and high-end PCB in electric vehicles and autonomous driving systems is doubling. Among automotive component concept stocks, those controlling cooling, power, and materials are quietly benefiting from the dual demands of AI and electric vehicles.

Next wave of technological revolution: VR platforms, silicon photonics, liquid cooling penetration

Looking ahead to 2026, NVIDIA’s new Vera Rubin platform will trigger a new upgrade wave, with comprehensive improvements in cooling, power consumption, and interconnect bandwidth. ODM giants like 廣達, 緯穎, and 鴻海 have already been locked in as core partners, and related power, cooling, and PCB supply chains will benefit again.

On the technological front, silicon photonics and CPO (co-packaged optics) are key solutions to break through high-speed transmission bottlenecks. Taiwan has established strategic ecosystems in epitaxy, optical components, and packaging, with companies like 聯亞 and 穩懋 showing promising prospects.

Most notably, the liquid cooling revolution. As GPU power consumption surpasses 1 kilowatt, the penetration rate of liquid cooling will rapidly explode from the current below 10% to over 60% in the coming years. 奇鋐, 雙鴻, 健策 have already secured leading positions.

Investment considerations: shortages remain king, valuation needs observation

Taiwan stocks tend to fluctuate and face valuation concerns after significant gains. However, from an industry fundamentals perspective, AI-related capacity shortages are unlikely to be fundamentally alleviated before 2026, especially in advanced packaging, high-end materials, cooling, and power systems. Companies controlling these key segments will continue to tell stories of profit improvement that are far from over.