Zhen Ding Technology, the world's largest printed circuit board maker, posted its highest monthly revenue for 2026 in July, extending a run of record sales across its server, optical module and IC substrate businesses.
The company's AI-related product lines have been the primary growth engine. Server and optical communication revenue surged more than 230 percent year over year in April, marking a monthly record for those segments. Growth continued into May, with server and optical module shipments rising nearly 2.5 times compared to the prior year. IC substrate sales climbed almost 80 percent year over year in the same month.
Chairman Charles Shen said customer demand spans AI servers and advanced optical communications, adding that AI products now account for nearly 70 percent of total revenue.
To support that expansion, Zhen Ding plans to spend NT$100 billion on capital expenditures over 2027 and 2028. The investment targets additional production capacity and upgraded manufacturing capabilities in printed circuit boards, optical modules and IC substrates—components that sit at the core of AI data center builds.
AI now represents 70 percent of revenue for a company that started as a smartphone PCB supplier. That concentration is both the bull case and the risk: Zhen Ding's margins and order book are now directly tied to hyperscaler capital spending cycles, which can decelerate quickly when cloud budgets tighten.
