FundaAI. Also writes about the AI value chain at Collyer Bridge.
Singapore
Joined July 2024
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Fulltech Fiber in Taiwan ($1815.two) has almost doubled since TSMC presented this slide on 11 August.
Glass fiber cloth is a massive supply chain bottleneck - needed for GPUs, ASICs, 800G/1.6T switches.
Nittobo have 90% share in T-glass & 70% in NER-glass. But they don't have enough capacity until mid-2027 to meet the demand.
So demand is going to alternative suppliers.
Most interesting alternatives to Nittobo imo:
1. Taiwan Glass Industry (1802.TW)
- one of the strongest near-term AI plays imo.
- low-CTE (T-glass equivalent) capacity expansion is on track (mass production ramped in Q1 2026) w/ $NVDA / $AMD certification.
2. Fulltech Fiber Glass (1815.TW):
- shifting capacity aggressively toward higher margin T-glass.
- advancing Thailand plant for diversification.
- they benefit from Nittobo's shortage; increase pricing + volume in CCL/substrate supply chains.
3. Nan Ya Plastics (1303.TW):
- quite an attractive integrated play via their Nittobo partnership.
- 2025 results showed strong AI-driven growth in glass fabrics, IC substrates + CCL (with pricing expansion)
- momentum continues this yr too w/ vertical integration providing direct leverage to server/substrate demand.
4. Nippon Electric Glass (5214.T):
- developing low-CTE fibers w/ client proposals targeted for 2026.
5. Unitika (3103.T):
- IP on producting world’s thinnest glass fabrics
- “Entry into AI semiconductor package substrate market, with mass-production technologies to be established in FY 2025 and full-scale sales from FY 2026.” (Unitika Report 2025).
- $QCOM visited Unitika to explore production ramps to diversify away from Nittobo.
To me, Unitika seemed most compelling even though they're not pure-play (I have a position):
- asymmetric upside if $QCOM or other hyperscalers commit to multi-year agreements.
- and since they're so small, it leaves room for expansion beyond 2027 as Nittobo's supply come back online.
Fascinating leaderboard of the X accounts w the most traffic:
1. OAI resets and releases
2. Soccer news
3. Elon
4. Daily tweets of events 25 years ago
5. Japanese Twitter
6. Hollywood and celebs
Nostalgia ranks very high!
The most popular account pages on X by traffic share (September 2026):
1. @thsottiaux
2. @FabrizioRomano
3. @elonmusk
4. @25YearsAgoLive
5. @ngnchiikawa
6. @DiscussingFilm
7. @HYPEX
8. @whyyoutouzhele
9. @ActuFoot_
10. @Osint613
11. @MadridXtra
12. @WARDOGS
13. @yagosabuncuoglu
14. @TouchlineX
15. @LegendDeols
Unfortunate timing with the Telkom Indonesia $TLK pitch on Friday, with MSCI warning they could exclude Indonesia from its indexes shortly after, sending the stock down another 13%.
Maybe @MikeFritzell has a view on Indonesia?
reuters.com/world/asia-pacif…
Physical AI piece from @FundaAI has been very popular.
Recommended reading for the weekend:
1. @FundaAI — Physical AI: From the Robot-Data Race to a Second Demand Curve for Compute
2. @Citadel — October Update: Fundamentals in Focus
3. @satyanadella — Models as Insider Risks in the Super Intelligence Era
4. @KobeissiLetter — The "Stealth" Bear Market: A Historic Opportunity
5. @arthurmensch — Build or surrender
6. @Cayden_Liao — The Biggest Hack in Crypto History That Never Happened
Have a great weekend!
The first part of my Sohn report is now live:
collyerbridge.com/p/sohn-tok…
Illiquid retweeted
👀 @FundaAI on Anthropic disclosures:
fundaai.substack.com/p/colum…
👀 All-in-one summary of Weds Anthropic investor disclosures
via @azeem / @ExponentialView
open.substack.com/pub/aiinve…
The Sohn investment pitches start shortly. I'll post some updates live in the Substack chat.
open.substack.com/chat/posts…
On opportunities in Asia:
"Japan has revived through corporate governance reforms and rate volatility, benefiting macro and equity market-neutral strategies. China systematic strategies offer strong uncorrelated alpha alongside varied fundamental styles, and India has improved through regulatory and tax openness.
Influx of global talent have further enhanced regional liquidity. Where you're seeing a lot of growth in liquidity because those people are coming in and participating in the market, and the markets are getting bigger. All the platforms have a lot of people on the ground who are investing."
"Japan is not attractive just because it is cheap. It is attractive because of other changes - corporate governance, succession planning...
Don't confuse appearance changes with change in substance. More outside directors or buybacks don't mean better governance, the real test is whether the companies make better decisions".
Funda is read by the fewest people on this list but has a decent amount of attention. 🤔
@FundaAI is closing in on @citrini on the MarketStack Index after James Bulltard pulled ahead of them earlier this week.
At this rate, the top 3 MarketStack Index authors, all with 17k subscribers each, will have a combined distribution 19x smaller than the top 3 Bestsellers (Citrini/Burry/Doomberg) who together have almost 1 million subscribers.
