Where the constraints sit.

Memory wafers DRAM/HBM/NAND

Limits: AI data centers, On-device AI (phones, glasses, foldables)

On the map: Commodity DRAM · HBM 2027 pricing (HBM4) · NAND / HBF

PCB, glass cloth, HVLP foil, CCL, ABF

Limits: AI data centers

On the map: ABF/BT substrates · ABF film · High-end CCL · HVLP copper foil · Low-Dk resin · PCB micro-drills · T-glass

MLCC

Limits: AI data centers, On-device AI (phones, glasses, foldables)

On the map: MLCC · MLCC raw materials (dielectric)

InP lasers, transceivers, CPO

Limits: AI data centers

LITE +422%FORM +158%6834.T +215%

On the map: CW lasers / EML · InP substrates · Optical transceivers

Transformers, switchgear, HV cable

Limits: Power for data centers + grid

298040.KS +12%POWL +47%6508.T +55%

HV cable accessories + hollow composite insulators

Limits: Power for data centers + grid

PFSE.DE —603530.SS -8%

Next check: 2026-11-18 — PFISTERER Q3 key figures

On the map: HV cable accessories

Turbine rotor + reactor vessel forgings, SX blade casting, ceramic cores

Limits: Power for data centers + grid, Defense: missiles, drones, munitions

5631.T -38%034020.KS -22%HWM +6%MGAM.L +34%

Next check: 2026-11-10 — JSW first-half FY2026 results

On the map: Rotor & vessel forgings

Gas engines, gensets, HRSG, aeroderivatives, turbochargers

Limits: Power for data centers + grid

WRT1V.HE +16%INIO —083650.KQ -6%FTAI -5%ACLN.SW +12%CMI +32%

Next check: 2026-10-27 — Wärtsilä interim report January-September 2026

On the map: HRSG · Medium-speed gas engines

HV IGBT press-pack, SiC 3.3kV, DC-link film caps

Limits: AI data centers, Power for data centers + grid

6503.T +26%3898.HK -37%MCHP +17%WOLF -18%IFX.DE +52%

On the map: Power discretes

Cold plates, quick disconnects

Limits: AI data centers

PH +28%DOV +17%

On the map: Cold plates / quick disconnects

Glasses waveguides

Limits: On-device AI (phones, glasses, foldables)

002273.SZ -11%

Foldable hinges

Limits: On-device AI (phones, glasses, foldables)

300328.SZ -23%

Roller screws, grinders, bearings, micro-motors

Limits: Humanoid robots

000837.SZ -29%603662.SS -28%603728.SS -22%6481.T +34%

Nitrocellulose, RDX/HMX, TNT, SRM sub-tier (nozzles, igniters, HTPB)

Limits: Defense: missiles, drones, munitions, Space: LEO constellations, launch

CHG.L -3%RHM.DE -42%LHX -14%

Cooled IR focal plane arrays for seekers

Limits: Defense: missiles, drones, munitions

DRS -15%TDY +10%

Non-SpaceX launch

Limits: Space: LEO constellations, launch

RKLB -18%

Optical inter-satellite link terminals

Limits: Space: LEO constellations, launch, Defense: missiles, drones, munitions

RKLB -18%CACI +17%AIR.PA -2%

III-V space solar cells

Limits: Space: LEO constellations, launch

VNP.TO +58%RKLB -18%

Next check: 2026-11-27 — China's suspension of its Ga/Ge/Sb US export ban expires (MOFCOM Announcement No. 72 of 2025)

On the map: Gallium / germanium / indium

Hybrid bonding (logic/SoIC, CPO; HBM later)

Limits: AI data centers

BESI.AS +13%

Next check: 2026-10-22 — Besi Q3 2026 results

On the map: Hybrid bonding

Glass-core substrates

Limits: AI data centers

LPK.DE +67%

On the map: Glass-core substrate

CPO scale-up

Limits: AI data centers

800V racks + SST (incl. MFT magnetics)

Limits: AI data centers, Power for data centers + grid

688190.SS -40%

On the map: 800V HVDC shelves

Backside power / GAA A16

Limits: AI data centers

High-NA EUV inputs (pellicles, blanks, actinic)

Limits: AI data centers

6920.T +75%7741.T +15%

SF6-free HV switchgear

Limits: Power for data centers + grid

Dy/Tb/Y/Sm, magnets

Limits: Defense: missiles, drones, munitions, Humanoid robots, Power for data centers + grid, AI data centers

MP -47%LYC.AX -40%NEO.TO +40%

Next check: 2026-11-10 — China's rare-earth export-control pause expires

On the map: Ex-China magnets · Heavy rare earths / yttria

Germanium, gallium

Limits: Space: LEO constellations, launch, Defense: missiles, drones, munitions, AI data centers

UMI.BR +14%VNP.TO +58%

Next check: 2026-11-27 — China's suspension of its Ga/Ge/Sb US export ban expires (MOFCOM Announcement No. 72 of 2025)

On the map: Gallium / germanium / indium

Hafnium, zirconium

Limits: AI data centers, Power for data centers + grid

ATI +114%

Tungsten

Limits: Defense: missiles, drones, munitions

ALM +11%

Antimony

Limits: Defense: missiles, drones, munitions

UAMY -73%PPTA -21%

Ammonium perchlorate

Limits: Defense: missiles, drones, munitions, Space: LEO constellations, launch

NEU +19%