Analysis of Matching Between Tianyue Advanced's 12-inch Silicon Carbide Substrates and NVIDIA GPU Packaging Requirements

Based on the currently collected information, I will analyze the matching situation between Tianyue Advanced’s 12-inch silicon carbide substrate mass production progress and NVIDIA’s GPU packaging requirements.

Tianyue Advanced (stock code: 2631.HK/A-share 688234), as a global leader in silicon carbide substrate manufacturing, according to search results, the company’s current technical progress is as follows:

• 6-inch:
  Current mainstream technology, has achieved large-scale mass production
• 8-inch:
  According to Yahoo Finance reports, Tianyue Advanced is an industry leader capable of “mass delivering 8-inch wafers to the open market” [1]
• 12-inch:
  The company is actively laying out the larger size market

According to the prospectus disclosure, the company plans to use approximately , and about 20% for enhancing R&D capabilities [1]. This indicates that 12-inch technology is the company’s key development direction.

It should be noted that

. GPUs mainly use the following materials:

• Packaging Substrates:
  Mainly use ABF (Ajinomoto Build-up Film) substrates, BT resin substrates, etc.
• Chip Substrates:
  Traditionally use silicon-based materials
• Heat Dissipation Materials:
  Copper, aluminum and other metal materials

Silicon carbide (SiC) is mainly used in:

• Power Devices:
  Power electronic systems in new energy vehicles, photovoltaic energy storage and other fields
• RF Devices:
  High-frequency applications such as 5G communications and radar
• Optical Waveguides:
  Optical applications such as AI glasses

1. Different Demand Positioning:
   NVIDIA’s GPU packaging mainly requires advanced packaging substrate technology, not silicon carbide substrates. Silicon carbide is mainly used in power modules and RF devices, not GPU core computing chips.

2. Supply Chain Relationship:
   Although Tianyue Advanced is indeed a silicon carbide supplier to NVIDIA [1], this is likely unrelated to GPU packaging, but for power devices in NVIDIA’s data centers and server power systems.

3. Technology Stage:
   Tianyue Advanced’s 12-inch silicon carbide substrate is still in the R&D and capacity expansion stage, and has not yet achieved large-scale mass production. The company’s current focus is still on the large-scale delivery of 8-inch products.

If you are concerned about NVIDIA’s GPU packaging supply chain, you should focus on:

• Advanced packaging substrate suppliers: Such as Unimicron, Kinsus, etc.
• Packaging and testing enterprises: ASE, JCET, etc.
• Advanced packaging technologies: Enterprises related to processes like CoWoS, SoIC, etc.

Tianyue Advanced, as a leader in silicon carbide materials, its value is more reflected in emerging application fields such as new energy vehicles, photovoltaic energy storage, AI glasses, etc., rather than directly participating in the GPU packaging supply chain.

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[1] Yahoo Finance - “AI Glasses + NVIDIA Concept Stock: Silicon Carbide Substrate Leader Tianyue Advanced’s IPO” (https://hk.finance.yahoo.com/news/ai眼镜-英伟达概念股-碳化硅襯底龍頭-天岳先進招股-043311129.html)