How much does Ibiden depend on Nvidia?

Ibiden makes package substrates that affect semiconductor performance, and it holds nearly 100% share for Nvidia's GPUs. Its shares rose tenfold over the past year and a half.

What did Ibiden's president say about the AI market?

Koji Kawashima said he is "very worried" about depending on the AI market, and that while people debate when the market will slow, "it will definitely come." He said the company should put its effort into launching its next business.

AI Stocks & MarketsTop Companies' AI MovesAI Business & IndustryTop Companies AISep 17, 2026Sep 18, 2026, 06:30 JST

イビデン warns of AI dependence as shares jump 10x

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3 Key Points

What happened
Ibiden, whose shares rose tenfold in a year and a half and which holds nearly 100% share of Nvidia GPU package substrates, said its reliance on AI is "very worrying." President Koji Kawashima said the slowdown "will definitely come."
Why it matters
Even a supplier sitting at the center of the AI boom sees the cycle as temporary, and Kawashima said the company should spend its effort launching its next business so it is ready.
What to watch
Whether Ibiden's next business actually arrives before the AI market slows, since the company itself says a deceleration is inevitable. Watch how much of its revenue still comes from Nvidia GPU-related substrates.

WHO IT HITSThis lands hardest on investors and procurement teams at companies whose earnings ride on a single AI customer, and on executives at AI-exposed manufacturers deciding when to fund a second business line.

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FAQ

How much does Ibiden depend on Nvidia?: Ibiden makes package substrates that affect semiconductor performance, and it holds nearly 100% share for Nvidia's GPUs. Its shares rose tenfold over the past year and a half.
What did Ibiden's president say about the AI market?: Koji Kawashima said he is "very worried" about depending on the AI market, and that while people debate when the market will slow, "it will definitely come." He said the company should put its effort into launching its next business.

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