Daiwa expects prices for copper-clad laminate (CCL), the base material for AI server boards, to rise again in Q4 2026, with increases of about 10% for high-end grades and 20% for low-end grades. Those hikes would follow increases of roughly 100% for low-end CCL and 40% to 50% for high-end grades in 2026, the broker estimates. September revenue at Elite Material (2383 TT), Taiwan Union Technology (6274 TT) and ITEQ (6213 TT) came in 5% to 15% above expectations. Elite Material’s revenue rose 169% year over year to NT$21.5 billion. Management attributed about half of the month-on-month increase to higher prices and the rest to product mix. It did not rule out another price increase in Q4. Daiwa also says concerns that PTFE and co-packaged optics (CPO) could hurt high-end CCL demand are overdone. PTFE is still undergoing qualification and is used in only a few layers of some high-end boards. Elite Material expects CPO adoption around 2030 and says CPO switch boards would still use at least M6-grade CCL, even in a worst-case scenario.