Deutsche Bank ups AT&S to 'buy' as chip substrate shortage boosts prices

AT & S Austria Technologie & Systemtechnik AG

02/02/2026 12:01

** Deutsche Bank upgrades Austria Technologie & Systemtechnik (AT&S) ATSV.VI to "buy" from "hold", as an acute shortage of substrates used in microchips translates to higher selling prices for the circuit board manufacturer

** The rise of demand for agentic AI and central processing units has increased the prices of integrated circuit substrates, DB says

** The broker adds AT&S has left behind periods of excess capacity and balance sheet stress, and is well positioned in a market shaped by rising demand from customers like Intel INTC.O

** It also notes the company can now make use of its shell facility in Kulim, Malaysia, which long sat idle

** Shares of AT&S are up 7.6% at 1145 GMT and could see their biggest one-day rise since November if the gains hold

(Reporting by Simon Ferdinand Eibach)

((Simonferdinand.eibach@thomsonreuters.com))