[Morgan Stanley: High-End Glass Fabric Shortfall at 40%, Material Strength Underestimated] According to Deep Tide TechFlow, citing research from Tide Research, Morgan Stanley's September 13, 2026, report indicates that the supply gap for high-end glass fabric will be approximately 40% in 2026, deepen in 2027, and ease to about 30% by 2028. The shortage of HVLP4+ copper foil is projected to be around 31% in 2027 and about 20% in 2028. AI-driven demand for optical fiber in data centers is expected to grow at a compound annual growth rate of over 20% from 2025 to 2030, with optical fiber prices reaching a seven-year high. The global CCL market is forecasted to grow from approximately $19 billion in 2025 to about $47 billion in 2030. Morgan Stanley believes that the AI materials sector has risen 91% over the past 12 months, with a pullback of about 36% from its peak. The price-to-earnings ratio for 2026 is approximately 26x, compared to about 35x for PCB/CCL peers, suggesting room for the valuation gap to narrow. The market has underestimated the material strength improvements required for each generation of AI systems, with material demand growth expected to outpace AI system shipment growth. Supply constraints for high-end glass fabric, HVLP4+ copper foil, and optical fiber are unlikely to ease in the short term.