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The hidden hand

The MSG maker that powers AI chips

Ajinomoto's semiconductor substrate business—born from food fermentation waste—now controls the foundational layer of every advanced AI accelerator.

The number

50% global market share

The world's largest MSG producer discovered that amino acid fermentation byproducts could be refined into ABF dielectric film, the critical substrate layer underneath CoWoS-packaged AI chips. Today Ajinomoto commands over half the $2B+ ABF market and plans a 50% capacity expansion by 2030 to feed AI demand.

Source: Dual Engines of Technology and Capacity: Ajinomoto's Strategic Ascent · TSP Semiconductor Substack · Feb 28, 2025

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