Nomura Securities has reported a record high in Japan's packaging substrate shipments for May, with a 36% year-on-year increase to 27.8 billion yen, according to data from Japan's Ministry of Economy, Trade and Industry. The shipment area rose by 10%, and the average price increased by 23% to 1.356 million yen per square meter. The report highlights the anticipated demand for NVIDIA Rubin packaging this summer and notes potential structural changes in Rubin Ultra. The report also discusses advancements in HBM4 technology, with Intel's EMIB-T technology expected to be ready for mass production in 2026, offering significant improvements in power supply voltage drop. TSMC continues to lead in power delivery and heat dissipation through its 3DFabric Alliance. Nomura emphasizes that future gains in the packaging substrate industry will depend on aligning with customer technology roadmaps, focusing on power delivery, heat dissipation, CPO, and 3D hybrid bonding.