South Korean PCB chemicals specialist YMT (KOSDAQ:251370) is gaining strong market attention after its ENEPIG gold plating chemicals were approved by both Victory Giant Technology (VGT) and NVIDIA, marking the first adoption of the process in AI server high-density interconnect (HDI) PCBs. The milestone has fueled investor optimism, sending YMT's shares up more than 6% on September 19.

According to Eugene Investment & Securities, YMT began supplying ENEPIG to VGT in the second quarter of 2025 through its China subsidiary. VGT is a major supplier of HDI boards used in NVIDIA's Blackwell rack server compute trays, meaning YMT's materials have effectively entered NVIDIA's AI server supply chain. Analysts emphasized that YMT achieved this breakthrough ahead of Japan's Uyemura, which has long held an oligopolistic position in gold plating chemicals, giving the Korean firm a crucial competitive reference.

While revenue from the VGT deal was modest at around KRW 500 million (US$360,000) per month, the brokerage stressed its strategic importance. ENEPIG (electroless nickel/electroless palladium/immersion gold) adds a palladium layer to reduce black pad defects, improve reliability, and minimize signal loss—capabilities increasingly vital for AI server HDI boards with fine line widths below 30 micrometers.

YMT, founded in 1999, has dedicated over 20 years exclusively to PCB chemicals, focusing on gold and copper plating solutions. Operating in a market dominated by Atotech (Germany), Uyemura and JCU (Japan), and DuPont (U.S.), YMT built its growth by targeting niche opportunities. Traditionally concentrated in flexible PCBs (FPCB) and packaging substrates, the company has recently expanded into HDI and other advanced PCB fields, securing its first ENEPIG reference ahead of Japanese rivals.

Financial performance has also improved. After recording an operating loss in 2023 due to weak IT demand and heavy investment in its copper foil product line "Nanotus," YMT returned to profitability in 2024 with sales of KRW 137.6 billion and operating profit of KRW 3.6 billion. In Q2 2025, revenue surged 336% year-on-year to KRW 35.1 billion, while operating margin climbed to 11.5%, reflecting better cost efficiency and stronger overseas sales.

Beyond ENEPIG, YMT is strengthening its role in advanced substrates through its subsidiary YPT, which provides electroless and electrolytic copper plating processes for glass substrates—an area closely tied to next-generation AI server demand. The company is also preparing to expand into FC-BGA and multilayer board (MLB) applications, further positioning itself as a beneficiary of rising AI semiconductor investment.

"YMT has long grown through niche positioning in PCB chemicals," said an industry insider. "Now, with ENEPIG adoption in NVIDIA's supply chain and expansion into advanced substrates, the company's growth potential and corporate value are being redefined."