Glass is the front-runner for AI chip packaging substrates, but its smooth surface won't hold wiring. Nikon's new PAP material uses light to solve it. A look at the hidden Japanese chokepoints in the chip-substrate supply chain.
Nikon posted a record net loss of 86 billion yen (about $548 million) for fiscal year 2026, dragged down by a 90.6 billion yen writedown on its German SLM Solutions metal 3D printer acquisition. As Canon attacks the lithography market and TSMC Kumamoto ramps up 3nm production, Japan's optics giant is somehow missing its country's semiconductor boom. We unpack the ASML technology gap, failed diversification bets, and the Essilor Luxottica wildcard.