GF Overseas initiated coverage on Zhen Ding, highlighting its potential in AI and advanced packaging. The firm believes Zhen Ding is well-positioned for NVIDIA's CoWoP technology, which may launch earlier than anticipated, potentially with the Rubin platform. Zhen Ding's CoWoP solution is reportedly undergoing chip-level testing at OSATs. The report also projects Zhen Ding's gains in the AI server market due to upcoming product launches with NVIDIA and AWS, potential Google cooperation, and significant capital expenditure plans. Additionally, it notes a continuing IC substrate upgrade cycle, with strong demand for ABF substrates from AI, particularly from AMD, and recovering BT substrate utilization and prices due to Low-CTE shortages.