CASCI Composite Shows AI Chip Strength as Mid-Stream Output Slows
The Culpium AI Supply Chain Index (CASCI) climbed to a new record, powered by continued momentum among semiconductor & component makers. The rest of the sector slowed.
CASCI Composite April 2026 Highlights:
137.8 points, a new record.
+2.1pts, accelerating from +0.2pts in March
Upstream growth is rising, Mid-stream, Capacity both slowed significantly.
Upstream:
Upstream suppliers in semiconductors, materials, and passive components once again saw a large increase in growth, an indication of strong momentum for the primary parts used in AI servers.
This tier still lags the growth levels seen in mid- and downstream, but points to more product being pushed down the channel and into the supply chain.
Mid-Stream:
Companies in the middle of the supply chain weakened the most since October.
While they’re still showing growth, module makers, mechanical suppliers for racks, drawers, and fittings, as well as cooling systems manufacturers are collectively showing their weakest levels of expansion since April 2025.
Downstream:
Companies focused on system integration and final assembly of AI servers saw their growth rates unchanged in April, the mildest pace in many months.
Coupled with slowing supply from mid-stream, we can see early signs of a possible pause in AI-server growth.
Capacity:
The business of supplying equipment and constructing facilities remains strong, but is weakening significantly.
It’s important to remember that this tier of the supply chain reflects long-term trends, with monthly swings often unstable as it reflects completion of phases rather than specific changes in contracts or sales. That said, it’s worth watching capacity suppliers over a period of months to assess whether manufacturers are adjusting their expansion plans.
CASCI is a weighted index tracking revenue of Taiwanese companies in the AI compute supply chain. Taiwanese companies make up the majority of upstream, mid-stream, and downstream of AI server manufacturing.
Notes for Editors & Analysts:
CASCI is published monthly by Culpium as a service to readers.
Media and analysts are welcome to cite CASCI or the Culpium AI Supply Chain index, with attribution and link. For example, “AI server manufacturing remains strong, according to the latest CASCI report from Culpium.”
Data graphics may be reproduced with credit.
Entire contents of Culpium or CASCI reports may not be reproduced unless a publishing fee is paid.