Ajinomoto is a century-old Japanese seasoning giant best known for producing monosodium glutamate (MSG). It also makes Ajinomoto Build-up Film (ABF), an insulation material for AI processors, originally derived from MSG by-products. The firm controls more than 95% of the ABF market. Ajinomoto began work on ABF in the 1970s; the material was first adopted by a major chipmaker in 1999. Booming AI-chip demand has lifted Ajinomoto's share price far above the Nikkei.
Gordon's first law: If a research project is not worth doing, it is not worth doing well.