Interconnect substrate and method of making the same

An interconnect substrate comprising:

• a core layer;
• a first interconnect layer formed on a first surface of the core layer;
• a second interconnect layer formed on a second surface of the core layer;
• a cavity extending through the core layer;
• an electronic component disposed in the cavity;
• a first insulating layer covering the electronic component in the cavity, extending from the cavity to the first surface of the core layer, and covering side surfaces, without covering an upper surface, of the first interconnect layer;
• and
• a second insulating layer covering the upper surface of the first interconnect layer and an upper surface of the first insulating layer,
• wherein the first insulating layer has a recess located over the cavity and recessed relative to the upper surface of the first insulating layer toward the electronic component,
• wherein a deepest part of the recess is located between a plane including the first surface of the core layer and a plane including the upper surface of the first interconnect layer, and
• wherein the second insulating layer fills the recess.