PCB: Content Upside & PTFE Adoption Following our very early PTFE note on June 2, we provide update: • Nvidia Rubin platform a major catalyst for PCB content expansion
GB300 → ~US$440/GPU
VR200 → ~US$750/GPU
VR300 → US$1,000–1,500/GPU • Drivers: higher-end CCL materials, rising layer counts, and potential PTFE adoption into Rubin Ultra • VR200 upgrades
Compute tray: M8 + M6 CCL
Switch tray + new 44L midplane: M8.5 (Low-DK2/HVLP4)
→ Content rises to ~US$750 per GPU • VR300 further upside: M8.5 + M6 hybrid compute + M9 (Q-glass) switch/midplane → ~US$1,000/GPU
Oberon NVL576: hybrid PTFE switch boards (16+16L) under evaluation
If PTFE adopted → content could exceed US$1,500 per GPU • Stock preference
PCB: ZDT (4958 TT Buy) – new position in VR200 compute tray
PTFE CCL: Leading Chinese player primary; Taiflex (8039 TT) as potential second source #PCB# #PTFE# #EMC# #TAIFLEX# #CCL#

The PCB/Substrate capacity build is happening fast. Over the past week, Zhen Ding ($4958.TW) has announced a combined USD $110m in equipment orders from TAKEWIN INTERNATIONAL(HK)LIMITED, AMPOC FAR-EAST CO. and $KLAC.

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Printed circuit board makers (PCBs) are whispering a fresh round of price hikes in the 2nd half 2026 to cope with continued materials price increases, media report, such as for CCL (copper-clad laminates), and prepreg. First half price hikes ranged from 5%-30%. The AI wave has caused prices to surge as companies scramble to build new plants to meet demand. CCL prices rose 20%-30% in the 1st half, and will continue up in the 2nd. PCB maker Chin-Poon Industrial said 1st half price hikes helped it pass 70%-80% of cost increases on to clients. #servers# #PCB# #CCL#

Abstract of PCB Sector & Initiation & Updates 🔥 Initiating & Transferring PCB Coverage: •Initiating CO-TECH. (8358 TT / Buy / TP: NT$480): Share px -54% since June, Margin ramp-up in 4Q26, expansion of HVLP3/4, and px hikes. •Raise TP: EMC (2383 TT / Buy / TP: NT$6,538): Google share gains, product mix upgrading toward M7+/M8+. •Raise TP: Kingboard Laminates (1888 HK / Buy / TP: HK$60.8): E-glass and FR-4 price hike cycle, expansion of high-end copper foil capacity. •Raise TP: Zhen Ding Technology (4958 TT / Buy / TP: NT$729): Market share gains in VR200, leveraging MSAP, ABF supercycle. ☀️ AI Server PCBs: •Nvidia Vera Rubin: PCB content per GPU $750 (vs. $400 for GB200). •Google TPU v8t/v8i: PCB content $800–$1,000 (vs. ~$700 for v7). •TAM Expansion: AI server PCB TAM projected at $13B in 2026 and $29B in 2027. •Zhen Ding benefits from Nvidia platform gains + mSAP dominance in optical modules/CPO. •mSAP Shortage: 2027 capacity constraints due to 800G optical switch and yield limits ☀️ CCL Dynamics: FR-4 Prices doubled to ~RMB 300 since mid-2025; upcycle extends through end-2027/2028. ☀️ Upstream Supply Shortage: •E-Glass Gap: ~15% shortage; requires 3,000 new machines, but Toyota's annual output is only 2,000 units (fully booked till 2028). •HVLP4 Foil: Year-end 2026 capacity at ~1,200 tons/month with a 400+ ton shortage. #PCB# #ZDT# #NVDA# #msap# #ABF# #EMC#

Just sent the PCB off to be printed! I used Fable 5 (extra) to do the electrical engineering when it was still around... and then gpt5.5 (extra high) to do a few component swaps and placement changes.

OPTICAL TRANSCEIVER PCBs: MS highlighting ZDT $4958 TT as beneficiary of team's recent upward revision of optical transceiver TAM. Will gain share due to technical ability & capacity to make the denser, more complex mSAP PCBs needed for 800G/1.6T transceivers, which command 2-4x the ASP of 400G. Worried about CPO pushout? Pluggable demand will remain strong.