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#