Industry reality check on NVIDIA Rubin’s high-speed laminate allocation: Rumors around resin formulation tweaks and recipe adjustments miss the macro hardware picture: 1️⃣ EMC share expansion is inevitable: Superior lot-to-lot consistency and proven shop-floor yield stability are an open secret. As Rubin pushes signal margins to theoretical limits, the halo platform defaults to the lowest-risk substrate. EMC captures the initial volume spike. 2️⃣ Shengyi Technology will return: Formulation hiccups are par for the course on frontier nodes. Once adjustments clear shop-floor tuning, Shengyi’s scale cost economics bring them back into rotation. 3️⃣ The upstream constraint rule: Upstream bottlenecks—from specialized glass weaves to ultra-low profile foils—remain far tighter than downstream processing. In an era of structural material deficits, hyperscalers cannot afford to sideline an established volume pillar. Allocation shifts are cyclical; ecosystem dual-sourcing is permanent. ⚡️📊 #NVIDIA# #Rubin# #PCB# #CCL# #EMC# #Shengyi# #SupplyChain# #Hardware# #Semiconductors#

Field intelligence post-TPCA Show 2026 indicates that the traditional 'Taiwan Big 3' analytical framework fails to capture structural shifts across the high-speed CCL ecosystem: EMC: Dominance in tier-1 AI compute trays and hyperscaler custom ASICs remains unchallenged. Strategic positioning in orbital compute (reinforced by recent SemiAnalysis findings) establishes a durable geopolitical barrier against Chinese competitors, while extended 2–4 month lead times reflect structural tightness. Shengyi Technology: Underrepresented in Taiwanese equity research, yet mainland PCB tier-1 fabricators confirm constructive progress on PTFE processing. Shengyi remains the sole competitor operating at equivalent scale to EMC, positioned to capture dominant market share allocation for the flagship US GPU program. Nan Ya Plastics : Demonstrates the widest divergence between sell-side sentiment and commercial traction. Ascending qualification marks from key hyperscalers and PCB fabricators, coupled with aggressive high-speed development (M10.5–M11) and captive upstream raw material integration (high-end foil, E/LK/T glass fabrics, and strategic Nittobo collaboration), establish Nan Ya as the clear volume leader in M6–M7 applications entering 2027. Doosan: Maintains primary designated supplier status for optical transceiver modules, with supply anticipated to remain on strict quota allocation through 2027. While introducing M10-grade laminates following developmental resistance at M9, downstream qualification trajectory requires monitoring. ITEQ : Executes a disciplined tier-2 containment strategy. While trailing Nan Ya in captive material security, overarching market deficits ensure robust spillover allocation for high-speed materials alongside design-ins across LEO satellite networks and steady M6–M7 exposure. TUC : Promotional focus pivoted prominently toward LEO satellite sectors. Cross-verifications across upstream weavers and downstream PCB fabricators highlight ongoing scrutiny regarding material consistency and customer qualification for M9+ architectures, leaving commercial adoption of showcased M10–M11 laminates dependent on tangible customer commitment. Technical capability displays at trade exhibitions do not correlate directly with addressable volume orders. Sustainable commercial execution requires fabricator process compatibility and end-customer trust; deficits in either metric inevitably derail market consensus expectations." #PCB# #CCL# #EMC# #Shengyi# #NanYa# #ITEQ# #TPCA# #TUC# #Semiconductor# #Hardware# #SupplyChain#

Some quick thoughts on the AI supply chain: In the AI era, being a market leader in upstream CCL doesn't guarantee orders. Claiming superior tech doesn't either. The real winning formula = Tech + Lead times + Sales execution + Solid PCB maker feedback + Customer satisfaction. That’s how you actually win allocations. Right now, the vendor ticking all these boxes is Shengyi Technology . Expect their order share within the $NVDA ecosystem to become increasingly critical moving forward. What about the Taiwanese CCL players? Purely on tech specs, the gap among the top four isn't that wide. The real differentiator boils down to sales agility, delivery speed, PCB fab relationships, and responsive customer service. When looking through that lens, one particular CCL maker with strong vertical integration stands out immediately. Meanwhile, the other three legacy incumbents could very well lose ground in the coming cycles. Definitely a dynamic worth keeping a close eye on. #AI# #Semiconductors# #PCB# #CCL# #SupplyChain#

Amazon’s strategic investment in GCE highlights the company's critical role in Amazon's supply chain, underpinned by its tight capacity and reliable high-volume manufacturing capabilities. ​Market skepticism over GCE’s HDI capabilities is unfounded. Its current technological competencies are well-positioned to fulfill future customer demand, as strongly corroborated by this strategic equity investment and the company’s forward capacity roadmap.

NVIDIA’s next-gen architectures are reshaping copper foil demand—and the upstream benefits are tilting heavily toward Shengyi Technology’s raw material base. High-spec Gen 4 copper foil makers are racing to ramp capacity: • Aggressive expansion: Mitsui Mining & Smelting, Defu, Tongguan Copper Foil, and LOTTE Energy Materials • Incumbents holding ground: Furukawa, Circuit Foil Luxembourg, and Co-Tech . The severe supply deficit projected for 1H26 is shrinking faster than expected thanks to this coordinated upstream sprint. Never underestimate the adaptability of the hardware supply chain. By 2027, the landscape will look radically different. 🌐⚡️ #NVIDIA# #CopperFoil# #PCB# #CCL# #SupplyChain# #Hardware# #Shengyi# #Semiconductors#

Earlier, I noted that unreinforced PTFE (glass-free) is theoretically an engineering nightmare for stable PCB mass production. Looking at the latest architectural roadmap, here is how the split is actually playing out: 1️⃣ With GPU/Switch Silicon: Must stick to traditional fabric-reinforced solutions to meet strict mechanical & assembly requirements. 2️⃣ Pure Signal Transmission (e.g., Backplanes): Driven purely by electrical performance, designs can adopt unreinforced (glass-free) schemes, deviating from conventional PCB rules. End customers are definitively breaking away from legacy design logic. The supply chain has no choice but to adapt and execute. Time to move. 🚀 #PCB# #AI# #Hardware# #SupplyChain# #Semiconductor# #Materials#

The Low-DK Fabric Roadmap for AI Hardware (Gen 1 to Gen 4): • Gen 1 (Glass): NV Compute Tray • Gen 2 (Glass): NV Switch Tray • Gen 2.5 (Extreme Glass / NEZ-Grade): The physical limit of glass fiber • Gen 3 (1st Gen Quartz / Q-Glass): NV Next-Gen LPU (52-layer) • Gen 4 (2nd Gen Quartz): M10-grade CCL Gen 1–2.5 push traditional glass to its limit. Gen 3–4 leap into pure Quartz for the AI race. ⚡️ #PCB# #CCL# #NVIDIA# #Hardware# #SupplyChain# #QGlass#

Mizuho on $AVGO: key points: 1) We see AVGO with the most-capable TH6/Jericho SerDes/Switch for all-toall 1000-1M XPU networking at 200G/lane, SerDes/ASIC/Packaging dominating GOOGL TPU "training" roadmap at 2-3x ASP ~$15K/ASIC, 2) we believe MTK could potentially win the TPU inference chip, despite investors stating MTK is getting the training chip with large die on EMIB [ $INTC ] packaging, and 3) we see the most probable trajectory of AVGO $GOOGL TPUs ramp to 18M+ units in 2028E with AVGO getting ~50% share at ~10-12M units being 3x the current volume (~4.5M today). We see AVGO has the best perf. training SerDes with MTK SerDes limited and needing GOOGL/SMTC (NC) contribution, with potential delays. We believe the v9/v10 will see a mix of both MTK/AVGO to optimize cost and performance, and see AVGO well-positioned into 2028E with upside to 35M TPU, regardless of training/inference chip share. We also see GOOGL purchase commitments (10Q, p55) are expanding significantly to $800 B+ for TPUs.

As everyone rushes into Rack-level PCB manufacturing, endless screw-ups are forcing end clients to tread carefully. Expect major share shifts right before mass production for both HDI and high-layer boards." ​But here’s the kicker: all this chaos is actually a huge catalyst for upstream materials and consumables. Poor yields mean sky-high scrap rates, driving an already tight supply chain into an even tighter bottleneck.

Kimi K3 has received far more love than we expected, and our GPUs are feeling it. Over the past 48 hours, demand has pushed close to the limits of our current capacity. To protect the experience of existing subscribers, we're temporarily pausing new subscriptions and prioritizing compute for current members. Existing subscribed users are not affected. We're adding capacity as fast as we can and will reopen new subscription spots in batches. Going forward, we'll also split membership into two more focused plans: Kimi Membership for Kimi Web, App, and Work; and Kimi Code Membership for coding workflows. This will help us match compute more precisely and keep the experience stable. Thank you for your patience and understanding!

From a tech roadmap perspective, here is how the materials are shifting: ​1️⃣ Compute/Switch/Motherboards: CCL is staying on the current PPO/CH track, starting at M8+ and scaling toward M9/M10 for next-gen nodes. ​2️⃣ Backplanes/Midplanes: To balance manufacturability and performance, we're seeing a hybrid approach. It leverages a glass-free PTFE Core paired with Q-glass/CH resin Prepregs (PP) for mechanical reinforcement. ​Co-existence is the actual winning playbook here. #AIInfrastructure# #PCB# #CCL# #MaterialScience# #PTFE# #QGlass#

Market capital has a funny blind spot: many assumed PTFE-related designs would phase out glass fabrics entirely. The ground reality? We are seeing more and more next-gen designs migrating back to fabric-based solutions. ​Right now, the winning playbook for high-layer AI architectures is a co-existence scheme: leveraging Q-glass paired with CH resin Prepregs (PP). This isn't a temporary workaround; it is the blueprint for the next wave of hyperscale networking infrastructure. ​ ​#PCB# #AI# #Hardware# #SupplyChain# #Semiconductor#

The Q-glass vs. PTFE debate is still raging, but the ground truth is clear: ultra-high layer count AI boards are locked in for the M9 + Q-glass setup. 🧵👇 PTFE materials cause severe processing bottlenecks in drilling and lamination. It’s so problematic that even Shengyi Tech had to alter its PP formulations. Looking into 2027, the volume ramp-up of next-gen LPUs (featuring massive 52-layer designs) will trigger a massive surge in Q-glass demand. PTFE will remain strictly confined to low-layer topologies. #PCB# #Semiconductor# #AI# #SupplyChain# #Hardware#

Starting 2H26, as new GPU and ASIC chips enter the sampling and mass production phases, demand for Low-DK Gen 2 is going through the roof. Even though the current supply chain is expanding as fast as they can, machinery lead times and tough yield issues mean actual output is nowhere near enough. This keeps pricing incredibly resilient, and honestly, it paves the way for another round of price increases.

Grand Fortune expects that even though Nittobo is bringing new capacity online in 2027, it’ll only ease the bottleneck for Intel, AMD, and Nvidia. The ASIC players like Broadcom, Marvell, MTK, and Annapurna will still be left scrambling for enough material. the T-glass shortage is here to stay, and the supply gap is going to get wider year after year.

Victory Giant's recent manufacturing hiccups have shaken up the supply pie, leading to a noticeable share gain for Taiwanese heavyweights Unimicron and Zhen Ding. Meanwhile, due to the brutal upstream material crunch, Nanya Plastics has been pulled into the Switch Tray supply chain as a newly validated supplier to secure raw material availability.

Micron $MU plans to invest up to $3B in the U.S. semiconductor supply chain, including $500M to help GlobalWafers expand its 300mm raw silicon wafer plant in Sherman, Texas. The companies also plan a 10-year supply deal for Micron.

To be blunt, some analysts jumped the gun by baking experimental tech into their models way too fast. The reality check is that orthogonal backplanes are hitting a brick wall—neither M9 nor PTFE can pass the validation tests right now. ​Looking at the actual ground truth, M9-grade specs are steadily ramping up in GPU and ASIC servers. It makes zero sense to lose sight of the entire forest just for Kyber, a highly experimental project that's highly unlikely to cross the finish line anytime soon."

Sumitomo just dropped its shutdown notice for tungsten rods, cutting production starting July 1st due to the total halt of tungsten material flowing into Japan. ​This is going to hit PCB cutting and routing tools, but it won't really matter for PCB micro drills.