Summary of Thoughts on PTFE vs. HC
✍️ PTFE hybrid still the most likely PCB solution for Nvidia’s VR300 NVL576 switch board
• We est. HC hybrid (HC + ABF/M9) recently passed SI testing and is ~3 months behind PTFE hybrid in the qualification — has not yet entered PCB MP testing
• Final material decision expected by end-26. We think Leading Chinese PCB player has already achieved meaningful yields on the PTFE hybrid
• Remain constructive on PTFE for high-end/high-speed AI PCBs; any HC adoption would likely be transitional
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