We've noticed a risk of slower price increases in AI server boards as competing suppliers expand in Southeast Asia. Goldman Sachs cut its 2027 revenue forecast for Gold Circuit Electronics by about 6% to around $5.66 billion. Gold Circuit (2368 TT) makes printed circuit boards for servers and networking equipment. Goldman still expects it to retain a leading position in Amazon’s Trainium 3 boards and gain share in Google’s TPU v8 boards. The bank says Greater China competitors are adding Southeast Asian capacity to enter Gold Circuit’s AI ASIC markets. It sees no significant impact so far, but expects increasing competition to make future selling prices less favorable. That changes how we read the AI PCB growth story. Rising demand and more advanced board designs can support sales, while a broader supplier base may limit how quickly existing products can be repriced. Goldman also expects higher R&D spending as Gold Circuit develops more advanced boards. It cut its 2027 EPS forecast from $2.74 to $2.54, while continuing to expect gross-margin improvement from higher-end products. $AMZN $GOOGL