Zhi Tong Cai Jing·2025-10-23 00:25Group 1: Nvidia's New Product and Market Impact - Nvidia has confirmed the use of M9 materials in its next-generation product Rubin, with the CPX and midplane PCBs utilizing M9 CCL, amid a shortage of Q cloth [1] - The Rubin CPX is designed for ultra-long context AI inference tasks, featuring a decoupled inference architecture and significant hardware changes, including a wireless cable architecture [1] - The market potential for CPX, midplane, and orthogonal backplane is nearly 100 billion [1] - By 2027, Nvidia's AI PCB market is projected to reach $6.96 billion, a 142% increase from 2026 [1] Group 2: PCB Industry Growth Driven by AI - The global PCB market is expected to grow from $62 billion in 2020 to $75 billion by 2024, with a compound annual growth rate of 4.9% [2] - The value of PCBs in AI servers is significantly higher than in traditional servers, leading to a substantial increase in demand for high-performance PCBs [3] - Low dielectric constant and low loss factor materials are deemed most suitable for high-performance applications, with Q cloth outperforming second-generation cloth [3] Group 3: Recommendations for M9 and Related PCB Manufacturers - Strong recommendations have been made for M9 upstream and related PCB manufacturers, with companies like 建滔积层板 reporting a revenue increase of 11% year-on-year [4] - 建滔集团 is expanding its production capabilities for AI-related products, with a projected investment of approximately 800 to 1,000 million RMB for a new production line [4] - The demand for copper-clad laminates and printed circuit boards is expected to rise significantly due to the rapid development of AI technologies [4]