花旗：PCB & Laminates-人工智能专用集成电路（AI ASIC）未来可期；相较于 Tripod，更看好环球铜箔（GCE）

V i e w p o i n t | 11 May 2025 20:26:29 ET │ 21 pages Taiwan PCB & Laminates AI ASIC more to come; prefer GCE to Tripod CITI'S TAKE We expect Gold Circuit (GCE) to win more share in its AI ASIC server business in the coming quarters. For GCE, demand is never a problem and its capacity planning is the key to its robust further growth, which now would be supported by its capacity expansion in Thailand and other plants. For Tripod, its solid execution enabled it to achieve another record GM in 1Q25. We contin ...