Nvidia(US:NVDA) Changjiang Securities·2025-09-12 08:58Investment Rating - The report maintains a "Positive" investment rating for the industry [6]. Core Viewpoints - The introduction of the Rubin CPX technology presents significant investment opportunities in PCB equipment, driven by increased demand for advanced computing capabilities [14][35]. - The Rubin CPX system is designed to enhance performance for large context processing, achieving up to 7.5 times the performance of the current flagship systems [14]. - The report highlights the expected increase in PCB demand due to the integration of new technologies and materials, which will benefit upstream equipment and consumables [35][36]. Summary by Sections Rubin CPX Technology Overview - Rubin CPX integrates 36 Vera CPUs, 144 Rubin GPUs, and 144 Rubin CPX GPUs, optimized for handling large context windows [14]. - The expected shipment of Rubin CPX is projected by the end of 2026 [14]. Performance and Design Enhancements - The Rubin CPX architecture significantly improves power density and cooling solutions, with a power budget of approximately 370 kW for the VR NVL144 CPX [24]. - The design includes a wireless configuration and enhanced PCB midplane for better signal integrity and reduced cable complexity [29][31]. PCB Demand and Equipment Insights - The report anticipates a rise in PCB demand due to the introduction of CPX chips and the need for upgraded materials to support advanced signal transmission [31][35]. - Key production processes for PCBs include drilling, exposure, plating, and testing, with a focus on leading companies in drilling and exposure equipment [36]. Market Outlook - The global scale of PCB production equipment is expected to grow, with significant opportunities in the drilling and plating segments [36]. - The report suggests monitoring leading companies in the PCB equipment sector for potential investment opportunities [36].