AI硬件周报：GTC大会召开，关注PCB、液冷、CPO

Investment Rating - The report suggests a focus on high-end PCB supply chain, upstream materials, liquid cooling sector, and CPO-related investment opportunities [4][18]. Core Insights - The NVIDIA GTC conference highlighted significant growth in demand for AI computing, with a projected cumulative demand for Blackwell and Rubin reaching at least $1 trillion by 2027, up from a previous estimate of $500 billion for 2026 [4][15]. - The introduction of the Rubin Ultra architecture confirmed the use of orthogonal backplane interconnects, alleviating market concerns and indicating a promising penetration rate for 2027 [4][15]. - The launch of Groq 3 LPU inference servers is expected to significantly increase the demand for high-layer PCBs and materials upgrades due to their complex memory architecture [4][15]. - The report indicates a gradual coexistence of CPO and copper interconnects in future architectures, suggesting a longer lifecycle for copper interconnects and potential recovery opportunities in that sector [4][15]. - Full liquid cooling solutions are gaining traction, reducing market concerns about penetration rates and moving towards a full liquid cooling phase [4][15]. Industry Review - The electronic industry experienced a decline across various segments during the week of March 9-13, 2026, influenced by global risk factors, with the PCB sector showing relatively smaller declines [6]. - Valuation metrics indicate that LED and optical components have high PE-TTM ratios, while panels and consumer electronics have lower ratios [6]. Industry Events - The NVIDIA GTC conference took place from March 16-19, 2026, focusing on AI advancements and new paradigms in AI factories [14]. - The OFC conference from March 15-19, 2026, emphasized significant expansion plans for optical module core components and materials, with expectations for substantial growth in global optical module demand by 2027 [16]. - Counterpoint forecasts that Apple will capture a 28% market share in the global foldable smartphone market in 2026, driven by the introduction of its first foldable iPhone [17].