6 January 2026 | 9:56PM HKT Equity Research Global PCB: Introducing TAM; AI PCB / CCL value to grow at +140% / +179% CAGR in 2025-27E; toward M9 CCL, 30+ layer PCB and 6L HDI We are introducing a new global AI PCB/ CCL TAM, based on Global Server TAM, which incorporates more in depth analysis on supply and demand. The TAM focuses on the AI computing market where high end PCB/ CCL are required: (1) Demand drivers: The TAM covers both GPU and ASIC AI servers, and the rising of high-end AI servers (e.g. Rubin, ...

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