Core Viewpoint - The demand for AI-related PCBs is experiencing significant growth, leading to a notable supply-demand gap in 2023, with expectations for continued tightness in the market through 2026 [1][4]. Demand Side - The demand for AI PCBs is driven by stable training needs and accelerated inference requirements, with a projected 64% year-on-year increase in global AI PCB demand by 2026, reaching approximately 69.3 billion yuan [2][3]. - The growth in demand is primarily attributed to advancements in large models and increased investments in computing power by major tech companies, particularly in North America and China [2]. Supply Side - Leading PCB manufacturers are ramping up production to meet the increasing demand for AI PCBs, with a collective capital expenditure increase of 31% year-on-year, totaling 15.7 billion yuan [3]. - The top manufacturers are expected to release an incremental production value of around 28 billion yuan by 2026, driven by their strategic capacity expansions [3]. Supply-Demand Comparison - The supply-demand ratio for the AI PCB market is estimated to be between 80% and 103% in 2026, indicating a sustained tight supply situation [4]. - The expansion pace of manufacturers will directly influence their profit elasticity, with expected revenue and profit elasticities of 20-30% and 30-40% respectively for high-end applications [4].