CPX对PCB影响解读

Summary of Conference Call on PCB Industry Impact by Nvidia's CPT Launch Industry Overview - The conference call discusses the impact of Nvidia's CPT launch on the PCB (Printed Circuit Board) industry, confirming that the value of PCBA (Printed Circuit Board Assembly) for inference is at least equal to that for training, alleviating market concerns about growth rates in 2026 [1][7]. Key Points and Arguments - Increased PCB Value for Inference: The launch of Nvidia's CPT has confirmed that the PCB value required for inference tasks is increasing due to the need for higher data bandwidth and multi-data processing capabilities, leading to a rise in the value of PCBs associated with individual GPUs [3][7]. - 2026 Technology Iteration: The technology iteration in 2026 is primarily driven by ETH, which enhances the PCB value per GPU. Previous market concerns regarding ASIC potentially hindering industry growth have been addressed by Nvidia's CPT, significantly boosting industry growth prospects [4][7]. - Support from Applied Materials: The ramp-up of Applied Materials is expected to further increase the value of individual GPUs, providing additional support for growth in 2026. New technologies, such as the positive glue backplane, are anticipated to be introduced by 2027, ensuring a smooth transition in technological iterations [2][5][7]. - Current PCB Valuation: The current market valuation of PCBs is not significantly higher than during the previous 5G product cycle. From a PEG (Price/Earnings to Growth) perspective, the overall valuation remains low, while ROE (Return on Equity) metrics have surpassed previous peak levels. The critical factor will be whether performance can meet expectations [6]. Additional Important Insights - Long-term Industry Outlook: The introduction of Nvidia's CPT not only confirms the value of PCBA for inference but also eliminates concerns regarding the growth trajectory for 2026. The combination of increased GPU value from both Nvidia's new products and Applied Materials' contributions presents a strong case for optimism in the industry [1][7]. - Qualitative Understanding of Trends: The positive developments in the industry are not just quantitative but also qualitative, indicating a significant understanding of the overall development trends within the PCB sector [7].