2025-09-17 01:50Summary of AI PCB & CCL Global Markets Research Industry Overview - The report focuses on the AI PCB (Printed Circuit Board) and CCL (Copper Clad Laminate) sectors, particularly in relation to nVidia's Vera Rubin system and AWS's Trainium products [1][5][11]. Key Companies Mentioned - nVidia (NVDA US): Central to the discussion regarding PCB and HDI (High-Density Interconnect) suppliers [1][2]. - AWS (AMZN US): Significant player in the AI PCB/CCL market, particularly with its Trainium products [5][7]. - Key Suppliers: - Unimicron (3037 TT): Noted as a major supplier for nVidia's HDI and PCB needs [2][4]. - WUS (002463 CH): Identified as a leading PCB manufacturer [12][14]. - EMC (2383 TT): Recognized for its CCL materials [12][14]. - ZDT (4958 TT): Positioned to capture AI PCB/CCL growth opportunities [15]. Core Insights and Arguments - Supply Chain Dynamics: - nVidia's key HDI suppliers remain largely unchanged, but there is a push for out-of-China/Taiwan suppliers, with newcomers like Dynamic and ZDT likely entering the supply chain [2][3]. - The transition to new technologies such as CoWoP (Chip-on-Wafer-on-PCB) is underway, but may take 2-3 years to materialize [4]. - Market Growth Drivers: - AWS's Trainium 2 has been a key growth driver for the AI PCB/CCL industry, with significant order increases expected to raise sales and earnings for manufacturers [7][11]. - The anticipated upgrades in PCB specifications (e.g., from HDI+5 to HDI+6) and CCL materials (e.g., M8 to M8.5) are expected to drive demand in 2026 and beyond [11][12]. - Potential Shortages: - Concerns about shortages of high-layer count (HLC) PCBs and high-end materials due to increased demand from AWS and nVidia [7][8][10]. - The transition from Trainium 2 to Trainium 2.5 may create a temporary supply gap, impacting sales for PCB/CCL makers [9][10]. - Investment Outlook: - Analysts maintain a positive outlook for leading players like WUS and EMC, despite short-term volatility due to AWS's product transitions [12][14]. - ZDT is expected to benefit from its expansion plans and capabilities in mSAP and HDI [15]. Additional Important Points - Technological Upgrades: The report highlights the importance of upgrading copper foil specifications to HVLP4 to meet the demands of next-gen AI applications [8][21]. - Market Competition: The competitive landscape is shifting, with AWS's aggressive booking of PCB and material capacity prompting other CSPs (Cloud Service Providers) to compete for resources [7][10]. - Future Projections: The demand for AI chips is expected to ramp up significantly from 2Q26F, leading to strong growth for PCB and CCL makers [11][12]. Conclusion - The AI PCB and CCL sectors are poised for significant growth driven by advancements in technology and increasing demand from major players like nVidia and AWS. However, potential supply chain disruptions and market transitions may create short-term challenges for manufacturers.