全球 PCB 行业 - 市场规模解析：AI PCB 与覆铜板 2025-2027 年复合增速 + 140%；迈向 M9 覆铜板、30 层以上 PCB 及 6 层 HDI

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, ...