Nvidia(US:NVDA)2026-02-27 02:30Summary of Conference Call Notes Company and Industry Involved - The focus is on NVIDIA and the AI PCB (Printed Circuit Board) sector Core Points and Arguments - NVIDIA's Performance: - Fourth-quarter revenue increased by 73% year-over-year to $68.1 billion, surpassing market expectations of $65 billion [1] - First-quarter revenue guidance is projected at $78 billion, reflecting a 77% year-over-year increase, exceeding market expectations of $73-75 billion [1] - Orthogonal Backplane Expectations: - Anticipation for NVIDIA to showcase orthogonal backplane solutions at GTC, with large-scale shipments expected to begin in 2027 alongside the Rubin Ultra 576 cabinet, potentially adding approximately $400 GPUPCB ASP [2] - Orthogonal backplane remains the optimal solution for tray-to-tray connections under the 448G serdes upgrade demand [2] - CPO (Chiplet Packaging Option): - CPO integration is essential for interconnecting canisters, indicating no conflict with other technologies [2] - LPU (Logic Processing Unit): - New LPU additions are expected to significantly enhance NVIDIA's inference capabilities [2] - Key benefits of LPU include: 1. Improved cost-performance ratio, benefiting inference and the overall AI industry [2] 2. Increased demand for high-speed interconnects, favoring PCB upgrades [2] 3. Optimization of AI investment structure, with PCB's share in AI BOM expected to rise from 3-5% to 5-10% [2] Other Important but Potentially Overlooked Content - Continued optimism for the AI PCB sector due to ongoing upgrades, application expansions, and increased demand for inference/ASIC [2] - Anticipated tight supply-demand dynamics for high-end production capacity in the industry until 2027, with leading companies expected to demonstrate high growth and certainty in performance [2] - Recommended stocks include Shengsheng Technology, Hua Dian Co., Shenghong Technology, Shennan Circuit, and potential beneficiaries like NVIDIA [2]