Tian Feng Guo Mingxi: NVIDIA Corporation (NVDA.US) Next Generation Rubin Platform Starts New Material Testing, PCB Upgrade Cycle Approaching

NVIDIA Corporation (NVDA.US) is accelerating the layout of the supply chain for its new generation AI server platform, and the outline of the new round of PCB material upgrade cycle is becoming clearer. According to the latest supply chain survey by Tianfeng International Securities analyst Guo Ming, NVIDIA Corporation has started testing the next-generation copper-clad laminate (CCL) material M10 with PCB manufacturers, with target applications including the orthogonal backplane and exchange blade mainboard for the Rubin Ultra and Feynman platforms. If the testing progresses smoothly, M10 CCL and PCB are expected to enter mass production in the second half of 2027. This round of M10 testing also involves the participation of two CCL suppliers, breaking the previous pattern of the M9 material being supplied solely by Elite Material (Taiwan Electrical and Optical) and potentially enhancing the flexibility of NVIDIA Corporation's CCL supply chain management. M10 Testing Initiated According to Guo Ming's supply chain survey, NVIDIA Corporation has officially begun testing M10 CCL materials with Wus Printed Circuit. Sampling work started in the first quarter of 2026, and preliminary test results are expected to be available in the second quarter of 2026. The target applications for M10 mainly include two categories: one is the orthogonal backplane (middle plane) designed to replace the existing slot architecture, and the other is the exchange blade mainboard for the Rubin Ultra and Feynman platforms. These two applications are at the core of NVIDIA Corporation's next-generation AI server architecture and have significantly higher performance requirements for PCB materials compared to the current solutions. Guo Ming believes that the progress of the above tests indicates that Wus Printed Circuit has taken a leading position in the development of PCB for the Kyber frame, Rubin Ultra, and Feynman platforms, which will help support the company's future growth momentum. Changes in Supplier Landscape There have been significant changes in the supplier structure in this round of M10 testing. In the previous M9 material tests, only one CCL supplier, Tai Guan Di, passed the qualification certification. In the M10 phase, NVIDIA Corporation has expanded the testing range to three suppliers, including two new Chinese manufacturers in addition to Tai Guan Di. The introduction of diversified suppliers means that NVIDIA Corporation's bargaining power and supply chain resilience in high-end CCL procurement are expected to improve, while also creating a more direct competitive situation among relevant suppliers. Regarding the technological evolution of the material itself, Guo Ming pointed out that from a manufacturability and commercialization perspective, there is a possibility that the quartz cloth used in M10 may be replaced by Low Dk-2 glass fiber, which could further impact the cost structure of materials and supplier qualifications. If the M10 testing progresses as planned, the mass production timing is targeted for the second half of 2027, which will kick off a new round of large-scale procurement of AI server PCB materials, potentially catalyzing the performance of supply chain manufacturers. This article was reprinted from "Wall Street News", GMTEight Editor: Li Fo.