Speculation regarding a potential 10% price reduction request from Nvidia to PCB manufacturers contributed to a significant downturn in the printed circuit board sector, a key part of the computing power supply chain, on June 23rd.
The sector's leading player, Victory Giant Technology (Huizhou) Co., Ltd. (SZSE: 300476), experienced a sharp decline of over 7% in a single trading session.
In response to investor inquiries about these market rumors, a representative from Victory Giant Technology indicated that the company does not comment on every piece of market speculation but emphasized that its operations are proceeding normally with no changes to its fundamental business conditions.
The company representative further explained that it is standard practice for clients to adjust or refine their technical solutions during the production process, and Victory Giant maintains certain first-mover advantages in the industry.
Investors were advised to rely on officially disclosed company information and to exercise discernment regarding such rumors.
Industry sources have suggested that the rumors appear exaggerated and misinterpreted, noting that attributing potential delays in Nvidia's Rubin platform to a single PCB manufacturer lacks logical support within the industry context.
A PCB industry insider pointed out that, given the current capacity constraints for AI server boards, client priorities are focused on delivery and production capacity rather than pricing.
While standard consumer electronics PCBs typically have 4-6 layers, high-end AI server PCBs can exceed 20 layers with micron-level precision requirements, presenting technical challenges comparable to chip manufacturing and keeping the AI PCB segment in a state of tight supply.
This supply-demand dynamic continues to afford PCB manufacturers relatively strong pricing power.
An analysis from TrendForce suggested that any potential delays for the Nvidia Rubin platform are more likely linked to multiple factors, including HBM4 certification timelines, network transmission upgrades, and power consumption and thermal solution adjustments, rather than a single supplier.
Another point of discussion stemmed from a research report by Jefferies, which noted a possible delay for the Kyber backplane PCB solution from 2027 to 2028.
The report estimated that such a delay could lead to a downward revision of approximately 5% and 8% in the projected 2027 global market size for AI PCBs and copper-clad laminate, respectively.
However, Jefferies also stated that this potential delay does not alter the long-term growth trajectory for the PCB industry, as the trend towards higher-specification materials for products like switch boards and mid-boards continues to advance.
The fundamental importance of PCBs as a core interconnect solution for AI infrastructure remains intact.
According to its listing documents, Victory Giant Technology is a major supplier of advanced AI and high-performance computing PCBs, specializing in high-layer count and high-density interconnect products.
Market research data indicates that based on revenue for the first half of 2025, Victory Giant Technology held a leading global market share of 13.8% in the AI and high-performance computing PCB segment.
Its products are core components for key equipment such as AI computing cards, servers, AI servers, data center switches, and general substrates.
The company possesses the capability to manufacture PCBs with over 100 layers and is among the first globally to achieve mass production of advanced HDI products.
Financially, the company reported revenues of approximately 7.93 billion yuan, 10.73 billion yuan, and 19.29 billion yuan for 2023, 2024, and 2025, respectively, with corresponding net profits of 671 million yuan, 1.15 billion yuan, and 4.31 billion yuan.
For the first quarter of this year, Victory Giant Technology reported revenue of 5.52 billion yuan, a year-on-year increase of 27.99%, and a net profit of 1.29 billion yuan, up 39.95% year-on-year.
By the midday trading break, the semiconductor industry chain showed strength against the broader market trend, with advanced packaging, memory, and PCB sectors leading gains.
Shares of Victory Giant Technology (Huizhou) Co., Ltd. (SZSE: 300476) were down 0.78%, trading at 335.55 yuan.
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