BOCI released a research report stating that AI inference demand is catalyzing cloud providers' capital expenditures, driving a synergistic upgrade in computing efficiency and interconnect bandwidth. AI PCBs are a core incremental component in the AI infrastructure upgrade wave. The three key materials for AI PCBs—electronic fabric, copper foil, and resin—form the core barriers to PCB dielectric performance. The bank expects the upstream supply chain for Rubin servers to initiate a stockpiling wave in the first half of 2026, with core materials for M8.5 and M9 PCB/CCL likely reaching a critical "zero-to-one" inflection point. Given that Rubin servers are expected to enter mass production in the second half of 2026, BOCI anticipates a surge in demand for AI-related materials during H1 2026.
Key insights from BOCI include: 1. **Low Dielectric Performance as a Critical Metric for AI PCB Design** GPU and ASIC manufacturers are actively enhancing single-chip computing efficiency and interconnect bandwidth for rack-level solutions. However, the trend toward high-layer counts and fine line widths/spacing in AI PCBs introduces challenges such as electrical performance degradation, thermal dissipation issues, and signal interference. PCBs made with low-dielectric-constant (Low-Dk) and low-dielectric-loss (Low-Df) materials are essential for minimizing channel loss and maintaining signal integrity. BOCI asserts that regardless of shifts in downstream GPU/ASIC competition, the pursuit of higher computing efficiency and greater interconnect bandwidth in AI infrastructure will persist, driving ongoing innovation in low-dielectric materials.
2. **Three Core Materials—Electronic Fabric, Copper Foil, and Resin—Form the Foundation of PCB Dielectric Performance** AI infrastructure’s stringent requirements for data transmission loss are pushing PCBs and CCLs toward M8/M9 upgrades. - **Electronic Fabric**: Quartz fiber, with its superior dielectric loss (Df of 0.0001 at 1MHz) and thermal expansion coefficient (0.54ppm/°C), is the preferred material. - **Copper Foil**: HVLP4/5, featuring ultra-low surface roughness (Rz ≤1.5μm), is the top choice. - **Resin**: PCH and PTFE resins, known for their excellent dielectric properties, are the leading options.
3. **M8.5 and M9 PCB/CCL Core Materials Poised for a "Zero-to-One" Breakthrough** BOCI projects that NVIDIA’s Rubin servers will adopt M8/M8.5/M9/M9 solutions for Compute Tray/Switch Tray/Midplane/CPX PCBs and CCLs. The M9 solution may combine high-frequency resin, HVLP4/5 copper foil, and Q fabric, while the M8.5 solution could use high-frequency resin, HVLP4 copper foil, and second-gen Low-Dk fabric. With NVIDIA’s Rubin GPU expected to enter mass production in October 2026, BOCI anticipates Rubin Ultra servers may deploy M9 resin, high-grade HVLP copper foil, and Q fabric in orthogonal backplane solutions. The bank forecasts a stockpiling surge in H1 2026, marking a pivotal moment for M8.5 and M9 PCB/CCL core materials.
4. **Rapid Growth Expected for AI-Related Material Markets** BOCI estimates the global market for CCL materials used in HDI and 18+-layer PCBs will reach $3.1 billion in 2025 and $3.9 billion in 2029, with electronic fabric accounting for $775 million/$973 million, copper foil for $1.24 billion/$1.56 billion, and resin for $775 million/$973 million. As Rubin servers ramp up production in H2 2026, upstream supply chains are likely to see accelerated demand for AI materials in H1 2026.
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