According to the Zhitong Finance APP, China International Capital Corporation (CICC) released a research report stating that Rubin CPX is a GPU released by NVIDIA (NVDA.US) specifically designed for handling ultra-long context AI inference tasks, featuring an innovative decoupled inference architecture. Rubin CPX brings significant changes on the hardware side, including a wireless cable architecture for connectors/PCBs, along with the addition of the Paladin B2B connector connected to the mid-plane PCB located in the middle of the chassis. Rubin CPX introduces significant innovations in PCB, connectors, and cooling architectures, which is expected to greatly increase its hardware market size. It is estimated that by 2027, the market size of NVIDIA's AI PCB is expected to reach USD 6.96 billion, a 142% increase from 2026.
<h2>CICC's main points are as follows:</h2>
Rubin CPX achieves a rebalancing of efficiency and cost through hardware-level optimization
Rubin CPX is a GPU released by NVIDIA specifically designed for handling ultra-long context AI inference tasks, featuring an innovative decoupled inference architecture. In terms of computing performance, it provides 30 Peta FLOPS of computing performance at NV FP4 precision; in terms of storage performance, it is equipped with 128GB GDDR7 memory, with a memory bandwidth of 2TB/s; in terms of process and packaging, the Rubin CPX chip adopts a traditional FC-BGA flip-chip packaging single-chip design.
Rubin CPX brings significant changes on the hardware side
In terms of tray architecture, the front end of the tray adopts a modular design, with four sub-cards distributed on both sides of the tray, consisting of 2 Rubin CPX GPX chips and 2 CX-9 network cards; in terms of cooling, the front-end cooling will be upgraded from air cooling to liquid cooling, with the addition of a liquid cooling plate inside the tray, where heat pipes and heat spreaders will conduct heat from the back of each GDDR7 memory module to the cooling plate; in terms of connectors/PCBs, a wireless cable architecture is adopted, along with the addition of the Paladin B2B connector connected to the mid-plane PCB located in the middle of the chassis.
Rubin CPX drives further enhancement of single PCB value
It is estimated that the value of a single cabinet PCB for VR200NVL144 is approximately RMB 456,000, with the PCB value corresponding to a single GPU being RMB 6,333 (USD 880), an increase of 113% compared to GB300. It is also estimated that by 2027, the shipment volumes for GB300 NVL72/VR200 NVL144/VR300 NVL576 will be 10,000/70,000/20,000 racks respectively, totaling 100,000 racks, corresponding to a PCB market size of USD 6.96 billion, a 142% increase from 2026.
Target aspects
Relevant targets in the industrial chain: Shengyi Technology (600183.SH), Shenzhen South Circuit (002916.SZ), Xingsen Technology (002436.SZ), Pengding Holdings (002938.SZ), Dongshan Precision (002384.SZ), Shenghong Technology (300476.SZ), Huadian Co., Ltd. (002463.SZ), Shengyi Electronics (688183.SH), Jingwang Electronics (603228.SH), Founder Technology (600601.SH), Guanghe Technology (300964.SZ), etc
Risk Factors
The progress of Rubin CPX is not as expected; the demand for AI and computing infrastructure is below expectations

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CICC released a research report stating that NVIDIA's Rubin CPX GPU adopts an innovative decoupled inference architecture, significantly enhancing hardware designs such as PCB, connectors, and cooling. It is expected that by 2027, the market size of NVIDIA's AI PCB will reach USD 6.96 billion, a 142% increase compared to 2026. The Rubin CPX performs excellently in computing power and storage performance, featuring 30 Peta FLOPS computing power and 128GB GDDR7 memory, driving the iterative upgrade of the hardware market

- CICC reports that NVIDIA's Rubin CPX GPU is designed for long-context AI inference tasks, featuring a decoupled inference architecture.  
- Significant hardware innovations include a wireless cable architecture and enhanced cooling systems, which are expected to expand the AI PCB market to $6.96 billion by 2027, a 142% increase from 2026.  
- Key industry players related to this development include Shengyi Technology, Shennan Circuit, and others, with risks including slower-than-expected deployment and AI infrastructure demand.

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CICC: NVIDIA Rubin CPX adopts an innovative decoupled inference architecture, which may drive the iteration and upgrade of the PCB market