On May 22, boosted by Morgan Stanley's breakdown of Nvidia's Rubin rack findings, multiple stocks in MLCC, PCB, and CPO surged.
Near the close, CCTC rose over 17%, Times Electric, Shenghong Technology, and Huada Jiutian increased over 14%, 12%, and 11% respectively, Tianfu Communication and Shenye Electronics rose over 9%, Xinyi Sheng increased over 7%, and the China Merchants CSI Scientific Innovation and Entrepreneurship 50 ETF (588300) rose over 3%, hitting a weekly surge of 7 consecutive gains!
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In terms of news, Morgan Stanley's breakdown of the bill of materials for Nvidia's next-generation Rubin rack shows that its rack value reassessment is not solely driven by GPUs; rather, the value increase of PCB content is the largest, growing by 233%. According to Guojin Securities' calculations, the PCB value of Nvidia's VR200 cabinet reaches USD 116,000, more than tripling compared to the GB300 (USD 35,000).
At the same time, according to TrendForce, the Nvidia VR200NVL72 server will use approximately 600,000 MLCCs, over 30% more than the existing GB300 platform, covering voltage specifications from 2.5V to over a thousand V. Morgan Stanley also estimates that the value of PCB, MLCC, ABF, power supply, and cooling in the VR200 Rubin cabinet has significantly increased, viewing NVIDIA NVL576 and subsequent multi-rack architectures as acceleration points for CPO, with the optical engine/GPU attach rate potentially rising from 2 to 4 to over 17 or even 35.
【What are PCB, CPO, and MLCC?】
PCB refers to printed circuit boards, used to connect various electronic components; CPO is co-packaged optical technology, which can directly package optical modules and chips together, mainly used in data centers to save energy and speed up processes; MLCC stands for &#34;multi-layer ceramic capacitors,&#34; akin to &#34;mini power banks&#34; in electronic devices, primarily used to stabilize voltage and filter noise.
Guojin Securities points out that the current iteration of AI inference bottlenecks and architectural evolution is driving a fundamental leap in PCB value positioning. Currently, industry capital expenditures are growing rapidly, with leading domestic manufacturers proactively laying out high-end production capacity; for example, Shenghong Technology is expected to grow by 693.41% year-on-year in 2025 and 389.59% in Q1 2026, indicating that the industry is entering a growth expansion cycle. Under heavy capital investment, long production expansion cycles, and high customer certification barriers, leading manufacturers are securing supply chain advantages by locking in major North American CSP clients in advance, leading to a continuous increase in industry concentration.
Regarding CPO, Jiguotai Haitong, in the context of an AI demand explosion, optical interconnect has become an important factor determining the performance and utilization of AI infrastructure. The growth rate of the optical communication industry is expected to continue to exceed the overall Capex growth rate. Among them, CPO, as the next-generation high-density, low-power optical interconnect solution, benefits from the expansion of AI cluster scales and the bandwidth upgrade of switching chips, with continuous increases in industry attention and order expectations
It is expected to become an important incremental direction in the optical communication sector.
According to the data, the China Merchants CSI Scientific Innovation and Entrepreneurship 50 Index gathers the leading companies from the Sci-Tech Innovation Board and the Growth Enterprise Market, with constituent stocks including multiple enterprises in core AI fields. The China Merchants CSI Scientific Innovation and Entrepreneurship 50 ETF (588300) tracks this index, with the top ten weighted stocks covering Zhongji Xuchuang, Xinyi Technology, CATL, Cambricon, Haiguang Information, SMIC, Sungrow Power Supply, Shenghong Technology, Tianfu Communication, and Lanke Technology, with the top ten weights exceeding 64%, highly focusing on the hard technology sector characterized by high R&amp;D, high growth, and high profitability

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588300

On May 22nd, boosted by Morgan Stanley's new findings on Nvidia's Rubin rack, stocks such as MLCC and PCB surged significantly, with CCTC rising over 17%. Morgan Stanley pointed out that the value increase of PCBs reached 233%, with the value of Nvidia's VR200 cabinet PCB amounting to USD 116,000, more than tripling compared to GB300. The industry's capital expenditure is growing rapidly, and domestic manufacturers are laying out high-end production capacity, indicating that the industry is entering a growth expansion cycle

同壁财经

CCTC

China Merchants CSI Scientific Innovation and Entrepreneurship 50 ETF

Morgan Stanley

NVIDIA

Times Electric

TIMES ELECTRIC

EMPYREAN

Eoptolink

SINOLINK SECURITIES

Zhongji Innolight

CATL

Cambricon

Hygon Information Technology

SMIC

Sungrow Power Supply

Montage Technology

MONTAGE TECH

STAR 50

Guotai Haitong

GTHT

MORGAN STANLEY DEP SHS EA REP 1/1000 SHS NON CUM PFD O

MORGAN STANLEY DEP SHS REPSTG 1/1000TH PFD SER Q

MORGAN STANLEY DEP SHS REPS 1/1000 7.125% PFD E

MORGAN STANLEY NON-CUM DEP SH REP 1/1000 PFD SER I

MORGAN STANLEY 4.875 DEP SHS REP 1/1000 NCUM PFD SR L

MORGAN STANLEY 6.5%DEP SHS REPSTG 1/1000 NON CUM SER P

MORGAN STANLEY DEP SHS REPS 1/1000 PFD SER 'A'

MORGAN STANLEY DEP SHS REPR 1/1000TH INT PFD SER 'F' FX

MORGAN STANLEY DEP SHS REP 1/1000 NON-CUM PFD STK SER K

NVIDIA Corporation

CATL HK SDR 30to1

SMIC HK SDR 5to1

PCB value skyrocketed by 233%! The leading company in innovation and entrepreneurship remains strong, and the China Merchants CSI Scientific Innovation and Entrepreneurship 50 ETF (588300) is aiming for a weekly 7 consecutive gains!