---
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/40027700.md"
description: "AI PCBs have officially entered their second super-cycle, with the core drivers being: value leap + technological upgrade + supply gap, not a price war.I. Core Drivers• Sustained high growth in overseas CSP capital expenditure: +66% in 2024, +65% in 2025, projected +69% in 2026, indicating extremely strong support for computing infrastructure.• Exponential value surge per card/machine:From general-purpose servers → H100 8-card → GB series → Rubin series, single-card cost pushing $600+, with per-machine value increasing up to 7-8 times.II. Three Key Technological Increments (Most Critical)1. Midplane BackplaneDebuting with Ruby Ultra 144GPU, starting from 78 layers → pushing 100+ layers, single piece value up to $200k, representing the largest incremental factor in this cycle.2. LPU Inference ChipPaired with GPUs at a 1:2 ratio, single LPU PCB value exceeds ¥2,000, adding approximately ¥4,000 per GPU.3. COP Substrate IntegrationIntegration of packaging + PCB using MSAP process, with potential mass production in 1-2 years, featuring extremely high technical barriers.III. Supply and Competitive Landscape• Industry HPC Capex explosion: +7% in 2024 → +130% in 2025 → projected +140% in 2026, far exceeding the 5G cycle.• The core contradiction is a high-end capacity gap, not a price war; market share redistribution does not impact leading players' profitability.• Layer count/material/process thresholds are significantly raised, leading to continued concentration among top players.IV. Core ConclusionAI PCB is not a regular cycle; it's a long-term structural upgrade driven by computing architecture iteration.Midplane backplane + LPU + high-layer-count PCBs are the strongest investment themes for the next 2 years, with leading companies continuing to benefit.$VGT(300476.SZ)Stock A's Changfei is still holding the line for meB a little BCMy liquid cooling performed exceptionally well today tooProbably hitting the limit-up$Envicool(002837.SZ)"
datetime: "2026-04-20T01:43:19.000Z"
locales:
  - [en](https://longbridge.com/en/topics/40027700.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/40027700.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/40027700.md)
author: "[佩宁渊瑾财商成长系](https://longbridge.com/en/profiles/17154496.md)"
---

# AI PCBs have officially entered their second super…


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## Comments (11)

- **Vito_zhang · 2026-04-20T14:51:28.000Z**: Miss, which one is BC?
- **怎么办 · 2026-04-20T08:27:00.000Z**: Sis is really awesome
- **自来也 · 2026-04-20T03:15:59.000Z**: Learned, learned.
- **vito · 2026-04-20T02:52:19.000Z**: Sis, should we buy into Shenghong now?
  - **佩宁渊瑾财商成长系** (2026-04-20T02:56:57.000Z): I've been in A-shares for a few days now.
- **跟顾神反着买 · 2026-04-20T02:00:48.000Z · 👍 2**: Ridiculous, I guessed and bought everything correctly 😂
  - **佩宁渊瑾财商成长系** (2026-04-20T02:09:19.000Z): Go for it! 🧏🏻‍♀️
- **福迎复利 · 2026-04-20T02:00:31.000Z**: Thanks for sharing, that's awesome.
  - **佩宁渊瑾财商成长系** (2026-04-20T02:09:07.000Z): ☕
- **漫漫回本录 · 2026-04-20T01:55:03.000Z · 👍 4**: To be honest, the higher the earnings, the prettier the avatar. Thanks for always sharing valuable information and insights! 🙏
  - **佩宁渊瑾财商成长系** (2026-04-20T01:59:14.000Z): I've always done what I think is right. The market is so vast; if I'm wrong, then I'm truly wrong and I'll change. I'm fortunate to have met like-minded people 🥳 and will keep going ⛽ and persevere �