CITIC Construction Investment: Capital expenditure of cloud vendors continues to be revised upward, and the PCB big cycle is still on the rise

36Kr learned that a research report from CITIC Construction Investment indicates that the global PCB industry is entering a new upward cycle driven by AI. Capital expenditures from cloud vendors continue to be revised upward, driving the procurement of AI servers, storage devices, and network equipment. The demand for PCBs, including motherboards, switchboards, storage cards, and power boards, is driven by AI servers, network devices, and storage devices, with PCB costs accounting for 5-8% of the overall cost of conventional consumer electronics. According to cautious estimates from CITIC Construction Investment, the PCB market space corresponding to GPU+ASIC servers will exceed 40 billion in 2025 and exceed 90 billion in 2026, with growth rates already doubling. CITIC Construction Investment believes that this round of the PCB super cycle is still on the rise, and the entire PCB industry chain will benefit, but it is necessary to continuously track the design logic of terminal manufacturers in their own servers and high-speed switches, and observe changes in PCB value