---
title: "The wave of AI server upgrades accelerates, and HSBC is optimistic about a new round of price increases for PCB/CCL!"
type: "News"
locale: "zh-HK"
url: "https://longbridge.com/zh-HK/news/264790834.md"
description: "HSBC believes that the accelerated iteration of artificial intelligence servers is driving a dual rise in technology and prices for its core components, printed circuit boards (PCB) and copper-clad laminates (CCL). The NVIDIA Rubin platform and self-developed chips from cloud giants are driving high-end demand, combined with rising raw material prices, leading to a surge in price increases. The industrial chain pattern and competitive advantages of leading enterprises are rapidly evolving"
datetime: "2025-11-07T06:04:37.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/264790834.md)
  - [en](https://longbridge.com/en/news/264790834.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/264790834.md)
---

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# The wave of AI server upgrades accelerates, and HSBC is optimistic about a new round of price increases for PCB/CCL!

With the accelerated wave of updates and replacements in artificial intelligence servers, their core components, printed circuit boards (PCBs) and copper-clad laminates (CCLs), are undergoing a profound upgrade in technology and specifications.

HSBC's report on the 6th believes that this trend will not only significantly increase the shipment volume and average selling price of related products but is also expected to initiate a new cycle of price increases driven by high-end demand and cost transmission.

The report states that the launch of NVIDIA's next-generation Rubin platform will be a key catalyst for igniting this round of upgrades. The new platform's requirements for higher data transmission rates will drive the industry to migrate to more expensive and complex M9-level CCL materials and PCBs with higher layers, thereby significantly increasing the value content of PCBs/CCLs in server cabinets.

At the same time, the accelerated investment by cloud service giants like Google and AWS in self-developed AI chips (ASICs) is also injecting strong momentum into the high-end PCB market. HSBC stated that **under the combined effect of these two major demands, coupled with rising raw material costs such as copper and fiberglass, CCL manufacturers have begun to possess the ability to pass on costs to customers, and a price increase trend is emerging.**

## AI Chip Upgrades Drive PCB/CCL Volume and Price Increase

HSBC's report analyzes that the growth of the PCB/CCL industry in this round is mainly driven by two engines: NVIDIA's new platform and large cloud service providers (CSPs) ASIC chips.

**First, NVIDIA's Rubin platform, expected to be mass-produced in the second half of 2026, will trigger a leap in the value of PCBs/CCLs on three levels.** Firstly, the introduction of new structures, such as CPX chips used for processing long-text AI inference "prefill" stages and backplanes for high-speed interconnection without cables, will directly increase the number of PCBs used. Secondly, the material specifications will be fully upgraded to M9-level CCLs, which use HVLP4 copper foil and special fiberglass that are more expensive; HSBC estimates that the price of M9-level CCLs will be about 2.5 times that of M8. Thirdly, the number of PCB layers and sizes will significantly increase to support more complex circuit systems.

**Secondly, the ASIC market is rapidly becoming another key catalyst.** According to TrendForce data, the total capital expenditure of the eight major cloud service providers is expected to exceed $420 billion in 2025, a year-on-year increase of 61%. These giants are accelerating the iteration of self-developed chips, such as Google's TPU v8 series and AWS's Trainium 3, which will drive the number of layers in mainstream ASIC server PCBs to increase from the current 24 layers to over 30 layers in the next one to two years, bringing considerable incremental demand to the supply chain.

According to a previous article from Wall Street Watch, Citigroup believes that benefiting from the trend of rack wireless cable design and the promotion of CoWoP technology, the AI-PCB super cycle is accelerating, and it is expected that supply and demand tightness will continue until after 2026.

## Smooth Cost Transmission, CCL Price Increase Cycle Begins

At the same time as the demand side is upgrading specifications, the pricing environment of the CCL industry is also becoming increasingly favorable. HSBC stated that due to the continued tight capacity of high-frequency and high-speed CCL, coupled with manufacturers allocating more resources to high-end products, **the supply of mid-to-low-end CCL is also becoming tight.**

The rise in raw material costs provides a basis for price transmission. HSBC's CCL cost index shows that over the past six months, driven by a 27% increase in copper prices and a 72% increase in glass fiber prices, the weighted average CCL cost index has risen by 40%. Due to the relatively concentrated landscape of the CCL industry, **especially in the high-end market that is less sensitive to price, manufacturers are usually able to pass on cost increases to downstream PCB customers.**

The report believes that Shengyi Technology, as the main supplier of M8-level CCL for NVIDIA's GB200/GB300 platform, is expected to maintain its leading position in the supply of M9-level CCL for the Rubin platform. At the same time, its subsidiary Shengyi Electronics is a core supplier of PCBs for major customers such as AWS and Huawei, benefiting from a surge in AI data center orders.

Meanwhile, Shenzhen South Circuit is becoming a core supplier for customers such as Huawei and Google in the high-value-added AI PCB field, including AI accelerator cards, optical module PCBs, and switch PCBs. Additionally, the global memory chip market entering an upward cycle is also favorable for its IC substrate business.

HSBC believes that the M9-level CCL materials from Han's Laser, due to their higher hardness, impose stricter requirements on drilling equipment, leading to a significant increase in equipment costs. As downstream PCB manufacturers expand production, the demand for high-end drilling equipment has surged. Han's Laser's subsidiary, Han's CNC, has planned to increase its equipment capacity targets to meet strong demand. Furthermore, the strong shipment expectations for the iPhone 17 series will also boost its consumer electronics business

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