First Read: China PCB Sector "Our initial read on potential Kyber..."

研报英文原文证据摘录

First Read: China PCB Sector "Our initial read on potential Kyber..."

Global Research

7 July 2026ab

First Read

EquitiesChina PCB Sector

Our initial read on potential Kyber backplane China

delay and sector updates Communications Technology

Jimmy Yu

Analyst

jimmy.yu@ubs.com

Kyber orthogonal backplane delay in-line with our expectation +86-21-3866 8880

Recent press noted NVDA Kyber rack architecture is facing delays to 2028 due to supply Edward Liu

chain challenges on PCB backplane. We view this timeline as in-line with our expectation Analyst

based on our early industry study from upstream CCL vendors back in May, suggesting edward.liu@ubs.com

potential delays of orthogonal backplane to Feynman in 2028. This was corroborated by +852-3712 3981

Victory Giant mentioned in our H-share Corp Day (link) that there are currently 10+ David Chow

material/vendor combinations being considered including different layer count designs. Associate Analyst

We see potential challenges are: 1) M9+Q-glass' processing difficulties, inadequate david.chow@ubs.com

supply and higher costs vs. other possible solutions (e.g. with low-dk2); we believe this +852-3712 3512

option is on hold for the Kyber backplane despite multiple rounds of trials; 2) PTFE’s

unexpected emergence as an optimal alternative due to its outstanding performance

and improving yield, despite time required for supply chain readiness with further testing

and; 3) suboptimal yields on the PCB side as both Q-glass and PTFE materials demand

much higher manufacturing capability on a 100+ layer form factor. We think the impact

on PCB companies earnings in 2026/27E could be limited as Kyber was originally

expected in late 2027 on Rubin Ultra with relatively small volume, and despite a slightly