Supply chain preparations for NVIDIA's next-generation AI server platform are accelerating, bringing the outline of a new PCB material upgrade cycle into clearer focus.

According to the latest supply chain survey by TF International Securities analyst Ming-Chi Kuo, NVIDIA has commenced testing of the next-generation copper clad laminate (CCL) material, M10, with PCB manufacturers. The target applications include orthogonal backplanes and switch blade motherboards for the Rubin Ultra and Feynman platforms.

If the testing proceeds smoothly, M10 CCL and related PCBs are expected to enter mass production in the second half of 2027.

This round of M10 testing also involves two additional CCL suppliers, breaking the pattern of Elite Material being the sole supplier for the previous-generation M9 material. This change may enhance the flexibility of NVIDIA's CCL supply chain management.

The M10 testing has officially begun between NVIDIA and WUS Printed Circuit. Sampling started in the first quarter of 2026, with preliminary test results anticipated in the second quarter of 2026.

The primary target applications for M10 fall into two categories: orthogonal backplanes (mid-planes) specifically designed to replace existing socket-based architectures, and switch blade motherboards intended for the Rubin Ultra and Feynman platforms.

Both of these applications are core components within NVIDIA's next-generation AI server architecture, demanding significantly higher performance from PCB materials compared to current solutions.

Ming-Chi Kuo believes these testing developments indicate that WUS Printed Circuit has gained a leading position in PCB development for the Kyber rack and the Rubin Ultra and Feynman platforms, which should support the company's future growth momentum.

A significant shift has occurred in the supplier structure for this M10 testing phase. During the previous M9 material tests, only Elite Material qualified as a CCL supplier.

For the M10 phase, NVIDIA has expanded testing to include three suppliers: besides Elite Material, two Chinese manufacturers have been added.

The introduction of supplier diversification suggests that NVIDIA's bargaining power and supply chain resilience for high-end CCL procurement are likely to improve. It also creates a more direct competitive environment among the involved suppliers.

Regarding the technical evolution of the material itself, Ming-Chi Kuo points out that, from a manufacturability and commercialization perspective, the quartz fabric currently used in M10 could potentially be replaced by Low Dk-2 glass fiber. Such a change might further impact material cost structures and supplier qualifications.

If M10 testing progresses as scheduled, with mass production targeted for the second half of 2027, it will initiate a new large-scale procurement cycle for AI server PCB materials, potentially creating a catalyst for the performance of relevant supply chain companies.