NVIDIA's supply chain layout for its next-generation AI server platform is 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 progresses smoothly, M10 CCL and 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, which may enhance the flexibility of NVIDIA's CCL supply chain management.

The M10 testing has officially begun between NVIDIA and Wus Printed Circuit Co., Ltd. Sampling started in the first quarter of 2026, with initial 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 secured a leading position in the PCB development for the Kyber rack and the Rubin Ultra and Feynman platforms, which should support the company's future growth momentum.

A significant change has occurred in the supplier structure for this M10 testing phase. During the previous M9 material testing, only Elite Material passed the qualification process. For the M10 stage, NVIDIA has expanded testing to three suppliers, adding two Chinese manufacturers alongside Elite Material. The introduction of supplier diversification is expected to improve NVIDIA's bargaining power and supply chain resilience for high-end CCL procurement, while also fostering more direct competition 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 used in M10 could potentially be replaced by Low Dk-2 glass fiber. This potential change might further impact material cost structures and supplier qualifications.

If the M10 testing proceeds 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. Suppliers within the related supply chain could potentially enter a window of significant performance catalysts.