The formal launch of NVIDIA's LPU chip at the GTC 2026 conference, combined with accelerated capacity expansion across the PCB industry supply chain, reinforces a positive outlook for rising demand for PCB equipment and materials. The scale of NVIDIA's order book further confirms robust and sustained demand. With strong AI demand and new product introductions like the LPU chip continuously injecting fresh momentum into the PCB sector, manufacturers of PCB equipment and materials are positioned to benefit significantly. Focus is recommended on relevant companies in both the materials and equipment segments.

NVIDIA's GTC 2026 conference commenced on March 17, 2026, featuring a keynote by Jensen Huang. Key highlights included: 1) A doubling of the order scale and extended order visibility: The total order value increased from $500 billion for 2025-2026 to at least $1 trillion for 2025-2027, representing an additional $500 billion. This further confirms strong demand sustainability, with incremental customers primarily from Anthropic, MSL, and Multiple OSS. The top five global cloud service providers collectively contribute approximately 60% of NVIDIA's revenue. 2) Clarification of the LPU chip roadmap and commencement of Rubin rack deliveries: The LPU chip was officially launched. The corresponding relationships are LP30 (manufactured by Samsung, already in mass production, with shipments starting in Q3 2026) paired with Rubin, LP35 with Rubin Ultra (vertical insertion design), and LP40 with Feyman. Rubin racks are currently operational on Microsoft Azure.

Since the beginning of 2026, PCB manufacturers domestically and internationally have persistently increased capital expenditure to ramp up production capacity. Investments are predominantly focused on high-end AI PCB projects involving high-layer count, advanced HDI, and high-frequency/high-speed boards. Some manufacturers' investment scales have multiplied compared to 2025.

Victory Giant Technology(Huizhou) Co.,Ltd.'s 2026 investment plan: On March 13, 2026, the company approved its 2026 investment plan, with a total planned investment not exceeding RMB 20 billion. This includes fixed asset investment of up to RMB 18 billion and equity investment of up to RMB 2 billion. Compared to the 2025 plan, which did not exceed RMB 3 billion, this represents a 5-6 fold increase and also exceeds the company's full-year 2025 revenue of RMB 19.3 billion.

Wus Printed Circuit(Kunshan)Co.,Ltd. Kunshan Huli Microelectronics project: On March 6, 2026, the company approved its wholly-owned subsidiary, Kunshan Huli Microelectronics Co., Ltd., to invest in building a new printed circuit board production project and supporting facilities. The project will produce high-layer count, high-frequency/high-speed, high-density interconnect, and high-current PCBs. The total project investment will not exceed RMB 5.5 billion. Upon full capacity utilization, it is expected to generate approximately RMB 6.5 billion in annual output value.

Wus Printed Circuit(Kunshan)Co.,Ltd. Kunshan high-end PCB project: On February 11, 2026, the company approved an investment to build a new "High-end Printed Circuit Board Production Project" for manufacturing high-layer count, high-frequency/high-speed, high-density interconnect, and high-current PCBs. The construction period is two years, with a total investment of approximately RMB 3.3 billion. Upon completion, the project is expected to add an annual production capacity of 140,000 square meters of high-end PCBs, generating RMB 3.05 billion in annual revenue.

Wus Printed Circuit(Kunshan)Co.,Ltd. Changzhou Optoelectronic Integration Project: On January 13, 2026, the company approved the initiation of a "High-Density Optoelectronic Integrated Circuit Board Project." This project aims to establish an incubation platform for cutting-edge technologies like CoWoP and advanced processes such as mSAP, targeting next-generation directions like optical-copper integration. The total planned investment is $300 million, with an expected annual revenue increase of RMB 2 billion upon reaching full capacity.

Avary Holding (Shenzhen) Co., Ltd. Huai'an land acquisition and Thailand park expansion: On March 18, 2026, the company agreed to invest RMB 11 billion in the previously announced land parcel acquired in Huai'an for the construction of a high-end PCB project production base. On December 16, 2025, the company announced plans to invest a total of RMB 4.297 billion in the Thailand industrial park in 2026 for building production plants and supporting facilities, concurrently investing in capacity for products including advanced HDI (including SLP) and HLC.

Equipment and material manufacturers are actively seeking listings on the Hong Kong stock exchange, suggesting potential synergy with the upstream and downstream capacity expansion. Companies like Han's CNC, XINJI, and DINGTAI are pursuing this path. Specifically: 1) Han's CNC completed its Hong Kong listing on February 6, raising a net total of HKD 4.63 billion, with 40% (approximately HKD 1.85 billion) allocated to enhancing PCB-specific equipment capacity. 2) XINJI and DINGTAI are currently in the application process for Hong Kong listings. According to their prospectuses, the raised funds are also intended primarily for new capacity construction. The expansion throughout the PCB supply chain is expected to create a synergistic effect.

Risks include macro-economic impacts from geopolitical disputes, computing power demand falling short of expectations, and slower-than-anticipated progress in PCB manufacturers' capacity expansion plans.