The broker updated its view on the PCB material competition for Nvidia's next-generation platforms, noting that Nvidia is still parallel-testing both PTFE and hydrocarbon resin solutions, with a final decision expected by end-2026. The note highlights that the no-glass-cloth PTFE hybrid scheme faced board softness issues, leading to a revised PTFE-core with second-gen Q-glass PP solution for non-orthogonal backplanes, while orthogonal backplanes remain PTFE-focused.
The broker maintains a bullish stance on the PCB materials sector, emphasizing that the PTFE solution remains the frontrunner but hydrocarbon alternatives are still in play, with domestic suppliers gaining traction in sampling and testing.
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