AI Era’s Big Winners: A Fundamental Overview of Five America…
A previous bill-of-materials (BOM) teardown by Morgan Stanley revealed that the ODM procurement ASP for Nvidia’s next-generation Rubin VR200 rack has reached $7.8 million, nearly doubling from the $3.99 million for the previous-generation GB300 rack. Notably, the PCB value in the VR200 rack stands at $116,700, a staggering 233% year-on-year increase compared to the $35,100 in the GB300 rack—the second-highest growth rate only behind memory chips. The PCB value in the next-generation Kyber rack is expected to surge even further. As process complexity increases, PCB manufacturing precision is approaching semiconductor-grade levels, leading to a widespread rise in ASPs.
Finally, core manufacturers possess significant technological moats. Companies like TTM Technologies and Rogers Corporation hold distinct advantages in specialized high-end product segments.
As the largest domestic PCB manufacturer in North America and a top-five global player, TTMI controls 30% of North America’s high-end PCB capacity. With 23 factories across the U.S., Mexico, and Asia, it is a platform company on the U.S. stock market covering AI high-speed boards, military/aerospace RF PCBs, and automotive PCBs.
Rogers focuses on high-frequency PTFE RF substrates and RF/microwave PCBs, serving as a core material supplier for AI optical modules, 5G base stations, and military radars. It holds a global monopoly on PTFE high-frequency substrates and is irreplaceable in North American aviation/defense RF PCBs. There is rigid demand for its high-frequency boards in AI 1.6T optical modules, and the value per unit continues to rise with bandwidth upgrades.
A North American cloud provider server ODM that manufactures its own M8/M9 high-speed PCBs. It is a Tier-1 supplier for Meta, AWS, and Nvidia’s computing hardware.
The company specializes in military and aviation-specific PCBs, including airborne high-reliability boards and aerospace micro-assembly circuits. It is driven by pure military demand, completely insulated from consumer electronics cycles, and offers strong defensive attributes.
An EMS (Electronic Manufacturing Services) provider offering PCB contract manufacturing. It is tied to North American medical, industrial, and small-batch custom AI computing boards, focusing on high-reliability specialty PCBs with high customer stickiness.
Beyond Primary PCB Suppliers: Related Companies in the Supporting Supply Chain
The recent rebound in the PCB sector has been relatively weak. However, considering the significant increase in the value of PCBs within the entire AI rack, the earnings of related companies may gradually materialize in the future.
