Taiwan CCL makers ride Nvidia's M9 shift as AI servers move to 52-layer PCBs

Nvidia's M9 chip drives AI servers toward 52-layer PCBs, spurring surge in high-frequency PCB demand and elevating importance of CCL materials. This technological shift forces upstream suppliers to accelerate R&D in high thermal conductivity and low-loss substrates, while PCB manufacturers face capacity and yield challenges. Taiwanese players like EMC and TUC benefit from early adoption, yet geopolitical tensions raise supply chain costs. Competitors may pursue M&A or partnerships to consolidate. In the next 12 months, high-speed PCBs will become a key bottleneck in AI infrastructure, with CCL vendors risking market share loss if they fail to keep pace. Long-term, increasing layer counts and signal integrity demands will reshape the entire supply chain structure.