CITIC Securities says rising compute demand is the primary structural growth
driver for the PCB sector, forcing AI-use PCBs into high-multilayer,
high-density, high-speed, low-loss and higher-reliability platform designs. The
move in AI server architectures from CPU to GPU/ASIC clusters raises
requirements for board volume, layer count, materials, via structures, trace
precision and reliability, accelerating demand for high-multilayer boards and
advanced HDI; iteration to M7–M9 low-loss substrates and faster adoption of
precision processes such as mSAP is prompting full-process equipment upgrades
and creating near-term opportunities for PCB equipment and upstream materials
suppliers.
