According to a report by MarsBit, investment bank Jefferies has reiterated its Buy rating on NVIDIA and raised its price target to $300. However, the firm also pointed out that NVIDIA's AI server backplane PCB technology, known as Kyber, is likely to be delayed until 2028 or possibly canceled. This change is expected to significantly reduce the market size for PCBs and copper-clad laminates (CCL) for the years 2027-2028.
The research report highlights that while the delay puts pressure on the performance of midstream PCB manufacturers, upstream material suppliers—including fiberglass cloth, CCL, and copper cable makers—stand to gain structural advantages. The supply chain is shifting away from standard PCB manufacturing toward high-value materials and copper cable interconnects, making related companies the primary beneficiaries of this technological adjustment.