According to a recent research report, Jefferies maintains its Buy rating on NVIDIA and raises the price target to $300 from a previous level. However, the firm also points out that NVIDIA's AI server backplane PCB technology, Kyber, is likely to be delayed to 2028 or even canceled. This change significantly impacts the PCB and copper-clad laminate (CCL) market, with the expected market size for 2027-2028 being revised downward.
The delay of Kyber suppresses the performance expectations of midstream PCB manufacturers, but on the other hand strengthens the structural advantages of upstream material suppliers (such as fiberglass fabric and CCL) and copper cable producers. The supply chain is accelerating its concentration towards high-value-added segments, with only a few upstream players emerging as the clear winners. Overall, NVIDIA's supply chain landscape is undergoing a deep adjustment.