Analysis: Kyber Delay Tears NVIDIA Supply Chain, Upstream Materials and Cable Makers Benefit

News Editor

2026-06-23 13:01:57

Jefferies maintains a Buy rating on NVIDIA and raises its price target to $300, but notes that the AI server backplane PCB technology Kyber is likely delayed to 2028 or canceled, reducing 2027-2028 PCB and CCL market size. While the delay pressures midstream PCB manufacturers, it strengthens the structural advantages of upstream material suppliers (fiberglass fabric, CCL) and copper cable makers.

NVIDIAKyberPCBCCLsupply chain

According to MarsBit, Jefferies released a research report maintaining a Buy rating on NVIDIA and raising the price target to $300. However, the report points out that NVIDIA's AI server backplane PCB technology, Kyber, is likely to be delayed until 2028 or possibly canceled. This development is expected to reduce the PCB and copper-clad laminate (CCL) market size for 2027-2028.

The analysis indicates that while the Kyber delay suppresses the performance of midstream PCB manufacturers, it strengthens the structural advantages of upstream material suppliers. Fiberglass fabric, CCL, and copper cable providers are positioned as winners in this supply chain realignment, pushing the industry toward high-value-added and bottleneck segments.

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