Supply Chain Impact of Kyber Delay
According to a research report, Jefferies maintains a Buy rating on NVIDIA and raises its price target to $300. However, the firm also points out that NVIDIA's Kyber PCB technology for AI server backplanes faces a high probability of being delayed to 2028 or even canceled. This assessment directly leads to a downward revision of the PCB (Printed Circuit Board) and CCL (Copper Clad Laminate) market size outlook for 2027-2028.
The Kyber delay creates divergent effects across the supply chain. Midstream PCB manufacturers face suppressed order expectations and potential earnings pressure. In contrast, the upstream material segment benefits structurally. Suppliers of core base materials such as glass fiber fabric and CCL, as well as copper cable producers, see their supply bottleneck positions strengthened as the supply chain shifts toward higher value-added segments, making them the winners in this shift.