According to MarsBit, investment bank Jefferies maintained a buy rating on NVIDIA and raised its price target to $300 in a recent research report. However, the report also pointed out that NVIDIA's AI server backplane PCB technology, Kyber, is likely to be delayed to 2028 or canceled outright. This development has led to a downward revision of the 2027-2028 PCB and copper-clad laminate (CCL) market size.
The Kyber delay creates a divergent impact on the supply chain: midstream PCB manufacturers face suppressed earnings, while upstream material suppliers (fiberglass cloth, CCL) and copper cable companies enjoy strengthened structural advantages. The report argues that the delay will concentrate the supply chain toward high-value-added segments and exacerbate supply bottlenecks. According to the research note, only a few upstream suppliers are positioned as winners in the PCB chain.