According to a recent research report from Jefferies, the firm maintains a Buy rating on NVIDIA and raised its target price to $300. However, the report also points out that NVIDIA's Kyber PCB technology for AI server backplanes is likely to be delayed to 2028 or canceled altogether, significantly impacting the PCB and copper-clad laminate supply chain.
The delay or cancellation of Kyber is expected to reduce the market size for PCB and CCL in 2027-2028. For midstream PCB manufacturers, this adjustment will suppress their performance; at the same time, upstream material suppliers—especially glass fiber fabric, CCL, and copper cable providers—will gain structural advantages, pushing the supply chain toward higher value-added segments.
Overall, while the Kyber delay hits some segments in the near term, it may accelerate technological iteration and market concentration in upstream materials, creating winners among a few players.