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.

Jefferies maintains a Buy rating on NVIDIA with a raised target price of $300, but warns that the Kyber PCB technology for AI servers is likely delayed to 2028 or canceled, which will suppress midstream PCB makers while strengthening upstream material and cable suppliers.

Jefferies maintains Buy rating on NVIDIA with a raised target of $300, but notes the AI server backplane PCB technology Kyber is likely delayed to 2028 or canceled, cutting PCB/CCL market forecasts while benefiting upstream glass fiber, CCL, and copper cable suppliers.

Jefferies maintains a buy rating on NVIDIA and raises its price target to $300, but notes that the Kyber AI server backplane PCB technology is likely delayed to 2028 or canceled. This reduces the 2027-2028 PCB and CCL market size, suppresses midstream manufacturers' performance, and strengthens upstream material and copper cable suppliers.