AI Server Boom! PCB Market Soars to 900 Billion in 2026

The explosive growth in demand for AI servers is propelling the PCB industry into a high-growth cycle. NVIDIA’s new architecture has driven a 2–3 times increase in PCB usage and a 4–5 times rise in value. LPU and CPU cabinets are being upgraded to M9-grade materials, and the demand for low-dielectric, low-expansion specialty electronic cloth in high-layer backplanes is surging. As AI servers continue to advance, PCBs are evolving from traditional multilayer boards to high-layer counts and advanced HDI, with technological barriers continuously rising.

Currently, AI is driving demand primarily for high-end production capacity, as high-end products place greater demands on technology, yield rates, and capacity utilization compared to low-end products, resulting in a lower risk of short-term overcapacity. However, as major manufacturers shift resources toward high-margin AI products, the supply of mid- to low-end PCBs may be constrained, potentially triggering structural price increases and reshaping the industry landscape.

The accelerating adoption of AI servers is driving a comprehensive upgrade in the PCB industry, with high-end materials and process innovations becoming core growth engines. The new hardware solutions announced by NVIDIA at the GTC 2026 conference have further increased PCB usage density, particularly as the Rubin architecture employs 5th-tier 24-layer HDI boards and M9-grade materials, raising the PCB value per server rack to RMB 410,000. Additionally, orthogonal backplanes and Midplane structures are contributing incremental growth. The power density of AI servers has increased to over 140kW, driving the need for thick copper designs, embedded power modules, and high thermal conductivity materials in Power Pcbs. The global AI server power PCB market is expected to reach RMB 4 billion in 2026.

The upstream copper-clad laminate (CCL) and raw materials sectors are experiencing simultaneous growth in volume and price. To meet the demands of 224G high-speed transmission, the supply-demand gap for high-end materials such as PTFE resin, HVLP copper foil, and low-loss quartz cloth continues to widen. In the first half of 2025, prices for copper foil, resin, and glass fiber cloth rose by approximately 20%, with the cost pressures being passed down to the downstream PCB sector. AI is accelerating the transition of CCL from M7 to M8+/M9 grades. The high-speed CCL market is projected to reach USD 8 billion in 2026, with domestic leaders like Shengyi Technology achieving breakthroughs in S8/S9-grade materials.

The rapid expansion of AI servers and emerging applications has significantly boosted the demand for high-end PCBs, driving simultaneous growth in both volume and price in the upstream substrate CCL market. The new hardware unveiled by NVIDIA at GTC 2026 has further increased PCB usage density and added value, accelerating technological advancements in the industry. According to CITIC Securities’ forecast, the PCB market size for GPU and ASIC servers is projected to leap from RMB 40 billion in 2025 to over RMB 90 billion in 2026, doubling in size and fully validating the industry’s high growth momentum. Analyses by Soochow Securities and China Merchants Securities indicate that AI computing is driving the transition of PCBs toward high-density, high-layer count, and high-speed materials, particularly as demand for M9-grade CCL, HVLP copper foil, and specialty glass fiber cloth surges under the Rubin architecture, maintaining tight supply-demand conditions. Domestic leaders such as Shennan Circuits, Shengyi Technology, and WUS Printed Circuit are benefiting significantly from the rapid growth in AI server orders, with their earnings surging and production capacity expanding rapidly to meet robust demand. Meanwhile, the supply-demand imbalance for high-end materials in the upstream PCB industry chain persists, allowing cost increases to be passed downstream smoothly. Coupled with the acceleration in global data center construction and the penetration of smart automotive electronics, the industry as a whole maintains strong growth momentum. The equipment sector is also seizing opportunities for domestic substitution, with robust demand for high-end equipment such as drilling machines and drill bits, driving synergistic development across the industry chain. Overall, the technological upgrades and production capacity expansion in the AI-driven PCB industry present clear investment opportunities, with the market space continuing to widen and the growth cycle poised to extend.